{ "term7": true, "Committees": [ { "end": "9999-12-31T00:00:00", "committee_id": "ECON", "start": "2012-01-19T00:00:00", "role": "Member", "abbr": "ECON", "Organization": "Committee on Economic and Monetary Affairs" }, { "end": "9999-12-31T00:00:00", "committee_id": "BUDG", "start": "2012-03-26T00:00:00", "role": "Substitute", "abbr": "BUDG", "Organization": "Committee on Budgets" }, { "end": "2012-03-25T00:00:00", "committee_id": "TRAN", "start": "2012-01-19T00:00:00", "role": "Substitute", "abbr": "TRAN", "Organization": "Committee on Transport and Tourism" }, { "end": "2012-01-18T00:00:00", "committee_id": "ECON", "start": "2009-07-16T00:00:00", "role": "Member", "abbr": "ECON", "Organization": "Committee on Economic and Monetary Affairs" }, { "end": "2012-01-18T00:00:00", "committee_id": "TRAN", "start": "2009-07-16T00:00:00", "role": "Substitute", "abbr": "TRAN", "Organization": "Committee on Transport and Tourism" }, { "end": "2011-07-31T00:00:00", "committee_id": "CRIS", "start": "2009-10-08T00:00:00", "role": "Member", "abbr": "CRIS", "Organization": "Special Committee on the Financial, Economic and Social Crisis" } ], "Name": { "aliases": [ "balzburkhard", "BALZBurkhard", "balz", "BALZ Burkhard", "balz burkhard", "BALZ", "Burkhard BALZ", "BurkhardBALZ", "burkhardbalz", "burkhard balz" ], "full": "Burkhard BALZ", "sur": "Burkhard", "family": "BALZ", "familylc": "balz" }, "Gender": "M", "UserID": 96997, "active": true, "meta": { "url": "http://www.europarl.europa.eu/meps/en/96997/_history.html", "updated": "2013-05-03T20:56:44" }, "Delegations": [ { "Organization": "Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN)", "end": "9999-12-31T00:00:00", "role": "Member", "abbr": null, "start": "2009-09-16T00:00:00" }, { "Organization": "Delegation for relations with the People's Republic of China", "end": "9999-12-31T00:00:00", "role": "Substitute", "abbr": null, "start": "2009-09-16T00:00:00" } ], "Constituencies": [ { "party": "Christlich Demokratische Union Deutschlands", "end": "9999-12-31T00:00:00", "start": "2009-07-14T00:00:00", "country": "Germany" } ], "Mail": [ "burkhard.balz@europarl.europa.eu" ], "Homepage": [ "http://www.burkhard-balz.eu" ], "CV": [ "Trained as a banker, Commerzbank AG, Hanover (1989-1991). Studied law and political science at the Georg-August University, G\u00f6ttingen (1991-2000).", "Commerz Securities (Japan) Co. Ltd. Tokyo (Aug.-Dec. 1993); Commerzbank AG, London branch (Feb.-March 1999); wholesale client trainee programme, Commerzbank AG, in Hanover and Frankfurt/Main (2000-2001); desk officer in Commerzbank AG's office in Brussels for liaison with the European Union (2001-2002); relations with wholesale clients of Commerzbank AG in Hanover (2002-2004); relations with institutional clients of Commerzbank AG in Hanover, most recently as head of department (2004-2009).", "Local chair, Schaumburg CDU Youth Section (1990-1992); district chair, Hanover CDU Youth Section (1990-1996); member of the CDU Hanover District Executive Committee (1989-2003); press spokesman for the Schaumburg CDU (1998-2002); local chair, Schaumburg CDU (2002-2006); municipal councillor, Stadthagen (since 1991); member of the Schaumburg district council (1991-2011); deputy district chair of the CDU in Hanover (since 2003); Member of the Lower Saxony Executive of the Economic Council of the CDU (since 2008).", "Member of the Lower Saxony CDU Land Executive Committee (since 2010)." ], "amendments": [ { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.430%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0298(APP)", "seq": 3, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Astrid Lulling", "date": "2012-11-22T00:00:00", "new": [ "-H. whereas Parliament, in its position of", "23 May 2012, highlighted the importance", "of FTT being implemented at Union level", "and stressed that the Union should take a", "lead in efforts to reach an agreement on", "FTT at a global level," ], "location": [ [ "Proposal for a recommendation", "Recital -H (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.430%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0298(APP)", "seq": 8, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Astrid Lulling", "date": "2012-11-22T00:00:00", "new": [ "-I. whereas Parliament, in its position of", "23 May 2012, requested that the", "Commission conduct regular reviews on", "the application of FTT in order to", "reassess at least its impact on the proper", "functioning of the internal market, the", "financial markets and the real economy," ], "location": [ [ "Proposal for a recommendation", "Recital -I (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.430%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0298(APP)", "seq": 14, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Astrid Lulling", "date": "2012-11-22T00:00:00", "new": [ "-N. whereas existing Union law, in", "particular the Council Directive", "2008/7/EC, must be complied with," ], "location": [ [ "Proposal for a recommendation", "Recital -N (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. When it is not practical and available to", "settle in central bank accounts, a CSD may", "offer to settle the cash payments for all or", "part of its securities settlement systems", "through accounts opened with a credit", "institution. If a CSD offers to settle in", "accounts opened with a credit institution, it", "shall do so in accordance with the", "provisions of Title IV." ], "reference": "2012/0029(COD)", "seq": 467, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "2. When it is not practical and available to", "settle in central bank accounts, a CSD may", "offer to settle the cash payments for all or", "part of its securities settlement systems", "through accounts opened with a credit", "institution or through accounts opened in", "its own books. If a CSD offers to settle in", "accounts opened with a credit institution or", "in accounts opened in its own books, it", "shall do so in accordance with the", "provisions of Title IV." ], "location": [ [ "Proposal for a regulation", "Article 37 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Where the CSD offers settlement both in", "central bank accounts and in accounts", "opened with a credit institution, its", "participants shall have the right to choose", "between these two options." ], "reference": "2012/0029(COD)", "seq": 469, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "3. Where the CSD offers settlement both in", "central bank accounts and in accounts", "opened with a credit institution, or both in", "central bank accounts and in accounts", "opened in its own books, its participants", "shall have the right to choose between", "these two options." ], "location": [ [ "Proposal for a regulation", "Article 37 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The 1+2-model and the 2+2-model shall be able to exist in parallel (CSD-option). The\nauthorisation for the 1+2-model shall be regulated in Article 52a (new).", "old": [ "Credit institutions designated to provide", "banking type of ancillary services for", "CSDs\u2019 participants" ], "seq": 520, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Corien Wortmann-Kool", "date": "2012-12-11T00:00:00", "new": [ "Provision of banking type of ancillary", "services for CSDs\u2019 clients" ], "location": [ [ "Proposal for a regulation", "Title 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Authorisation to provide banking type of", "ancillary services" ], "reference": "2012/0029(COD)", "seq": 522, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Corien Wortmann-Kool", "date": "2012-12-11T00:00:00", "new": [ "Authorisation to provide banking type of", "ancillary services by designating an", "authorised credit institution" ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. A CSD shall not provide itself any", "banking type of ancillary services set out", "in Section C of the Annex." ], "reference": "2012/0029(COD)", "seq": 523, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. By way of derogation from paragraph", "1, when a national competent authority", "referred to in Article 53(1) of this", "Regulation is satisfied that a CSD has all", "the necessary safeguards in place to allow", "it to exercise ancillary services, the", "competent authority may submit a request", "to the Commission to allow this CSD also", "to carry out the ancillary services set out", "in Section C of the Annex. This request", "shall include:", "(a) evidence justifying the request,", "explaining in detail the arrangements the", "CSD has put in place to deal with all", "associated risks;", "(b) a reasoned assessment that this", "solution is the most effective means to", "ensure systemic resilience;", "(c) an analysis of the expected impact on", "the relevant financial market and", "financial stability.", "Following a detailed impact assessment, a", "consultation of the undertakings", "concerned and after taking into account", "the opinions of the EBA, the ESMA and", "the ECB, the Commission shall adopt an", "implementing decision in accordance with", "the procedure referred to in Article 66.", "The Commission shall give reasons for its", "implementing decision.", "A CSD which benefits from a derogation", "shall be authorised as a credit institution", "as provided in Title II of Directive", "2006/48/EC. This authorisation shall be", "limited exclusively to the provision of the", "banking type of ancillary services that it is", "authorised to provide in accordance with", "paragraph 4 and shall imply the", "fulfilment of the prudential and", "supervision requirements provided in", "Article 57 and 58." ], "reference": "2012/0029(COD)", "seq": 531, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. A CSD that intends to settle the cash leg", "of all or part of its securities settlement", "system in accordance with Article 37(2) of", "this Regulation shall obtain authorisation", "to designate for this purpose an authorised", "credit institution as provided in Title II of", "Directive 2006/48/EC, unless the", "competent authority referred to in Article", "53(1) of this Regulation demonstrates,", "based on the available evidence, that the", "exposure of one credit institution to the", "concentration of risks under Article 57(3)", "and (4) of this Regulation is not", "sufficiently mitigated. In the latter case, the", "competent authority referred to in Article", "53(1) may require the CSD to designate", "more than one credit institution. The", "designated credit institutions shall be", "considered as settlement agents." ], "reference": "2012/0029(COD)", "seq": 556, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "3. A CSD that intends to settle the cash leg", "of all or part of its securities settlement", "system in accordance with Article 37(2) of", "this Regulation by designating one", "authorised credit institution as provided in", "Title II of Directive 2006/48/EC shall", "obtain authorisation from the competent", "authority referred to in Article 53(1) for", "this purpose, unless the competent", "authority demonstrates, based on the", "available evidence, that the exposure of", "one credit institution to the concentration", "of risks under Article 57(3) and (4) of this", "Regulation is not sufficiently mitigated. In", "the latter case, the competent authority", "referred to in Article 53(1) may require the", "CSD to designate more than one credit", "institution. The designated credit", "institutions shall be considered as", "settlement agents." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The authorisation referred to in", "paragraph 3 shall cover the ancillary", "services set out in Section C of the Annex", "that the designated credit institution or a", "CSD that has been granted a derogation", "under paragraph 2 of this Article may", "want to provide for its participants." ], "reference": "2012/0029(COD)", "seq": 569, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "4. The authorisation referred to in", "paragraph 1 shall cover the ancillary", "services set out in Section C of the Annex", "that the designated credit institution may", "want to provide for the CSD\u2019s clients." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Whenever the CSD and the designated", "credit institution belong to a group of", "undertakings ultimately controlled by the", "same parent undertaking, the authorisation", "as provided in Title II of Directive", "2006/48/EC of such designated credit", "institution shall be limited exclusively to", "the provision of the banking type of", "ancillary services that it is authorised to", "provide in accordance with paragraph 3 of", "this Article. The same requirement applies", "in respect of a CSD that has been granted", "a derogation under paragraph 2 of this", "Article." ], "reference": "2012/0029(COD)", "seq": 573, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "5. Whenever the CSD and the designated", "credit institution belong to a group of", "undertakings ultimately controlled by the", "same parent undertaking, the authorisation", "as provided in Title II of Directive", "2006/48/EC of such designated credit", "institution shall be limited exclusively to", "the provision of the banking type of", "ancillary services that it is authorised to", "provide in accordance with paragraphs 1", "and 2 of this Article." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The CSD and the designated credit", "institutions shall comply at all times with", "the conditions necessary for authorisation", "under this Regulation." ], "reference": "2012/0029(COD)", "seq": 585, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "4. The CSD and the designated credit", "institutions shall comply at all times with", "the conditions necessary for authorisation", "under this Regulation." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 6 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 586, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Corien Wortmann-Kool", "date": "2012-12-11T00:00:00", "new": [ "Article 52 a", "Provision of banking type of ancillary", "services by a CSD with a limited banking", "licence", "1. A CSD shall not provide banking", "services, except as otherwise stated under", "this Title.", "2. When providing banking type of", "ancillary services as set out in Section C", "of the Annex to its clients a CSD needs to", "be authorised as a credit institution as", "provided in Title II of Directive 2006/48", "by the competent authority.", "3. The CSD shall notify to the competent", "authority which banking type of ancillary", "services as set out in Section C of the", "Annex it intends to provide. The", "notification shall contain all the", "information that is necessary to enable", "the competent authority to satisfy itself", "that the CSD has established all the", "necessary arrangements to meet its", "obligations set out in this Regulation. It", "shall contain the information on how the", "CSD intends to meet the prudential", "requirements as set out in Article 57 (3)", "and (4).", "4. The CSD shall comply at all times with", "the conditions necessary for authorisation", "under this Regulation in particular Article", "57 and the applicable requirements under", "Directive 2006/48/EC.", "The CSD shall, without undue delay,", "notify the competent authorities of any", "material changes affecting the conditions", "for authorisation, the provision of", "banking type of ancillary services as set", "out in Section C of the Annex or any", "change in the scope of the banking", "services provided.", "5. The competent authority shall inform", "all relevant authorities of any notification", "of a CSD received under this Article.", "6. ESMA shall develop in consultation", "with the members of the ESCB draft", "regulatory technical standards to specify", "the information that the CSD shall", "provide to the competent authority for the", "notification in accordance with", "paragraphs 3 and 4.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "six months from the date of entry into", "force of this Regulation.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in the first subparagraph in", "accordance with the procedure laid down", "in Articles 10 to 14 of Regulation (EU) No", "1095/2010." ], "location": [ [ "Proposal for a regulation", "Article 52 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The CSD shall submit its application for", "authorisation to designate a credit", "institution, as required under Article 52, to", "the competent authority of the Member", "State where it is established." ], "reference": "2012/0029(COD)", "seq": 590, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "1. The CSD shall submit its application for", "authorisation to designate a credit", "institution, in accordance with Article 52,", "to the competent authority of the Member", "State where it is established." ], "location": [ [ "Proposal for a regulation", "Article 53 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(b) The competent authority referred to in", "Article 58(1) on the ability of the credit", "institutions to comply with the prudential", "requirements under Article 57." ], "reference": "2012/0029(COD)", "seq": 592, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(b) The competent authority referred to in", "Article 58(1) on the ability of the", "designated credit institutions to comply", "with the prudential requirements under", "Article 57;" ], "location": [ [ "Proposal for a regulation", "Article 53 \u2013 paragraph 4 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The competent authority of the Member", "State where the CSD is established shall", "withdraw the authorisation in any of the", "following circumstances:" ], "reference": "2012/0029(COD)", "seq": 598, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "1. The competent authority of the Member", "State where the CSD is established shall", "withdraw the authorisation under Article", "52 in any of the following circumstances:" ], "location": [ [ "Proposal for a regulation", "Article 55 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) where the CSD and the designated", "credit institution are no longer in", "compliance with the conditions under", "which authorisation was granted and have", "not taken the remedial actions requested by", "the competent authority within a set time", "frame;" ], "reference": "2012/0029(COD)", "seq": 599, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(c) where the CSD or the designated credit", "institution are no longer in compliance", "with the conditions under which", "authorisation was granted and have not", "taken the remedial actions requested by the", "competent authority within a set time", "frame;" ], "location": [ [ "Proposal for a regulation", "Article 55 \u2013 paragraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(d) where the CSD and the designated", "credit institution have seriously and", "systematically infringed the requirements", "set out in this Regulation." ], "reference": "2012/0029(COD)", "seq": 600, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(d) where the CSD or the designated credit", "institution have seriously and", "systematically infringed the requirements", "set out in this Regulation." ], "location": [ [ "Proposal for a regulation", "Article 55 \u2013 paragraph 1 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. ESMA, any relevant authority under", "point (a) of Article 11(1) and any authority", "referred to in Article 58(1) may, at any", "time, request that the competent authority", "of the Member State where the CSD is", "established examine whether the CSD and", "the designated credit institution are still in", "compliance with the conditions under", "which the authorisation is granted." ], "reference": "2012/0029(COD)", "seq": 604, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "3. ESMA, any relevant authority under", "point (a) of Article 11(1) and any authority", "referred to in Article 58(1) may, at any", "time, request that the competent authority", "of the Member State where the CSD is", "established examine whether the CSD or", "the designated credit institution are still in", "compliance with the conditions under", "which the authorisation is granted." ], "location": [ [ "Proposal for a regulation", "Article 55 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Decisions taken by competent", "authorities under Articles 52, 54 and 55", "shall be notified to ESMA." ], "reference": "2012/0029(COD)", "seq": 605, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "1. Decisions taken by competent", "authorities under Articles 52, 54 and 55 or", "notifications received under Article 52a", "(3) or (4) shall be notified to ESMA." ], "location": [ [ "Proposal for a regulation", "Article 56 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) the name of each CSD which was", "subject to a decision under Articles 52, 54", "and 55;" ], "reference": "2012/0029(COD)", "seq": 606, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(a) the name of each CSD which was", "subject to a decision under Articles 52, 54", "and 55 or which filed a notification under", "Article 52a (3);" ], "location": [ [ "Proposal for a regulation", "Article 56 \u2013 paragraph 2 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) the list of banking type of ancillary", "services that a designated credit institution", "is authorised to provide for CSD\u2019s", "participants." ], "reference": "2012/0029(COD)", "seq": 607, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(c) the list of banking type of ancillary", "services that a designated credit institution", "is authorised to provide for CSD\u2019s clients", "or that a CSD with a banking licence", "provides for its clients." ], "location": [ [ "Proposal for a regulation", "Article 56 \u2013 paragraph 2 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The competent authorities shall notify to", "ESMA those institutions that provide", "banking type of ancillary services", "according to requirements of national law", "90 days from the entry into force of this", "Regulation." ], "reference": "2012/0029(COD)", "seq": 608, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "3. The competent authorities shall notify to", "ESMA those CSDs that provide banking", "type of ancillary services with a banking", "licence and those credit institutions that", "provide banking type of ancillary services", "according to the requirements of national", "law 90 days from the entry into force of", "this Regulation." ], "location": [ [ "Proposal for a regulation", "Article 56 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Prudential requirements applicable to", "credit institutions designated to provide", "banking type of ancillary services" ], "reference": "2012/0029(COD)", "seq": 609, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "Prudential requirements applicable to", "credit institutions designated to provide", "banking type of ancillary services and", "CSDs providing banking type of ancillary", "services." ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. A credit institution designated to", "provide banking type of ancillary services", "shall comply with any present or future", "legislation applicable to credit institutions." ], "reference": "2012/0029(COD)", "seq": 618, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "2. A CSD authorised to provide banking", "type of ancillary services in accordance", "with Article 52a and other credit", "institutions authorised in accordance with", "Article 52 shall comply with any present or", "future legislation applicable to credit", "institutions." ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. A credit institution designated to provide", "banking type of ancillary services shall", "comply with the following specific", "prudential requirements for the credit risks", "related to these services in respect of each", "securities settlement system:" ], "reference": "2012/0029(COD)", "seq": 622, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "3. A credit institution designated to provide", "banking type of ancillary services and a", "CSD authorised as a credit institution that", "has notified its competent authority", "according to Article 52a (3) shall comply", "with the following specific prudential", "requirements for the credit risks related to", "these services in respect of each securities", "settlement system:" ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 paragraph 3 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. A credit institution designated to provide", "banking type of ancillary services shall", "comply with the following specific", "prudential requirements for the liquidity", "risks related to these services in respect of", "each securities settlement system:" ], "reference": "2012/0029(COD)", "seq": 625, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "4. A credit institution designated to provide", "banking type of ancillary services and a", "CSD authorised as a credit institution that", "has notified its competent authority", "according to Article 52a (3) shall comply", "with the following specific prudential", "requirements for the liquidity risks related", "to these services in respect of each", "securities settlement system:" ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 paragraph 4 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. EBA, in consultation with ESMA and", "the members of the ESCB, shall develop", "draft regulatory technical standards to", "specify the following:" ], "reference": "2012/0029(COD)", "seq": 628, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "5. EBA, in close cooperation with ESMA", "and the members of the ESCB, shall", "develop draft regulatory technical", "standards to specify the following:" ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 paragraph 5 \u2013 subparagraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Supervision of credit institutions", "designated to provide banking type of", "ancillary services" ], "reference": "2012/0029(COD)", "seq": 629, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "Supervision of credit institutions", "designated to provide banking type of", "ancillary services and CSDs authorised as", "a credit institution that have notified their", "competent authority according to Article", "52a (3)" ], "location": [ [ "Proposal for a regulation", "Article 58 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 631, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Corien Wortmann-Kool", "date": "2012-12-11T00:00:00", "new": [ "1 a. If a CSD authorised as a credit", "institution that has notified its competent", "authority according to Article 52a (3) is", "not in compliance with Article 57 (3) and", "(4) of this Regulation, the competent", "authority may notwithstanding any", "measures under the Directive 2006/48/EC", "withdraw the authorisation of the CSD in", "accordance with Article 18 of this", "Regulation." ], "location": [ [ "Proposal for a regulation", "Article 58 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. In order to ensure consistent, efficient", "and effective supervision within the Union", "of credit institutions designated to provide", "banking type of ancillary services, EBA, in", "consultation with ESMA and the members", "of the ESCB, may issue guidelines", "addressed to competent authorities in", "accordance with Article 16 of Regulation", "(EU) No 1093/2010." ], "reference": "2012/0029(COD)", "seq": 633, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "4. In order to ensure consistent, efficient", "and effective supervision within the Union", "of credit institutions designated to provide", "banking type of ancillary services, EBA, in", "close cooperation with ESMA and the", "members of the ESCB, may issue", "guidelines addressed to competent", "authorities in accordance with Article 16 of", "Regulation (EU) No 1093/2010." ], "location": [ [ "Proposal for a regulation", "Article 58 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) Providing cash accounts;" ], "reference": "2012/0029(COD)", "seq": 671, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(a) Acceptance of deposits and other", "repayable funds;" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(b) Accepting cash deposits;" ], "reference": "2012/0029(COD)", "seq": 672, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) Providing cash credit;" ], "reference": "2012/0029(COD)", "seq": 674, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 677, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(d a) Lending cash for intended", "reimbursement no later than the following", "business day;" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 1 \u2013 point d a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 681, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(a a) Processing of cash transactions,", "including the cash leg of DVP", "transactions and transactions related to", "foreign exchange instructions from", "participants;" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 2 \u2013 point a a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.476%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 683, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(c a) Trading for own account or for", "account of participants, in particular", "treasury activities related to the", "management of the participants\u2019 long", "balances;" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 2 \u2013 point c a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(31) In order to avoid settlement risks due", "to the insolvency of the settlement agent, a", "CSD should settle, whenever practical and", "available, the cash leg of the securities", "transaction through accounts opened with a", "central bank. If this option is not practical", "and available, a CSD should be able to", "settle through accounts opened with a", "credit institution established under the", "conditions provided in Directive", "2006/48/EC of the European Parliament", "and of the Council of 14 June 2006 relating", "to the taking up and pursuit of the business", "of credit institutions and subject to a", "specific authorisation procedure and", "prudential requirements provided in Title", "IV of this Regulation. The latter, when", "acting as settlement agent, should be able", "to provide to the CSD's participants the", "services set out in this Regulation, which", "are covered by the authorisation, and may", "otherwise provide other services not", "covered by this Regulation." ], "reference": "2012/0029(COD)", "seq": 167, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(31) In order to avoid settlement risks due", "to the insolvency of the settlement agent, a", "CSD should settle, whenever practical and", "available, the cash leg of the securities", "transaction through accounts opened with a", "central bank. If this option is not practical", "and available, a CSD should be able to", "settle through accounts opened with a", "credit institution established under the", "conditions provided in Directive", "2006/48/EC of the European Parliament", "and of the Council of 14 June 2006 relating", "to the taking up and pursuit of the business", "of credit institutions and subject to a", "specific authorisation procedure and", "prudential requirements provided in Title", "IV of this Regulation. The latter, when", "acting as settlement agent, should be able", "to provide to the CSD's participants the", "services set out in this Regulation, which", "are covered by the authorisation, and may", "otherwise provide other services not", "covered by this Regulation. Alternatively,", "if the option to settle the cash leg through", "central bank accounts is not available or", "practical, a CSD should be able to settle", "through accounts opened in its own books", "as special-purpose cash accounts, if prior", "authorization to provide banking services", "has been given to the CSD by the", "competent authority." ], "location": [ [ "Proposal for a regulation", "Recital 31" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(33) The requirement that the settlement", "of the cash leg of the securities", "transaction be carried out by a separate", "legal entity acting as settlement agent is", "an important measure to increase the", "safety and resilience of CSDs. Such a", "separation between core services of CSDs", "and banking services ancillary to", "settlement appears indeed indispensible", "for eliminating any danger of", "transmission of the risks from the", "banking services, such as credit and", "liquidity risks, to the provision of core", "services of CSDs. There are no less", "intrusive measures available for", "eliminating those credit and liquidity risks", "in order to ensure the envisaged level of", "safety and resilience of CSDs. However,", "in order to secure the efficiencies", "resulting from the provision of both CSD", "and banking services within the same", "group of undertakings, the requirement", "that banking services be carried out by a", "separate credit institution should not", "prevent that credit institution from", "belonging to the same group of", "undertakings as the CSD. If both CSD", "and banking services are provided within", "the same group of undertakings, in order", "to increase the safety and efficiency of the", "services provided, the activities of the", "credit institution providing banking", "services should be limited to the provision", "of banking services ancillary to", "settlement. Furthermore, a derogation to", "the obligation to separate banking", "services ancillary to settlement from core", "CSD services should be available in the", "absence of any danger of transmission of", "credit and liquidity risks from the banking", "services to the provision of core services", "of CSDs. In order to ensure a consistent", "application of the possibility to derogate", "from the obligation on CSDs not to", "provide any banking type of ancillary", "services, the Commission should be", "empowered to decide, at the request of a", "national competent authority, whether", "any such derogation is permitted in view", "of the absence of systemic risk incurred by", "the provision of both CSD core and", "banking services by the same legal entity.", "In any case, the activities of a CSD", "benefiting from any such derogation and", "authorised as a credit institution should be", "limited exclusively to the provision of", "banking services ancillary to settlement." ], "reference": "2012/0029(COD)", "seq": 176, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Corien Wortmann-Kool", "date": "2012-12-11T00:00:00", "new": [ "(33) In order to increase the safety and", "resilience of securities settlement systems,", "the risk mitigation measures in the", "securities settlement systems applicable in", "particular to credit and liquidity risk", "should be reinforced. Taking into account", "the CPSS-IOSCO Principles for", "Financial Market Infrastructures, the", "strengthening of prudential requirements", "on the measurement, monitoring and", "management of liquidity risk as well as", "the introduction of a full collateralization", "requirement for the credit exposures to", "each participant seem necessary,", "irrespective of the legal structure of the", "settlement model. The stricter prudential", "requirements should help to foster the", "resilience and stability of the whole", "settlement system. Banking type of", "ancillary services may be carried out by a", "CSD or by a credit institution designated", "by the CSD for these specific services, if", "this designation is authorized by the", "competent authority. If a CSD designates", "a credit institution to provide banking type", "of ancillary services, the designation", "should not prevent that credit institution", "from belonging to the same group of", "undertakings as the CSD in order to", "secure the efficiencies resulting from the", "provision of both CSD and banking", "services within the same group of", "undertakings. If both CSD and banking", "services are provided within the same", "group of undertakings, in order to", "increase the safety and efficiency of the", "services provided, the activities of the", "credit institution providing banking", "services should be limited to the provision", "of banking services ancillary to settlement." ], "location": [ [ "Proposal for a regulation", "Recital 33" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(35) The safety of the link arrangements set", "up between CSDs should be subject to", "specific requirements to enable the access", "of their respective participants to other", "securities settlement systems. The", "requirement to provide banking type of", "ancillary services in separate legal entity", "should not prevent CSDs from receiving", "such services, in particular when they are", "participants in a securities settlement", "system operated by another CSD. It is", "particularly important that any potential", "risks resulting from the link arrangements", "such as credit, liquidity, organisational or", "any other relevant risks for CSDs are fully", "mitigated. For interoperability links, it is", "important that linked securities settlement", "systems have identical moments of entry of", "transfer orders into the system,", "irrevocability of transfer orders and finality", "of transfers of securities and cash. The", "same principles should apply to CSDs that", "use a common settlement information", "technology (IT) infrastructure." ], "reference": "2012/0029(COD)", "seq": 184, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-11T00:00:00", "new": [ "(35) The safety of the link arrangements set", "up between CSDs should be subject to", "specific requirements to enable the access", "of their respective participants to other", "securities settlement systems. The fact that", "CSDs may designate a separate legal", "entity with the provision of banking type", "of ancillary services should not prevent", "CSDs from receiving such services, in", "particular when they are participants in a", "securities settlement system operated by", "another CSD. It is particularly important", "that any potential risks resulting from the", "link arrangements such as credit, liquidity,", "organisational or any other relevant risks", "for CSDs are fully mitigated. For", "interoperability links, it is important that", "linked securities settlement systems have", "identical moments of entry of transfer", "orders into the system, irrevocability of", "transfer orders and finality of transfers of", "securities and cash. The same principles", "should apply to CSDs that use a common", "settlement information technology (IT)", "infrastructure." ], "location": [ [ "Proposal for a regulation", "Recital 35" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(4) The conferral of supervisory tasks to", "the ECB in the banking sector for part of", "the Member States of the Union should not", "in any way hamper the functioning of the", "internal market in the field of financial", "services. It is therefore necessary to ensure", "the proper functioning of the EBA", "following that conferral." ], "reference": "2012/0244(COD)", "seq": 104, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(4) The conferral of supervisory tasks to", "the ECB in the banking sector for part of", "the Member States of the Union should not", "in any way hamper the functioning of the", "internal market in the field of financial", "services. It is therefore necessary to ensure", "a strong role of the EBA in the new SSM", "as well as the proper functioning of the", "EBA following that conferral." ], "location": [ [ "Proposal for a regulation", "Recital 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 107, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(4 a) Given that the ECB covers only the", "Euro Area and an equal involvement of", "the non-Euro area countries in the", "decision making is not possible without a", "change of the statute of the ECB, a", "supervisory mechanism with a leading", "role of the ECB may lead to a split of the", "European Union and the Internal Market.", "To prevent this, any disadvantage for the", "non-Euro area countries within the ECB", "needs to be balanced by a stronger stand", "for the non-Euro area countries within", "the EBA." ], "location": [ [ "Proposal for a regulation", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 110, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(4 a) Bearing in mind that the EBA, in", "works of which all Member States", "participate with equal rights, was", "established with an aim to develop the", "single rulebook and ensure the coherence", "of supervisory practices within the EU", "and given the establishment of the single", "supervisory mechanism with a leading", "role of the ECB, the EBA needs to be", "equipped with adequate instruments,", "which will enable it to efficiently perform", "its entrusted tasks concerning the integrity", "of the single market in the area of", "financial services." ], "location": [ [ "Proposal for a regulation", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 113, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(4 b) Considering previous experience it is", "necessary to strengthen EBA powers,", "particularly with regard to stress testing." ], "location": [ [ "Proposal for a regulation", "Recital 4 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(5) In view of the supervisory tasks", "conferred on the ECB by Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation], EBA should be able to carry", "out its tasks also in relation to the ECB. In", "order to ensure that existing mechanisms", "for settlement of disagreements and actions", "in emergency situations remain effective, a", "specific procedure should be provided for.", "In particular, if the ECB does not comply", "with an action by EBA to settle a", "disagreement or to address an emergency", "situation, it should be required to explain", "its reasons. In that case, whenever based", "on requirements set out in directly", "applicable Union law EBA can adopt an", "individual decision addressed to the", "financial institution concerned, it should", "do so." ], "reference": "2012/0244(COD)", "seq": 117, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(5) In view of the supervisory tasks", "conferred on the ECB by Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation], EBA should be able to carry", "out its tasks also in relation to the ECB. In", "order to ensure that existing mechanisms", "for settlement of disagreements and actions", "in emergency situations remain effective, a", "common procedure, binding for all", "competent authorities, should be provided", "for. In particular, if the competent", "authority including the ECB does not", "comply with an action by EBA to settle a", "disagreement or to address an emergency", "situation, it should be required to explain", "its reasons." ], "location": [ [ "Proposal for a regulation", "Recital 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 122, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(5 a) The mandate of the EBA to settle", "disagreements involving the ECB with", "regard to cases concerning prudential", "supervision can be inferred from the fact", "that both the establishment of the EBA", "and the conferment of specific supervisory", "tasks on the ECB have been introduced", "through secondary law." ], "location": [ [ "Proposal for a regulation", "Recital 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) In order to ensure that interests of all", "Member States are adequately taken into", "account and to allow for the proper", "functioning of the EBA with a view to", "maintain and deepen the internal market in", "the field of financial services, the voting", "modalities within the Board of Supervisors", "should be adapted, in particular with", "regard to decisions taken by the EBA at", "simple majority." ], "reference": "2012/0244(COD)", "seq": 126, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(6) In order to ensure that interests of all", "Member States are adequately taken into", "account and to allow for the proper", "functioning of the EBA with a view to", "maintain and deepen the internal market in", "the field of financial services, the voting", "modalities within the Board of Supervisors", "should be adapted, both with regard to", "decisions taken by the EBA at simple", "majority and decisions taken at qualified", "majority where they concern supervisory", "issues." ], "location": [ [ "Proposal for a regulation", "Recital 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(7) Decisions concerning breaches of", "Union law and settlement of disagreements", "should be examined by an independent", "panel composed of voting members of the", "Board of Supervisors which do not have", "any conflicts of interest, appointed by the", "Board of Supervisors. The decisions", "proposed by the panel to the Board of", "Supervisors should be considered as", "adopted unless rejected by a simple", "majority, which should include an", "adequate number of votes from members", "from Member States participating in the", "SSM and from Member States that do not", "participate in the SSM." ], "reference": "2012/0244(COD)", "seq": 132, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(7) Decisions concerning breaches of", "Union law and settlement of disagreements", "should be examined by an independent", "panel composed of voting members of the", "Board of Supervisors which do not have", "any conflicts of interest, appointed by the", "Board of Supervisors. The decisions", "proposed by the panel to the Board of", "Supervisors should be considered as", "adopted only if accepted by the Board of", "Supervisors at simple majority in two", "separate votings, one of which takes place", "in the group of Member States whose", "currency is the euro and the second in the", "group of the remaining Member States." ], "location": [ [ "Proposal for a regulation", "Recital 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 143, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(8 a) Since the Member States, which", "entered into close cooperation with the", "ECB, are devoid of voting rights in the", "Governing Council of the ECB, which", "results in a lack of effective influence on", "the decision making process within the", "SSM, a special procedure for settlement of", "disagreements between the ECB and a", "competent authority of a Member State", "which has entered into close cooperation", "should be established. This will", "compensate for the absence of forceful", "instruments to sway the decision making", "process taken within the SSM and at the", "same time, will safeguard the right to", "protect justified interests, in particular the", "stability of the local financial market. To", "that end, the EBA should be equipped", "with the ultimate authority to settle", "disagreements between the ECB and the", "competent authority of a Member State", "that has entered into close cooperation", "with the ECB." ], "location": [ [ "Proposal for a regulation", "Recital 8 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(9) The composition of the Management", "Board should be balanced and proper", "representation of Member States not", "participating in the SSM should be", "ensured." ], "reference": "2012/0244(COD)", "seq": 147, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(9) The composition of the Management", "Board should be balanced and proper", "representation of Member States", "participating in the SSM, Member States", "that have entered into close cooperation", "and Member States not participating in the", "SSM should be ensured." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 163, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "-1. In Article 1(5), the first subparagraph", "is replaced by the following:", "\"5. The objective of the Authority shall", "be to act as the final decision-making", "body for supervisory policy regarding all", "financial institutions within the meaning", "of Article 4(1) which are established in", "the European Union in order to protect", "the public interest by ensuring the short,", "medium and long-term stability and", "effectiveness of the financial system, for", "the Union economy, its citizens and", "businesses. The Authority shall [...]:", "(a) improve the functioning of the", "internal market, including, in particular,", "a sound, effective and consistent level of", "regulation and supervision;", "(b) ensure the integrity, transparency,", "efficiency and orderly functioning of", "financial markets;", "(ba) strengthen the integration of the", "European Central Bank into the system of", "European Supervisory Authorities;", "(c) strengthen international supervisory", "coordination;", "(d) prevent regulatory arbitrage and", "promote equal conditions of competition;", "(e) ensure that the taking of credit risk", "and other risks is appropriately", "supervised; and", "(f) enhance consumer protection.", "The ECB shall at the request of EBA", "exercise the tasks set out in Article 4(1)", "off Council Regulation (EU) No .../...", "[conferring specific tasks on the ECB] in", "relation to credit institutions established", "in the participating Member States and", "which fall in one of the following", "categories:", "a) credit institutions, financial holding", "companies or mixed financial holding", "companies which have received or", "requested public financial assistance;", "b) the most significant credit institutions,", "financial holding companies and mixed", "financial holding companies of European", "systemic importance at the highest level of", "consolidation, based on:", "i) their size as reflected in the sum of", "exposure values of all assets and off-", "balance sheet liabilities not deducted", "when determining the common equity tier", "1 capital for regulatory purposes;", "ii) the systemic risk for the domestic", "economy concerned, expressed as the", "percentage of assets of a bank divided by", "GDP of its home country; and", "iii) their cross-border activity as reflected", "in cross-jurisdictional claims such as", "deposits and other assets in respect of", "customers or other financial operators", "located in another country and cross-", "jurisdictional liabilities such as loans and", "notes in respect of customers or other", "financial operators located in another", "country, and which together cover at least", "half of the banking sector in the euro area", "as a whole and in each Member State.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point -1 (new)" ], [ "Regulation (EU) No 1093/2012", "Article 1 \u2013 paragraph 5 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\"For the purposes of Article 17 and 19, the", "Board of Supervisors shall establish an", "independent panel consisting of the", "Chairperson and two members appointed", "by the Board of Supervisors among its", "voting members. At least one member of", "the independent panel shall be from a", "Member State which is not a participating", "Member State in accordance with", "Regulation (EU) No \u2026/\u2026 [127(6) TFEU", "Council Regulation].\"" ], "reference": "2012/0244(COD)", "seq": 218, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "\"For the purposes of Article 17 and 19, the", "Board of Supervisors shall convoke an", "independent panel consisting of the", "Chairperson and four members appointed", "by the Board of Supervisors among its", "voting members. At least two members of", "the independent panel shall be from a", "Member State which is not a participating", "Member State in accordance with", "Regulation (EU) No \u2026/\u2026 [127(6) TFEU", "Council Regulation], at least one of which", "shall be from a Member State not", "exercising close cooperation with the ECB", "either.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 5" ], [ "Regulation (EU) No 1093/2010", "Article 41 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 223, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "\"By way of derogation from this", "paragraph , from the date when the euro", "is not the currency of only two Member", "States, the independent panel shall consist", "of a Chairperson and two members", "appointed by the Board of Supervisors,", "among its voting members. At least one", "member of such an independent panel", "shall be from a Member State in which", "the currency is not the euro.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 5" ], [ "Regulation (EU) No 1093/2010", "Article 41 \u2013 paragraph 2 \u2013 subparagraph 2 a new" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\"1. Decisions of the Board of Supervisors", "shall be taken by a simple majority of its", "members. Each member shall have one", "vote.\"" ], "reference": "2012/0244(COD)", "seq": 233, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "\"1. Decisions of the Board of Supervisors", "shall be taken by a simple majority in two", "separate votings, one of which takes place", "in the group of the Member states with the", "euro as common currency ant the second", "in the group of the remaining Member", "States. Each member shall have one vote.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 7" ], [ "Regulation (EU) No 1093/2010", "Article 44 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\"The term of office of the members elected", "by the Board of Supervisors shall be 2 1/2", "years. That term may be extended once.", "The composition of the Management Board", "shall be balanced and proportionate and", "shall reflect the Union as a whole. The", "Management Board shall include at least", "two representatives from Member States", "which are not participating Member", "States in accordance with Regulation", "[127(6) TFEU Council Regulation] nor", "have entered into close cooperation with", "the ECB in accordance with that", "Regulation. Mandates shall be overlapping", "and an appropriate rotating arrangement", "shall apply.\"" ], "reference": "2012/0244(COD)", "seq": 260, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "\"The term of office of the members elected", "by the Board of Supervisors shall be 2 1/2", "years. That term may be extended once.", "The composition of the Management Board", "shall be balanced and proportionate and", "shall reflect the Union as a whole. The", "Management Board shall include at least", "three representatives from Member States", "in which the currency is not the euro. At", "least one of which comes from a Member", "State, which did not enter into close", "cooperation with the ECB either. Mandates", "shall be overlapping and an appropriate", "rotating arrangement shall apply.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8" ], [ "Regulation (EU) No 1093/2010", "Article 45 \u2013 paragraph 1 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\u2013 having regard to Article 127(6) of the", "Treaty on the Functioning of the European", "Union, pursuant to which the Council", "consulted Parliament (C7-0314/2012)," ], "reference": "2012/0242(CNS)", "seq": 55, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "\u2013 having regard to Article 294(2) and", "Article 114 of the Treaty on the", "Functioning of the European Union,", "pursuant to which the Commission", "submitted the proposal to Parliament (C7-", "0289/2012)," ], "location": [ [ "Draft legislative resolution", "Citation 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 57, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "\u2013 having regard to Article 294(3) of the", "Treaty on the Functioning of the", "European Union," ], "location": [ [ "Draft legislative resolution", "Citation 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 58, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "\u2013 having regard to the opinion of the", "European Economic and Social", "Committee of ...," ], "location": [ [ "Draft legislative resolution", "Citation 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Having regard to the Treaty on the", "Functioning of the European Union, and in", "particular Article 127(6) thereof," ], "reference": "2012/0242(CNS)", "seq": 63, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "Having regard to the Treaty on the", "Functioning of the European Union, and in", "particular Article 114 thereof," ], "location": [ [ "Proposal for a regulation", "Citation 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Having regard to the opinion of the", "European Parliament," ], "reference": "2012/0242(CNS)", "seq": 66, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Citation 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Having regard to the opinion of the", "European Parliament," ], "reference": "2012/0242(CNS)", "seq": 67, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Markus Ferber, Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "Having regard to the opinion of the", "European Economic and Social", "Committee," ], "location": [ [ "Proposal for a regulation", "Citation 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 138, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(10 a) Shifting the supervision of banks to", "the European level is a key to place the", "banking sector on a more sound footing", "and restore confidence in the euro. The", "single supervisory mechanism is based on", "the transfer to the European level of", "specific, key supervisory tasks for banks", "established in the euro area. With respect", "to the supervision of insurers, reinsurers", "and occupational pensions such changes", "are not yet foreseen. Close and", "constructive cooperation within the ESFS", "is essential for efficient supervision", "throughout Europe. It is only pragmatic", "to opt for a step by step approach within", "the ESFS to enhance consistency and", "convergence for supervisory practices.", "However, European supervisors", "irrespective of the financial area in", "question should have adequate resources", "and powers at hands in order to properly", "fulfil their tasks. Installing a single", "supervisory mechanism for banks", "therefore also calls for some alignments", "in the EIOPA Regulation, concerning the", "collection of information, the", "establishment and scope of action and the", "decision-making." ], "location": [ [ "Proposal for a regulation", "Recital 10 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(11) As the Euro area's central bank with", "extensive expertise in macroeconomic and", "financial stability issues, the ECB is well", "placed to carry out supervisory tasks with a", "focus on protecting the stability of Europe's", "financial system. Indeed in many Member", "States Central Banks are already", "responsible for banking supervision. The", "ECB should therefore be conferred", "specific tasks concerning policies relating", "to the supervision of credit institutions", "within the Euro area." ], "reference": "2012/0242(CNS)", "seq": 148, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(11) As the Euro area's central bank with", "extensive expertise in macroeconomic and", "financial stability issues, the ECB is well", "placed to carry out certain clear defined", "supervisory tasks with a focus on", "protecting the stability of Europe's", "financial system. Indeed in many Member", "States Central Banks are already", "responsible for banking supervision." ], "location": [ [ "Proposal for a regulation", "Recital 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(12) The ECB should be conferred those", "specific supervisory tasks which are crucial", "to ensure a coherent and effective", "implementation of the Union's policy", "relating to the prudential supervision of", "credit institutions, while other tasks should", "remain with national authorities. The", "ECB's tasks should include measures taken", "in pursuance of macro-prudential stability." ], "reference": "2012/0242(CNS)", "seq": 157, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(12) The ECB should be conferred those", "specific supervisory tasks which are crucial", "to ensure a coherent and effective", "implementation of the Union's policy", "relating to the prudential supervision of", "credit institutions, while other tasks should", "remain with EBA and national authorities.", "The ECB's tasks should include measures", "taken in pursuance of macro-prudential", "stability." ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(13) Safety and soundness of large banks is", "essential to ensure the stability of the", "financial system. However, recent", "experience shows that smaller banks can", "also pose a threat to financial stability.", "Therefore, the ECB should be able to", "exercise supervisory tasks in relation to all", "banks of participating Member States." ], "reference": "2012/0242(CNS)", "seq": 166, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(13) Safety and soundness of large banks is", "essential to ensure the stability of the", "financial system. However, recent", "experience shows that smaller banks can", "also pose a threat to financial stability.", "Therefore, the ECB should be able to", "exercise specific and clearly defined", "supervisory tasks requested by EBA in", "relation to all banks of European systemic", "importance as defined in this Regulation.", "The ECB should also be responsible for", "the supervision of banks which have", "received or which have requested public", "financial assistance." ], "location": [ [ "Proposal for a regulation", "Recital 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 174, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(13 a) National competent authorities", "should continue to supervise the credit", "institutions that fall outside the scope of", "supervision on European level. EBA", "should establish a supervisory framework", "for the supervision by national competent", "authorities of credit institutions falling", "outside the scope of supervision on", "European level. As part of their duties", "under the supervisory framework,", "national competent authorities should", "submit a report to EBA on a quarterly", "basis. EBA should monitor national", "competent authorities on an ongoing", "basis." ], "location": [ [ "Proposal for a regulation", "Recital 13 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(14) Prior authorisation for taking up the", "business of credit institutions is a key", "prudential technique to ensure that only", "operators with a sound economic basis, an", "organisation capable of dealing with the", "specific risks inherent to deposit taking and", "credit provision, and suitable directors", "carry out those activities. The ECB should", "therefore have the task to authorise credit", "institutions and should be responsible for", "the withdrawal of authorisations." ], "reference": "2012/0242(CNS)", "seq": 189, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(14) Prior authorisation for taking up the", "business of credit institutions is a key", "prudential technique to ensure that only", "operators with a sound economic basis, an", "organisation capable of dealing with the", "specific risks inherent to deposit taking and", "credit provision, and suitable directors", "carry out those activities. The ECB should", "therefore have at request from EBA the", "task to authorise credit institutions and for", "the withdrawal of authorisations." ], "location": [ [ "Proposal for a regulation", "Recital 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(15) In addition to the conditions set out in", "Union legislative acts for authorisation of", "credit institutions and the cases for", "withdrawal of such authorisations, Member", "States may currently provide for further", "conditions for authorisation and cases for", "withdrawal of authorisation. The ECB", "should therefore carry out its task to", "authorise credit institutions and to", "withdraw the authorisation in case of non-", "compliance with national law upon a", "proposal by the relevant national", "competent authority, which assesses", "compliance with the relevant conditions set", "out by national law." ], "reference": "2012/0242(CNS)", "seq": 194, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(15) In addition to the conditions set out in", "Union legislative acts for authorisation of", "credit institutions and the cases for", "withdrawal of such authorisations, Member", "States may currently provide for further", "conditions for authorisation and cases for", "withdrawal of authorisation. The ECB", "should therefore carry out the task to", "authorise credit institutions and to", "withdraw the authorisation in case of non-", "compliance with national law upon a", "proposal by the relevant national or", "European competent authority, which", "assesses compliance with the relevant", "conditions set out by national law. The", "ECB should grant authorisation within", "six weeks of receiving the proposal by the", "relevant national competent authority,", "where the conditions provided for in", "Union law are met." ], "location": [ [ "Proposal for a regulation", "Recital 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(16) An assessment of the suitability of any", "new owner prior to the purchase of a", "significant stake in a credit institution is an", "indispensable tool to ensure the continuous", "suitability and financial soundness of credit", "institutions' owners. The ECB as a Union", "institution is well-placed to carry out such", "an assessment without imposing undue", "restrictions to the internal market. The", "ECB should have the task to assess the", "acquisition and disposal of significant", "holdings in credit institutions." ], "reference": "2012/0242(CNS)", "seq": 203, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(16) An assessment of the suitability of any", "new owner prior to the purchase of a", "significant stake in a credit institution is an", "indispensable tool to ensure the continuous", "suitability and financial soundness of credit", "institutions' owners. The ECB as a Union", "institution is well-placed to carry out such", "an assessment without imposing undue", "restrictions to the internal market. The", "ECB should at the request of EBA have", "the task to assess the acquisition and", "disposal of significant holdings in credit", "institutions." ], "location": [ [ "Proposal for a regulation", "Recital 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(17) Compliance with Union rules", "requiring credit institutions to hold certain", "levels of capital against risks inherent to", "the business of credit institutions, to limit", "the size of exposures to individual", "counterparties, to publicly disclose", "information on a credit institutions'", "financial situation, to dispose of sufficient", "liquid assets to withstand situations of", "market stress, and to limit leverage is a", "prerequisite for credit institutions'", "prudential soundness. The ECB should", "have the task to ensure compliance with", "those rules and to set higher prudential", "requirements and apply additional", "measures to credit institutions in the cases", "specifically set out in Union acts." ], "reference": "2012/0242(CNS)", "seq": 210, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(17) Compliance with Union rules", "requiring credit institutions to hold certain", "levels of capital against risks inherent to", "the business of credit institutions, to limit", "the size of exposures to individual", "counterparties, to publicly disclose", "information on a credit institutions'", "financial situation, to dispose of sufficient", "liquid assets to withstand situations of", "market stress, and to limit leverage is a", "prerequisite for credit institutions'", "prudential soundness. The ECB should on", "behalf of EBA ensure compliance with", "those rules and to set higher prudential", "requirements and apply additional", "measures to credit institutions in the cases", "specifically set out in Union acts." ], "location": [ [ "Proposal for a regulation", "Recital 17" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(18) Additional capital buffers, including a", "capital conservation buffer and a", "countercyclical capital buffer to ensure that", "credit institutions accumulate during", "periods of economic growth a sufficient", "capital base to absorb losses in stressed", "periods, are key prudential tools to ensure", "the availability of adequate loss", "absorbency. The ECB should have the task", "to impose such buffers and ensure credit", "institutions comply with them." ], "reference": "2012/0242(CNS)", "seq": 218, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(18) Additional capital buffers, including a", "capital conservation buffer and a", "countercyclical capital buffer to ensure that", "credit institutions accumulate during", "periods of economic growth a sufficient", "capital base to absorb losses in stressed", "periods, are key prudential tools to ensure", "the availability of adequate loss", "absorbency. The ECB should at request of", "EBA have the task to impose such buffers", "and to ensure credit institutions comply", "with them." ], "location": [ [ "Proposal for a regulation", "Recital 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(19) The safety and soundness of a credit", "institution depend also on the allocation of", "adequate internal capital, having regard to", "the risks to which it may be exposed, and", "on the availability of appropriate internal", "organisation structures and corporate", "governance arrangements. The ECB should", "therefore have the task to apply", "requirements ensuring that credit", "institutions have in place robust", "governance arrangements, processes and", "mechanisms, including strategies and", "processes for assessing and maintaining the", "adequacy of their internal capital. In case", "of deficiencies it should also have the task", "to impose appropriate measures including", "specific additional own funds", "requirements, specific publication", "requirements, and specific liquidity", "requirements." ], "reference": "2012/0242(CNS)", "seq": 227, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(19) The safety and soundness of a credit", "institution depend also on the allocation of", "adequate internal capital, having regard to", "the risks to which it may be exposed, and", "on the availability of appropriate internal", "organisation structures and corporate", "governance arrangements. The ECB should", "therefore have on behalf of EBA the task", "to apply requirements ensuring that credit", "institutions have in place robust", "governance arrangements, processes and", "mechanisms, including strategies and", "processes for assessing and maintaining the", "adequacy of their internal capital. In case", "of deficiencies it should also have the task", "on request by EBA to impose appropriate", "measures including specific additional own", "funds requirements, specific publication", "requirements, and specific liquidity", "requirements." ], "location": [ [ "Proposal for a regulation", "Recital 19" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(20) Risks for the safety and soundness of", "a credit institution can arise both at the", "level of an individual credit institution and", "at the level of a banking group or of a", "financial conglomerate. Specific", "supervisory arrangements to mitigate these", "risks are important to ensure the safety and", "soundness of credit institutions. In addition", "to supervision of individual credit", "institutions, the ECB's tasks should include", "supervision at the consolidated level,", "supplementary supervision, supervision of", "financial holding companies and", "supervision of mixed financial holding", "companies." ], "reference": "2012/0242(CNS)", "seq": 234, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "(20) Risks for the safety and soundness of", "a credit institution can arise both at the", "level of an individual credit institution and", "at the level of a banking group. Specific", "supervisory arrangements to mitigate these", "risks are important to ensure the safety and", "soundness of credit institutions. In addition", "to the exercise of supervision of individual", "credit institutions, the ECB's tasks should", "include the exercise of supervision at the", "consolidated level, supplementary", "supervision, supervision of financial", "holding companies and supervision of", "mixed financial holding companies." ], "location": [ [ "Proposal for a regulation", "Recital 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(21) In order to preserve financial stability,", "the deterioration of an institution's financial", "and economic situation must be remedied", "before that institution reaches a point at", "which authorities have no other alternative", "than to resolve it. The ECB should have the", "task to carry out early intervention actions", "as defined in relevant Union law. It should", "however coordinate its early intervention", "action with the relevant resolution", "authorities. Pending the conferral of", "resolution powers on a European body, the", "ECB should moreover coordinate", "appropriately with the national authorities", "concerned to ensure a common", "understanding about respective", "responsibilities in case of crises, in", "particular in the context of the cross border", "crisis management groups and the future", "resolution colleges established for these", "purposes." ], "reference": "2012/0242(CNS)", "seq": 240, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(21) In order to preserve financial stability,", "the deterioration of an institution's financial", "and economic situation must be remedied", "before that institution reaches a point at", "which authorities have no other alternative", "than to resolve it. The ECB should have the", "task to carry out early intervention actions", "on behalf of EBA as defined in relevant", "Union law. It should however coordinate", "its early intervention action with the", "relevant resolution authorities. Pending the", "conferral of resolution powers on a", "European body, the ECB should moreover", "coordinate appropriately with the national", "authorities concerned to ensure a common", "understanding about respective", "responsibilities in case of crises, in", "particular in the context of the cross border", "crisis management groups and the future", "resolution colleges established for these", "purposes." ], "location": [ [ "Proposal for a regulation", "Recital 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(22) Supervisory tasks not conferred on the", "ECB should remain with national", "authorities. Those tasks should include the", "power to receive notifications from credit", "institutions in relation to the right of", "establishment and the free provision of", "services, to supervise bodies which are not", "covered by the definition of credit", "institutions under Union law but which are", "supervised as credit institutions under", "national law, to supervise credit institutions", "from third countries establishing a branch", "or providing cross-border services in the", "Union, to supervise payments services, to", "carry out day-to-day verifications of credit", "institutions, to carry out the function of", "competent authorities over credit", "institutions in relation to markets in", "financial instruments and the prevention of", "the use of the financial system for the", "purpose of money laundering and terrorist", "financing." ], "reference": "2012/0242(CNS)", "seq": 246, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(22) Supervisory tasks not conferred on the", "European level should remain with", "national authorities. Those tasks should", "include the power to receive notifications", "from credit institutions in relation to the", "right of establishment and the free", "provision of services, to supervise bodies", "which are not covered by the definition of", "credit institutions under Union law but", "which are supervised as credit institutions", "under national law, to supervise credit", "institutions from third countries", "establishing a branch or providing cross-", "border services in the Union, to supervise", "payments services, to carry out day-to-day", "verifications of credit institutions, to carry", "out the function of competent authorities", "over credit institutions in relation to", "markets in financial instruments and the", "prevention of the use of the financial", "system for the purpose of money", "laundering and terrorist financing." ], "location": [ [ "Proposal for a regulation", "Recital 22" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(23) The ECB should carry out the tasks", "conferred on it with a view to ensuring the", "safety and soundness of credit institutions", "and the stability of the financial system of", "the Union and the unity and integrity of the", "Internal Market, thereby ensuring also the", "protection of depositors and improving the", "functioning of the Internal Market, in", "accordance with the single rulebook for", "financial services in the Union." ], "reference": "2012/0242(CNS)", "seq": 253, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(23) The competent authorities should", "carry out the tasks conferred on it with a", "view to ensuring the safety and soundness", "of credit institutions and the stability of the", "financial system of the Union and the unity", "and integrity of the Internal Market,", "thereby ensuring also the protection of", "depositors and improving the functioning", "of the Internal Market, in accordance with", "the single rulebook for financial services in", "the Union." ], "location": [ [ "Proposal for a regulation", "Recital 23" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(24) The conferral of supervisory tasks on", "the ECB for some of the Member States", "should be consistent with the framework of", "the European System of Financial", "Supervision (ESFS) set up in 2010 and its", "underlying objective to develop the single", "rulebook and enhance convergence of", "supervisory practices across the whole", "Union. Cooperation between the banking", "supervisors and the supervisors of", "insurance and securities markets is", "important to deal with issues of joint", "interest and to ensure proper supervision of", "credit institutions operating also in the", "insurance and securities sectors. The ECB", "should therefore be required to cooperate", "closely with the EBA, the European", "Securities and Markets Authority and the", "European Insurance and Occupational", "Pensions Authority, within the framework", "of the EFSF." ], "reference": "2012/0242(CNS)", "seq": 260, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(24) The conferral of supervisory tasks on", "the competent European authorities for", "some of the Member States should be", "consistent with the framework of the", "European System of Financial Supervision", "(ESFS) set up in 2010 and its underlying", "objective to develop the single rulebook", "and enhance convergence of supervisory", "practices across the whole Union.", "Cooperation between the banking", "supervisors and the supervisors of", "insurance and securities markets is", "important to deal with issues of joint", "interest and to ensure proper supervision of", "credit institutions operating also in the", "insurance and securities sectors. The ECB", "should therefore be required to cooperate", "closely with the EBA, the European", "Securities and Markets Authority and the", "European Insurance and Occupational", "Pensions Authority, within the framework", "of the EFSF." ], "location": [ [ "Proposal for a regulation", "Recital 24" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(27) In order to ensure that supervisory", "rules and decisions are applied by credit", "institutions, financial holding companies", "and mixed financial holding companies,", "effective, proportionate and dissuasive", "sanctions should be imposed in case of", "breaches. In accordance with Article", "132(3) TFEU and Council Regulation (EC)", "No. 2532/98 of 23 November 1998", "concerning the powers of the European", "Central Bank to impose sanctions, the ECB", "is entitled to impose fines or periodic", "penalty payments on undertakings for", "failure to comply with obligations under its", "regulations and decisions. Moreover, in", "order to enable the ECB to effectively", "carry out its tasks relating to the", "enforcement of supervisory rules set out in", "directly applicable Union law, the ECB", "should be empowered to impose pecuniary", "sanctions on credit institutions, financial", "holding companies and mixed financial", "holding companies for breaches of such", "rules. National authorities should remain", "able to apply sanctions in case of failure to", "comply with obligations stemming from", "national law transposing Union Directives.", "Where the ECB considers it appropriate", "for the fulfilment of its tasks that a sanction", "is applied for such breaches, it should be", "able to refer the matter to national", "authorities for those purposes." ], "reference": "2012/0242(CNS)", "seq": 276, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(27) In order to ensure that supervisory", "rules and decisions are applied by credit", "institutions, financial holding companies", "and mixed financial holding companies,", "effective, proportionate and dissuasive", "sanctions should be imposed in case of", "breaches. In accordance with Article", "132(3) TFEU and Council Regulation (EC)", "No. 2532/98 of 23 November 1998", "concerning the powers of the European", "Central Bank to impose sanctions, the ECB", "on behalf of EBA entitled to impose fines", "or periodic penalty payments on", "undertakings for failure to comply with", "obligations under its regulations and", "decisions. Moreover, in order to enable the", "ECB to effectively carry out its tasks", "relating to the enforcement of supervisory", "rules set out in directly applicable Union", "law, the ECB should be empowered to", "impose on behalf of EBA pecuniary", "sanctions on credit institutions, financial", "holding companies and mixed financial", "holding companies for breaches of such", "rules. National authorities should remain", "able to apply sanctions in case of failure to", "comply with obligations stemming from", "national law transposing Union Directives.", "Where the competent European", "authorities consider it appropriate for the", "fulfilment of its tasks that a sanction is", "applied for such breaches, it should be able", "to refer the matter to national authorities", "for those purposes." ], "location": [ [ "Proposal for a regulation", "Recital 27" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(28) National supervisors have important", "and long-established expertise in the", "supervision of credit institutions within", "their territory and their economic,", "organisational and cultural specificities.", "They have established a large body of", "dedicated and highly qualified staff for", "these purposes. Therefore, in order to", "ensure high quality European supervision", "national supervisors should assist the ECB", "in the preparation and implementation of", "any acts relating to the exercise of the ECB", "supervisory tasks. This should include in", "particular the ongoing day-to-day", "assessment of a bank's situation and related", "on site verifications." ], "reference": "2012/0242(CNS)", "seq": 283, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(28) National supervisors have important", "and long-established expertise in the", "supervision of credit institutions within", "their territory and their economic,", "organisational and cultural specificities.", "They have established a large body of", "dedicated and highly qualified staff for", "these purposes. Therefore, in order to", "ensure high quality European supervision", "national supervisors should assist the", "competent European authorities in the", "preparation and implementation of any acts", "relating to the exercise of the ECB", "supervisory tasks. This should include in", "particular the ongoing day-to-day", "assessment of a bank's situation and related", "on site verifications." ], "location": [ [ "Proposal for a regulation", "Recital 28" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(29) As regards the supervision of cross-", "border banks active both inside and outside", "the Euro area the ECB should cooperate", "closely with the competent authorities of", "non participating Member States. As a", "competent authority the ECB should be", "subject to the related obligations to", "cooperate and exchange information under", "Union law and should participate fully in", "the colleges of supervisors. In addition,", "since the exercise of supervisory tasks by a", "European institution brings about clear", "benefits in terms of financial stability and", "sustainable market integration, Member", "States not participating in the common", "currency should therefore also have the", "possibility to participate in the new", "mechanism. However, it is a necessary pre-", "condition for an effective exercise of", "supervisory tasks, that supervisory", "decisions are implemented fully and", "without delay. Member States wishing to", "participate in the new mechanism should", "therefore undertake to ensure that their", "national competent authorities will abide", "by and adopt any measure in relation to", "credit institutions requested by the ECB.", "The ECB should be able to establish a", "close cooperation with the competent", "authorities of a Member State not", "participating in the common currency. It", "should be obliged to establish the", "cooperation where the conditions set out in", "this regulation are met. The conditions", "under which representatives of the", "competent authorities of the Member States", "which established a close co-operation take", "part to the activities of the Supervisory", "Board should allow the greatest possible", "involvement of those representatives", "taking into account the limits following", "from the Statute of ESCB and of the ECB,", "in particular as regards the integrity of its", "decision making process." ], "reference": "2012/0242(CNS)", "seq": 290, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(29) As regards the supervision of cross-", "border banks active both inside and outside", "the Euro area the European competent", "authorities should cooperate closely with", "the competent authorities of non", "participating Member States. As a", "competent authority the ECB should be", "subject to the related obligations to", "cooperate and exchange information under", "Union law and should participate fully in", "the colleges of supervisors. In addition,", "since the exercise of supervisory tasks by a", "European institution brings about clear", "benefits in terms of financial stability and", "sustainable market integration, Member", "States not participating in the common", "currency should therefore also have the", "possibility to participate in the new", "mechanism. However, it is a necessary pre-", "condition for an effective exercise of", "supervisory tasks, that supervisory", "decisions are implemented fully and", "without delay. Member States wishing to", "participate in the new mechanism should", "therefore undertake to ensure that their", "national competent authorities will abide", "by and adopt any measure in relation to", "credit institutions requested by the", "European competent authorities. They", "should be able to establish a close", "cooperation with the competent authorities", "of a Member State not participating in the", "common currency. It should be obliged to", "establish the cooperation where the", "conditions set out in this regulation are", "met. The conditions under which", "representatives of the competent authorities", "of the Member States which established a", "close co-operation take part to the activities", "of the Supervisory Board should ensure", "fair treatment and representation." ], "location": [ [ "Proposal for a regulation", "Recital 29" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(30) In order to carry out its tasks, the", "ECB should have appropriate supervisory", "powers. Union law on the prudential", "supervision of credit institutions provides", "for certain powers to be conferred on", "competent authorities designated by the", "Member States for those purposes. To the", "extent that these powers fall within the", "scope of the supervisory tasks conferred", "on the ECB, for participating Member", "States the ECB should be considered the", "competent authority and should have the", "powers conferred on competent", "authorities by Union law. This includes", "powers conferred by those acts on the", "competent authorities of the home and the", "host Member States and the powers", "conferred on designated authorities." ], "reference": "2012/0242(CNS)", "seq": 296, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 30" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(31) In order to carry out its tasks", "effectively, the ECB should be able to", "require all necessary information, and to", "conduct investigations and on-site", "inspections. These powers should apply to", "supervised entities, persons involved in the", "activities of those entities and related third", "parties, third parties to whom those entities", "have outsourced operational functions or", "activities and persons otherwise closely", "and substantially related or connected to", "the activities of those entities, including the", "staff of a supervised entity who are not", "directly involved in its activities but who,", "due to their function within the entity, may", "hold important information on a specific", "matter and firms which have provided", "services to those entities. The ECB should", "be able to require information by simple", "request under which the addressee is not", "obliged to provide the information but, in", "the event that it does so voluntarily, the", "information provided should not be", "incorrect or misleading and should be", "made available without delay. The ECB", "should also be able to require information", "by decision." ], "reference": "2012/0242(CNS)", "seq": 303, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(31) In order to carry out their tasks", "effectively, the European competent", "authorities should be able to require all", "necessary information, and to conduct", "investigations and on-site inspections.", "These powers should apply to supervised", "entities, persons involved in the activities", "of those entities and related third parties,", "third parties to whom those entities have", "outsourced operational functions or", "activities and persons otherwise closely", "and substantially related or connected to", "the activities of those entities, including the", "staff of a supervised entity who are not", "directly involved in its activities but who,", "due to their function within the entity, may", "hold important information on a specific", "matter and firms which have provided", "services to those entities. The European", "competent authorities should be able to", "require information by simple request", "under which the addressee is not obliged to", "provide the information but, in the event", "that it does so voluntarily, the information", "provided should not be incorrect or", "misleading and should be made available", "without delay. The European competent", "authorities should also be able to require", "information by decision." ], "location": [ [ "Proposal for a regulation", "Recital 31" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(32) Where credit institutions exercise their", "right of establishment or to provide", "services in another Member State, or where", "several entities in a group are established in", "different Member States, Union law", "provides for specific procedures and for", "attribution of competences between the", "Member States concerned. To the extent", "that the ECB takes over certain", "supervisory tasks for all participating", "Member States, those procedures and", "attributions should not apply to the", "exercise of the right of establishment or to", "provide services in another participating", "Member State." ], "reference": "2012/0242(CNS)", "seq": 307, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(32) Where credit institutions exercise their", "right of establishment or to provide", "services in another Member State, or where", "several entities in a group are established in", "different Member States, Union law", "provides for specific procedures and for", "attribution of competences between the", "Member States concerned. To the extent", "that the European competent authorities", "take over certain supervisory tasks for all", "participating Member States, those", "procedures and attributions should not", "apply to the exercise of the right of", "establishment or to provide services in", "another participating Member State." ], "location": [ [ "Proposal for a regulation", "Recital 32" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(34) The conferral of supervisory tasks", "implies a significant responsibility for the", "ECB to safeguard financial stability in the", "Union, and to use its supervisory powers in", "the most effective and proportionate way.", "The ECB should therefore be accountable", "for the exercise of these tasks towards the", "European Parliament and the Council of", "Ministers respectively the Eurogroup as", "democratically legitimised institutions", "representing the European people and the", "Member States. That should include", "regular reporting and responding to", "questions. Where national supervisors take", "action under this Regulation, accountability", "arrangements provided under national law", "should continue to apply." ], "reference": "2012/0242(CNS)", "seq": 315, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(34) The conferral of supervisory tasks", "implies a significant responsibility for the", "ECB to safeguard financial stability in the", "Union, and to use its supervisory powers in", "the most effective and proportionate way.", "Any shift of supervisory powers from", "Member States to the Union level should", "be balanced by appropriate transparency", "and accountability requirements.", "Consequently, the ECB should therefore", "be accountable for the exercise of these", "tasks towards the European Parliament and", "the Council of Ministers respectively the", "Eurogroup as democratically legitimised", "institutions representing the European", "people and the Member States. That should", "include regular reporting and responding to", "questions. Where national supervisors take", "action under this Regulation, accountability", "arrangements provided under national law", "should continue to apply." ], "location": [ [ "Proposal for a regulation", "Recital 34" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 324, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(34 a) At the request of the parliaments of", "the participating Member States and of", "the European Parliament, a", "representative of the supervisory board of", "the ECB, together with the national and", "European competent authority, may be", "heard in the competent committees of the", "parliaments concerned, on the execution", "of its supervisory tasks. This further", "strengthening of democratic", "accountability is appropriate given the", "impact that supervisory measures may", "have on public finances, credit", "institutions, their customers and", "employees, and the markets in the", "participating Member States." ], "location": [ [ "Proposal for a regulation", "Recital 34 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(35) The ECB is responsible for carrying", "out monetary policy functions with a view", "to maintaining price stability in accordance", "with Article 127(1) TFEU. The exercise of", "supervisory tasks has the objective to", "protect the safety and soundness of credit", "institutions and the stability of the financial", "system. In order to avoid conflicts of", "interests and to ensure that each function is", "exercised in accordance with the applicable", "objectives, the ECB should ensure they are", "carried out in full separation." ], "reference": "2012/0242(CNS)", "seq": 330, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(35) The ECB is responsible for carrying", "out monetary policy functions with a view", "to maintaining price stability in accordance", "with Article 127(1) TFEU. The exercise of", "supervisory tasks on behalf of EBA has the", "objective to protect the safety and", "soundness of credit institutions and the", "stability of the financial system. In order to", "avoid conflicts of interests and to ensure", "that each function is exercised in", "accordance with the applicable objectives,", "the ECB should ensure they are carried out", "in full separation. Staff involved in", "carrying out the tasks conferred on the", "ECB by this Regulation should be", "organisationally separated from other", "ECB staff and should be subject to", "separate reporting lines." ], "location": [ [ "Proposal for a regulation", "Recital 35" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(36) In particular, a supervisory board", "responsible for preparing decisions on", "supervisory matters should be set up with", "the ECB encompassing the specific", "expertise of national supervisors. The", "board should therefore be chaired by a", "Chair and a Vice-Chair elected by the", "ECB Governing Council and composed,", "in addition, of representatives from the", "ECB and from national authorities. In", "order to allow for an appropriate rotation", "while ensuring the full independence of", "the Chair and the Vice-Chair, their term", "should not exceed five years and should", "not be renewable. In order to ensure full", "coordination with the activities of the EBA", "and with the prudential policies of the", "Union, the EBA and the European", "Commission should be observers in the", "supervisory board. The performance of the", "supervisory tasks conferred upon the ECB", "requires the adoption of a large number", "of technically complex acts and decisions,", "including decisions on individual credit", "institutions. In order to effectively carry", "out those tasks in accordance with the", "principle of separation from tasks relating", "to monetary policy, the ECB Governing", "Council of the ECB should be able to", "delegate certain clearly defined supervisory", "tasks and related decisions to the", "supervisory board, subject to the oversight", "and responsibility of the Governing", "Council, which can give instructions and", "directions to that body. The supervisory", "board may be supported by a steering", "committee with a more limited", "composition." ], "reference": "2012/0242(CNS)", "seq": 337, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(36) In particular, a supervisory board", "responsible for preparing decisions on", "supervisory matters should be set up with", "the ECB encompassing the specific", "expertise of national supervisors. The", "board should be composed of", "representatives from the ECB and from", "national authorities from participating", "Member States. The board should be", "chaired by a Chair appointed by the", "governing council of the ECB. The Chair", "should be selected following an open", "selection procedure and after approval by", "the European Parliament and should", "have considerable expertise and", "experience with financial institutions and", "financial supervision. The Vice-Chair of", "the supervisory board should be directly", "elected by the ECB Governing Council.", "The term of office of the Chair should not", "exceed five years and should be renewable", "once. The term of office of the Vice-Chair", "should not exceed five years and should", "not be renewable. In order to ensure full", "coordination with the activities of the EBA", "and with the prudential policies of the", "Union, the EBA and the European", "Commission should be observers in the", "supervisory board. In order to effectively", "carry out the supervisory tasks conferred", "upon the ECB in accordance with the", "principle of separation from tasks relating", "to monetary policy, the ECB Governing", "Council of the ECB should be able to", "delegate certain clearly defined supervisory", "tasks and related decisions to the", "supervisory board, subject to the oversight", "and responsibility of the Governing", "Council, which can give instructions and", "directions to that body. The supervisory", "board should take account of all relevant", "facts and circumstances in the", "participating Member States and should", "perform its duties in the interest of the", "Union as a whole. The national competent", "authorities of the participating Member", "States represented in the supervisory", "board should have equal voting rights." ], "location": [ [ "Proposal for a regulation", "Recital 36" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(37) The supervisory board and staff of the", "ECB carrying out supervisory duties", "should be subject to appropriate", "professional secrecy requirements. Similar", "requirements should apply to the exchange", "of information with the staff of the ECB", "not involved in supervisory activities. This", "should not prevent the ECB from", "exchanging information within the limits", "and under the conditions set out in the", "relevant Union legislation, including with", "the European Commission for the purposes", "of its tasks under Articles 107 and 108", "TFEU and under Union law on enhanced", "economic and budgetary surveillance." ], "reference": "2012/0242(CNS)", "seq": 352, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(37) The supervisory board, the steering", "committee and staff of the ECB carrying", "out supervisory duties on behalf of EBA", "should be subject to appropriate", "professional secrecy requirements. Similar", "requirements should apply to the exchange", "of information with the staff of the ECB", "not involved in supervisory activities. This", "should not prevent the ECB from", "exchanging information within the limits", "and under the conditions set out in the", "relevant Union legislation, including with", "the European Commission for the purposes", "of its tasks under Articles 107 and 108", "TFEU and under Union law on enhanced", "economic and budgetary surveillance." ], "location": [ [ "Proposal for a regulation", "Recital 37" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(39) In order to carry out its supervisory", "tasks effectively, the ECB should dispose", "of adequate resources. Those resources", "should be obtained in a way that ensures", "the ECB's independence from undue", "influences by national competent", "authorities and market participants, and", "separation between monetary policy and", "supervisory tasks. The costs of supervision", "should be primarily borne by the entities", "subject to it. Therefore, the exercise of", "supervisory tasks by the ECB should be", "financed at least partly by fees charged to", "credit institutions. In view of the transfer of", "significant supervisory tasks from national", "authorities to the ECB it is expected that", "any supervisory fees due at national level", "can be reduced as appropriate." ], "reference": "2012/0242(CNS)", "seq": 361, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(39) In order to carry out its supervisory", "tasks effectively, the ECB should dispose", "of adequate resources. Those resources", "should be obtained in a way that ensures", "the ECB's independence from undue", "influences by national competent", "authorities and market participants, and", "separation between monetary policy and", "supervisory tasks. The costs of supervision", "should be primarily borne by the entities", "subject to it. Therefore, the exercise of", "supervisory tasks by the ECB should be", "financed at least partly by fees charged to", "credit institutions. In view of the transfer of", "significant supervisory tasks from national", "authorities to the European competent", "authorities it is expected that any", "supervisory fees due at national level can", "be reduced as appropriate." ], "location": [ [ "Proposal for a regulation", "Recital 39" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(41) Given the globalisation of banking", "services and the increased importance of", "international standards, the ECB should", "carry out its tasks in respect of", "international standards and in dialogue and", "close cooperation with supervisors outside", "the Union, without duplicating the", "international role of the EBA. It should", "be empowered to develop contacts and", "enter into administrative arrangements", "with the supervisory authorities and", "administrations of third countries and", "with international organisations, subject", "to coordination with the EBA and while", "fully respecting the existing roles and", "respective competences of the Member", "States and the Union institutions" ], "reference": "2012/0242(CNS)", "seq": 367, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(41) Given the globalisation of banking", "services and the increased importance of", "international standards, the European", "competent authorities should carry out", "their tasks in respect of international", "standards and in dialogue and close", "cooperation with supervisors outside the", "Union, in close coordination and while", "fully respecting the existing roles and", "respective competences of the Member", "States and the Union institutions." ], "location": [ [ "Proposal for a regulation", "Recital 41" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(44) In order to ensure that credit", "institutions are subject to supervision of the", "highest quality, unfettered by other, non-", "prudential considerations and that the", "negative mutually reinforcing impacts of", "market developments concerns banks and", "Member States is addressed in a timely and", "effective way, the ECB should start", "carrying out specific supervisory tasks as", "soon as possible. However, the transfer of", "supervisory tasks from national", "supervisors to the ECB requires a certain", "amount of preparation. Therefore, an", "appropriate phasing-in period should be", "provided for. The number of banks", "subject to the supervision of the ECB", "should increase progressively, taking into", "account the relevance of the supervision", "of those banks to ensure financial", "stability. As a first step the ECB should be", "able to apply its supervisory tasks to any", "banks, in particular to banks which have", "received or requested public financial", "assistance. As a second step, banks of", "European systemic importance as", "reflected in their total exposures and their", "cross-jurisdictional activities should be", "covered. Total exposures should be", "calculated in light of the methodologies", "defined in the Basel III accord of the", "Basel Committee on Banking Supervisors", "on the calculation of the leverage ratio", "and on the definition of common equity", "tier 1 capital. The phasing-in process", "should be completed within one year from", "the entry into force of this Regulation at", "the latest." ], "reference": "2012/0242(CNS)", "seq": 377, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "(44) In order to ensure that credit", "institutions are subject to supervision of the", "highest quality, unfettered by other, non-", "prudential considerations and that the", "negative mutually reinforcing impacts of", "market developments concerns banks and", "Member States is addressed in a timely and", "effective way, the European competent", "authorities should start carrying out", "specific supervisory tasks as soon as", "possible. The timetable for the", "implementation of the single supervisory", "mechanism should take into account the", "necessity of ensuring the highest quality", "of supervision, the need to establish a", "reasonable period for the preparation of", "the new European supervisor to assume", "supervisory tasks under this Regulation,", "as well as the existence of the appropriate", "regulatory framework that encompasses", "and supports the performance of those", "supervisory tasks." ], "location": [ [ "Proposal for a regulation", "Recital 44" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(45) The current framework of prudential", "requirements for credit institutions and the", "supplementary supervision of financial", "conglomerates is formed by Directives", "providing for a significant number of", "options and discretions for Member States", "when circumscribing the powers of", "competent authorities. Pending the", "adoption of new Union legislative acts", "which spell out the powers which", "competent authorities shall have directly", "and without reference to Member States'", "options or discretions, the ECB can", "therefore not take any decisions directly", "applicable to credit institutions, financial", "holding companies or mixed financial", "holding companies. In this transitional", "phase, the ECB should therefore exercise", "its tasks only by instructing national", "competent authorities to act." ], "reference": "2012/0242(CNS)", "seq": 388, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "(45) The current framework of prudential", "requirements for credit institutions is", "formed by Directives providing for a", "significant number of options and", "discretions for Member States when", "circumscribing the powers of competent", "authorities. Pending the adoption of new", "Union legislative acts which spell out the", "powers which competent authorities shall", "have directly and without reference to", "Member States' options or discretions, the", "ECB can therefore not take any decisions", "directly applicable to credit institutions,", "financial holding companies or mixed", "financial holding companies. In this", "transitional phase, the ECB should", "therefore exercise its tasks only by", "instructing national competent authorities", "to act." ], "location": [ [ "Proposal for a regulation", "Recital 45" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "This Regulation confers on the ECB", "specific tasks concerning policies relating", "to the prudential supervision of credit", "institutions, with a view to promoting the", "safety and soundness of credit institutions", "and the stability of the financial system,", "with due regard for the unity and integrity", "of the internal market." ], "reference": "2012/0242(CNS)", "seq": 405, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "This Regulation confers on the ECB", "specific and clearly defined tasks", "concerning policies relating to the", "prudential supervision of credit institutions", "on behalf of EBA, with a view to", "promoting the safety and soundness of", "credit institutions and the stability of the", "financial system, with due regard for the", "unity and integrity of the internal market." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(5) \u2018mixed financial holding company\u2019", "means a mixed financial holding company", "as defined in Article 2(15) of Directive", "2002/87/EC of the European Parliament", "and of the Council of 16 December 2002", "on the supplementary supervision of", "credit institutions, insurance", "undertakings and investment firms in a", "financial conglomerate15 ;" ], "reference": "2012/0242(CNS)", "seq": 424, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "(5) \u2018mixed financial holding company\u2019", "means a mixed financial holding company", "as defined in Article 3 2 b of Directive", "2011/89/EU;" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) \u2018financial conglomerate\u2019 means a", "financial conglomerate as defined in", "Article 2(14) of Directive 2002/87/EC." ], "reference": "2012/0242(CNS)", "seq": 425, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The ECB shall cooperate closely with the", "European Banking Authority, the European", "Securities and Markets Authority, the", "European Insurance and Occupational", "Pensions Authority and the European", "Systemic Risk Board, which form part of", "the European System of Financial", "Supervision established by Article 2 of", "Regulations (EU) No. 1093/2010, (EU) No", "1094/2010, and (EU) No 1095/2010." ], "reference": "2012/0242(CNS)", "seq": 434, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "The ECB shall act at requests and on", "behalf of the European Banking Authority,", "and in close cooperation with the", "European Securities and Markets", "Authority, the European Insurance and", "Occupational Pensions Authority and the", "European Systemic Risk Board, which", "form part of the European System of", "Financial Supervision established by", "Article 2 of Regulations (EU) No.", "1093/2010, (EU) No 1094/2010, and (EU)", "No 1095/2010." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The ECB shall, in accordance with the", "relevant provisions of Union law, be", "exclusively competent to carry out, for", "prudential supervisory purposes, the", "following tasks in relation to all credit", "institutions established in the participating", "Member States:" ], "reference": "2012/0242(CNS)", "seq": 452, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB shall, in accordance with the", "relevant provisions of Union law, for", "prudential supervisory purposes and at", "the request of EBA, carry out the", "following tasks in relation to the credit", "institutions referred to in paragraph 1a:" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(j) To participate in supplementary", "supervision of a financial conglomerate in", "relation to the credit institutions included", "in it and assume the tasks of a", "coordinator where the ECB is appointed", "as the coordinator for a financial", "conglomerate in accordance with the", "criteria set out relevant Union law;" ], "reference": "2012/0242(CNS)", "seq": 490, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point j" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 514, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1a. The ECB shall at request of EBA", "exercise the tasks set out in paragraph 1", "in relation to credit institutions", "established in the participating Member", "States and which fall in one of the", "following categories:", "(a) credit institutions, financial holding", "companies or mixed financial holding", "companies which have received or", "requested public financial assistance;", "(b) the most significant credit institutions,", "financial holding companies and mixed", "financial holding companies of European", "systemic importance at the highest level of", "consolidation, based on:", "(i) their size as reflected in the sum of", "exposure values of all assets and off-", "balance sheet liabilities not deducted", "when determining the common equity tier", "1 capital for regulatory purposes;", "(ii) the systemic risk for the domestic", "economy concerned, expressed as the", "percentage of assets of a bank divided by", "GDP of its home country; and", "(iii) their cross-border activity as reflected", "in cross-jurisdictional claims such as", "deposits and other assets in respect of", "customers or other financial operators", "located in another country and cross-", "jurisdictional liabilities such as loans and", "notes in respect of customers or other", "financial operators located in another", "country, and which together cover at least", "half of the banking sector in the euro area", "as a whole and in each Member State." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. For credit institutions established in a", "non-participating Member State, which", "establish a branch or provide cross-border", "services in a participating Member State,", "the ECB shall carry out the tasks referred", "to in paragraph 1 for which the national", "competent authorities of the participating", "Member State are competent." ], "reference": "2012/0242(CNS)", "seq": 521, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "2. For credit institutions established in a", "non-participating Member State, which", "establish a branch or provide cross-border", "services in a participating Member State,", "the ECB shall at the request of EBA carry", "out the tasks referred to in paragraph 1 for", "which the national competent authorities of", "the participating Member State are", "competent." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The ECB shall carry out its tasks within", "a single supervisory mechanism composed", "of the ECB and national competent", "authorities." ], "reference": "2012/0242(CNS)", "seq": 551, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB shall carry out its tasks within", "a single supervisory mechanism composed", "of the EBA and national competent", "authorities." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. National competent authorities shall", "assist the ECB on its request with the", "preparation and implementation of any acts", "relating to the tasks referred to in Article 4." ], "reference": "2012/0242(CNS)", "seq": 558, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "2. As regards credit institutions that fall", "within the scope of Article 4(1a), national", "competent authorities shall assist the", "European competent authorities to the", "extent possible with the preparation and", "implementation of any acts relating to the", "tasks referred to in Article 4." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The ECB shall organise the practical", "modalities of implementation of paragraph", "2 by the national supervisory authorities in", "discharging its tasks. It shall clearly define", "the framework and conditions under which", "national competent authorities shall carry", "out those activities." ], "reference": "2012/0242(CNS)", "seq": 574, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "3. The European competent authorities", "shall organise the practical modalities of", "implementation of paragraph 2 by the", "national supervisory authorities in", "discharging their tasks. EBA shall clearly", "define the framework and conditions under", "which national competent authorities shall", "carry out those activities, whereby the", "national competent authorities of all", "participating Member States shall be", "treated on an equal footing." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. National competent authorities shall", "follow the instructions given by the ECB." ], "reference": "2012/0242(CNS)", "seq": 589, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "4. National competent authorities shall", "follow the instructions given by the", "European competent authorities. They", "shall continue to supervise the credit", "institutions that fall outside the scope of", "Article 4(1a)." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Within the limits set out in this Article,", "the ECB shall carry out the tasks in the", "areas referred to in Article 4 (1) and (2) in", "relation to credit institutions established in", "a Member State whose currency is not the", "euro, where a close cooperation has been", "established between the ECB and the", "national competent authority of such", "Member State in accordance with this", "Article." ], "reference": "2012/0242(CNS)", "seq": 612, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. Within the limits set out in this Article,", "the ECB shall carry out the tasks on behalf", "of EBA in the areas referred to in Article 4", "(1) and (2) in relation to credit institutions", "established in a Member State whose", "currency is not the euro, where a close", "cooperation has been established between", "the ECB and the national competent", "authority of such Member State in", "accordance with this Article." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Where the ECB considers that a measure", "relating to the tasks referred to in", "paragraph 1 should be adopted by the", "competent authority of a concerned", "Member State in relation to a credit", "institution, financial holding company or", "mixed-financial holding company, it shall", "make a request to that authority, specifying", "a relevant timeframe. That timeframe shall", "be no less than 48 hours unless earlier", "adoption is indispensable to prevent", "irreparable damage. The competent", "authority of the concerned Member State", "shall take all the necessary measures in", "accordance with the obligation referred to", "in paragraph (2)(c)." ], "reference": "2012/0242(CNS)", "seq": 647, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "5. Where the ECB considers that a measure", "relating to the tasks referred to in", "paragraph 1 should be adopted by the", "competent authority of a concerned", "Member State in relation to a credit", "institution, financial holding company or", "mixed-financial holding company, it shall", "consult with EBA and make a request to", "that authority, specifying a relevant", "timeframe. That timeframe shall be no less", "than 48 hours unless earlier adoption is", "indispensable to prevent irreparable", "damage. The competent authority of the", "concerned Member State shall take all the", "necessary measures in accordance with the", "obligation referred to in paragraph (2)(c)." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Where the conditions set out in", "paragraph 2(a) to (c) are no longer met by a", "Member State concerned, or where its", "competent authority does not act in", "accordance with the obligation referred to", "in paragraph 2(c), the ECB may decide to", "terminate the close cooperation with that", "Member State.", "* NB: wrongly numbered as a second", "paragraph \u20185\u2019 in the Commission proposal." ], "reference": "2012/0242(CNS)", "seq": 654, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "5a. Where the conditions set out in", "paragraph 2(a) to (c) are no longer met by a", "Member State concerned, or where its", "competent authority does not act in", "accordance with the obligation referred to", "in paragraph 2(c), the ECB may decide to", "issue a warning to the Member State", "concerned that the cooperation will be", "terminated if no decisive corrective action", "is undertaken. If no such action has been", "undertaken 10 days after notification of", "such a warning, the ECB may after", "consultation with EBA terminate the close", "cooperation with that Member State on a", "date to be determined by the ECB." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 5a* \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Without prejudice to the respective", "competences of the Member States and the", "other Union institutions, in relation to the", "tasks conferred on the ECB by this", "Regulation, the ECB may develop contacts", "and enter into administrative arrangements", "with supervisory authorities, international", "organisations and the administrations of", "third countries, subject to appropriate", "coordination with the EBA. Those", "arrangements shall not create legal", "obligations in respect of the Union and its", "Member States." ], "reference": "2012/0242(CNS)", "seq": 662, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "Without prejudice to the respective", "competences of the Member States and the", "other Union institutions, in relation to the", "tasks conferred on the ECB by this", "Regulation, the ECB may on behalf of", "EBA develop contacts and enter into", "administrative arrangements with", "supervisory authorities, international", "organisations and the administrations of", "third countries. Those arrangements shall", "not create legal obligations in respect of the", "Union and its Member States." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purposes of carrying out the", "tasks conferred upon it by Article 4(1) and", "(2), the ECB shall be considered the", "competent authority in the participating", "Member States in accordance with the", "relevant acts of Union law and have the", "powers and obligations which competent", "authorities shall have under those acts." ], "reference": "2012/0242(CNS)", "seq": 665, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. For the purposes of carrying out the", "tasks conferred upon it by Article 4(1) and", "(2), EBA shall be considered the competent", "authority in the participating Member", "States in accordance with the relevant acts", "of Union law and have the powers and", "obligations which competent authorities", "shall have under those acts. ECB may act", "on behalf of EBA." ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "For the purpose of carrying out the task", "referred to in Article 4(1) and (2), the", "ECB shall be considered as the designated", "authority in accordance with the relevant", "acts of Union law and have the powers", "and obligations which designated", "authorities shall have under those acts." ], "reference": "2012/0242(CNS)", "seq": 667, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. For the purposes of carrying out the", "tasks conferred upon it by Article 4(1) and", "(2), the ECB shall have the investigatory", "powers set out in Section I." ], "reference": "2012/0242(CNS)", "seq": 671, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The ECB may by simple request or by", "decision require the following legal or", "natural persons to provide all information", "that is necessary in order to carry out the", "tasks conferred upon it by this Regulation,", "including information to be provided at", "recurring intervals and in specified formats", "for supervisory and related statistical", "purposes:" ], "reference": "2012/0242(CNS)", "seq": 685, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB may on behalf of EBA by", "simple request or by decision require the", "following legal or natural persons to", "provide all information that is necessary in", "order to carry out the tasks conferred upon", "it by this Regulation, including information", "to be provided at recurring intervals and in", "specified formats for supervisory and", "related statistical purposes:" ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0242(CNS)", "seq": 688, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "1a. Insurance undertakings do not fall", "within the scope of paragraph 1." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. In order to carry out the tasks conferred", "upon it by this Regulation, the ECB may", "conduct all necessary investigations of", "persons referred to in Article 9 (1) (a) to", "(g). To that end, the ECB shall have the", "right to:" ], "reference": "2012/0242(CNS)", "seq": 692, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. In order to carry out the tasks conferred", "upon it by this Regulation, the ECB may at", "the request of EBA conduct all necessary", "investigations of persons referred to in", "Article 9 (1) (a) to (g). To that end, the", "ECB shall have the right to:" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. In order to carry out the tasks conferred", "upon it by this Regulation, the ECB may", "conduct all necessary on-site inspections at", "the business premises of the legal persons", "referred to in Article 9(1) (a) to (g), in", "accordance with Article 12. Where the", "proper conduct and efficiency of the", "inspection so require, the ECB may carry", "out the on-site inspection without prior", "announcement." ], "reference": "2012/0242(CNS)", "seq": 698, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. In order to carry out the tasks conferred", "upon it by this Regulation, the ECB may", "on behalf of EBA conduct all necessary", "on-site inspections at the business premises", "of the legal persons referred to in Article", "9(1) (a) to (g), in accordance with Article", "12. Where the proper conduct and", "efficiency of the inspection so require, the", "ECB may carry out the on-site inspection", "without prior announcement." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "If the credit institution complies with all", "conditions of authorisation set out in", "national law of that Member State, the", "national competent authority shall take a", "decision to propose to the ECB to grant the", "authorisation. The decision shall be", "notified to the ECB and to the credit", "institution concerned." ], "reference": "2012/0242(CNS)", "seq": 722, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "If the credit institution which falls in the", "scope of Article 4(1a) complies with all", "conditions of authorisation set out in", "national law of that Member State, the", "national competent authority shall take a", "decision to propose to EBA to grant the", "authorisation. The decision shall be", "notified to the EBA and to the credit", "institution concerned. EBA may confer the", "task to authorise a credit institution and", "for the withdrawal of authorisations to the", "ECB." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "When the ECB receives the proposal from", "the national competent authority referred to", "in the second subparagraph, it shall grant", "the authorisation where the conditions set", "out in Union law are met. The decision", "shall be notified to the credit institution", "concerned." ], "reference": "2012/0242(CNS)", "seq": 725, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "When the EBA receives the proposal from", "the national competent authority referred to", "in the second subparagraph, it shall grant", "the authorisation for institutions which fall", "in the scope of Article 4(1a) within six", "weeks of receiving that proposal where the", "conditions set out in Union law are met.", "The decision shall be notified to the credit", "institution concerned." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 1 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The ECB may withdraw the authorisation", "in the cases set out in Union acts on its", "own initiative or on a proposal from the", "national competent authority of the", "Member State where the credit institution", "is established." ], "reference": "2012/0242(CNS)", "seq": 727, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "EBA may withdraw the authorisation in the", "cases set out in Union acts on its own", "initiative or on a proposal from the national", "competent authority of the Member State", "where the credit institution is established." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where the national competent authority", "which has proposed the authorisation in", "accordance with paragraph 1 considers that", "the authorisation must be withdrawn in", "accordance with the national law, it shall", "submit a proposal to the ECB to that end.", "In that case, the ECB may withdraw the", "authorisation." ], "reference": "2012/0242(CNS)", "seq": 730, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "Where the national competent authority", "which has proposed the authorisation in", "accordance with paragraph 1 considers that", "the authorisation must be withdrawn in", "accordance with the national law, it shall", "submit a proposal to EBA to that end. In", "that case, EBA may withdraw the", "authorisation." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purpose of carrying out the tasks", "conferred upon it by this Regulation, where", "credit institutions, financial holding", "companies, or mixed financial holding", "companies, intentionally or negligibly,", "breach a requirement under directly", "applicable Union acts in relation to which", "administrative pecuniary sanctions shall be", "available to competent authorities under", "Union law, the ECB may impose", "administrative pecuniary sanctions of up to", "twice the amount of the profits gained or", "losses avoided because of the breach where", "those can be determined, or up to 10% of", "the total annual turnover of a legal person", "in the preceding business year." ], "reference": "2012/0242(CNS)", "seq": 742, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. For the purpose of carrying out the tasks", "conferred upon it by this Regulation, where", "credit institutions, financial holding", "companies, or mixed financial holding", "companies, intentionally or negligibly,", "breach a requirement under directly", "applicable Union acts in relation to which", "administrative pecuniary sanctions shall be", "available to competent authorities under", "Union law, the ECB may on behalf of", "EBA impose administrative pecuniary", "sanctions of up to twice the amount of the", "profits gained or losses avoided because of", "the breach where those can be determined,", "or up to 10% of the total annual turnover of", "a legal person in the preceding business", "year." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The ECB shall apply this Article in", "accordance with Articles 3 to 5 of the", "Council Regulation (EC) No 2532/98." ], "reference": "2012/0242(CNS)", "seq": 750, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "4. EBA shall apply this Article in", "accordance with Articles 3 to 5 of the", "Council Regulation (EC) No 2532/98." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. In the cases not covered by paragraph 1,", "where necessary for the purpose of", "carrying out the tasks conferred upon it by", "this Regulation, the ECB may require", "national competent authorities to take", "action in order to ensure that appropriate", "sanctions are imposed. The sanctions", "applied by national competent authorities", "will be effective, proportionate and", "dissuasive." ], "reference": "2012/0242(CNS)", "seq": 752, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "5. In the cases not covered by paragraph 1,", "where necessary for the purpose of", "carrying out the tasks conferred upon it by", "this Regulation, EBA may require national", "competent authorities to take action in", "order to ensure that appropriate sanctions", "are imposed. The sanctions applied by", "national competent authorities will be", "effective, proportionate and dissuasive." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 5 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "6. The ECB shall publish any sanction", "referred to paragraph 1 without undue", "delay including information on the type", "and nature of the breach and the identity of", "persons responsible for it, unless such", "publication would seriously jeopardise the", "stability of the financial markets. Where", "publication would cause a disproportionate", "damage to the parties involved, the ECB", "shall publish the sanction on an anonymous", "basis." ], "reference": "2012/0242(CNS)", "seq": 755, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "6. EBA shall publish any sanction referred", "to paragraph 1 without undue delay", "including information on the type and", "nature of the breach and the identity of", "persons responsible for it, unless such", "publication would seriously jeopardise the", "stability of the financial markets. Where", "publication would cause a disproportionate", "damage to the parties involved, the ECB", "shall publish the sanction on an anonymous", "basis." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Without prejudice to paragraphs 1 to 6,", "for the purposes of carrying out the tasks", "conferred on it by this Regulation, in case", "of breaches of ECB regulations or", "decisions the ECB may impose sanctions", "in accordance with Council Regulation", "(EC) No 2532/98." ], "reference": "2012/0242(CNS)", "seq": 757, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "7. Without prejudice to paragraphs 1 to 6,", "for the purposes of carrying out the tasks", "conferred on it by this Regulation, in case", "of breaches of EBA regulations or", "decisions the EBA may impose sanctions", "in accordance with Council Regulation", "(EC) No 2532/98." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The planning and execution of the tasks", "conferred upon the ECB, shall be", "undertaken by an internal body composed", "of four representatives of the ECB", "appointed by the Executive Board of the", "ECB and one representative of the national", "authority competent for the supervision of", "credit institutions in each participating", "Member State (hereinafter \u2018supervisory", "board\u2019)." ], "reference": "2012/0242(CNS)", "seq": 804, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. The planning and execution of the", "supervisory tasks conferred upon the ECB", "under this Regulation, shall be undertaken", "by an internal body composed of four", "representatives of the ECB appointed by", "the Executive Board of the ECB and one", "representative of the national authority", "competent for the supervision of credit", "institutions in each participating Member", "State (hereinafter \u2018supervisory board\u2019)." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.151%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. From the 1st of July 2013, the ECB shall", "carry out the supervisory tasks conferred", "on it also in relation to the most", "significant credit institutions, financial", "holding companies and mixed financial", "holding companies of European systemic", "importance at the highest level of", "consolidation, based on their size as", "reflected in, the sum of exposure values of", "all assets and off-balance sheet liabilities", "not deducted when determining the", "common equity tier 1 capital for", "regulatory purposes, and their cross-", "border activity as reflected in cross-", "jurisdictional claims such as deposits and", "other assets in respect of customers or", "other financial operators located in", "another country and cross-jurisdictional", "liabilities such as loans and notes in", "respect of customers or other financial", "operators located in another country,", "which together cover at least half of the", "banking sector in the Euro area as a", "whole, on 1 January 2013. The ECB shall", "adopt and make public the list of those", "institutions before 1 March 2013." ], "reference": "2012/0242(CNS)", "seq": 968, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "1. From the 1st of July 2013, the European", "competent authorities shall carry out the", "supervisory tasks conferred on it." ], "location": [ [ "Proposal for a regulation", "Article 27 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.151%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The ECB shall assume in full the tasks", "conferred on it by this regulation on the 1", "January 2014 at latest." ], "reference": "2012/0242(CNS)", "seq": 972, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 27 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.151%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Before 1 January 2014 the ECB may,", "by a decision addressed to the credit", "institution, financial holding company or", "mixed financial holding company and the", "national competent authority of the", "participating Member States concerned,", "start carrying out the tasks conferred on it", "by this Regulation, in particular where a", "credit institution, financial holding", "company or mixed financial holding", "company has received or requested public", "financial assistance." ], "reference": "2012/0242(CNS)", "seq": 977, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2012-10-30T00:00:00", "new": [ "3. Before 1 July 2013 the ECB may, by a", "decision addressed to the credit institution,", "financial holding company or mixed", "financial holding company and the national", "competent authority of the participating", "Member States concerned, start carrying", "out the tasks conferred on it by this", "Regulation, in where a credit institution,", "financial holding company or mixed", "financial holding company has received or", "requested public financial assistance." ], "location": [ [ "Proposal for a regulation", "Article 27 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.151%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "By derogation from Article 4 (3), from the", "entry into force of this regulation and", "until the entry into force of legislative acts", "on supplementary supervision over credit", "institutions, insurance undertakings and", "investment firms in a financial", "conglomerate enabling the ECB to", "exercise the powers of competent", "authorities, the ECB shall exercise the", "tasks conferred on it by Article 4(2)(j) by", "addressing instructions to national", "competent authorities on the exercise of", "any relevant powers conferred on them." ], "reference": "2012/0242(CNS)", "seq": 981, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 27 \u2013 paragraph 5 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The legal basis, form and content of the", "proposal should provide for the possibility", "of full participation of all Member States in", "the European supervisor." ], "reference": "2012/2151(INI)", "seq": 633, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "The legal basis, form and content of the", "proposal should provide for the possibility", "of full participation of all Member States in", "the European supervisor, in a form, which", "guarantees a symmetric relation between", "accepted obligations and the impact on", "decision-making, ." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.1 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The legislative act to be adopted should", "update and supplement the Commission's", "proposal of 12 July 2010 for a directive on", "Deposit Guarantee Schemes in order to", "introduce a stronger European dimension", "to deposit protection." ], "reference": "2012/2151(INI)", "seq": 690, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "The legislative act to be adopted should", "update and supplement the Commission's", "proposal of 12 July 2010 for a directive on", "Deposit Guarantee Schemes in line with", "the position of the European Parliament", "of 16 February 2012 in order to introduce", "a stronger European dimension to deposit", "protection." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The proposal should create a single", "European deposit guarantee fund (EDGF)", "and ensure that the level of funds available", "at Union level are adequate to provide a", "high level of protection to eligible deposits.", "The EDGF should cover all banks in order", "to guarantee a level playing field and avoid", "deposit flight from uncovered to covered", "financial institutions." ], "reference": "2012/2151(INI)", "seq": 696, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "The proposal should create a European", "deposit guarantee framework and ensure", "that the level of funds available at Union", "level are adequate to provide a high level", "of protection to eligible deposits. The", "EDGF should cover all banks in order to", "guarantee a level playing field and avoid", "deposit flight from uncovered to covered", "financial institutions." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In order to maximise the protection of", "private savings, the EDGF should be kept", "separate from the single recovery and", "resolution fund (see recommendation 1.3", "below)." ], "reference": "2012/2151(INI)", "seq": 700, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "In order to maximise the protection of", "private savings, the deposit guarantee", "funds should be kept separate from the", "recovery and resolution funds (see", "recommendation 1.3 below)." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The EDGF should have a strong financial", "structure built on contributions from", "industry, with European public money only", "serving as an ultimate backstop." ], "reference": "2012/2151(INI)", "seq": 703, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "The deposit guarantee funds should have a", "strong financial structure built on", "contributions from industry, with European", "public money only serving as an ultimate", "backstop." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "All deposits denominated in euro should", "be subject to a particular regime. Under", "that particular regime, the obligation on", "Member States to ensure that the EDGF", "has adequate funding should be a", "collective one in the case of Member", "States whose currency is the euro." ], "reference": "2012/2151(INI)", "seq": 706, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A vehicle should be established or", "designated to provide reassurance that", "that the collective obligation will be met.", "That vehicle could be the ESM." ], "reference": "2012/2151(INI)", "seq": 710, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.2 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A body at European level should be", "established or designated to exercise the", "required resolution tools in respect of those", "institutions (ERRA). This body should", "enjoy a wide independence. Its head should", "be appointed after confirmation by the", "European Parliament." ], "reference": "2012/2151(INI)", "seq": 723, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "A body at European level should be", "designated to exercise the required", "resolution tools in respect of those", "institutions (ERRA). This body should", "enjoy a wide independence. Its head should", "be appointed after confirmation by the", "European Parliament." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.3 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In order to ensure adequate resources are", "available for resolution actions to be taken,", "a fund should be created aimed at", "preserving stability and limiting contagion", "from failing banks." ], "reference": "2012/2151(INI)", "seq": 729, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "In order to ensure adequate resources are", "available for resolution actions to be taken,", "funds should be created aimed at", "preserving stability and limiting contagion", "from failing banks." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.3 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The fund should be pan-European, funded", "ex-ante by the institutions concerned, and", "separate from deposit-guarantee schemes." ], "reference": "2012/2151(INI)", "seq": 731, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "These funds should be funded ex-ante by", "the institutions concerned, and separate", "from deposit-guarantee schemes." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.3 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.553%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "That obligation should be a collective one", "in the case of Member States whose", "currency is the euro. A vehicle should be", "established or designated to provide", "reassurance that that collective obligation", "will be met and if required that vehicle", "needs to be able to intervene directly in", "institutions under recovery or resolution.", "That vehicle could be the ESM." ], "reference": "2012/2151(INI)", "seq": 743, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-02-10T00:00:00", "new": [ "A vehicle should be established or", "designated to provide reassurance that that", "collective obligation will be met and if", "required that vehicle needs to be able to", "intervene directly in institutions under", "recovery or resolution. That vehicle could", "be the ESM." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.3 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\u2013 having regard to its position of 16", "February 2012 on the proposal for a", "directive of the European Parliament and", "of the Council on Deposit Guarantee", "Schemes (recast)," ], "reference": "2012/2151(INI)", "seq": 28, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "\u2013 having regard to its legislative resolution", "of 16 February 2012 on the proposal for a", "directive of the European Parliament and", "of the Council on Deposit Guarantee", "Schemes (recast)," ], "location": [ [ "Motion for a resolution", "Citation 28" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 37, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Astrid Lulling, Ildik\u00f3 G\u00e1ll-Pelcz, Werner Langen, Gunnar H\u00f6kmark, Markus Ferber, Andreas Schwab, Klaus-Heiner Lehne, S\u0142awomir Witold Nitras", "date": "2012-09-26T00:00:00", "new": [ "Aa. whereas the report of the Presidents", "of the European Council, the European", "Commission, the European Central Bank", "and the Eurogroup 'Towards a genuine", "Economic and Monetary Union' is to be", "welcomed as a vision for the Monetary", "Union; points out that any further", "integration needs a solid and reliable", "fundament consisting of a sound and", "efficient framework for resolution and", "recovery of financial institutions, a sound", "and efficient deposit guarantee", "framework and sound capital", "requirements without which no", "overarching structure such as a \"genuine", "EMU\" will be able to exist; calls therefore", "to wait with the building up of any such", "structure as long as these three proposals", "are not yet adopted." ], "location": [ [ "Motion for a resolution", "Recital A a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "E. whereas the economic, financial and", "banking crisis has repeatedly demonstrated", "that public debt at national level and", "financing problems as well as the", "disturbance of macroeconomic", "equilibriums quickly, directly and", "negatively affect the socio-economic", "development of the euro area and of the", "Union as a whole;" ], "reference": "2012/2151(INI)", "seq": 58, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "E. whereas the economic, financial and", "banking crisis has repeatedly demonstrated", "that public debt at national level and public", "financing problems as well as the", "disturbance of macroeconomic", "equilibriums quickly, directly and", "negatively affect the socio-economic", "development of the euro area and of the", "Union as a whole;" ], "location": [ [ "Motion for a resolution", "Recital E" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "I. whereas the important role played by the", "euro, both within the euro area and at the", "global level, as the second most important", "international reserve currency, risks being", "increasingly undermined the longer the", "crisis persists;" ], "reference": "2012/2151(INI)", "seq": 84, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "I. whereas the important role played by the", "euro, both within the euro area and the", "Member States whose currency is not the", "euro at the global level, as the second most", "important international reserve currency,", "risks being increasingly undermined the", "longer the crisis persists;" ], "location": [ [ "Motion for a resolution", "Recital I" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "L. whereas euro area membership implies a", "high degree of economic interdependence", "between the Member States concerned and", "therefore requires a much closer", "coordination of financial, fiscal and", "economic policies, linked to stricter", "supervisory instruments and effective", "enforcement;" ], "reference": "2012/2151(INI)", "seq": 98, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "L. whereas euro area membership implies a", "high degree of economic and financial", "interdependence between the Member", "States concerned and therefore requires a", "much closer coordination of financial,", "fiscal and economic policies, linked to", "stricter supervisory instruments and", "effective enforcement;" ], "location": [ [ "Motion for a resolution", "Recital L" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "N. whereas Union and national policy", "makers should continuously explain to", "their citizens the benefits of a single", "currency, including the costs and risks", "linked to a break up of the euro area;" ], "reference": "2012/2151(INI)", "seq": 106, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "N. whereas Union and national policy", "makers should continuously explain to", "their citizens the benefits of European", "integration and of a single currency,", "including the costs and risks linked to a", "break up of the euro area;" ], "location": [ [ "Motion for a resolution", "Recital N" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "AB. whereas steady progress in the", "implementation of the long-term road map", "should not delay the needed short-term", "measures;" ], "reference": "2012/2151(INI)", "seq": 175, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "AB. whereas steady progress in the", "implementation of the long-term road map", "do not provide any immediate solution to", "the crisis and should not delay the needed", "short-term measures;" ], "location": [ [ "Motion for a resolution", "Recital AB" ] ] }, { "src": 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resolution", "Recital AC" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "AH. whereas the precarious situation of the", "banking sector in several Member States", "threatens the public finances and the cost", "of management of the banking crisis falls", "too heavily on taxpayers; whereas the", "existing mechanisms and structures are", "insufficient to prevent mutual contagion;" ], "reference": "2012/2151(INI)", "seq": 211, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Gunnar H\u00f6kmark", "date": "2012-09-26T00:00:00", "new": [ "AH. whereas the precarious situation of the", "banking sector in several Member States", "threatens the public finances and the cost", "of management of the banking crisis falls", "too heavily on taxpayers and the", "development of the real economy thus", "hampering growth; whereas the existing", "mechanisms and structures are insufficient", "to prevent mutual contagion;" ], "location": [ [ "Motion for a resolution", "Recital AH" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "AM. whereas the Union would benefit", "from proposals that introduce a single", "European supervisory mechanism for", "financial institutions, a single European", "deposit guarantee scheme and a single", "European recovery and resolution scheme;" ], "reference": "2012/2151(INI)", "seq": 236, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Herbert Dorfmann", "date": "2012-09-26T00:00:00", "new": [ "AM. whereas the Union would benefit", "from proposals that introduce a single", "European supervisory mechanism for", "financial institutions, a European deposit", "guarantee framework and a European", "recovery and resolution scheme;" ], "location": [ [ "Motion for a resolution", "Recital AM" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.519%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "AN. whereas the scope of the deposit", "guarantee and crisis management", "framework should mirror that of the", "single supervisory mechanism in terms of", "the banks covered (symmetry);" ], "reference": "2012/2151(INI)", "seq": 244, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Herbert Dorfmann", "date": "2012-09-26T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Recital AN" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "AT. whereas European supervision of", "financial institutions within the euro area is", "an absolute priority to take measures to", "tackle the crisis;" ], "reference": "2012/2151(INI)", "seq": 275, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Danuta Maria H\u00fcbner, Jaros\u0142aw Leszek Wa\u0142\u0119sa, Jan Koz\u0142owski, Arkadiusz Tomasz Bratkowski, Theodor Dumitru Stolojan, Jacek Saryusz- Wolski, Burkhard Balz, Ildik\u00f3 G\u00e1ll-Pelcz, Markus Ferber", "date": "2012-09-26T00:00:00", "new": [ "AT. whereas European supervision of", "financial institutions within the euro area is", "an absolute priority to take measures to", "tackle the crisis, it should be, however,", "ensured that, for the purpose of internal", "financial market stability, countries whose", "currency is not the euro, which decide to", "access the single supervision mechanism,", "should be granted a participation", "formula, which guarantees symmetric", "relations between accepted obligations", "and impact on decision-making;" ], "location": [ [ "Motion for a resolution", "Recital AT" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "BG. whereas the introduction of a single", "European deposit guarantee fund should be", "the ultimate goal, further increasing the", "credibility of the scheme; the development", "of a similar scheme is justified considering", "the introduction of a European structure for", "prudential supervision and a European", "recovery and resolution framework;" ], "reference": "2012/2151(INI)", "seq": 345, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Herbert Dorfmann", "date": "2012-09-26T00:00:00", "new": [ "BG. whereas the introduction of a single", "European deposit guarantee fund could be", "the very long-term goal once an effective", "resolution scheme and an effective", "supervisory mechanism are working,", "further increasing the credibility of the", "scheme; the development of a similar", "scheme is justified considering the", "introduction of a European structure for", "prudential supervision and a European", "recovery and resolution framework;" ], "location": [ [ "Motion for a resolution", "Recital BG" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "BH. whereas a single deposit guarantee", "scheme should cover all banks within the", "countries included in the system in order to", "guarantee a level playing field and avoid", "deposit flight from uncovered to covered", "financial institutions;" ], "reference": "2012/2151(INI)", "seq": 354, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Herbert Dorfmann", "date": "2012-09-26T00:00:00", "new": [ "BH. whereas a deposit guarantee", "framework should cover all banks within", "the countries included in the system in", "order to guarantee a level playing field and", "avoid deposit flight from uncovered to", "covered financial institutions;" ], "location": [ [ "Motion for a resolution", "Recital BH" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "BZ. whereas the common issuance of debt", "is in the longer run a corollary of EMU;" ], "reference": "2012/2151(INI)", "seq": 455, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Gunnar H\u00f6kmark", "date": "2012-09-26T00:00:00", "new": [ "BZ. whereas the common issuance of debt", "is in the longer run a corollary of EMU but", "will require a Treaty change which is", "unacceptable in some Member States at", "the moment and risks eroding other", "important reforms;" ], "location": [ [ "Motion for a resolution", "Recital BZ" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "CM. whereas due to the ongoing crisis the", "debate has grown not only on the", "governance of EMU but also on the", "democratic nature of the decision making", "within EMU;" ], "reference": "2012/2151(INI)", "seq": 563, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-26T00:00:00", "new": [ "CM. whereas due to the ongoing crisis and", "the way the counter crisis measures have", "been taken the debate has grown not only", "on the governance of EMU but also on the", "democratic nature of the decision making", "within EMU;" ], "location": [ [ "Motion for a resolution", "Recital CM" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2115(INI)", "seq": 1, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "- having regard to the Commission's", "proposals and its communication of", "12 September 2012 on banking union," ], "location": [ [ "Motion for a resolution", "Citation 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "C. whereas despite certain potential", "positive effects, SB can weaken the", "system, especially through regulatory", "arbitrage and increased systemic risk;" ], "reference": "2012/2115(INI)", "seq": 10, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "C. whereas despite certain potential", "positive effects, such as the enhanced", "efficiency of the financial system, greater", "product diversity and increased", "competition, SB can weaken the financial", "system, especially through regulatory", "arbitrage and increased systemic risk;" ], "location": [ [ "Motion for a resolution", "Recital C" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "E. whereas SB as a global phenomenon", "requires a coherent global regulatory", "approach, based on FSB recommendations;" ], "reference": "2012/2115(INI)", "seq": 20, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "E. whereas SB as a global phenomenon", "requires a coherent global regulatory", "approach, based on FSB recommendations,", "which will be published in the coming", "weeks;" ], "location": [ [ "Motion for a resolution", "Recital E" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Believes that a fuller overview and", "better monitoring and analysis will allow", "the identification of both those aspects of", "the SB system which have beneficial", "effects for the real economy and those", "raising concerns related to systemic risk or", "regulatory arbitrage; stresses the need for", "stronger risk assessment procedures,", "disclosure and oversight, for all", "institutions presenting a concentrated risk", "profile;" ], "reference": "2012/2115(INI)", "seq": 38, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "4. Believes that a fuller overview and", "better monitoring and analysis will allow", "the identification of both those aspects of", "the SB system which have beneficial", "effects for the real economy and those", "raising concerns related to systemic risk or", "regulatory arbitrage; stresses the need for", "stronger risk assessment procedures,", "disclosure and oversight, for all shadow", "banking entities presenting a concentrated", "risk profile;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Supports, therefore, as a first step, the", "creation by the ECB of a central EU", "database on euro repo transactions, and", "invites the Commission to submit a", "legislative proposal for the creation of such", "a database by the end of 2013, after", "undertaking a feasibility study;" ], "reference": "2012/2115(INI)", "seq": 43, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "5. Invites the Commission, as a first step,", "to undertake a feasibility study of the", "creation by the ECB of a central EU", "database on euro repo transactions and, if", "appropriate, to submit a legislative", "proposal for the creation of such a", "database;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Stresses that these new tasks will", "require a sufficient level of new", "resources;" ], "reference": "2012/2115(INI)", "seq": 63, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2115(INI)", "seq": 87, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "10a. Takes the view that a European", "Banking Authority cannot be allowed to", "exclude the shadow banking sector;" ], "location": [ [ "Motion for a resolution", "Paragraph 10 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "12. Underlines the need to ensure greater", "transparency in the structure and activities", "of financial institutions; invites the", "Commission, taking account of the", "conclusions of the Liikanen report, to", "propose legislation to separate", "commercial and investment banks, in", "particular in order to avoid the financing", "of SB activities via savings;" ], "reference": "2012/2115(INI)", "seq": 92, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "12. Underlines the need to ensure greater", "transparency in the structure and activities", "of financial institutions;" ], "location": [ [ "Motion for a resolution", "Paragraph 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "13. Takes note of the importance of the", "repo and security lending market; invites", "the Commission to adopt measures, by the", "beginning of 2013, to increase", "transparency, as well as to allow regulators", "to impose minimum haircuts or margin", "levels for the collateralised financing", "markets;" ], "reference": "2012/2115(INI)", "seq": 101, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "13. Takes note of the importance of the", "repo and security lending market; invites", "the Commission to examine the extent to", "which it is necessary to adopt measures to", "increase transparency, as well as to allow", "regulators to impose minimum haircuts or", "margin levels for the collateralised", "financing markets;" ], "location": [ [ "Motion for a resolution", "Paragraph 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.411%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "14. Believes that incentives associated with", "securitisation need to be adequately", "addressed; invites the Commission to", "examine the securitisation market and to", "submit a legislative proposal at the latest", "by the beginning of 2013 for limiting the", "number of times a financial product can", "be securitised; calls on it to impose", "particular requirements on suppliers of", "securitisation (e.g. originators or sponsors)", "to retain part of the risks associated with", "securitisation and of measures to achieve", "transparency, by the introduction of an", "external valuer of the underlying assets and", "standardisation of securitisation products", "as well as resolution processes;" ], "reference": "2012/2115(INI)", "seq": 108, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-18T00:00:00", "new": [ "14. Believes that incentives associated with", "securitisation need to be adequately", "addressed; invites the Commission to", "examine the securitisation market; calls on", "it, where necessary, to impose particular", "requirements on suppliers of securitisation", "(e.g. originators or sponsors) to retain part", "of the risks associated with securitisation", "and of measures to achieve transparency,", "by the introduction of an external valuer of", "the underlying assets and standardisation of", "securitisation products as well as resolution", "processes;" ], "location": [ [ "Motion for a resolution", "Paragraph 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 10, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "- having regard to the paper of the", "President of the European Council from", "25 June 2012 \"Towards a genuine", "economic and monetary Union\" and the", "Conclusions of the European Council", "from 28-29 June 2012" ], "location": [ [ "Motion for a resolution", "Citation 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Believes that there is an urgent need to", "further discuss a longer-term vision for the", "euro area which ensures sound public", "finances, sustainable growth and high", "levels of employment, preventing moral", "hazard and supporting convergence;" ], "reference": "2012/2028(INI)", "seq": 69, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "4. Believes that there is an urgent need to", "further discuss a longer-term vision for the", "euro area which ensures sound public", "finances, sustainable growth and high", "levels of employment, preventing moral", "hazard and supporting convergence;", "believes however, that Stability bonds risk", "to obscure the problem of indebtedness in", "the euro area, rather than eliminating it;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Believes that the prospect of common", "bonds can foster stability in the euro area", "and be an additional element to", "incentivise compliance with the stability", "and growth pact; reiterates its position that", "sequencing is a key issue involving a", "binding roadmap, included in the annex,", "similar to the Maastricht criteria for", "introducing the single currency;" ], "reference": "2012/2028(INI)", "seq": 101, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "7. Believes that the prospect of common", "bonds can be a strong signal to financial", "markets; reiterates its position that timing", "is a key issue;" ], "location": [ [ "Motion for a resolution", "Paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 115, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "7a. Notes that the introduction of common", "Stability Bonds must necessarily go hand-", "in-hand with measures that involve a", "permanent reduction of government", "indebtedness and structural reforms in the", "Member States, as well as sound", "budgetary policies;" ], "location": [ [ "Motion for a resolution", "Paragraph 7 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 124, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "7b. Sees common Stability Bonds as the", "final result of a process of convergence in", "relation to economic and fiscal policy, but", "believes that the hasty issuing of common", "bonds will not meaningfully help", "overcome the present debt crisis and that", "other financial policy instruments are", "more suitable for supporting small and", "medium-sized enterprises and increasing", "their liquidity;" ], "location": [ [ "Motion for a resolution", "Paragraph 7 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "8. Urges Member States to seriously", "consider the option of immediately", "establishing a European Redemption", "Fund in order to allow participating", "countries to reduce excessive debt over a", "maximum period of 25 years by using the", "interest rate savings for debt reduction;" ], "reference": "2012/2028(INI)", "seq": 135, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "9. Urges Member States to seriously", "consider the immediate issuance of", "common short-term debt in the form of", "eurobills to protect Member States with", "fundamentally sustainable fiscal polices", "from illiquidity runs and the negative", "feedback loop between sovereign and", "banking crises;" ], "reference": "2012/2028(INI)", "seq": 150, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "9. Calls on Member States to consider the", "immediate issuance of common short-term", "debt in the form of eurobills to protect", "Member States with fundamentally", "sustainable fiscal polices from illiquidity", "runs and the negative feedback loop", "between sovereign and banking crises;" ], "location": [ [ "Motion for a resolution", "Paragraph 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "11. Believes that, in parallel, there is an", "urgent need to recapitalise the European", "banking sector and to further complete", "financial integration in the EU; calls on the", "Commission to put forward proposals for a", "single financial supervisory authority to", "oversee systemic financial institutions, a", "banking resolution regime including a", "recapitalisation fund and an EU-wide", "deposit guarantee scheme;" ], "reference": "2012/2028(INI)", "seq": 174, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "11. Believes that, in parallel, there is an", "urgent need to recapitalise the European", "banking sector and to further complete", "financial integration in the EU; calls on the", "Commission to put forward proposals for a", "single financial supervisory authority to", "oversee systemic financial institutions;", "welcomes in this respect the Commission", "proposal on recovery and resolution of", "credit institutions and investment firms;" ], "location": [ [ "Motion for a resolution", "Paragraph 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "12. Believes that the issuance of common", "bonds under separate liability, similar to", "the EFSF bond, risks not being sufficiently", "attractive for investors and that the", "roadmap should therefore include a", "system, which does not require any Treaty", "change, for the allocation of debt below 60", "% of GDP to be issued under joint and", "several liabilities (blue-bond/red-bond", "proposal);" ], "reference": "2012/2028(INI)", "seq": 195, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "12. Welcomes the fact that a range of", "options is under analysis, amongst others", "the issuance of common bonds under", "separate liability, similar to the EFSF bond,", "or a system for the allocation of debt below", "60 % of GDP to be issued under joint and", "several liabilities (blue-bond/red-bond", "proposal);" ], "location": [ [ "Motion for a resolution", "Paragraph 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "13. Believes that if the blue-bond/red-bond", "system proves to be beneficial to the euro", "area as a whole, a further step, requiring a", "Treaty change, should be envisaged,", "which is the issuance of bonds under joint", "and several liability;" ], "reference": "2012/2028(INI)", "seq": 207, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "13. Believes that if the blue-bond/red-bond", "system proves to be beneficial to the euro", "area as a whole, the Commission should", "explain how the introduction of common", "Stability Bonds could work in view of the", "restrictions in Article 125 of the TFEU", "and the extent to which changes to", "national law would be required in the", "Member States;" ], "location": [ [ "Motion for a resolution", "Paragraph 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission makes a proposal for the", "immediate setting up of a temporary", "European redemption fund along the", "following principles:" ], "reference": "2012/2028(INI)", "seq": 240, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "The Commission shall assess the", "immediate setting up of a temporary", "European redemption fund along the", "following principles:" ], "location": [ [ "Motion for a resolution", "Annex - Phase 1 - Point 1 - Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission makes a proposal for the", "immediate setting up of a system for the", "issuance of common short-term debt along", "the following principles:" ], "reference": "2012/2028(INI)", "seq": 273, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "The Commission shall assess the", "immediate setting up of a system for the", "issuance of common short-term debt along", "the following principles:" ], "location": [ [ "Motion for a resolution", "Annex - Phase 1 - Point 2 - Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "With the start of phase 2, a committee of", "independent representatives from Member", "States, the Commission and the ECB", "(along the line of the Delors committee", "decided in June 1988 by the European", "Council) shall be set-up to evaluate", "progress and make recommendations for", "further steps.", "The Commission puts forward proposals", "for the setting up of a system for the", "allocation of debt below 60 % of GDP to", "be issued in common, which is safeguarded", "by national debt brakes according to", "principles such as:" ], "reference": "2012/2028(INI)", "seq": 308, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "With the start of phase 2, a committee of", "independent representatives from Member", "States, the Commission and the ECB", "(along the line of the Delors committee", "decided in June 1988 by the European", "Council) shall be set-up to evaluate", "progress and make recommendations for", "further steps to assess amongst others the", "setting up of a system for the allocation of", "debt below 60 % of GDP to be issued in", "common, which is safeguarded by national", "debt brakes according to principles such as:" ], "location": [ [ "Motion for a resolution", "Annex - Phase 2 - Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "On the basis of the work of the committee,", "the Commission puts forward, if", "appropriate, proposals for a Treaty", "change (and where necessary, Member", "States\u2019 constitutional changes) and the", "setting up of a system for the common", "issuance of bonds according to the", "following principles:", "- limit participation to Member States", "which comply with the conditions as set", "out in phase 2;", "- establish a European debt agency for the", "issuance of bonds, or confer this task to", "the ESM;", "- establish appropriate, democratically", "legitimate institutions which would", "among others be in charge of the", "surveillance and coordination of national", "fiscal policies and the competitiveness", "agenda, as well as the external", "representation of the euro area in", "international financial institutions;" ], "reference": "2012/2028(INI)", "seq": 327, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Annex - Phase 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 332, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "Any future discussion on the feasibility of", "stability bonds will have to be hold on the", "basis of the work of the Commission and", "the committee of independent", "representatives and in light of the results", "of their assessments." ], "location": [ [ "Motion for a resolution", "Annex - Phase 3 - Paragraph -1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission, after having prepared", "all eventual changes to the EU legal", "framework, puts forward proposals for", "possible issuance of bonds to finance EU", "investments for EU public goods (e.g.", "infrastructure, research and development,", "etc.) as well as serving as an instrument to", "facilitate fiscal adjustment in response to", "external shocks when cross-border effects", "are at play." ], "reference": "2012/2028(INI)", "seq": 346, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Annex - Phase 4 - Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(47) These potential risks from increased", "use of technology are best mitigated by a", "combination of specific risk controls", "directed at firms who engage in", "algorithmic or high frequency trading and", "other measures directed at operators of", "trading venues that are accessed by such", "firms. It is desirable to ensure that all high", "frequency trading firms be authorised when", "they are a direct member of a trading", "venue. This should ensure they are subject", "to organisational requirements under the", "Directive and are properly supervised." ], "reference": "2011/0298(COD)", "seq": 268, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "(47) These potential risks from increased", "use of technology are best mitigated by a", "combination of specific risk controls", "directed at firms who engage in", "algorithmic or high frequency trading and", "other measures directed at operators of all", "trading venues that are accessed by such", "firms. It is desirable to ensure that all high", "frequency trading firms be authorised when", "they are a direct member of a trading", "venue. This should ensure they are subject", "to organisational requirements under the", "Directive and are properly supervised. It is", "also appropriate that in cases of direct", "market access it is ensured that all", "reasonable steps are taken to avoid the", "risk that could arise if firms use", "insufficient controls including that", "market participants can be identified and", "held accountable for any disorderly", "conditions for which they are responsible." ], "location": [ [ "Proposal for a directive", "Recital 47" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(49) In addition to measures relating to", "algorithmic and high frequency trading it is", "appropriate to include controls relating to", "investment firms providing direct", "electronic access to markets for clients as", "electronic trading can be carried out via a", "firm providing electronic market access", "and many similar risks. It is also", "appropriate that firms providing direct", "electronic access ensure that persons using", "this service are properly qualified and that", "risk controls are imposed on the use of the", "service. It is appropriate that detailed", "organisational requirements regarding", "these new forms of trading should be", "prescribed in more detail in delegated acts.", "This should ensure that requirements may", "be amended where necessary to deal with", "further innovation and developments in this", "area." ], "reference": "2011/0298(COD)", "seq": 277, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "(49) In addition to measures relating to", "algorithmic and high frequency trading it", "must be ensured that effective controls are", "set up relating to investment firms", "providing direct market access for clients", "as electronic trading can be carried out via", "a firm providing direct market access. It is", "also appropriate that firms providing direct", "market access ensure that persons using", "this service are properly qualified and that", "risk controls are imposed on the use of the", "service. It is appropriate that detailed", "organisational requirements regarding", "these new forms of trading should be", "prescribed in more detail in delegated acts.", "This should ensure that requirements may", "be amended where necessary to deal with", "further innovation and developments in this", "area." ], "location": [ [ "Proposal for a directive", "Recital 49" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(53) Investment firms are allowed to", "provide investment services that only", "consist of execution and/or the reception", "and transmission of client orders, without", "the need to obtain information regarding", "the knowledge and experience of the client", "in order to assess the appropriateness of the", "service or the instrument for the client.", "Since these services entail a relevant", "reduction of clients' protections, it is", "appropriate to improve the conditions for", "their provision. In particular, it is", "appropriate to exclude the possibility to", "provide these services in conjunction with", "the ancillary service consisting of granting", "credits or loans to investors to allow them", "to carry out a transaction in which the", "investment firm is involved, since this", "increases the complexity of the", "transaction and makes more difficult the", "understanding of the risk involved. It is", "also appropriate to better define the", "criteria for the selection of the financial", "instruments to which these services should", "relate in order to exclude the financial", "instruments, including collective", "investment in transferable securities", "(UCITS), which embed a derivative or", "incorporate a structure which makes it", "difficult for the client to understand the", "risk involved." ], "reference": "2011/0298(COD)", "seq": 300, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jean-Paul Gauz\u00e8s, Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "(53) Investment firms are allowed to", "provide investment services that only", "consist of execution and/or the reception", "and transmission of client orders, without", "the need to obtain information regarding", "the knowledge and experience of the client", "in order to assess the appropriateness of the", "service or the instrument for the client. In", "particular, it is appropriate to exclude the", "possibility to provide these services in", "conjunction with the ancillary service", "consisting of granting credits or loans to", "investors to allow them to carry out a", "transaction in which the investment firm is", "involved. It is also appropriate that more", "attention be paid to the transparency", "instead of the structure of financial", "instruments like collective investment in", "transferable securities (UCITS), which", "embed a derivative or incorporate a", "structure, given that the structure and the", "degree of the complexity do not", "necessarily determine whether a financial", "product is risky or not. If necessary the", "risk that a product cannot be understood", "by a client, should be subject to a future", "overhaul on basis of an impact", "assessment, whereby regulated product", "information for investors like key investor", "information for UCITS should have the", "chance to prove its worth." ], "location": [ [ "Proposal for a directive", "Recital 53" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\u2013 are not allowed to provide any", "investment service except the provision of", "investment advice, with or without the", "reception and transmission of orders in", "transferable securities and units in", "collective investment undertakings, and" ], "reference": "2011/0298(COD)", "seq": 445, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "\u2013 are not allowed to provide any", "investment service except the provision of", "investment advice, with or without the", "reception and transmission of orders in", "transferable securities and units in", "collective investment undertakings, and the", "reception and transmission of orders in", "transferable securities and units in", "collective investment undertakings at the", "initiative of the client, and" ], "location": [ [ "Proposal for a directive", "Article 3 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 indent 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "provided that the activities of those persons", "are authorised and regulated at national", "level. National regimes should submit", "those persons to requirements which are at", "least analogous to the following", "requirements under the present directive:" ], "reference": "2011/0298(COD)", "seq": 446, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "provided that the activities of those persons", "are authorised and regulated at national", "level. National regimes should submit", "those persons to requirements which are at", "least analogous to the following", "requirements under the present directive", "taking into account their size, risk profile", "and legal nature:" ], "location": [ [ "Proposal for a directive", "Article 3 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 closing part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member States shall require persons", "excluded from the scope of this Directive", "under paragraph 1 to be covered under an", "investor-compensation scheme recognized", "in accordance with Directive 97/9/EC or", "under a system ensuring equivalent", "protection to their clients." ], "reference": "2011/0298(COD)", "seq": 449, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "Member States shall require persons", "excluded from the scope of this Directive", "under paragraph 1 to be covered under an", "investor-compensation scheme recognized", "in accordance with Directive 97/9/EC or", "under a system ensuring equivalent", "protection to their clients. Member States", "may allow professional indemnity", "insurances as an alternative coverage,", "where this would be appropriate and", "proportionate in the view of the size, risk", "profile and legal nature of the persons", "excluded from the scope of this Directive", "under paragraph 1." ], "location": [ [ "Proposal for a directive", "Article 3 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Member States shall require investment", "firms to take into account diversity as one", "of the criteria for selection of members of", "the management body. In particular, taking", "into account the size of their management", "body, investment firms shall put in place a", "policy promoting gender, age, educational,", "professional and geographical diversity on", "the management body." ], "reference": "2011/0298(COD)", "seq": 529, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "3. Member States shall require investment", "firms, where appropriate and", "proportionate in view of the nature, scale", "and complexity of their business, to take", "into account diversity as one of the criteria", "for selection of members of the", "management body. In particular, taking", "into account the size of their management", "body, investment firms shall put in place a", "policy promoting gender, age, educational,", "professional and geographical diversity on", "the management body." ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. An investment firm that provides direct", "electronic access to a trading venue shall", "have in place effective systems and", "controls which ensure a proper assessment", "and review of the suitability of persons", "using the service, that persons using the", "service are prevented from exceeding", "appropriate pre set trading and credit", "thresholds, that trading by persons using", "the service is properly monitored and that", "appropriate risk controls prevent trading", "that may create risks to the investment firm", "itself or that could create or contribute to a", "disorderly market or be contrary to", "Regulation (EU) No [MAR] or the rules of", "the trading venue. The investment firm", "shall ensure that there is a binding written", "agreement between the firm and the person", "regarding the essential rights and", "obligations arising from the provision of", "the service and that under the agreement", "the firm retains responsibility for ensuring", "trading using that service complies with the", "requirements of this Directive, the", "Regulation (EU) No [MAR] and the rules", "of the trading venue." ], "reference": "2011/0298(COD)", "seq": 606, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "4. An investment firm that provides direct", "market access to a trading venue shall have", "in place effective systems and controls", "which ensure a proper assessment and", "review of the suitability of persons using", "the service, that persons using the service", "are prevented from exceeding appropriate", "pre set trading and credit thresholds, that", "trading by persons using the service is", "properly monitored and that appropriate", "risk controls prevent trading that may", "create risks to the investment firm itself or", "that could create or contribute to a", "disorderly market or be contrary to", "Regulation (EU) No [MAR] or the rules of", "the trading venue. The investment firm", "shall ensure that there is a binding written", "agreement between the firm and the person", "regarding the essential rights and", "obligations arising from the provision of", "the service and that under the agreement", "the firm retains responsibility for ensuring", "trading using that service complies with the", "requirements of this Directive, the", "Regulation (EU) No [MAR] and the rules", "of the trading venue." ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "\u2013 the investment firm and its services;", "when investment advice is provided,", "information shall specify whether the", "advice is provided on an independent", "basis and whether it is based on a broad or", "on a more restricted analysis of the market", "and shall indicate whether the investment", "firm will provide the client with the on-", "going assessment of the suitability of the", "financial instruments recommended to", "clients," ], "reference": "2011/0298(COD)", "seq": 693, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "\u2013 the investment firm and its services;", "when investment advice or portfolio", "management is provided, information shall", "specify in advance whether the advice or", "portfolio management is provided in", "conjunction with the acceptance or receipt", "of third-party inducements and whether it", "is based on a broad or on a more restricted", "analysis of the market and shall indicate", "whether the investment firm will provide", "the client with a periodical assessment of", "the suitability of the financial instruments", "recommended to clients," ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 indent 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. When the investment firm informs the", "client that investment advice is provided on", "an independent basis, the firm:" ], "reference": "2011/0298(COD)", "seq": 726, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "5. When the investment firm informs the", "client that investment advice or portfolio", "management is provided on fee-paying", "basis, the firm shall also inform the client", "whether the financial instruments", "recommended will be limited to financial", "instruments issued or provided by entities", "having close links with the investment", "firm." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(i) shall assess a sufficiently large number", "of financial instruments available on the", "market. The financial instruments should", "be diversified with regard to their type and", "issuers or product providers and should", "not be limited to financial instruments", "issued or provided by entities having close", "links with the investment firm," ], "reference": "2011/0298(COD)", "seq": 727, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 \u2013 point i" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(ii) shall not accept or receive fees,", "commissions or any monetary benefits", "paid or provided by any third party or a", "person acting on behalf of a third party in", "relation to the provision of the service to", "clients." ], "reference": "2011/0298(COD)", "seq": 728, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 \u2013 point ii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "6. When providing portfolio management", "the investment firm shall not accept or", "receive fees, commissions or any", "monetary benefits paid or provided by any", "third party or a person acting on behalf of", "a third party in relation to the provision of", "the service to clients." ], "reference": "2011/0298(COD)", "seq": 759, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(iv) shares or units in UCITS excluding", "structured UCITS as referred to in Article", "36 paragraph 1 subparagraph 2 of", "Commission Regulation 583/2010;" ], "reference": "2011/0298(COD)", "seq": 819, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jean-Paul Gauz\u00e8s, Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "(iv) shares or units in UCITS ;" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point a \u2013 point iv" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. The client must receive from the", "investment firm adequate reports on the", "service provided to its clients. These", "reports shall include periodic", "communications to clients, taking into", "account the type and the complexity of", "financial instruments involved and the", "nature of the service provided to the client", "and shall include, where applicable, the", "costs associated with the transactions and", "services undertaken on behalf of the client.", "When providing investment advice, the", "investment firm shall specify how the", "advice given meets the personal", "characteristics of the client." ], "reference": "2011/0298(COD)", "seq": 831, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "5. The client must receive from the", "investment firm adequate reports on the", "service provided to its clients. If advisory", "services are provided on a periodical", "basis, firms shall inform clients about the", "frequency of the communications. These", "reports shall include, where applicable the", "costs associated with the transactions and", "services undertaken on behalf of the client.", "When providing investment advice", "pursuant to Article 24 (3), the investment", "firm shall specify how the advice given", "meets the personal characteristics of the", "client." ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.466%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member States shall require a regulated", "market that permits direct electronic access", "to have in place effective systems", "procedures and arrangements to ensure that", "members or participants are only permitted", "to provide such services if they are an", "authorised investment firm under this", "Directive, that appropriate criteria are set", "and applied regarding the suitability of", "persons to whom such access may be", "provided and that the member or", "participant retains responsibility for orders", "and trades executed using that service." ], "reference": "2011/0298(COD)", "seq": 1017, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "Member States shall require a regulated", "market that permits direct market access to", "have in place effective systems procedures", "and arrangements to ensure that members", "or participants are only permitted to", "provide such services if they are an", "authorised investment firm under this", "Directive, that appropriate criteria are set", "and applied regarding the suitability of", "persons to whom such access may be", "provided and that the member or", "participant retains responsibility for orders", "and trades executed using that service." ], "location": [ [ "Proposal for a directive", "Article 51 \u2013 paragraph 4 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.466%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member States shall also require that the", "regulated market set appropriate standards", "regarding risk controls and thresholds on", "trading through such access and is able to", "distinguish and if necessary to stop orders", "or trading by a person using direct", "electronic access separately from orders", "or trading by the member or participant." ], "reference": "2011/0298(COD)", "seq": 1021, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "Member States shall also require that the", "regulated market set appropriate standards", "regarding risk controls and thresholds on", "trading through such access." ], "location": [ [ "Proposal for a directive", "Article 51 \u2013 paragraph 4 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.466%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(d) to establish controls concerning direct", "electronic access;" ], "reference": "2011/0298(COD)", "seq": 1050, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-15T00:00:00", "new": [ "(d) to establish controls concerning direct", "market access;" ], "location": [ [ "Proposal for a directive", "Article 51 \u2013 paragraph 7 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.472%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(16) An investment firm executing client", "orders against own proprietary capital", "should be deemed a systematic internaliser,", "unless the transactions are carried out", "outside regulated markets, MTFs and OTFs", "on an occasional, ad hoc and irregular", "basis. Systematic internalisers should be", "defined as investment firms which, on an", "organised, frequent and systematic basis,", "deal on own account by executing client", "orders outside a regulated market, an MTF", "or an OTF. In order to ensure the objective", "and effective application of this definition", "to investment firms, any bilateral trading", "carried out with clients should be relevant", "and quantitative criteria should", "complement the qualitative criteria for the", "identification of investment firms required", "to register as systematic internalisers, laid", "down in Article 21 of Commission", "Regulation No 1287/2006 implementing", "Directive 2004/39/EC. While an OTF is", "any system or facility in which multiple", "third party buying and selling interests", "interact in the system, a systematic", "internaliser should not be allowed to bring", "together third party buying and selling", "interests." ], "reference": "2011/0296(COD)", "seq": 138, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(16) An investment firm executing client", "orders against own proprietary capital", "should be deemed a systematic internaliser,", "unless the transactions are carried out", "outside regulated markets, MTFs and OTFs", "on an incidental, ad hoc and irregular", "basis. Systematic internalisers should be", "defined as investment firms which, on an", "organised, regular and systematic basis,", "deal on own account by executing client", "orders outside a regulated market, an MTF", "or an OTF. In order to ensure the objective", "and effective application of this definition", "to investment firms, any bilateral trading", "carried out with clients should be relevant", "and quantitative criteria should", "complement the qualitative criteria for the", "identification of investment firms required", "to register as systematic internalisers, laid", "down in Article 21 of Commission", "Regulation No 1287/2006 implementing", "Directive 2004/39/EC. While an OTF is", "any system or facility in which multiple", "third party buying and selling interests", "interact in the system, a systematic", "internaliser should not be allowed to bring", "together third party buying and selling", "interests." ], "location": [ [ "Proposal for a regulation", "Recital 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.472%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(18) It is not the intention of this", "Regulation to require the application of", "pre-trade transparency rules to transactions", "carried out on an OTC basis, the", "characteristics of which include that they", "are ad-hoc and irregular and are carried out", "with wholesale counterparties and are part", "of a business relationship which is itself", "characterised by dealings above standard", "market size, and where the deals are", "carried out outside the systems usually", "used by the firm concerned for its business", "as a systematic internaliser." ], "reference": "2011/0296(COD)", "seq": 152, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(18) It is not the intention of this", "Regulation to require the application of", "pre-trade transparency rules to transactions", "carried out on an OTC basis, the", "characteristics of which include that they", "are incidental, ad-hoc and irregular and are", "carried out with wholesale counterparties", "and are part of a business relationship", "which is itself characterised by dealings", "above standard market size, and where the", "deals are carried out outside the systems", "usually used by the firm concerned for its", "business as a systematic internaliser." ], "location": [ [ "Proposal for a regulation", "Recital 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.472%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(32) In addition to requirements in", "Directive 2004/39/EC that prevent Member", "States from unduly restricting access to", "post-trade infrastructure such as CCP and", "settlement arrangements, it is necessary", "that this Regulation removes various other", "commercial barriers that can be used to", "prevent competition in the clearing of", "financial instruments. To avoid any", "discriminatory practices, CCPs should", "accept to clear transactions executed in", "different trading venues, to the extent that", "those venues comply with the operational", "and technical requirements established by", "the CCP. Access should only be denied if", "certain access criteria specified in", "delegated acts are not met." ], "reference": "2011/0296(COD)", "seq": 171, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(32) In addition to requirements in", "Directive 2004/39/EC that prevent Member", "States from unduly restricting access to", "post-trade infrastructure such as CCP and", "settlement arrangements, it is necessary", "that this Regulation removes various other", "commercial barriers that can be used to", "prevent competition in the clearing of", "transferable securities and money market", "instruments. To avoid any discriminatory", "practices, CCPs should accept to clear", "transactions executed in different trading", "venues, to the extent that those venues", "comply with the operational and technical", "requirements established by the CCP.", "Access should only be denied if certain", "access criteria specified in delegated acts", "are not met." ], "location": [ [ "Proposal for a regulation", "Recital 32" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.472%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(33) Trading venues should also be", "required to provide access including data", "feeds on a transparent and non-", "discriminatory basis to CCPs that wish to", "clear transactions executed on the trading", "venue. Licensing and access to information", "about indices and other benchmarks that", "are used to determine the value of financial", "instruments should also be provided to", "CCPs and other trading venues on a non-", "discriminatory basis. The removal of", "barriers and discriminatory practices is", "intended to increase competition for", "clearing and trading of financial", "instruments in order to lower investment", "and borrowing costs, eliminate", "inefficiencies and foster innovation in", "Union markets. The Commission should", "continue to closely monitor the evolution", "of post-trade infrastructure and should,", "where necessary, intervene in order to", "prevent competitive distortions from", "occurring in the internal market." ], "reference": "2011/0296(COD)", "seq": 175, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(33) Trading venues should also be", "required to provide access to data feeds on", "a transparent and non-discriminatory basis", "to CCPs that wish to clear transactions", "executed on the trading venue. The right of", "access of a CCP to a trading venue should", "allow for arrangements whereby multiple", "CCPs are using post-trade data feeds of", "the same trading venue. However, this", "should not lead to interoperability for", "derivatives clearing or create liquidity", "fragmentation. Licensing and access to", "information about indices and other", "benchmarks that are used to determine the", "value of financial instruments should also", "be provided to CCPs and other trading", "venues on a non-discriminatory basis. The", "removal of barriers and discriminatory", "practices is intended to increase", "competition for clearing and trading of", "financial instruments in order to lower", "investment and borrowing costs, eliminate", "inefficiencies and foster innovation in", "Union markets. The Commission should", "continue to closely monitor the evolution", "of post-trade infrastructure and should,", "where necessary, intervene in order to", "prevent competitive distortions from", "occurring in the internal market." ], "location": [ [ "Proposal for a regulation", "Recital 33" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.472%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(3) \u2018systematic internaliser\u2019 means an", "investment firm which, on an organised,", "frequent and systematic basis, deals on", "own account by executing client orders", "outside a regulated market or an MTF or an", "OTF;" ], "reference": "2011/0296(COD)", "seq": 208, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(3) 'systematic internaliser' means an", "investment firm which, on an organised,", "regular and systematic basis, deals on own", "account by executing client orders outside", "a regulated market or an MTF or an OTF;" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.478%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Without prejudice to Article 8a of", "Regulation [ ] (EMIR), a trading venue", "shall provide trade feeds on a non-", "discriminatory and transparent basis,", "including as regards fees related to access,", "on request to any CCP authorised or", "recognised by Regulation [ ] (EMIR) that", "wishes to clear financial transactions", "executed on that trading venue. This", "requirement does not apply to any", "derivative contract that is already subject to", "the access obligations under Article 8a of", "Regulation [EMIR]." ], "reference": "2011/0296(COD)", "seq": 626, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "1. Without prejudice to Article 8a of", "Regulation [ ] (EMIR), a trading venue", "shall provide post-trade data feeds on a", "non-discriminatory and transparent basis,", "including as regards fees related to access,", "on request to any CCP authorised or", "recognised by Regulation [ ] (EMIR) that", "wishes to clear financial transactions, only", "where there is a threat to the smooth and", "orderly functioning of financial markets.", "This requirement does not apply to any", "derivative contract that is already subject to", "the access obligations under Article 8a of", "Regulation [EMIR]." ], "location": [ [ "Proposal for a regulation", "Article 29 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.478%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Access to that information shall be granted", "on a reasonable commercial basis within", "three months following the request by a", "CCP or a trading venue, and in any event at", "a price no higher than the lowest price at", "which access to the benchmark is granted", "or the intellectual property rights are", "licensed to another CCP, trading venue or", "any related person for clearing and trading", "purposes." ], "reference": "2011/0296(COD)", "seq": 670, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "A licence including access to information", "shall be granted on a reasonable", "commercial basis within three months", "following the request by a CCP or a trading", "venue, and in any event at a price structure", "for all financial instruments in the same", "currency treating all CCPs and trading", "venues in the same time zone similarly.", "A request for a licence may be rejected by", "the person with proprietary rights to the", "benchmark for up to five years after a", "CCP, trading venue or any related person", "for clearing and trading purposes has", "commenced trading and clearing with that", "benchmark for the first time.", "A CCP, trading venue or related entity", "may offer any financial product for the", "purposes of trading and clearing without", "obtaining a licence from the index", "provider." ], "location": [ [ "Proposal for a regulation", "Article 30 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.478%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0296(COD)", "seq": 690, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "1a. In accordance with Article 9(2)", "regulation (EU) No. 1095/2010, ESMA", "shall support competent authorities when", "monitoring the investment products,", "including structured deposits and", "financial instruments which are", "marketed, distributed or sold in the Union", "before they are marketed, distributed or", "sold in the Union in cooperation with the", "competent authorities." ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.478%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) a financial instrument or activity or", "practice gives rise to significant investor", "protection concerns or poses a serious", "threat to the orderly functioning and", "integrity of financial markets or the", "stability of whole or part of the financial", "system;" ], "reference": "2011/0296(COD)", "seq": 707, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(a) a financial instrument or activity or", "practice gives rise to shortcomings in", "retail investor protection and such", "shortcomings can only be remedied by a", "prohibition or restriction or poses a", "serious threat to the orderly functioning", "and integrity of financial markets or the", "stability of whole or part of the financial", "system;" ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 2 \u2013 subparagraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.478%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0296(COD)", "seq": 712, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "2a. Before imposing a prohibition or", "restriction under paragraph 1, the", "competent authority shall give notice of its", "intention to prohibit or restrict an", "investment product or financial", "instrument." ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0296(COD)", "seq": 408, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "Article 13 a", "Article 13a", "Trading through systematic internalisers", "and OTC", "1. Transactions in shares, depositary", "receipts, exchange-traded funds,", "certificates and other similar financial", "instruments which are not intragroup", "transactions as referred to in Article 2a of", "Regulation (EU) No .../... [EMIR] and", "which are not concluded on a regulated", "market or MTF should be concluded", "through a systematic internaliser unless", "the transactions are carried out on an", "OTC basis, the characteristics of which", "include that they are incidental, ad-hoc", "and irregular.", "2. Transactions in bonds, structured", "finance products admitted to trading on a", "regulated market or for which a", "prospectus has been published, emission", "allowances and derivatives which are", "eligible for clearing or which are admitted", "to trading on a regulated market or are", "traded on an MTF or an OTF and which", "are not subject to the trading obligation", "under Article 26, which are not concluded", "on a regulated market, MTF, OTF or", "third-country trading venue assessed as", "equivalent in accordance with Article 26", "(4), should be concluded through a", "systematic internaliser unless the", "transactions are carried out on an OTC", "basis, the characteristics of which include", "that they are incidental, ad-hoc and", "irregular." ], "location": [ [ "Proposal for a regulation", "Article 13 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Systematic internalisers shall make the", "firm quotes provided pursuant to paragraph", "1 available to other clients of the", "investment firm in an objective non-", "discriminatory way on the basis of their", "commercial policy." ], "reference": "2011/0296(COD)", "seq": 434, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "2. Systematic internalisers shall make the", "firm quotes provided pursuant to paragraph", "1 available to other clients of the", "investment firm in an objective non-", "discriminatory way on the basis of their", "commercial policy provided that the", "quoted size is at or below the size specific", "to the instrument." ], "location": [ [ "Proposal for a regulation", "Article 17 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The Commission shall adopt, by means", "of delegated acts in accordance with", "Article 41, measures specifying the sizes", "mentioned in Article 17(3) at which firm", "shall enter into transactions with any other", "client to whom the quote is made available." ], "reference": "2011/0296(COD)", "seq": 453, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "2. The Commission shall adopt, by means", "of delegated acts in accordance with", "Article 41, measures specifying the sizes", "mentioned in Article 17(3) at which firm", "shall enter into transactions with any other", "client to whom the quote is made available.", "Those measures shall specify that their", "purpose is to enhance transparency for", "retail investors and shall define classes of", "instruments in terms of asset classes,", "volume and liquidity." ], "location": [ [ "Proposal for a regulation", "Article 18 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Without prejudice to Article 8 of", "Regulation [ ] (EMIR), a CCP shall accept", "to clear financial instruments on a non-", "discriminatory and transparent basis,", "including as regards collateral", "requirements and fees related to access,", "regardless of the trading venue on which a", "transaction is executed. This in particular", "should ensure that a trading venue has the", "right to non-discriminatory treatment in", "terms of how contracts traded on its", "platforms are treated in terms of collateral", "requirements and netting of economically", "equivalent contracts and cross-margining", "with correlated contracts cleared by the", "same CCP. A CCP may require that the", "trading venue comply with the reasonable", "operational and technical requirements", "established by the CCP. This requirement", "does not apply to any derivative contract", "that is already subject to the access", "obligations under Article 8 of Regulation", "[EMIR]." ], "reference": "2011/0296(COD)", "seq": 603, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "1. Without prejudice to Article 8 of", "Regulation [ ] (EMIR), a CCP shall accept", "to clear transferable securities and money", "market instruments on a non-", "discriminatory and transparent basis,", "including as regards collateral", "requirements and fees related to access,", "regardless of the trading venue on which a", "transaction is executed. This in particular", "should ensure that a trading venue has the", "right to non-discriminatory treatment. A", "CCP may require that the trading venue", "comply with the reasonable operational and", "technical requirements established by the", "CCP. This requirement does not apply to", "any derivative contract that is already", "subject to the access obligations under", "Article 8 of Regulation [EMIR]. Access of", "a trading venue to a CCP under this", "Article shall be granted only where such", "access would not require interoperability", "or threaten the smooth and orderly", "functioning of markets or adversely affect", "systemic risk." ], "location": [ [ "Proposal for a regulation", "Article 28 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The CCP shall provide a written", "response to the trading venue within three", "months either permitting access, under the", "condition that the relevant competent", "authority has not denied access pursuant to", "paragraph 4, or denying access. The CCP", "may only deny a request for access under", "the conditions specified in paragraph 6. If a", "CCP refuses access it shall provide full", "reasons in its response and inform its", "competent authority in writing of the", "decision. The CCP shall make access", "possible within three months of providing", "a positive response to the access request." ], "reference": "2011/0296(COD)", "seq": 607, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "3. The CCP shall provide a written", "response to the trading venue within three", "months either permitting access, under the", "condition that the relevant competent", "authority has not denied access pursuant to", "paragraph 4, or denying access. The CCP", "may only deny a request for access under", "the conditions specified in paragraph 6. If a", "CCP refuses access it shall provide full", "reasons in its response and inform its", "competent authority in writing of the", "decision. The CCP shall make access", "possible within twelve months of providing", "a positive response to the access request.", "Any associated costs that arise from", "paragraphs 1 to 3 shall be borne by the", "trading venue requesting access, unless", "otherwise agreed between the CCP and", "the trading venue requesting access." ], "location": [ [ "Proposal for a regulation", "Article 28 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) the conditions under which access", "could be denied by a CCP, including", "conditions based on the volume of", "transactions, the number and type of users", "or other factors creating undue risks." ], "reference": "2011/0296(COD)", "seq": 616, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(a) the conditions under which access", "could be denied by a CCP, for transferable", "securities and money market instruments,", "including conditions based on the volume", "of transactions, the number and type of", "users or other factors creating undue risks." ], "location": [ [ "Proposal for a regulation", "Article 28 \u2013 paragraph 6 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.477%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(b) the conditions under which access is", "granted, including confidentiality of", "information provided regarding financial", "instruments during the development phase,", "the non-discriminatory and transparent", "basis as regards clearing fees, collateral", "requirements and operational requirements", "regarding margining." ], "reference": "2011/0296(COD)", "seq": 618, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-05-14T00:00:00", "new": [ "(b) the conditions under which access is", "granted, including confidentiality of", "information provided regarding", "transferable securities and money market", "instruments during the development phase,", "the non-discriminatory and transparent", "basis as regards clearing fees, collateral", "requirements and operational requirements", "regarding margining." ], "location": [ [ "Proposal for a regulation", "Article 28 \u2013 paragraph 6 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(1) Regulation (EC) No 1060/2009 of the", "European Parliament and of the Council of", "16 September 2009 on credit rating", "agencies15 requires credit rating agencies to", "comply with rules of conduct in order to", "mitigate possible conflicts of interest,", "ensure high quality and sufficient", "transparency of ratings and the rating", "process. Following the amendments", "introduced by Regulation (EU) No", "513/2011 of the European Parliament and", "of the Council, the European Securities and", "Markets Authority (ESMA) has been", "empowered to register and supervise credit", "rating agencies. This amendment", "complements the current regulatory", "framework for credit rating agencies. Some", "of the issues addressed (conflicts of", "interests due to the issuer-pays model,", "disclosure for structured finance", "instruments) had been identified, but not", "fully resolved by the existing rules. The", "need to review transparency and procedural", "requirements specifically for sovereign", "ratings was highlighted by the current", "sovereign debt crisis." ], "reference": "2011/0361(COD)", "seq": 44, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "(1) Regulation (EC) No 1060/2009 of the", "European Parliament and of the Council of", "16 September 2009 on credit rating", "agencies15 requires credit rating agencies to", "comply with rules of conduct in order to", "mitigate possible conflicts of interest,", "ensure high quality and sufficient", "transparency of ratings and the rating", "process. Following the amendments", "introduced by Regulation (EU) No", "513/2011 of the European Parliament and", "of the Council, the European Securities and", "Markets Authority (ESMA) has been", "empowered to register and supervise credit", "rating agencies. This amendment", "complements the current regulatory", "framework for credit rating agencies. Some", "of the most important issues (conflicts of", "interests due to the issuer-pays model,", "disclosure for structured finance", "instruments) have been addressed and the", "framework will need to be reviewed after", "having been in place for a reasonable", "period of time to assess whether it fully", "resolves these issues. Meanwhile the need", "to review transparency and procedural", "requirements specifically for sovereign", "ratings was highlighted by the current", "sovereign debt crisis." ], "location": [ [ "Proposal for a regulation", "Recital 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(8) Regular rotation of credit rating", "agencies issuing credit ratings on an", "issuer or its debt instruments should bring", "more diversity to the evaluation of the", "creditworthiness of the issuer that selects", "and pays that credit rating agency.", "Multiple and different views, perspectives", "and methodologies applied by credit", "rating agencies should produce more", "diverse credit ratings and ultimately", "improve the assessment of the", "creditworthiness of the issuers. For this", "diversity to play a role and to avoid", "complacency of both issuers and credit", "rating agencies, the maximum duration of", "the business relationship between the", "credit rating agency and the issuer paying", "must be restricted to a level guaranteeing", "regular fresh looks at the creditworthiness", "of issuers. Therefore, a time period of", "three years would seem appropriate, also", "considering the need to provide certain", "continuity within the credit ratings. The", "risk of conflict of interest increases in", "situations where the credit rating agency", "frequently issues credit ratings on debt", "instruments of the same issuer within a", "short period of time. In those cases, the", "maximum duration of the business", "relationship should be shorter to", "guarantee similar results. Hence, the", "business relationship should stop after a", "credit rating has rated ten debt", "instruments of the same issuer. However,", "in order to avoid imposing a", "disproportionate burden on issuers and", "credit rating agencies, no requirement to", "change credit rating agency within the", "first 12 months of the business", "relationship should be imposed. Where an", "issuer mandates more than one credit", "rating agency, either because as an issuer", "of structured finance instruments he is", "obliged to do so, or on a voluntary basis, it", "should be sufficient that the strict rotation", "periods only apply to one of the credit", "rating agencies. However, also in this", "case, the business relationship between", "the issuer and the additional credit rating", "agencies should not exceed a period of six", "years." ], "reference": "2011/0361(COD)", "seq": 75, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(9) The rule requiring rotation of credit", "rating agencies needs to be enforced in a", "credible manner to be meaningful. The", "rotation rule would not achieve its", "objectives if the outgoing credit rating", "agency were allowed to provide rating", "services to the same issuer again within a", "too short period of time. Therefore, it is", "important to provide for an appropriate", "period within which such credit rating", "agency may not be mandated by the same", "issuer to provide rating services. That", "period should be sufficiently long to allow", "the incoming credit rating agency to", "effectively provide its rating services to the", "issuer, to ensure that the issuer is truly", "exposed to a new scrutiny under a", "different approach and to guarantee that", "the credit ratings issued by the new credit", "rating agency provide enough continuity.", "That period should allow that an issuer", "cannot rely on comfortable arrangements", "with only two credit rating agencies that", "would replace each other on a continuous", "basis, as this could lead to maintaining", "the familiarity threat. Hence, the period", "during which the outgoing credit rating", "agency should not provide rating services", "to the issuer should generally be set at", "four years." ], "reference": "2011/0361(COD)", "seq": 86, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(11) Requiring issuers to regularly change", "the credit rating agency they mandate to", "issue credit ratings is proportionate to the", "objective pursued. This requirement only", "applies to certain regulated institutions", "(registered credit rating agencies) which", "provide a service affecting the public", "interest (credit ratings that can be used", "for regulatory purposes) under certain", "conditions (issuer-pays model). The", "privilege of having its services recognised", "as playing an important role in the", "regulation of the financial services market", "and being approved to carry out this", "function, entails the need to respect", "certain obligations in order to guarantee", "independence and the perception of", "independence in all circumstances. A", "credit rating agency which is prevented", "from providing credit rating services to a", "particular issuer would still be allowed to", "provide credit ratings to other issuers. In", "a market context where the rotation rule", "applies to all players, business", "opportunities will arise since all issuers", "would need to change credit rating", "agency. Moreover, credit rating agencies", "may always issue unsolicited credit", "ratings on the same issuer, capitalising on", "their experience. Unsolicited ratings are", "not constrained by the issuer-pays model", "and therefore are less affected by", "potential conflicts of interests. For", "issuers, the maximum duration of the", "business relationship with a credit rating", "agency or the rule on the employment of", "more than one credit rating agency also", "represents a restriction on their freedom", "to conduct their own business. However,", "this restriction is necessary on public-", "interest grounds considering the", "interference of the issuer-pays model with", "the necessary independence of credit", "rating agencies to guarantee independent", "credit ratings that can be used by", "investors for regulatory purposes. At the", "same time, these restrictions do not go", "beyond what is necessary and should", "rather be seen as an element increasing", "the issuer's creditworthiness towards", "other parties, and ultimately the market." ], "reference": "2011/0361(COD)", "seq": 100, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(12) One of the specificities of sovereign", "ratings is that the issuer-pays model", "generally does not apply. Instead, the", "majority of ratings are produced as", "unsolicited ratings, providing the basis for", "both solicited and unsolicited ratings of", "the financial institutions of the country", "concerned. It is therefore not necessary to", "require the rotation of credit rating", "agencies issuing sovereign ratings." ], "reference": "2011/0361(COD)", "seq": 110, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(13) The independence of a credit rating", "agency vis-\u00e0-vis a rated entity is also", "affected by possible conflict of interests of", "any of its significant shareholders with the", "rated entity: A shareholder of a credit", "rating agency could be a member of the", "administrative or supervisory board of a", "rated entity or a related third party. The", "rules of Regulation (EC) No 1060/2009", "addressed this type of situation only as", "regards the conflicts of interest caused by", "rating analysts, persons approving the", "credit ratings or other employees of the", "credit rating agency. The Regulation was,", "however, silent as regards potential", "conflicts of interest caused by shareholders", "or members of credit rating agencies. With", "a view to enhancing the perception of", "independence of credit rating agencies vis-", "\u00e0-vis the rated entities, it is appropriate to", "extend the existing rules applying to", "conflicts of interest caused by employees", "of the credit rating agencies also to those", "caused by shareholders or members", "holding a significant position within the", "credit rating agency. Hence, the credit", "rating agency should abstain from issuing", "credit ratings, or should disclose that the", "credit rating may be affected, where a", "shareholder or member holding 10% of the", "voting rights of that agency is also a", "member of the administrative or", "supervisory board of the rated entity or has", "invested in the rated entity. Moreover,", "where a shareholder or member is in a", "position to significantly influence the", "business activity of the credit rating", "agency, that person should not provide", "consultancy or advisory services to the", "rated entity or a related third party", "regarding its corporate or legal structure,", "assets, liabilities or activities." ], "reference": "2011/0361(COD)", "seq": 114, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "(13) The independence of a credit rating", "agency vis-\u00e0-vis a rated entity is also", "affected by possible conflict of interests of", "any of its significant shareholders with the", "rated entity: A shareholder of a credit", "rating agency could be a member of the", "administrative or supervisory board of a", "rated entity or a related third party. The", "rules of Regulation (EC) No 1060/2009", "addressed this type of situation only as", "regards the conflicts of interest caused by", "rating analysts, persons approving the", "credit ratings or other employees of the", "credit rating agency. The Regulation was,", "however, silent as regards potential", "conflicts of interest caused by shareholders", "or members of credit rating agencies. With", "a view to enhancing the independence of", "credit rating agencies vis-\u00e0-vis the rated", "entities, it is appropriate to extend the", "existing rules applying to conflicts of", "interest caused by employees of the credit", "rating agencies also to those caused by", "shareholders or members holding a", "significant position within the credit rating", "agency. Hence, the credit rating agency", "should immediately disclose where a", "shareholder or member holding 10% of the", "voting rights of that agency is also a", "member of the administrative or", "supervisory board of the rated entity or has", "invested in the rated entity. Moreover,", "where a shareholder or member is in a", "position to significantly influence the", "business activity of the credit rating", "agency, that person should disclose any", "consultancy or advisory services provided", "to the rated entity or a related third party", "regarding its corporate or legal structure,", "assets, liabilities or activities." ], "location": [ [ "Proposal for a regulation", "Recital 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.062%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0361(COD)", "seq": 134, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "(17a) Increased competition in the sector", "does not automatically imply a better", "quality of ratings. Therefore, all rating", "agencies must comply with the highest", "standards of integrity, disclosure,", "transparency and conflict of interest", "management as set out in Regulation", "(EC) 1060/2009 in order to ensure the", "high quality of ratings and to avoid", "'rating shopping'." ], "location": [ [ "Proposal for a regulation", "Recital 17 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0361(COD)", "seq": 225, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "Article 5c", "Overreliance on credit ratings in Union", "legislation", "To reduce the status of credit ratings, the", "regulatory framework shall refer to", "external credit ratings only where there is", "no other option. Existing sectoral", "legislation shall be amended as", "appropriate accordingly.", "ESMA shall provide recommendations on", "the development of own rating capacities", "so as to avoid automatic procyclical", "reactions to changes in ratings." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 6" ], [ "Regulation (EC) No 1060/2009", "Article 5 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Article 6b", "Maximum duration of the contractual", "relationship with a credit rating agency", "1. Where a credit rating agency has", "entered into a contract with an issuer or", "its related third party for the issuing of", "credit ratings on that issuer, it shall not", "issue credit ratings on that issuer for a", "period exceeding three years.", "2. Where a credit rating agency has", "entered into a contract with an issuer or", "its related third party for the issuing of", "credit ratings on the debt instruments of", "that issuer, the following shall apply:", "(a) when those credit ratings are issued", "within a period exceeding an initial period", "of twelve months but shorter than three", "years, the credit rating agency shall not", "issue any further credit ratings on those", "debt instruments from the moment that", "ten debt instruments have been rated;", "(b) when at least ten credit ratings are", "issued within an initial period of twelve", "months, that credit rating agency shall not", "issue any further credit ratings on those", "debt instruments after the end of that", "period;", "(c) when less than ten credit ratings are", "issued, the credit rating agency shall not", "issue any further credit ratings on those", "debt instruments from the moment a", "period of 3 years have elapsed.", "3. Where an issuer has entered into a", "contract regarding the same matter with", "more than one credit rating agency, the", "limitations set out in paragraphs 1 and 2", "shall only apply to one of these agencies.", "However, none of these agencies shall", "have a contractual relationship with the", "issuer exceeding a period of six years.", "4. The credit rating agency referred to in", "paragraphs 1 to 3 shall not enter into a", "contract with the issuer or its related third", "parties for the issuing of credit ratings on", "the issuer or its debt instruments for a", "period of four years from the end of the", "maximum duration period of the", "contractual relationship referred to in", "paragraphs 1 to 3.", "The first subparagraph shall also apply", "to:", "(a) a credit rating agency belonging to the", "same group of credit rating agencies as", "the credit rating agency referred to in", "paragraphs 1 and 2;", "(b) a credit rating agency which is a", "shareholder or member of the credit", "rating agency referred to in paragraphs 1", "and 2;", "(c) a credit rating agency in which the", "credit rating agency referred to in", "paragraph 1 and 2 is a shareholder or", "member.", "5. Paragraphs 1 to 4shall not apply to", "sovereign ratings.", "6. Where following the end of the", "maximum duration period of the", "contractual relationship, pursuant to the", "rules in paragraphs 1 and 2, a credit", "rating agency is replaced by another", "credit rating agency, the exiting credit", "rating agency shall provide the incoming", "credit rating agency with a handover file.", "Such file shall include relevant", "information concerning the rated entity", "and the rated debt instruments as may", "reasonably be necessary to ensure the", "comparability with the ratings carried out", "by the exiting credit rating agency.", "The exiting rating agency shall be able to", "demonstrate to ESMA that such", "information has been provided to the", "incoming credit rating agency.", "7. ESMA shall develop draft regulatory", "technical standards to specify technical", "requirements on the content of the", "handover file referred to in paragraph 5.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "1 January 2013.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in this paragraph in", "accordance with the procedure laid down", "in Articles 10 to 14 of Regulation (EU)", "No 1095/2010." ], "reference": "2011/0361(COD)", "seq": 248, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1060/2009", "Article 6b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5a. A credit rating agency that intends to", "change or use any new rating", "methodologies, models or key rating", "assumptions shall publish the proposed", "changes or proposed new methodologies", "on its website inviting stakeholders to", "submit comments for a period not shorter", "than one month, together with a detailed", "explanation of the reasons for and the", "implications of the proposed changes or", "proposed new methodologies." ], "reference": "2011/0361(COD)", "seq": 276, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "5a. A credit rating agency that intends to", "change or use any new rating", "methodologies, models or key rating", "assumptions shall publish the proposed", "changes or proposed new methodologies", "on its website together with a detailed", "explanation of the reasons for and the", "implications of the proposed changes or", "proposed new methodologies." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 10 \u2013 point c" ], [ "(EC) 1060/2009", "Article 8 \u2013 paragraph 5a \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "After expiry of the consultation period", "referred to in the first subparagraph, the", "credit rating agency shall notify ESMA of", "the intended changes or proposed new", "methodologies." ], "reference": "2011/0361(COD)", "seq": 281, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "ESMA shall be notified of the intended", "changes or proposed new methodologies." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 10 \u2013 point c" ], [ "(EC) 2009/2060", "Article 8 \u2013 paragraph 5a \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "6. When methodologies, models or key", "assumptions used in credit rating activities", "are changed following the decision of", "ESMA referred to in paragraph 3 of", "Article 22a, a credit rating agency shall:" ], "reference": "2011/0361(COD)", "seq": 287, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "6. When methodologies, models or key", "assumptions used in credit rating activities", "are changed, a credit rating agency shall:" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 10 \u2013 point d \u2013 point i" ], [ "(EC) 1060/2009", "Article 8 \u2013 paragraph 6 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. ESMA shall also verify that any", "intended changes to rating methodologies", "notified by a credit rating agency in", "accordance with Article 8(5a) comply with", "the criteria laid down in Article 8(3) as", "specified in the regulatory technical", "standard referred to in point (d) of Article", "21(4). The credit rating agency may only", "apply the new rating methodology after", "ESMA has confirmed the methodology's", "compliance with Article 8(3)." ], "reference": "2011/0361(COD)", "seq": 342, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "3. ESMA shall also verify that any", "intended changes to rating methodologies", "notified by a credit rating agency in", "accordance with Article 8(5a) comply with", "the criteria laid down in Article 8(3) as", "specified in the regulatory technical", "standard referred to in point (d) of Article", "21(4). However, ESMA shall ensure that", "a certain variety of methodologies is", "maintained in order to encourage", "competition for the best methodologies", "between the rating agencies and to avoid", "harmonisation of methodologies. If", "ESMA detects any deviation, the credit", "rating agency shall remove this deviation", "within one month." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 19 \u2013 point b" ], [ "(EC) 2009/1060", "Article 22a \u2013 paragraph 3 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Where an investor establishes facts from", "which it may be inferred that a credit", "rating agency has committed any of the", "infringements listed in Annex III, it will", "be for the credit rating agency to prove", "that it has not committed that infringement", "or that that infringement did not have an", "impact on the issued credit rating." ], "reference": "2011/0361(COD)", "seq": 360, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "4. Where an investor brings an action", "against a credit rating agency for damages", "arising from a credit rating issued in", "breach of this Article, the burden shall be", "on the investor to prove that the", "infringement had an impact on the issued", "credit rating and that this impact", "influenced the investor's investment", "decision." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 20" ], [ "(EC) 1060/2009", "Article 35a \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(ii) the following point (aa) is inserted", "after point (a):", "\u2018(aa) a shareholder or member of a credit", "rating agency holding, directly or", "indirectly, 10% or more of either the", "capital or the voting rights of that credit", "rating agency or being otherwise in a", "position to exercise significant influence", "on the business activities of the credit", "rating agency, directly or indirectly owns", "financial instruments of the rated entity", "or a related third party or has any other", "direct or indirect ownership interest in", "that entity or party, other than holdings in", "diversified collective investment schemes,", "including managed funds such as pension", "funds or life insurance, which do not put", "him in a position to exercise significant", "influence on the business activities of the", "scheme;\u2019" ], "reference": "2011/0361(COD)", "seq": 387, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 point 1 \u2013 point b \u2013 point ii" ], [ "Regulation (EC) No 1060/2009", "Annex I \u2013 Section B \u2013 point 3 \u2013 paragraph 1 \u2013 point aa" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(iii) the following point (ba) is inserted", "after point (b):", "\u2018(ba) the credit rating is issued with", "respect to a rated entity or a related third", "party which directly or indirectly holds", "10% or more of either the capital or the", "voting rights of that credit rating agency;\u2019" ], "reference": "2011/0361(COD)", "seq": 393, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 point 1 \u2013 point b \u2013 point iii" ], [ "Regulation (EC) No 1060/2009", "Annex I \u2013 Section B \u2013 point 3 \u2013 paragraph 1 \u2013 point ba" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(iv) the following point (ca) is inserted", "after point (c):", "\u2018(ca) a shareholder or member of a credit", "rating agency holding, directly or", "indirectly, 10% or more of either the", "capital or the voting rights of that credit", "rating agency or being otherwise in a", "position to exercise significant influence", "on the business activities of the credit", "rating agency, is a member of the", "administrative or supervisory board of the", "rated entity or a related third party;\u2019" ], "reference": "2011/0361(COD)", "seq": 396, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 point 1 \u2013 point b \u2013 point iv" ], [ "Regulation (EC) No 1060/2009", "Annex I \u2013 Section B \u2013 point 3 \u2013 paragraph 1 \u2013 point ca" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.071%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0361(COD)", "seq": 400, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-04-17T00:00:00", "new": [ "(ba) the following point is inserted after", "point 3:", "\"3-a. Where a credit rating agency has", "issued a credit rating or rating outlook it", "shall disclose the following, within three", "working days of becoming aware that the", "credit rating or rating outlook may be", "affected thereby:", "(a) where a shareholder or member of a", "credit rating agency which holds, directly", "or indirectly, 10% or more of either the", "capital or of the voting rights of that", "rating agency or is otherwise in a position", "to exercise significant influence on the", "busines activities of the credit rating", "agency, directly or indirectly owns", "financial instruments of the rated entity", "or a related third party or has any other", "direct or indirect ownership interest in", "that entity or party, other than holdings in", "diversified collective investment schemes,", "including managed funds such as pension", "funds or life insurance, which do not put", "that shareholder or member in a position", "to exercise significant influence on the", "business activities of the scheme;", "(b) where the rated entity or a related", "third party directly or indirectly holds", "10% or more of either the capital or the", "voting rights of that credit rating agency;", "(c) where a shareholder or member of a", "credit rating agency which holds, directly", "or indirectly, 10% or more of either the", "capital or of the voting rights of that", "credit rating agency or is otherwise in a", "position to exercise significant influence", "on the business activities of the credit", "rating agency, is a member of the", "administrative or supervisory board of the", "rated entity or a related third party.\"" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 point 1 \u2013 point b a (new)" ], [ "Regulation (EC) No 1060/2009", "Annex I \u2013 Section B \u2013 point 3-a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "J. whereas in order to be effective a basic", "bank account needs to be straightforward", "to open, even for those with non-standard", "proof of identity and to provide a specified", "range of core services, and there need to be", "measures in place for effective supervision", "and settlement of conflicts;" ], "reference": "2012/2055(INI)", "seq": 38, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "J. whereas in order to be effective a basic", "bank account needs to be straightforward", "to open and to provide a specified range of", "core services, and there need to be", "measures in place for effective supervision", "and settlement of conflicts;" ], "location": [ [ "Motion for a resolution", "Recital J" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "K. whereas as part of their corporate social", "responsibility strategies, banks should", "share responsibility with public authorities", "and civil society for the provision of", "access to basic banking services without", "cost;" ], "reference": "2012/2055(INI)", "seq": 43, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "K. whereas as part of their corporate social", "responsibility strategies, banks should", "share responsibility with public authorities", "and civil society for making it possible to", "open basic bank accounts without cost;" ], "location": [ [ "Motion for a resolution", "Recital K" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Requests the Commission to submit, by", "the end of 2012, on the basis of Article 114", "of the Treaty on the Functioning of the", "European Union, a legislative proposal or", "proposals ensuring access to basic banking", "services to all consumers living in the", "Union, following the detailed", "recommendations set out in the Annex", "hereto;" ], "reference": "2012/2055(INI)", "seq": 64, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "1. Requests the Commission to submit, by", "the end of 2012, on the basis of Article 114", "of the Treaty on the Functioning of the", "European Union, one or more proposals", "for directives ensuring access to basic", "banking services to all consumers living in", "the Union, following the detailed", "recommendations set out in the Annex", "hereto;" ], "location": [ [ "Motion for a resolution", "Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The legislation should oblige as many", "payment service providers as possible, as", "defined in Article 4(9) of Directive", "2007/64/EC, to provide basic banking", "services." ], "reference": "2012/2055(INI)", "seq": 79, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "1. The legislation should empower", "Member States to oblige as many payment", "service providers as possible, as defined in", "Article 4(9) of Directive 2007/64/EC, to", "provide basic banking services." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 1 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "a. Payment service providers operating on", "a cooperative business model, on a non-", "profit basis or requiring membership on", "defined criteria, such as profession." ], "reference": "2012/2055(INI)", "seq": 89, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "a. Payment service providers operating on", "a non-profit basis, or not operating in", "general retail banking, or requiring", "membership on defined criteria, such as", "profession." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 1 \u2013 paragraph 3 \u2013 point (a)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Any payment service providers", "exempted under point (a) of point 3", "should contribute to a compensatory fund", "unless the provider is operating at a non-", "profit basis." ], "reference": "2012/2055(INI)", "seq": 97, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. The legislation should ensure that any", "consumer, that is to say any natural person", "who is acting for purposes other than his", "trade, business, craft or profession, legally", "resident in the Union has the right to open", "and use a basic bank account with a", "payment service provider operating in a", "Member State provided that the consumer", "does not already hold a basic bank account", "meeting the requirements of Union", "legislation as specified in these", "Recommendations in the territory of that", "Member State." ], "reference": "2012/2055(INI)", "seq": 100, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "5. The legislation should ensure that any", "consumer, that is to say any natural person", "who is acting for purposes other than his", "trade, business, craft or profession, legally", "resident in the Union has the right to open", "and use, in the State where he has his", "habitual residence, a basic bank account", "with a payment service provider operating", "in that Member State provided that the", "consumer does not already hold a payment", "transaction account or basic bank account", "meeting the requirements of Union", "legislation as specified in these", "Recommendations and it can be proven", "that he has had an application to open a", "payment transaction account rejected.", "The consumer must have a link \u2013 in the", "form of a home, job or place on a course", "of study \u2013 to the Member State concerned", "and to the field of business of the payment", "service provider in which he intends to", "open a basic bank account." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 2 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. The right to access a basic bank account", "should apply irrespective of the", "consumer's nationality or place of", "residence in the Union. Criteria such as the", "level or regularity of income, employment,", "credit history, level of indebtedness,", "individual situation regarding bankruptcy", "or future activity of the account should not", "be taken into account for the opening a", "basic bank account. Access to a basic bank", "account should under no circumstances be", "made conditional on the purchase of other", "products or services, for instance", "insurance." ], "reference": "2012/2055(INI)", "seq": 115, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "7. The right to access a basic bank account", "should apply irrespective of the EU", "citizen\u2019s place of residence in the Union.", "Criteria such as the level or regularity of", "income, employment, credit history, level", "of indebtedness or individual situation", "regarding bankruptcy should not be taken", "into account for the opening a basic bank", "account. However, the circumstances must", "not be such that it would be unreasonable", "to expect the credit institution to open and", "administer the account. If, therefore, the", "EU citizen makes false statements in the", "context of the contractual relationship,", "fails to pay fees or makes himself a gross", "nuisance to staff or customers of the", "bank, or endangers them, this should be", "regarded as grounds for refusing to open", "a basic bank account or for closing it.", "Access to a basic bank account should", "under no circumstances be made", "conditional on the purchase of other", "products or services, for instance", "insurance." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 2 \u2013 paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "14. The payment service provider should", "not offer, explicitly or tacitly, any overdraft", "facilities or overrunning in conjunction", "with a basic bank account. A payment", "order to the consumer\u2019s payment service", "provider should not be executed where", "such an execution would result in a", "negative balance of the consumer\u2019s basic", "bank account. Access to credit should not", "be considered as a component of or a right", "related to a basic bank account, whatever", "the purpose or the form of the credit." ], "reference": "2012/2055(INI)", "seq": 138, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "14. The payment service provider should", "not offer, explicitly or tacitly, any overdraft", "facilities or overrunning in conjunction", "with a basic bank account. A payment", "order to the consumer\u2019s payment service", "provider should not be executed where", "such an execution would result in a", "negative balance of the consumer\u2019s basic", "bank account; this should not apply to fees", "charged by the bank for services used by", "the consumer. Access to credit should not", "be considered as a component of or a right", "related to a basic bank account, whatever", "the purpose or the form of the credit." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 3 \u2013 paragraph 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "15. Access to a basic bank account should", "be free of charge." ], "reference": "2012/2055(INI)", "seq": 144, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "15. It should be possible to open a basic", "bank account free of charge." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 3 \u2013 paragraph 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "16. Any default charges should be", "affordable and at least as favourable as the", "provider\u2019s usual pricing policy. The", "legislation should ensure that the", "consumer does not bear any fee or penalty", "arising from circumstances independent", "of his/her will, such as insufficient funds", "in his account due to late payment of", "wages or social benefits." ], "reference": "2012/2055(INI)", "seq": 154, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "16. Any default charges should be", "affordable and at least as favourable as the", "provider\u2019s usual pricing policy." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 3 \u2013 paragraph 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The consumer should be provided with", "non-discriminatory access to personal", "service, such as over-the-counter service in", "branches and to the use of automatic teller", "machines (ATMs), including other banks\u2019", "ATMs where technically possible. The", "provider should not charge any fees", "related to the execution of basic account", "management services." ], "reference": "2012/2055(INI)", "seq": 165, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "The consumer should be provided with", "non-discriminatory access to personal", "service, such as over-the-counter service in", "branches and to the use of automatic teller", "machines (ATMs), including other banks\u2019", "ATMs where technically possible. The fees", "which the provider charges for the", "execution of basic account management", "services should be appropriate and", "comparable to existing account models." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 3 \u2013 paragraph 17 \u2013 section A \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "19. Communication campaigns should be", "developed in cooperation with consumer", "organisations or social advisory bodies. At", "Union level, they should, in particular,", "raise awareness about the Union-wide", "availability of basic banking services and", "cross-border rights for access. At Member", "State level, communication should aim at", "giving necessary and understandable", "information about basic bank accounts\u2019", "features, conditions and practical steps", "while addressing specific concerns,", "including those of unbanked citizens and", "migrant workers. Communication", "campaigns at Member State level should be", "multi-lingual, taking into account the most", "relevant mother tongues spoken by", "minority populations or migrants." ], "reference": "2012/2055(INI)", "seq": 190, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "19. Communication campaigns should be", "developed in cooperation with consumer", "organisations or social advisory bodies. At", "Union level, they should be carried out by", "EU institutions and should, in particular,", "raise awareness about the Union-wide", "availability of basic banking services and", "cross-border rights for access. At Member", "State level, communication to be", "undertaken by State agencies should aim", "at giving necessary and understandable", "information about basic bank accounts\u2019", "features, conditions and practical steps", "while addressing specific concerns,", "including those of unbanked citizens and", "migrant workers. Communication", "campaigns at Member State level should be", "multi-lingual, taking into account the most", "relevant mother tongues spoken by", "minority populations or migrants." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 4 \u2013 paragraph 19" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "20. Providers within the scope of the", "legislation should be required to raise", "awareness about the availability of basic", "bank accounts. They should be required to", "advertise basic bank accounts offering", "clear and comprehensive information via", "different available channels, namely the", "providers\u2019 website and branches where", "standardised, durable media should be", "visible to consumers." ], "reference": "2012/2055(INI)", "seq": 194, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "20. Providers within the scope of the", "legislation should be required to provide", "information about the basic bank accounts", "which they offer via different available", "channels, for example the providers\u2019", "website and branches where standardised,", "durable media should be visible to", "consumers." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 4 \u2013 paragraph 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "21. Providers should, after identifying", "consumers\u2019 needs, recommend a basic", "bank account if it fits the needs expressed", "by the consumer. Consumers interested in", "opening a basic bank account should", "receive information in a durable medium", "setting out the services included, the fact", "that they are not tied to purchasing other", "products or services, and the cost, if any.", "The information should be understandable,", "standardised and as simple as possible and", "distributed in any Union language", "requested by the costumer. Staff should", "make sure that the consumer has", "understood what his rights and obligations", "are when contracting such an account." ], "reference": "2012/2055(INI)", "seq": 197, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "21. Providers should, after it has been", "established that a consumer has a need", "for it by producing evidence that the", "consumer has so far been refused a", "payment transaction account in the", "Member State, recommend a basic bank", "account if it fits the needs expressed by the", "consumer. Consumers interested in", "opening a basic bank account should", "receive information in a durable medium", "setting out the services included, the fact", "that they are not tied to purchasing other", "products or services, and the cost, if any.", "The information should be available in a", "form in which it is as understandable,", "standardised and simple as possible. Staff", "should make sure that the consumer has", "understood what his rights and obligations", "are when contracting such an account." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 4 \u2013 paragraph 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "32. The Commission should complement", "basic banking legislation by further", "initiatives aiming at further integration and", "harmonisation of retail banking services", "and prevention of financial exclusion. Such", "a package should:" ], "reference": "2012/2055(INI)", "seq": 228, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "32. The Commission should complement", "basic banking legislation by further", "initiatives aiming at improving financial", "education at schools and at further", "integration and harmonisation of retail", "banking services and prevention of", "financial exclusion. Such a package", "should:" ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 6 \u2013 paragraph 32" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-486.164%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(d) enable access to fair credit and to", "combat over-indebtedness, the most", "important \u201cnew social risk\u201d across the", "Union because full financial inclusion", "requires access to other essential banking", "services, such as low-interest credit and", "insurance coverage at decent and fair", "conditions or access to financial and", "counselling services." ], "reference": "2012/2055(INI)", "seq": 231, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-30T00:00:00", "new": [ "(d) combat over-indebtedness, the most", "important \u201cnew social risk\u201d across the", "Union." ], "location": [ [ "Proposal for a recommendation", "Annex \u2013 recommendation 6 \u2013 paragraph 32 \u2013 point (d)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(7) There is strong evidence showing the", "effectiveness of rules-based fiscal", "frameworks in supporting sound and", "sustainable fiscal policies. The introduction", "of national fiscal rules that are consistent", "with the budgetary objectives set at Union", "level should be a crucial element to ensure", "the respect of the Stability and Growth Pact", "provisions. In particular, Member States", "should put in place structural balanced", "budget rules which transpose into national", "legislation the main principles of the Union", "fiscal framework. This transposition should", "be effective through binding rules", "preferably of a constitutional nature so as", "to demonstrate the strongest commitment", "of national authorities in relation to the", "Stability and Growth Pact." ], "reference": "2011/0386(COD)", "seq": 82, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(7) There is strong evidence showing the", "effectiveness of rules-based fiscal", "frameworks in supporting sound and", "sustainable fiscal policies. The introduction", "of national fiscal rules that are consistent", "with the budgetary objectives set at Union", "level should be a crucial element to ensure", "the long-term respect of the Stability and", "Growth Pact provisions. In particular,", "Member States should put in place", "structural balanced budget rules which", "transpose into national legislation the main", "principles of the Union fiscal framework.", "This transposition should be effective", "through binding rules preferably of a", "constitutional nature so as to demonstrate", "the strongest commitment of national", "authorities in relation to the Stability and", "Growth Pact." ], "location": [ [ "Proposal for a regulation", "Recital 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(9) This gradually strengthened", "surveillance will further complement the", "existing provisions of the Stability and", "Growth Pact and strengthen the", "surveillance of budgetary discipline in", "Member States whose currency is the euro.", "A gradually enhanced monitoring", "procedure should contribute to better", "budgetary outcomes to the benefit of all", "Member States whose currency is the euro.", "As part of a gradually strengthened", "procedure, a closer monitoring is", "particularly valuable to Member States that", "are subject to an excessive deficit", "procedure." ], "reference": "2011/0386(COD)", "seq": 88, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(9) This gradually strengthened", "surveillance and coordination will", "complete the European Semester for", "economic policy coordination, further", "complement the existing provisions of the", "Stability and Growth Pact and strengthen", "the surveillance of budgetary soundness", "and economic convergence in Member", "States whose currency is the euro. A", "gradually enhanced monitoring procedure", "should contribute to better budgetary", "outcomes to the benefit of all Member", "States whose currency is the euro. As part", "of a gradually strengthened procedure, a", "closer monitoring is particularly valuable", "to Member States that are subject to an", "excessive deficit procedure." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(1) Member States shall make public", "annually their medium-term fiscal plans in", "accordance with their medium-term", "budgetary framework based on", "independent macroeconomic forecasts", "together with their Stability Programmes,", "no later than 15 April." ], "reference": "2011/0386(COD)", "seq": 133, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(1) Member States shall, in the context of", "the European Semester defined in Article", "2a of Regulation (EC) No 1466/97, make", "public, at the latest by 30 April each year,", "their national medium-term fiscal plans in", "accordance with their medium-term", "budgetary framework, based on credible", "and independent macroeconomic forecasts.", "The underlying forecasts shall be made", "public. These plans shall be presented", "together with the NRPs and SCPs and", "shall be fully compatible with the policy", "guidelines based on the annual growth", "survey and the annual reports under the", "macroeconomic imbalances procedure", "drawn up pursuant to Regulation (EU)", "No 1174/2011 and Regulation (EU) No", "1176/2011." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(1) Member States shall have in place", "numerical fiscal rules on the budget", "balance that implement in the national", "budgetary processes their medium-term", "budgetary objective as defined in Article", "2a of Regulation (EC) No 1466/97. Such", "rules shall cover the general government as", "a whole and be of binding, preferably", "constitutional, nature." ], "reference": "2011/0386(COD)", "seq": 147, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(1) Member States shall have in place", "numerical fiscal rules on the budget", "balance that implement in the national", "budgetary processes their medium-term", "budgetary objective as defined in Article", "2a of Regulation (EC) No 1466/97; these", "rules may also include details concerning", "exceptional occurrences or severe", "economic downturns, in accordance with", "Articles 5 and 6 of Regulation (EC) No", "1466/97. Such rules shall cover the", "general government as a whole and be of", "binding, preferably constitutional, nature." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0386(COD)", "seq": 182, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(da) details of the planned expenditure", "directly linked to the achievement of the", "Union\u2019s growth and employment strategy", "(including public investment), together", "with details of the link with the", "achievement of the budgetary objectives in", "the long term;" ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 3 \u2013 point d a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(2) The Member State subject to closer", "monitoring shall without delay carry out a", "comprehensive assessment of in-year", "budgetary execution for the general", "government and its sub-sectors. The", "financial risks associated to government-", "owned entities and government contracts", "shall also be covered by the assessment to", "the extent that they may contribute to the", "existence of an excessive deficit. The result", "of this assessment shall be included in the", "report submitted in accordance with Article", "3(4a) or 5(1a) of Regulation (EC) No", "1467/97 on action taken to correct the", "excessive deficit." ], "reference": "2011/0386(COD)", "seq": 244, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(2) The Member State subject to closer", "monitoring shall without delay carry out a", "comprehensive assessment of in-year", "budgetary execution for the general", "government and its sub-sectors. The", "financial risks associated with contingent", "liabilities with potentially large impacts on", "public budgets, as defined in Article 14(3)", "of Council Directive 2011/85/EU, shall", "also be covered by the assessment to the", "extent that they may contribute to the", "existence of an excessive deficit. The result", "of this assessment shall be included in the", "report submitted in accordance with Article", "3(4a) or 5(1a) of Regulation (EC) No", "1467/97 on action taken to correct the", "excessive deficit." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member State shall report regularly to the", "Commission and to the Economic and", "Financial Committee or any sub-committee", "it will designate for that purpose, for the", "general government and its sub-sectors, the", "in-year budgetary execution, the budgetary", "impact of discretionary measures taken on", "both the expenditure and the revenue side,", "targets for the government expenditure and", "revenues, as well as information on the", "measures adopted and the nature of those", "envisaged to achieve the targets. The report", "shall be made public." ], "reference": "2011/0386(COD)", "seq": 249, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "The Member State subject to closer", "monitoring shall report regularly to the", "Commission and to the Economic and", "Financial Committee or any sub-committee", "it will designate for that purpose, for the", "general government and its sub-sectors, the", "in-year budgetary execution, the budgetary", "impact of discretionary measures taken on", "both the expenditure and the revenue side,", "targets for the government expenditure and", "revenues, as well as information on the", "measures adopted and the nature of those", "envisaged to achieve the targets. The report", "shall be made public." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 3 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) On request and within the deadline set", "by the Commission, the Member State", "subject to closer monitoring shall:" ], "reference": "2011/0386(COD)", "seq": 251, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(6) On request and within the deadline set", "by the Commission, the Member State in", "an excessive deficit procedure shall take", "the following action:" ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 6 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. In case of risks of non-compliance with", "the deadline to correct the excessive", "deficit, the Commission shall address a", "recommendation to the Member State", "concerned for adoption of further measures", "within a timeframe consistent with the", "deadline for the correction of its excessive", "deficit referred to in paragraph 1. The", "recommendation by the Commission shall", "be made public, and, at the request of the", "Parliament of the Member State", "concerned, shall be presented by the", "Commission to the Parliament concerned." ], "reference": "2011/0386(COD)", "seq": 259, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "2. In case of risks of non-compliance with", "the deadline to correct the excessive", "deficit, the Commission shall address a", "recommendation to the Member State", "concerned for adoption of further measures", "within a timeframe consistent with the", "deadline for the correction of its excessive", "deficit referred to in paragraph 1. The", "Commission opinion shall be made public", "and presented to the Eurogroup. At the", "request of the Parliament of the Member", "State concerned, it shall be presented by", "the Commission to the Parliament", "concerned." ], "location": [ [ "Proposal for a regulation", "Article 8 - paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.870%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0386(COD)", "seq": 282, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "(ba) the contribution this Regulation", "makes to guaranteeing budgetary", "discipline." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1 \u2013 subparagraph 2 \u2013 point b a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-485.871%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0385(COD)", "seq": 147, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-03-13T00:00:00", "new": [ "Where a Member State seeks financial", "assistance from the ESM, the other", "Member States shall ensure that a", "decision on the application is promptly", "taken." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 5 \u2013 subparagraph 1a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A bank normally closes a derivatives contract with a non-financial counterparty to hedge the\nclient's open positions from transactions in the real economy. There is no speculative\nbackground to these contracts and the risk of losses from changing ratings is quite low. Thus,\nderivatives transactions with non-financial clients should be exempted from the CVA charge,\nprovided that the client can prove a documented congruency between the underlying\ntransaction and the derivatives contract.", "old": [ "3. Transactions with a central counterparty", "are excluded from the own funds", "requirements for CVA risk." ], "seq": 839, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "3. Transactions with a central counterparty", "and transactions with non-financial", "counterparties referred to in Art XX of", "EMIR (inserted by OP), provided that", "these transactions are objectively", "measurable as reducing risks directly", "related to the commercial or treasury", "financing activities of the non-financial", "counterparty, are excluded from the own", "funds requirements for CVA risk." ], "location": [ [ "Proposal for a regulation", "Article 372 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The risk towards regulated exchanges is similar to that of CCPs and therefore such exposures\nare seen as being similar to those defined in Article 389, paragraph 1, point j. Shifting\nbusiness to recognised exchanges is also supporting the general aim of the G20 leaders to\nshift more business from OTC trading to on-exchange trading. In the course of the single rule\nbook approach there seems to be no need to introduce new items for national discretion.", "reference": "2011/0202(COD)", "seq": 879, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(ja) assets constituting claims and other", "exposures to recognised exchanges." ], "location": [ [ "Proposal for a regulation", "Article 389 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point j a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The risk towards regulated exchanges is similar to that of CCPs and therefore such exposures\nare seen as being similar to those defined in Article 389, paragraph 1, point j. Shifting\nbusiness to recognised exchanges is also supporting the general aim of the G20 leaders to\nshift more business from OTC trading to on-exchange trading. In the course of the single rule\nbook approach there seems to be no need to introduce new items for national discretion.", "old": [ "(k) assets constituting claims and other", "exposures to recognised exchanges." ], "seq": 886, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 389 \u2013 paragraph 2 \u2013 point k" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To ensure comparability in the 'observation phase', it is necessary to specify easily applicable\nuniform criteria for the determination of high liquid assets in that phase.", "old": [ "Pending a uniform definition in", "accordance with Article 481(2) of high", "and extremely high liquidity and credit", "quality, institutions shall identify", "themselves in a given currency", "transferable assets that are respectively of", "high or extremely high liquidity and credit", "quality. Pending a uniform definition,", "competent authorities may, taking into", "account the criteria listed in Article", "481(2), provide general guidance that", "institutions shall follow in identifying", "assets of high and extremely high liquidity", "and credit quality. In the absence of such", "guidance, institutions shall use", "transparent and objective criteria to this", "end, including some or all of the criteria", "listed in Article 481(2)." ], "seq": 983, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "Pending a uniform definition of high and", "extremely high liquidity and credit quality,", "institutions shall regard as transferable", "assets that are of high or extremely high", "liquidity and credit quality all securities", "that have a credit assessment by a", "recognised ECAI of at least A- or are", "internally rated as having a PD equivalent", "to a credit assessment of at least A- and:", "a) are recognised as collateral at a", "standardised repo market or", "b) belong to one of the following asset", "classes: securities representing claims on or", "claims guaranteed by sovereigns, central", "banks, regional governments, local", "authorities or other public sector entities;", "securities representing claims on or", "claims guaranteed by supranational", "institutions, the EU or the EFSF, covered", "bonds eligible for the treatment set out in", "Article 124, paragraph 3 or 4, government", "guaranteed bank bonds according to", "Article 404 paragraph 2 point (a) point", "(iii) and other government guaranteed", "bank bonds; shares listed in regulated", "exchange markets; gold; bonds issued by", "government-sponsored enterprises,", "corporate bonds." ], "location": [ [ "Proposal for a regulation", "Article 404 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) assets that are issued by a credit", "institution unless they fulfil one of the", "following conditions:" ], "reference": "2011/0202(COD)", "seq": 993, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(a) assets that are issued by a credit", "institution or SSPE unless they fulfil one", "of the following conditions:" ], "location": [ [ "Proposal for a regulation", "Article 404 \u2013 paragraph 2 \u2013 point a \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(i) they are bonds eligible for the treatment", "set out in Article 124(3) or (4);" ], "reference": "2011/0202(COD)", "seq": 994, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(i) they are bonds eligible for the treatment", "set out in Article 124(3) or (4) or asset", "backed instruments of high liquid and", "credit quality as established by EBA", "pursuant to Article 481;" ], "location": [ [ "Proposal for a regulation", "Article 404 \u2013 paragraph 2 \u2013 point a \u2013 point i" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(ii) they are bonds as defined in Article", "52(4) of Directive 2009/65/EC other than", "those referred to in (i);" ], "reference": "2011/0202(COD)", "seq": 997, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(ii) they are bonds as defined in Article", "52(4) of Directive 2009/65/EC other than", "those referred to in (i) or equivalent items", "subject to the approval of the competent", "authorities;" ], "location": [ [ "Proposal for a regulation", "Article 404 \u2013 paragraph 2 \u2013 point a \u2013 point ii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Car-ABS have proven to be resistant during the crisis and have good ratings. There have\nbeen no losses for investors. Therefore, it is not justified to treat them differently than other\nassets like covered bonds or residential mortgage-backed securities.", "old": [ "(iii) the credit institution has been set up", "and is sponsored by a Member State central", "or regional government and the asset is", "guaranteed by that government and used to", "fund promotional loans granted on a non-", "competitive, not for profit basis in order to", "promote its public policy objectives;" ], "seq": 1003, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(iii) the credit institution has been set up", "and is sponsored by a Member State central", "or regional government and the asset is", "guaranteed by that government and has an", "obligation to protect the economic basis of", "the institution and maintain its viability", "throughout its lifetime; or the asset is", "explicitly guaranteed by that government;", "and the asset is exclusively used to fund", "promotional loans granted on a non-", "competitive, not for profit basis in order to", "promote that government's public policy", "objectives;" ], "location": [ [ "Proposal for a regulation", "Article 404 \u2013 paragraph 2 \u2013 point a \u2013 point iii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment clarifies that all deposit guarantee schemes in the European Union are\ncovered by this paragraph.", "old": [ "1. Institutions shall multiply the amount of", "retail deposits that are covered by a", "Deposit Guarantee Scheme according to", "Directive 94/19/EG or an equivalent", "deposit guarantee scheme in a third country", "by at least 5% where the deposit is either" ], "seq": 1113, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "1. Institutions shall multiply the amount of", "retail deposits that are covered by a", "Deposit Guarantee Scheme according to", "Directive 94/19/EG or an equivalent", "deposit guarantee scheme in a third country", "or a member state of the European Union", "by at least 5% where the deposit is either" ], "location": [ [ "Proposal for a regulation", "Article 409 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.853%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment clarifies that all deposit guarantee schemes in the European Union are\ncovered by this paragraph.", "old": [ "by 5% in the case of point (a) to the extent", "to which they are covered by a Deposit", "Guarantee Scheme according to Directive", "94/19/EC or an equivalent deposit", "guarantee scheme in a third country and by", "25% otherwise." ], "seq": 1137, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "by 5% in the case of point (a) to the extent", "to which they are covered by a Deposit", "Guarantee Scheme according to Directive", "94/19/EC or an equivalent deposit", "guarantee scheme in a third country or a", "member state of the European Union and", "by 25% otherwise." ], "location": [ [ "Proposal for a regulation", "Article 410 \u2013 paragraph 4 \u2013 second subparagraph" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Cash collateral placed with the credit institution in its capacity as CCP is held according to\nrisk-averse investment policies as imposed by EMIR. In turn, such cash collateral cannot\ntrigger unintended leverage risk.", "reference": "2011/0202(COD)", "seq": 1291, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "The value of cash collateral received", "either as margin collateral or as default", "fund contribution which is shown in its", "balance sheet may be deducted from the", "total exposure measure by institutions", "operating a central counterparty." ], "location": [ [ "Proposal for a regulation", "Article 416 \u2013 paragraph 10 \u2013 subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In order to cover the treatment of CCP business at a bank operating a CCP, some specific\nprovisions are necessary. Some of those fit within the respective areas but others need explicit\ntreatment. In order to deal with those, a specific part needs to be added.", "reference": "2011/0202(COD)", "seq": 1297, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "Article 417a", "Treatment of Central Counterparty", "business of credit institutions", "1. Trade exposures an institution", "operating a central counterparty has in", "this function with its clearing members", "are not taken into account for the", "purposes of Parts Three, Four, Six and", "Seven.", "2. For the determination of capital", "requirements for credit risk, the default", "fund contribution of an institution in its", "function as a Central counterparty is", "defined as an own exposure class \"CCP", "Default fund contribution\". Regardless of", "the approach chosen, the amount", "contributed to the default funds is taken", "as exposure multiplied with a risk weight", "of 100%. This treatment does not change", "the treatment of the default fund", "contribution of the institution operating a", "Central counterparty for other purposes.", "3. Cash positions resulting out of the", "netting of various deliveries in the same", "underlying but with differing prices are", "not treated as exposures for Large", "Exposures purposes. For other purposes", "the total receivable and total payables are", "treated as a position towards a domestic", "credit institution.", "4. For an institution operating a CCP the", "scope of the EMIR rules is limited to the", "extent possible to the CCPs business as", "such. Where differing rules exist between", "EMIR and this regulation and directive,", "in principle the more stringent rules", "apply. Where conflicting rules exist", "between EMIR and this regulation and", "directive, the competent authority being", "responsible for the banking supervision of", "that institution is responsible to adopt the", "rules of this regulation and / or directive", "in a way, that compliance with the EMIR", "rules is secured to the extent possible and", "the intention of this regulation or", "directive is not harmed substantially." ], "location": [ [ "Proposal for a regulation", "Article 417 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is essential to analyse exactly what impact the leverage ratio has and whether or not it is\neffective. Disclosure to the market of an unadjusted leverage ratio is likely to have adverse\neffects, so there should be no disclosure before the necessary adjustments to the calculation\nmethod have been made and the ratio has been adequately calibrated.", "reference": "2011/0202(COD)", "seq": 1326, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "The decision as to whether or not the", "leverage ratio is to be disclosed should not", "be taken without full consideration of the", "results of the report on the impact and", "effectiveness of the leverage ratio", "and should take into account the decision", "of the Council and the European", "Parliament on the treatment of the", "leverage ratio." ], "location": [ [ "Proposal for a regulation", "Article 436 \u2013 paragraph -1 (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Given the enormous importance of the definition of liquid assets, this issue should not be dealt\nwith i a delegated act but should be decided by the Council and European Parliament as part\nof the co-decision procedure.", "old": [ "Liquidity", "1. The Commission shall be empowered to", "adopt a delegated act in accordance with", "Article 445 to specify in detail the general", "requirement set out in Article 401. Such", "specification shall be based on the items", "to be reported according to Part Six, Title", "II. The delegated act shall also specify", "under which circumstances competent", "authorities have to impose specific in- and", "outflow levels on credit institutions in", "order to capture specific risks to which", "they are exposed.", "2.The Commission shall be empowered to", "modify the items referred to in paragraph", "1 or add additional items only if one of the", "following conditions is met:", "(a) a liquidity coverage requirement based", "on those criteria, considered either", "individually or cumulatively, would have", "a material detrimental impact on the", "business and risk profile of European", "institutions or on financial markets or the", "economy; or", "(b) modification is appropriate to align", "them with internationally agreed", "standards for liquidity supervision.", "For the purposes of point (a), in assessing", "the impact of a liquidity coverage", "requirement based on those criteria, the", "Commission shall take into account the", "reports referred to in paragraphs 1 and 2", "of Article 481.", "3. The Commission shall adopt the first", "delegated act referred to in paragraph 1 at", "the latest by 31 December 2015. A", "delegated act adopted in accordance with", "this Article shall, however, not apply", "before 1 January 2015." ], "seq": 1384, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 444" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Equal treatment is required when it comes to the treatment of instruments issued pursuant to\nEuropean State Aid Rules.", "old": [ "(b) the instruments constitute State aid;" ], "seq": 1458, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "(b) the instruments were issued within the", "context of a recapitalisation scheme", "pursuant to state aid-rules;" ], "location": [ [ "Proposal for a regulation", "Article 462 \u2013 paragraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.854%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An extension of the Basel I-Floor is to be rejected. Institutions have relied in their planning\non the expectation that the floor expires end 2011. An extension would therefore be associated\nwith considerable costs. The Basel I-Floor was introduced as a 'safeguard clause' when\nmigrating from Basel 1 to Basel II. In the meantime, the outcomes of Basel II have been tested\nsufficiently. As a consequence, the Basel I-Floor provision has become obsolete as a\nbenchmark.", "old": [ "Transitional provisions \u2013 Basel I floor", "1. Until 31 December 2015, institutions", "calculating risk-weighted exposure", "amounts in accordance with Part Three,", "Title II, Chapter 3 and institutions using", "the Advanced Measurement Approaches", "as specified in Part Three, Title III,", "Chapter 4 for the calculation of their own", "funds requirements for operational risk", "shall meet both of the following", "requirements:", "(a) They shall hold own funds as required", "by Part Three Title II Chapter 1;", "(b) They shall meet a temporary capital", "ratio of not less 6.4%. The temporary", "capital ratio is the own funds of the", "institution expressed as a percentage of", "the risk-adjusted assets and off-balance", "sheet items as set out in Annex IV.", "2. The competent authorities may, after", "having consulted EBA, waive the", "application of paragraph 1(b) to", "institutions provided that all the", "requirements for the Internal Ratings", "Based Approach set out in Part Three,", "Title II, Chapter 3, Section 6 and the", "qualifying criteria for the use of the", "Advanced Measurement Approach set out", "in Part Three, Title III, Chapter 4 are", "met." ], "seq": 1484, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 476" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.855%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Given the enormous importance of the definition of liquid assets, this issue should not be dealt\nwith in a delegated act but should be decided by the Council and the European Parliament as\npart of the co-decision procedure.", "reference": "2011/0202(COD)", "seq": 1537, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-09-03T00:00:00", "new": [ "2 a. By 31 December 2013, the", "Commission shall report and submit a", "legislative proposal to the European", "Parliament and Council to introduce the", "liquidity coverage requirement according", "to Article 401 by 31 December 2015 at the", "latest, but not before 1st January 2015. In", "particular, the Commission shall point", "out:", "(i) any changes that may be appropriate to", "the categories and calibration of the", "inflows and outflows referred to in Part", "Six Title II, taking into account the report", "referred to in the first paragraph and", "international developments;", "(ii) the need to limit the coverage of", "liquidity requirements by liquid assets", "referred to in points (d) of Article 404,", "paragraph 1;", "(iii) uniform definitions of high and", "extremely high liquidity;", "(iv) the definition of established", "operational relationship for corporate", "clients." ], "location": [ [ "Proposal for a regulation", "Article 481 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.829%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0261(CNS)", "seq": 101, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "4a. Member States may allow exemptions", "for transactions in the interest of private", "and occupational pensions." ], "location": [ [ "Proposal for a directive", "Article 1 \u2013 paragraph 4a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.829%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In that report the Commission shall, at", "least, examine the impact of the FTT on the", "proper functioning of the internal market,", "the financial markets and the real economy", "and it shall take into account the progress", "on taxation of the financial sector in the", "international context." ], "reference": "2011/0261(CNS)", "seq": 177, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "In that report the Commission shall, at", "least, examine the impact of the FTT on the", "proper functioning of the internal market,", "the financial markets, the real economy", "and the final customers of financial", "services and it shall take into account the", "progress on taxation of the financial sector", "in the international context." ], "location": [ [ "Proposal for a directive", "Article 16 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Value adjustments referred to in directive 86/635/EC are currently recognized as Tier 2\ncapital elements under article 57 (e) of directive 2006/48/EC. There is no reason why such\nelements are not accepted as Tier 2, when they meet the conditions set out in article 60 (1) of\nthe draft regulation. In some countries, these adjustments are important capital elements,\nespecially for smaller banks.", "reference": "2011/0202(COD)", "seq": 507, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "(da) value adjustments referred to in", "article 37 para 2 of directive 86/635/EU;" ], "location": [ [ "Proposal for a regulation", "Article 59 \u2013 paragraph 1 \u2013 point d a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Value adjustments referred to in directive 86/635/EC are currently recognized as Tier 2\ncapital elements under article 57 (e) of directive 2006/48/EC. There is no reason why such\nelements are not accepted as Tier 2, when they meet the conditions set out in article 60 (1) of\nthe draft regulation. In some countries, these adjustments are important capital elements,\nespecially for smaller banks.", "reference": "2011/0202(COD)", "seq": 508, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "(db) the commitments of the members of", "credit institutions set up as cooperative", "societies and the joint and several", "commitments of the borrowers of certain", "institutions organised as funds." ], "location": [ [ "Proposal for a regulation", "Article 59 \u2013 paragraph 1 \u2013 point d b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text proposed by the Commission does not reflect the federal state system of the Federal\nRepublic of Germany with its development banks owned both by the central government and\nfederal states. According to the text proposed by the Commission only exposures to\ndevelopment banks owned by central government could continue to be assigned a risk weight\nof 0 %. This would place development banks owned by federal states at a disadvantage.", "old": [ "4. Exposures to public-sector entities may", "be treated as exposures to the central", "government in whose jurisdiction they are", "established where there is no difference in", "risk between such exposures because of the", "existence of an appropriate guarantee by", "the central government." ], "seq": 616, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "4. Exposures to public-sector entities may", "be treated as exposures to the central", "government, regional governments or", "local authority in whose jurisdiction they", "are established where there is no difference", "in risk between such exposures because of", "the existence of an appropriate guarantee", "by the central government, regional", "governments or local authority." ], "location": [ [ "Proposal for a regulation", "Article 111 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Development banks provide competitively neutral loans via commercial banks to the final\nborrowers (so-called \u201chouse bank principle\u201d). The \u201chouse bank\u201d regularly become borrower\nof the development bank, i.e. interbank exposures are generated. The treatment of exposures\nto rated institutions proposed by the Commission would disproportionately reduce\ndevelopment banks\u2019 own funds base and jeopardize their promotional mission.", "reference": "2011/0202(COD)", "seq": 631, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "Article 115a", "For exposures to credit institutions", "incurred by credit institutions operating", "on a non-competitive basis and providing", "loans under legislative programmes or", "their statutes, in order to promote", "specified sectors of the economy while", "being under some form of governmental", "supervision and restrictions on the use of", "the loans Article 116 applies, subject to", "the condition that the respective exposures", "arise from such loans that are passed on", "to the beneficiaries via other credit", "institutions." ], "location": [ [ "Proposal for a regulation", "Article 115 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Clarification", "old": [ "(f) institutions;" ], "seq": 785, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "(f) institutions and mutual guarantee", "schemes / credit guarantee institutions;" ], "location": [ [ "Proposal for a regulation", "Article 197 \u2013 paragraph 1 \u2013 point f" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Guarantee banks fulfil the same supervisory requirements as deposit banks. Until now the\nsame risk weight of 20% was applied to both types of banks in the national implementation of\nthe Capital Requirements Directive. This flexibility is lost in the current legal instrument,\ntherefore this clarification is needed.", "reference": "2011/0202(COD)", "seq": 787, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "Competent authorities have to indicate the", "relevant mutual guarantee schemes /", "credit guarantee institutions according to", "paragraph 2 to EBA." ], "location": [ [ "Proposal for a regulation", "Article 197 \u2013 paragraph 2 \u2013 subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The condition (a) of segregated transactions and bankruptcy remote assets is enough to\nconsiderably lower the counterparty credit risk. An obligation to ensure the transfer of the\nclearing member's positions in case of insolvency is not feasible in practice. For this, another\nclearing member would have to contractually guarantee the assumption of all potential\npositions of this clearing member. No company is going to conclude an agreement like this.", "old": [ "5. As an alternative to the approach", "specified in paragraph 4, where an", "institution is a client, it may calculate the", "own funds requirements for its CCP-related", "transactions with the clearing member in", "accordance with Articles 297 to 300", "provided that both of the following", "conditions are met:" ], "seq": 807, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "5. As an alternative to the approach", "specified in paragraph 4, where an", "institution is a client, it may calculate the", "own funds requirements for its CCP-related", "transactions with the clearing member in", "accordance with Articles 297 to 300", "provided that" ], "location": [ [ "Proposal for a regulation", "Article 296 \u2013 paragraph 5 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.852%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The condition (a) of segregated transactions and bankruptcy remote assets is enough to\nconsiderably lower the counterparty credit risk. An obligation to ensure the transfer of the\nclearing member's positions in case of insolvency is not feasible in practice. For this, another\nclearing member would have to contractually guarantee the assumption of all potential\npositions of this clearing member. No company is going to conclude an agreement like this.", "old": [ "(b) relevant laws, regulations, rules and", "contractual arrangements applicable to or", "binding that institution or the CCP ensure", "that in the event of default or insolvency", "of the clearing member, the transfer of", "the institution's positions relating to those", "contracts and transactions and of the", "corresponding collateral to another", "clearing member within the relevant", "margin period of risk." ], "seq": 808, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-08-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 296 \u2013 paragraph 5 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A reference needs to be made here to Part Four of the proposal for a Regulation (which deals\nwith \u201cLarge Exposures\u201d) and, therefore, not to Part Five (which concerns \u201cexposures to\ntransferred credit\u201d).", "old": [ "(23) \u2018eligible capital\u2019 for the purposes of", "Title IV of Part Two and Part Five means", "the sum of the following:" ], "seq": 251, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "(23) \u2018eligible capital\u2019 for the purposes of", "Title IV of Part Two and Part Four means", "the sum of the following:" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point 23 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The cap of 25% of Tier 2 in the calculation of eligible capital would place small and medium-\nsized institutions at a clear disadvantage since the relatively small amount of regulatory\ncapital at their disposal means their large exposure limits would be quickly reached.\nTherefore, it is necessary to delete the cap of 25%.", "old": [ "(c) Tier 2 capital that is equal to or less", "than 25 % of own funds;" ], "seq": 252, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "(c) Tier 2 capital;" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point 23 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The preferred treatment to limit liquidity supervision to single entities or sub-groups should\nnot be limited to institution groups only as in principle the inherent risk in financial holding\ngroups or mixed financial holding groups is supposed to be lower in general.", "reference": "2011/0202(COD)", "seq": 280, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "These rules also apply to institutions", "being part of a financial holding group or", "mixed financial holding group and other", "undertakings being part of such a group." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Coherence with AM 20 by the Rapporteur.", "old": [ "Capital instruments of mutuals, cooperative", "societies or similar institutions in Common", "Equity Tier 1 items" ], "seq": 371, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "Capital instruments of mutuals, cooperative", "societies, savings banks or similar", "institutions in Common Equity Tier 1 items" ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is not clear why it should only be permitted to net positions in an institution\u2019s own shares if\n\u201cshort positions involve no counterparty risk\u201d. This may lead to no netting of positions in\nown funds being allowed at all. Plus, counterparty risk is already taken into account when\ncalculating RWAs, so the proposed treatment would impose a duplicate burden on the\ncalculation of RWAs and capital deductions. COM\u2019s proposal would make it extremely\nuneconomic to hedge positions in own shares.", "old": [ "(a) institutions may calculate the amount of", "holdings of own Common Equity Tier 1", "instruments in the trading book on the basis", "of the net long position provided the long", "and short positions are in the same", "underlying exposure and the short", "positions involve no counterparty risk;" ], "seq": 436, "reference": "2011/0202(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "(a) institutions may calculate the amount of", "holdings of own Common Equity Tier 1", "instruments in the trading book on the basis", "of the net long position provided the long", "and short positions are in the same", "underlying exposure;" ], "location": [ [ "Proposal for a regulation", "Article 39 \u2013 paragraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The inclusion of group liability models under Article 108(7) of the CRR is a prerequisite for\nthe exceptional treatment provided for in Article 46(3)(b). Article 80(8) of the CRD\n(2006/48/EC) is already worded such that the conditions regarding the coverage of\nintergroup risk exposure are the same for both groups of banks. Group liability models\nalready include an aggregated balance sheet which ensures that there is no double gearing of\nown funds.", "old": [ "i) where the holding is in a central or", "regional credit institution, the institution", "with that holding is associated with that", "central or regional credit institution in a", "network subject to legal or statutory", "provisions and the central or regional", "credit institution is responsible, under", "those provisions, for cash-clearing", "operations within that network;" ], "seq": 473, "reference": "2011/0202(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "i) where the holding is in a central or", "regional credit institution, either the", "institution with that holding is associated", "with that central or regional credit", "institution in a network subject to legal or", "statutory provisions and for cash-clearing", "operations within that network or that", "network ensures the liquidity and solvency", "of the institution in accordance with", "Article 108(7);" ], "location": [ [ "Proposal for a regulation", "Article 46 \u2013 paragraph 3 \u2013 point b \u2013 point i" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.850%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "v) the institution draws up and reports to", "the competent authorities the consolidated", "balance sheet referred to in point (e) of", "Article 108(7) no less frequently than own", "funds requirements are required to be", "reported under Article 95;" ], "reference": "2011/0202(COD)", "seq": 484, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2012-07-03T00:00:00", "new": [ "v) the institution draws up and reports to", "the competent authorities the consolidated", "or aggregated balance sheet referred to in", "point (e) of Article 108(7) no less", "frequently than laid down in Article", "108(7);" ], "location": [ [ "Proposal for a regulation", "Article 46 \u2013 paragraph 3 \u2013 point b \u2013 point v" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-475.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0092(CNS)", "seq": 31, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2011-01-12T00:00:00", "new": [ "(4a) Energy taxation should not cover", "energy recovery from waste and, in", "particular, the use of waste as an", "alternative fuel, given that Directive", "2008/98/EC of the European Parliament", "and the Council of 19 November 2008 on", "waste and repealing certain directives", "urges producers and holders of waste to", "dispose of waste in the most energy-", "efficient and resource-friendly manner", "possible and gives priority to energy", "recovery over disposal." ], "location": [ [ "Proposal for a directive", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-475.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Imposing energy tax on thermally recovered waste - i.e. waste whose energy content released\non burning is put to good use, thus replacing fossil fuels and conserving resources - runs\ncounter to the resource-efficiency objective and the provisions laid down in the Waste\nFramework Directive 2008/98/EC.", "reference": "2011/0092(CNS)", "seq": 121, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2011-01-12T00:00:00", "new": [ "- waste used as alternative fuel or", "thermally recovered in accordance with", "Article 3(15) in conjunction with Annex", "II R1 of Directive 2008/98/EC of the", "European Parliament and of the Council", "of 19 November 2008 on waste and", "repealing certain Directives." ], "location": [ [ "Proposal for a directive", "Article 1 \u2013 point 3" ], [ "Directive 2003/96/EC", "Article 3 \u2013 point b \u2013 indent 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(14) At the same time, it is important take", "into consideration the specificities of credit", "agreements relating to residential", "immovable property which justify a", "differentiated approach. Given the nature", "and the possible consequences of a credit", "agreement relating to residential", "immovable property for the consumer,", "advertising materials and personalised", "pre-contractual information should", "include specific risk warnings, for", "instance about the nature and", "implications of taking out a security.", "Following what already existed as a", "voluntary approach by the industry", "concerning home loans, general pre-", "contractual information should be made", "available at all times in addition to the", "personalised pre-contractual information.", "Furthermore, a differentiated approach is", "justifiable in order to take into", "consideration the lessons learnt from the", "financial crisis in order to ensure that loan", "origination takes place in a sound manner.", "In this respect, the provisions on the", "creditworthiness assessment should be", "strengthened in comparison to consumer", "credit, more precise information should be", "provided by credit intermediaries on their", "status and relationship with the creditors in", "order to disclose potential conflicts of", "interest, and all actors involved in the", "origination of credit agreements relating to", "residential immovable property should be", "adequately authorised, registered and", "supervised." ], "reference": "2011/0062(COD)", "seq": 200, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(14) At the same time, it is important to", "take into consideration the specificities of", "credit agreements relating to residential", "immovable property which justify a", "differentiated approach. Following what", "already existed as a voluntary approach by", "the industry concerning home loans,", "general pre-contractual information should", "be made available at all times in addition to", "the personalised pre-contractual", "information. Furthermore, a differentiated", "approach is justifiable in order to take into", "consideration the lessons learnt from the", "financial crisis in order to ensure that loan", "origination takes place in a sound manner.", "Creditworthiness should be assessed in", "accordance with Directive 2008/48/EC.", "More precise information should be", "provided by credit intermediaries on their", "status and relationship with the creditors in", "order to disclose potential conflicts of", "interest, and all actors involved in the", "origination of credit agreements relating to", "residential immovable property should be", "adequately authorised, registered and", "supervised." ], "location": [ [ "Proposal for a directive", "Recital 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 210, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(16a) The financial crisis has highlighted", "the importance of managing conflicts of", "interest in order to reduce the risks", "arising and to rebuild consumer", "confidence. It is therefore appropriate, in", "accordance with Directive 2010/76 of the", "European Parliament and of the Council", "of 24 November 2010, to regulate certain", "aspects of the remuneration of staff of", "creditors and credit intermediaries." ], "location": [ [ "Proposal for a directive", "Recital 16 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(25) A negative creditworthiness", "assessment should indicate to the creditor", "that the consumer is unable to afford the", "credit and as a consequence, the creditor", "should not grant the credit. Such a negative", "outcome may derive from a wide range of", "reasons, including but not limited to the", "consultation of a database or a negative", "credit score. A positive creditworthiness", "assessment should not constitute an", "obligation for the creditor to provide credit." ], "reference": "2011/0062(COD)", "seq": 232, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(25) A negative creditworthiness", "assessment should indicate to the creditor", "that the consumer is unable to afford the", "credit and as a consequence, the creditor", "should not grant the credit. Such a negative", "outcome may derive from a wide range of", "reasons, including but not limited to the", "consultation of a database or a negative", "credit score. Member States may put in", "place adequate mechanisms for", "compensation if an adverse decision not", "to grant a loan was taken by a credit", "institution on the basis of an inaccurate", "credit report provided by a credit register.", "A positive creditworthiness assessment", "should not constitute an obligation for the", "creditor to provide credit." ], "location": [ [ "Proposal for a directive", "Recital 25" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 246, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(31a) Member States may prohibit", "creditors or credit intermediaries from", "tying by making the offer of a credit", "agreement conditional upon the purchase", "of insurance or other financial products", "from a given provider specified by the", "creditor or credit intermediary except for", "the opening of a current account. Member", "States may also prohibit creditors or credit", "intermediaries from tying by making the", "offer of a credit agreement conditional", "upon the provision of services by", "appraisers, notaries, legal advisers or any", "other provider specified by the creditor or", "credit intermediary." ], "location": [ [ "Proposal for a directive", "Recital 31 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(32) A consumer\u2019s ability to repay his", "credit prior to the expiry of his credit", "agreement may play an important role in", "promoting competition in the single market", "and the free movement of EU citizens.", "However, substantial differences exist", "between the national principles and", "conditions under which consumers have", "the ability to repay and the conditions", "under which such early repayment can take", "place. Whilst recognising the diversity in", "mortgage funding mechanisms and the", "range of products available, certain", "standards with regard to early repayment of", "credit are essential at Union level in order", "to ensure that consumers have the", "possibility to discharge their obligations", "before the date agreed in the credit", "agreement and the confidence to shop", "around for the best products to meet their", "needs. Member States should therefore", "ensure, either by legislation or by means of", "contractual clauses, that consumers have a", "statutory or contractual right to early", "repayment; nevertheless, Member States", "should be able to define the conditions for", "the exercise of such a right. These", "conditions may include time limitations on", "the exercise of the right, different treatment", "depending on the type of the borrowing", "rate, whether fixed or variable, restrictions", "with regard to the circumstances under", "which the right may be exercised. Member", "States could also provide that the creditor", "should be entitled to fair and objectively", "justified compensation for potential costs", "directly linked to early repayment of the", "credit. In any event, if the early repayment", "falls within a period for which the", "borrowing rate is fixed, exercise of the", "right may be made subject to the existence", "of a special interest on the part of the", "consumer. Such special interest may for", "example occur in case of divorce or", "unemployment. Where a Member State", "chooses to lay down such conditions,", "these should not make the exercise of the", "right excessively difficult or onerous for", "the consumer." ], "reference": "2011/0062(COD)", "seq": 251, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32) A consumer\u2019s ability to repay his", "credit prior to the expiry of his credit", "agreement may play an important role in", "promoting competition in the single market", "and the free movement of EU citizens.", "However, substantial differences exist", "between the national principles and", "conditions under which consumers have", "the ability to repay and the conditions", "under which such early repayment can take", "place. Whilst recognising the diversity in", "mortgage funding mechanisms and the", "range of products available, certain", "standards with regard to early repayment of", "credit are essential at Union level in order", "to ensure that consumers have the", "possibility to discharge their obligations", "before the date agreed in the credit", "agreement and the confidence to shop", "around for the best products to meet their", "needs. Member States should therefore", "ensure, either by legislation or by means of", "contractual clauses, that consumers have a", "statutory or contractual right to early", "repayment while adhering to the principle", "that fixed interest periods, once agreed,", "are binding; Member States should be able", "to define the conditions for the exercise of", "such a right. These conditions may include", "time limitations on the exercise of the", "right, different treatment depending on the", "type of the borrowing rate, whether fixed", "or variable, restrictions with regard to the", "circumstances under which the right may", "be exercised. Member States could also", "provide that the creditor should be entitled", "to fair and objectively justified", "compensation for potential costs, including", "any loss of interest, directly linked to early", "repayment of the credit. In any event, if the", "early repayment falls within a period for", "which the borrowing rate is fixed, exercise", "of the right may be made subject to the", "existence of a special interest on the part of", "the consumer. Such special interest may for", "example occur in case of divorce or", "unemployment." ], "location": [ [ "Proposal for a directive", "Recital 32" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 254, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32a) Member States may ensure that", "lenders allow borrowers to keep a credit", "agreement when moving house provided", "that the value of the new property is", "sufficient to serve as the collateral", "required by the credit agreement and", "when the conditions required to consider", "collaterals as equivalents referred to in", "paragraph 2 have been fulfilled. Member", "States may adopt the measures", "appropriate to ensure that where under", "national law a credit agreement related to", "a residential immovable property located", "in another Member State is considered as", "equivalent to a credit agreement related to", "a residential immovable property on its", "territory for the purposes of being pooled", "in financial instruments traded in", "secondary markets, they shall also be", "considered equivalent for the purpose of", "paragraph 1. In order to ensure consistent", "harmonisation of the right to portability,", "EBA shall draft guidelines to further", "specify the conditions required to consider", "collateral as equivalent in accordance", "with the first paragraph of this Article." ], "location": [ [ "Proposal for a directive", "Recital 32 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 258, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32b) Member States may provide that", "where a credit agreement relates to a loan", "in a foreign currency, the consumer shall", "have the right to convert the loan into the", "currency of the Member State within a", "reasonable period. Member States may", "also provide that the creditor should be", "entitled to obtain fair and objectively", "justified compensation for potential costs", "directly linked to the exercise of the right", "but shall not allow creditors to impose a", "penalty arising from the exercise of the", "right." ], "location": [ [ "Proposal for a directive", "Recital 32 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 261, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32c) Member States may ensure that", "creditors allow consumers to make", "payments which exceed the amount", "required by the amortisation structure of", "the loan contained in the credit agreement", "without penalty and thereby have the right", "to redeem in the future the payments", "scheduled according the amortisation", "structure up to the value by which they", "have previously exceeded the required", "amount." ], "location": [ [ "Proposal for a directive", "Recital 32 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 262, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32d) Member States may ensure that, in", "order to cover risks of ageing or", "retirement, the parties to a credit", "agreement may agree to convert the credit", "agreement into a reverse mortgage or", "other credit agreement under which a", "sum of money is advanced or paid", "periodically to the consumer to allow", "access to equity in the residential", "immovable property and which will", "eventually be repaid from the sale of the", "residential immovable property." ], "location": [ [ "Proposal for a directive", "Recital 32 d (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 263, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32e) Member States may provide that", "creditors may transfer credit agreements", "or portfolios of credit agreements to other", "financial institutions without the consent", "of the consumer as long as the loan", "conditions are not altered to the", "disadvantage of the consumer. This", "paragraph shall be without prejudice to", "Article 122a of Directive 2006/48/EC.", "Member States shall ensure that", "mortgages portfolios are transferable to a", "new lender without registration of a new", "mortgage deed for each loan in the", "transferred portfolio. Member States may", "also provide that consumers too have the", "right to transfer a credit agreement to a", "new creditor which is prepared to accept", "the transfer and which makes a binding", "offer to the consumer provided that:", "(a) the binding offer significantly", "improves the economic conditions for the", "consumer either by an improvement of at", "least 100 basis points in the interest rate", "or by an extension or reduction of more", "than a third in the length of the", "repayment period for the outstanding", "debt;", "(b) the creditor refuses to make a binding", "offer before the expiry of the offer made", "by the new creditor which at least matches", "the terms of the binding offer made by the", "new creditor; and", "(c) the creditor receives appropriate", "compensation where there is provision to", "that effect in the national law. Member", "States shall ensure in such cases that the", "compensation does not constitute a", "penalisation of the consumer and that", "once a credit agreement has been in force", "for five years the compensation shall not", "be higher than 1% of the outstanding", "debt." ], "location": [ [ "Proposal for a directive", "Recital 32 e (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 264, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32f) Member States may allow the", "transfer from a borrower to a consumer of", "a credit agreement which would be within", "the scope of Article 2(1) if it were", "transferred to the consumer in parallel to", "the sale of a property on condition that", "the creditor has carried out a", "creditworthiness assessment of the", "consumer in accordance with Article 14", "and has not concluded that there is a", "negative prospect for his ability to repay", "and has provided the consumer with a", "binding offer prior to the transfer of the", "credit agreement.", "Member States may prohibit developers", "from tying the sale of a projected or", "existing property by making it conditional", "upon the transfer to the consumer of a", "credit agreement which would be within", "the scope of Article 2(1) if it were", "transferred to the consumer." ], "location": [ [ "Proposal for a directive", "Recital 32 f (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 265, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32g) Member States may ensure that", "creditors exercise reasonable forbearance", "and make diligent efforts to reach a", "negotiated solution before initiating", "foreclosure proceedings in relation to", "credit agreements.", "Member States may maintain or introduce", "requirements in relation to the process to", "be followed or the options which must be", "pursued prior to initiating foreclosure", "proceedings in relation to a property", "situated in their territory. In cases where", "the borrower has repaid a substantial part", "or the majority of the loan over a long", "period such options should include", "temporarily changing the contractual", "agreement between the creditor and the", "consumer.", "Member States may forbid penalties for", "default which are additional to the", "repayment of the outstanding portion of", "the loan where such default is the result", "of circumstances beyond the control of", "the borrower or where the penalty is not", "proportionate or is calculated taking into", "account the non-defaulted part of the", "loan.", "Member States may allow that the return", "of the collateral is sufficient to repay the", "loan at least where such a clause was", "expressly agreed by the parties to the", "credit agreement.", "Member States may ensure that where", "foreclosure proceedings are initiated the", "lender shall credit to the consumer as the", "value of the collateral a value at least as", "great as the most recent valuation carried", "out in conformity with the minimum", "requirements for the recognition of real", "estate collateral established in", "Annex VIII, part 2, point 8 of Directive", "2006/48/EC.", "Where residential mortgage lenders have", "full recourse to a consumer\u2019s assets after", "foreclosure proceedings are completed", "and outstanding debt remains, Member", "States shall ensure that seizure of wages,", "retirement pensions or equivalent", "distributions are limited so as to preserve", "a minimum income sufficient to maintain", "an adequate standard of living." ], "location": [ [ "Proposal for a directive", "Recital 32 g (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 266, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(32h) Member States may ensure that", "appraisers carrying out valuations of", "residential immovable property which are", "used to value the collateral in credit", "agreements are professionally competent.", "Member States may ensure that a public", "register of appraisers who are deemed", "professionally competent is established", "and regularly updated.", "Member States may ensure that", "appraisers who carry out valuations used", "by a creditor to value the collateral are", "sufficiently independent of the creditor,", "the borrower and, where applicable, the", "credit intermediary, to provide an", "objective and impartial valuation.", "Member States may specify further", "criteria which shall be used to determine", "the professional competence of", "appraisers. Such criteria shall not include", "a requirement for the appraiser to be", "established in their territory." ], "location": [ [ "Proposal for a directive", "Recital 32 h (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(44) The efficient functioning of this", "Directive will need to be reviewed, as will", "progress on the establishment of an internal", "market with a high level of consumer", "protection for credit agreements relating to", "residential immovable property. The", "Commission should therefore review the", "Directive five years after the deadline for", "its transposition. The review should", "include, among other things, an analysis of", "the evolution of the market for non-credit", "institutions providing credit agreements", "relating to residential immovable property", "and an assessment on the need for further", "measures, including a passport for such", "non-credit institutions, an examination of", "the necessity to introduce rights and", "obligations with regard to the post-", "contractual stage of credit agreements, and", "an assessment of whether an extension of", "the scope to include lending to small", "companies is warranted." ], "reference": "2011/0062(COD)", "seq": 271, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(44) The efficient functioning of this", "Directive will need to be reviewed, as will", "progress on the establishment of an internal", "market with a high level of consumer", "protection for credit agreements relating to", "residential immovable property. The", "Commission should therefore review the", "Directive five years after the deadline for", "its transposition. The review should", "include, among other things, an analysis of", "the evolution of the market for non-credit", "institutions providing credit agreements", "relating to residential immovable property", "and an assessment on the need for further", "measures, including a passport for such", "non-credit institutions, an examination of", "the necessity to introduce rights and", "obligations with regard to the post-", "contractual stage of credit agreements, and", "an assessment of whether an extension of", "the scope to include lending to small", "companies is warranted. In addition, the", "Commission should verify the necessity of", "measures taken by the Member States to", "support the education of consumers about", "responsible borrowing and debt", "management, in particular in relation to", "credit agreements." ], "location": [ [ "Proposal for a directive", "Recital 44" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 301, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz", "date": "2011-06-10T00:00:00", "new": [ "(ba) credit agreements which relate to", "loans granted to a restricted public under", "a statutory provision with a purpose of", "general interest, free of interest or at an", "interest rate lower than those prevailing", "on the market." ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 2 \u2013 point b a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Member States shall require that, when", "granting, intermediating or advising on", "credit and, where appropriate, ancillary", "services to consumers, the creditor or the", "credit intermediary acts honestly, fairly and", "professionally in accordance with the best", "interests of the consumer." ], "reference": "2011/0062(COD)", "seq": 353, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "1. Member States shall require that, when", "granting, intermediating or advising on", "credit and, where appropriate, ancillary", "services to consumers, the creditor or the", "credit intermediary acts honestly, fairly and", "professionally and takes into account the", "rights and interests of the consumer." ], "location": [ [ "Proposal for a directive", "Article 5 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Member States shall ensure that the", "manner in which creditors remunerate their", "staff and the relevant credit intermediaries", "and the manner in which credit", "intermediaries remunerate their staff do not", "impede compliance with the obligation to", "act in accordance with the best interests of", "the consumer, as referred to in paragraph", "1." ], "reference": "2011/0062(COD)", "seq": 357, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "2. Member States shall ensure that the", "manner in which creditors remunerate their", "staff and the relevant credit intermediaries", "and the manner in which credit", "intermediaries remunerate their staff do not", "impede compliance with the obligation", "referred to in paragraph 1." ], "location": [ [ "Proposal for a directive", "Article 5 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.729%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 363, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "2a. Member States shall ensure that the", "remuneration of creditors' staff", "responsible for the assessment of", "creditworthiness or for the provision of", "advice is in accordance with the", "provisions of Directive 2010/76/EU of the", "European Parliament and of the Council", "of 24 November 2010." ], "location": [ [ "Proposal for a directive", "Article 5 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Member States shall ensure that, before", "the conclusion of the credit agreement,", "a thorough assessment of the consumer\u2019s", "creditworthiness is conducted by the", "creditor, based on criteria including the", "consumer\u2019s income, savings, debts and", "other financial commitments. That", "assessment shall be carried out on the", "basis of the necessary information,", "obtained by the creditor or, where", "applicable, credit intermediary from the", "consumer and from relevant internal or", "external sources and shall respect the", "requirements with regard to necessity and", "proportionality set out in Article 6 of", "Directive 95/46/EC. Member States shall", "ensure that creditors establish appropriate", "processes to assess the creditworthiness of", "the consumer. These processes shall be", "reviewed at regular intervals and up-to-date", "records of those processes shall be", "maintained." ], "reference": "2011/0062(COD)", "seq": 553, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "1. Member States shall ensure that, before", "the conclusion of the credit agreement, the", "creditor assesses the consumer's", "creditworthiness on the basis of sufficient", "information, where appropriate obtained", "from the consumer and, where necessary,", "on the basis of a consultation of the", "relevant database. Member States shall", "ensure that creditors establish appropriate", "processes to assess the creditworthiness of", "the consumer. These processes shall be", "reviewed at regular intervals and up-to-date", "records of those processes shall be", "maintained." ], "location": [ [ "Proposal for a directive", "Article 14 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) Where the assessment of the", "consumer\u2019s creditworthiness results in a", "negative prospect for his ability to repay", "the credit over the lifetime of the credit", "agreement, the creditor refuses credit." ], "reference": "2011/0062(COD)", "seq": 569, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "(a) Where the assessment of the", "consumer\u2019s creditworthiness results in a", "negative prospect for his ability to meet his", "contractual obligations under the credit", "agreement, the creditor, if he nevertheless", "grants the credit, supplies documentary", "evidence to show that he has done so and", "to support this decision." ], "location": [ [ "Proposal for a directive", "Article 14 \u2013 paragraph 2 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purposes of this Directive,", "'advice' constitutes a separate service from", "the granting of a credit. Such a service can", "only be marketed as advice when the", "remuneration of the individual providing", "the service is transparent to the consumer." ], "reference": "2011/0062(COD)", "seq": 630, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "1. For the purposes of this Directive,", "'advice' constitutes a separate service from", "the granting of a credit. A separate charge", "for advice can only be made if the", "consumer has been informed of the", "requirement to pay a charge and of", "method used for its calculation." ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0062(COD)", "seq": 652, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "2a. when giving advice, take the", "consumer's rights and interests into", "account." ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member States may provide that the", "exercise of the right referred to in", "paragraph 1 is subject to certain conditions.", "Such conditions may include time", "limitations on the exercise of the right,", "different treatment depending on the type", "of the borrowing rate, or restrictions with", "regard to the circumstances under which", "the right may be exercised. Member States", "may also provide that the creditor should", "be entitled to fair and objectively justified", "compensation for potential costs directly", "linked to early repayment of the credit. In", "any event, if the early repayment falls", "within a period for which the borrowing", "rate is fixed, exercise of the right may be", "made subject to the existence of a special", "interest on the part of the consumer." ], "reference": "2011/0062(COD)", "seq": 667, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "Member States may provide that the", "exercise of the right referred to in", "paragraph 1 is subject to certain conditions.", "Such conditions may include time", "limitations on the exercise of the right,", "different treatment depending on the type", "of the borrowing rate, or restrictions with", "regard to the circumstances under which", "the right may be exercised. Member States", "may also provide that the creditor should", "be entitled to fair and objectively justified", "compensation for potential costs, including", "loss of interest, directly linked to early", "repayment of the credit. In any event, if the", "early repayment falls within a period for", "which the borrowing rate is fixed, exercise", "of the right may be made subject to the", "existence of a special interest on the part of", "the consumer." ], "location": [ [ "Proposal for a directive", "Article 18 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-473.804%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where a Member State lays down such", "conditions, these shall not make the", "exercise of the right referred to in", "paragraph 1 excessively difficult or", "onerous for the consumer." ], "reference": "2011/0062(COD)", "seq": 678, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber", "date": "2011-06-10T00:00:00", "new": [ "Where a Member State lays down such", "conditions, the exercise of the consumer\u2019s", "right referred to in paragraph 1 shall not be", "made excessively difficult or onerous by", "conditions going beyond the parameters", "set out above." ], "location": [ [ "Proposal for a directive", "Article 18 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.278%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0006(COD)", "seq": 304, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-09-23T00:00:00", "new": [ "(17a) When developing the new", "prudential regime, undesirable impacts on", "the treatment of insurance business with", "long term guarantees have to be avoided.", "Market interruptions and interferences", "with existing products have to be limited", "to an unavoidable extent. In this respect", "special attention has to be given in order", "to avoid artificial volatility of technical", "provisions and eligible own funds in", "excess of the capital requirements. This", "should be achieved in particular by an", "early starting point of extrapolation of the", "relevant risk-free interest rate term", "structure. While adopting delegated acts", "and implementing acts, the Commission", "should also ensure that the continuity and", "further development of insurance", "activities with long term guarantees is not", "impaired." ], "location": [ [ "Proposal for a directive", "Recital 17 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.278%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0006(COD)", "seq": 349, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-09-23T00:00:00", "new": [ "(14a) In Article 77(2) the following", "subparagraph is inserted after the first", "subparagraph:", "\u2018Extrapolation of the relevant risk-free", "interest rate term structure shall start as", "soon as the relevant financial markets", "cannot be considered deep, liquid and", "transparent anymore to guarantee", "insurance and reinsurance undertakings", "a reliable replication of their cash-flows.\u2019" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 point 14 a (new)" ], [ "Directive 2009/138/EC", "Article 77 \u2013 paragraph 2 \u2013 subparagraph 1a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.278%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission shall adopt delegated", "acts in accordance with Article 301a and", "subject to the conditions of Articles 301b", "and 301c specifying the technical", "principles and methods set out in Articles", "220 to 229 and the application of Articles", "230 to 233 to ensure uniform application", "within the Union." ], "reference": "2011/0006(COD)", "seq": 436, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-09-23T00:00:00", "new": [ "In order to ensure consistent", "harmonisation of this Article, EIOPA", "shall develop draft regulatory technical", "standards to specify the technical", "principles and methods set out in Articles", "220 to 229 and the application of Articles", "230 to 233, reflecting the economic nature", "of specific legal structures.", "EIOPA shall submit those draft", "regulatory technical standards to the", "Commission by 1 March 2012.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in the first subparagraph in", "accordance with Articles 10 to 14 of", "Regulation (EU) No 1094/2010." ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 point 44" ], [ "Directive 2009/138/EC", "Article 234" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "D. whereas, with Article 14 TFEU, a new", "legal basis has been created whereby the", "principles and conditions for the operation", "of SGEI, particularly economic and", "financial conditions, are established by", "the European Parliament and the", "Council, acting by means of regulations", "in accordance with the ordinary", "legislative procedure," ], "reference": "2011/2146(INI)", "seq": 14, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Burkhard Balz, Werner Langen, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "D. whereas, with Articles 106 and 107", "TFEU, the Lisbon Treaty provides the", "appropriate legal basis for the reform of", "state aid rules for SGEI," ], "location": [ [ "Motion for a resolution", "Recital D" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Stresses that reform of the EU rules on", "state aid for SGEI is only part of an", "urgently required horizontal legislative", "framework for SGEI, and that such a", "framework offers the only means of", "affording the requisite legal certainty and", "clarity in relation to EU law on SGEI;", "emphasises that a new legal basis for such", "a horizontal legislative framework has", "been created with Article 14 TFEU; points", "out that the Commission undertook, in the", "Single Market Act, to bring forward by", "the end of 2011, in addition to its", "communication, a series of measures on", "SGEI; calls on the Commission,", "therefore, to submit a proposal for the", "horizontal legislative framework;" ], "reference": "2011/2146(INI)", "seq": 37, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Werner Langen, Burkhard Balz, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "4. Stresses that the specific nature of", "SGEIs is recognised in Article 14 TFEU", "and Protocol 26 annexed to the Treaty of", "Lisbon, and recognises the special role of", "national, regional and local authorities in", "this connection;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2146(INI)", "seq": 69, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Werner Langen, Burkhard Balz, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "9a. Welcomes in this connection the", "Commission\u2019s move to provide further", "clarifications on the distinction between", "non-economic and economic activities in", "the context of SGEIs, in order to create", "greater overall legal certainty, and to", "avoid cases being brought before the", "European Court of Justice and", "infringement proceedings opened by the", "Commission; suggests that, in doing so,", "the Commission should not confine itself", "to reiterating the case law of the", "European Court of Justice but should", "provide determining criteria to help in", "distinguishing between these two types of", "activity;" ], "location": [ [ "Motion for a resolution", "Paragraph 9 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "11. Calls on the Commission to propose", "appropriate thresholds for the \u2018de minimis\u2019", "arrangement; suggests as a possible", "reference in this respect the combined", "indices of size of municipality, amount of", "compensation payment and level of", "turnover of the undertaking entrusted", "with the operation of the service;" ], "reference": "2011/2146(INI)", "seq": 78, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Werner Langen, Burkhard Balz, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "11. Calls on the Commission to propose", "higher thresholds for the \u2018de minimis\u2019", "arrangement for SGEIs, so that these", "services can be dealt with by a simplified", "procedure and the considerable", "administrative burden on service", "providers significantly reduced without", "any negative effects on the Single Market;", "suggests taking as a reference point the", "level of services provided in local", "authority areas;" ], "location": [ [ "Motion for a resolution", "Paragraph 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "14. Considers that the special remit and", "character of SSGI should not only be", "protected but should also be clearly", "defined under sector-specific rules;" ], "reference": "2011/2146(INI)", "seq": 103, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Werner Langen, Burkhard Balz, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "14. Considers that the special remit and", "character of SSGI should be protected;" ], "location": [ [ "Motion for a resolution", "Paragraph 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.191%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "15. Emphasises how important it is for", "SGEI to be of high quality and the need for", "them to be universally accessible; points", "out in this regard that the Commission\u2019s", "responsibility, under the TFEU competition", "rules, is confined to monitoring state aid", "for the provision of SGEI, and that the only", "basis for setting European-level quality", "and efficiency criteria is Article 14 TFEU,", "with observance of the subsidiarity", "principle;" ], "reference": "2011/2146(INI)", "seq": 106, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Andreas Schwab, Werner Langen, Burkhard Balz, Jean-Paul Gauz\u00e8s", "date": "2011-09-19T00:00:00", "new": [ "15. Emphasises how important it is for", "SGEI to be of high quality and the need for", "them to be universally accessible; points", "out in this regard that the Commission\u2019s", "responsibility, under the TFEU competition", "rules, is confined to monitoring state aid", "for the provision of SGEI, and that quality", "and efficiency criteria can only be taken", "into account at European level with due", "regard to the subsidiarity principle;" ], "location": [ [ "Motion for a resolution", "Paragraph 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-472.106%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "20. Believes that the introduction of", "eurosecurities may constitute the", "necessary fiscal quantum-leap forward", "that the Union needs at this juncture;", "welcomes the rapid implementation of the", "feasibility report promised by the", "Commission in its declaration XXX;" ], "reference": "2011/2156(INI)", "seq": 192, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-08-09T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.968%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Member States shall ensure that credit", "institutions make available to actual and", "intending depositors the information", "necessary for the identification of the", "Deposit Guarantee Scheme of which the", "institution and its branches are members", "within the Union . . When a deposit is not", "guaranteed by a Deposit Guarantee Scheme", "in accordance with Article 4 , the credit", "institution shall inform the depositor", "accordingly." ], "reference": "2010/0207(COD)", "seq": 303, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-05-04T00:00:00", "new": [ "1. Member States shall ensure that credit", "institutions make available to actual and", "intending depositors the information", "necessary for the identification of the", "Deposit Guarantee Scheme of which the", "institution and its branches are members", "within the Union . . When a deposit is not", "guaranteed by a Deposit Guarantee Scheme", "in accordance with Article 4, 1 a-g, i-k and", "Article 4, 2 , the credit institution shall", "inform the depositor accordingly." ], "location": [ [ "Proposal for a directive", "Article 14 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Bilateral clearing should still be possible in cases where central clearing is not possible, such\nas covered bonds.", "old": [ "(12) This Regulation sets out the criteria", "for determining the eligibility to the", "clearing obligation. In view of its pivotal", "role, ESMA should decide whether a class", "of derivatives meets the eligibility criteria", "and from when the clearing obligation take", "effect." ], "seq": 148, "reference": "2010/0250(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(12) This Regulation sets out the criteria", "for determining the eligibility to the", "clearing obligation. In view of its pivotal", "role, the ESA (ESMA) should decide, after", "consulting the Commission and the", "European Systemic Risk Board (ESRB)", "set up by Directive (EU) No 1092/2010 of", "the European Parliament and the", "Council, whether a class of derivatives", "meets the eligibility criteria, whether the", "clearing obligation should be applied and", "from when the clearing obligation takes", "effect. Bilateral clearing should continue", "to be authorised if the requirements for", "clearing are not met for certain categories", "of derivatives within a class of derivatives,", "as is sometimes the case for covered", "bonds." ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Not always the balance sheet figures are appropriate. Many non-financial corporates report\nalready in their annual report the corresponding risk management and a disclosure on\nderivatives.", "old": [ "(16) Where appropriate, rules applicable to", "financial counterparties, should also apply", "to non-financial counterparties. It is", "recognised that non-financial", "counterparties use OTC-contracts in order", "to cover themselves against commercial", "risks directly linked to their commercial", "activities. Consequently, in determining", "whether a non-financial counterparty", "should be subject to the clearing obligation,", "consideration should be given to the", "purpose for which that non-financial", "counterparty uses OTC derivatives and to", "the size of the exposures that it has in those", "instruments. When establishing the", "threshold for the clearing obligation,", "ESMA should consult all relevant", "authorities, as for example regulators", "responsible for commodity markets, in", "order to ensure that the particularities of", "these sectors are fully taken into account.", "Moreover, by 31 December 2013, the", "Commission shall assess the systemic", "importance of the transactions of non-", "financial firms in OTC derivatives in", "different sectors, including the energy", "sector." ], "seq": 163, "reference": "2010/0250(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Werner Langen, Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(16) Where appropriate, rules applicable to", "financial counterparties, should also apply", "to non-financial counterparties. It is", "recognised that non-financial", "counterparties use OTC-contracts in order", "to cover themselves against commercial", "risks directly linked to their commercial", "activities. Consequently, in determining", "whether a non-financial counterparty", "should be subject to the clearing obligation,", "consideration should be given to the", "purpose for which that non financial", "counterparty uses OTC derivatives and to", "the size of the exposures that it has in those", "instruments. Non-financial counterparties", "should explain the use of derivatives", "through their annual report or other", "appropriate means and the results of year-", "end audits should be used to determine", "whether the non-financial counterparty", "mainly uses OTC derivatives in a way", "which can be shown on an objectively", "measurable basis to be directly linked to", "the undertaking\u2019s business activity and", "funding arrangements. When establishing", "the threshold for the clearing obligation,", "ESA (ESMA) should consult all relevant", "authorities, as for example regulators", "responsible for commodity markets, and", "the non-financial counterparties in order", "to ensure that the particularities of these", "sectors are fully taken into account.", "Moreover, by 31 December 2013, the", "Commission shall assess the systemic", "importance of the transactions of non-", "financial firms in OTC derivatives in", "different sectors, including the energy", "sector. Should a comparable set of EU", "rules tailored to individual sectors come", "into force, the Commission should", "immediately consider whether the sector", "should be removed from the scope of this", "Regulation and put forward", "corresponding legislative proposals." ], "location": [ [ "Proposal for a regulation", "Recital 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The exemption in Art. 1, para. 4 leads to an unequal treatment of entities with comparable or\neven overlapping responsibilities, especially of multilateral development banks, national\ndevelopment and promotional banks. Existing definitions in European law should be used for\ndefining additional exemptions. Exemptions should be extended to public sector entities\nowned by central governments that have explicit guarantee arrangements provided by central\ngovernments.", "old": [ "(18) Central banks and other national", "bodies performing similar functions, other", "public bodies charged with or intervening", "in the management of the public debt, and", "multilateral development banks listed in", "Section 4.2 of Part 1 of Annex VI of", "Directive 2006/48/EC of the European", "Parliament and of the Council of 14 June", "2006 relating to the taking up and pursuit", "of the business of credit institutions26", "should be excluded from the scope of this", "Regulation in order to avoid limiting their", "powers to intervene to stabilise the market,", "if and when required." ], "seq": 174, "reference": "2010/0250(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(18) Central banks and other national", "bodies performing similar functions, other", "public bodies charged with or intervening", "in the management of the public debt, and", "multilateral development banks listed in", "Section 4.2 of Part 1 of Annex VI of", "Directive 2006/48/EC of the European", "Parliament and of the Council of 14 June", "2006 relating to the taking up and pursuit", "of the business of credit institutions26 , the", "Bank for International Settlements and", "certain of the public sector entities", "defined in Article 4 point 18 of Directive", "2006/48/EC of the European Parliament", "and of the Council of 14 June 2006", "relating to the taking up and pursuit of", "the business of credit institutions should", "be excluded from the scope of this", "Regulation in order to avoid limiting their", "powers to intervene to stabilise the market,", "if and when required." ], "location": [ [ "Proposal for a regulation", "Recital 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The exemption in Art. 1, para. 4 leads to an unequal treatment of entities with comparable or\neven overlapping responsibilities, especially of multilateral development banks, national\ndevelopment and promotional banks. Existing definitions in European law should be used for\ndefining additional exemptions. Exemptions should be extended to public sector entities\nowned by central governments that have explicit guarantee arrangements provided by central\ngovernments.", "reference": "2010/0250(COD)", "seq": 238, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(b a) public sector entities as defined in", "Article 4 point 18 of Directive 2006/48/EC", "owned by central governments that have", "explicit guarantee arrangements provided", "by central governments." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4 \u2013 point b a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) \u2019financial counterparty' means", "investment firms as set out in Directive", "2004/39/EC, credit institutions as defined", "in Directive 2006/48/EC, insurance", "undertakings as defined in Directive", "73/239/EEC, assurance undertakings as", "defined in Directive 2002/83/EC,", "reinsurance undertakings as defined in", "Directive 2005/68/EC, undertakings for", "collective investments in transferable", "securities (UCITS) as defined in Directive", "2009/65/EC, institutions for occupational", "retirement provision as defined in Directive", "2003/41/EC and alternative investment", "funds managers as defined in Directive", "2010/.../EU;" ], "reference": "2010/0250(COD)", "seq": 264, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Diogo Feio, Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(6) \u2019financial counterparty\u2019 means an", "undertaking established in the Union", "which is an authorised investment firm as", "set out in Directive 2004/39/EC, an", "authorised credit institution as defined in", "Directive 2006/48/EC, an authorised", "insurance undertaking as defined in", "Directive 73/239/EC, an authorised", "assurance undertaking as defined in", "Directive 2002/83/EC, an authorised", "reinsurance undertaking as defined in", "Directive 2005/68/EC, an authorised", "undertaking for collective investments in", "transferable securities (UCITS) as defined", "in Directive 2009/65/EC, an authorised", "institution for occupational retirement", "provision as defined in Directive", "2003/41/EC or an alternative investment", "fund as defined in Directive 2010/.../EU", "other than such an alternative investment", "fund whose sole investment policy is to", "develop or invest in physical real estate", "(directly or indirectly through subsidiary", "entities, co-ownership or joint venture", "participations);" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(21) \u2019independent member of the board'", "means a member of the board that has no", "business, family or other relationship that", "raises a conflict of interest with the CCP,", "its controlling shareholder(s) or", "management or its clearing members or", "management;" ], "reference": "2010/0250(COD)", "seq": 277, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Diogo Feio, Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(21) \u2018independent member of the board'", "means a member of the board that has no", "business, family or other relationship that", "raises a conflict of interest with the CCP,", "its controlling shareholder(s) or", "management or its clearing members or", "management. A board member who is a", "director or employee of a clearing", "member, exchange, clearing house,", "multilateral trading facility, systematic", "internaliser, broking crossing network,", "client of a clearing member, service", "provider or other entity shall not thereby", "be disqualified from being an independent", "board member unless the entity of which", "he is a director or employee has a direct", "conflict of interest with the CCP." ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "If the third-country clearing counterparty is not subject to a clearing obligation in its own\ncountry, it would be impractical to impose a requirement on only one side of the trade to\nclear. There must be an agreement from both parties to clear and to clear at the agreed\nclearinghouse.", "reference": "2010/0250(COD)", "seq": 280, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(22 a) 'third-country clearing", "counterparties' means undertakings", "established in third countries that are", "considered as equivalent to financial", "counterparties or to the non-financial", "counterparties referred to in Article 7(2);", "such equivalence shall be deemed to apply", "where an undertaking established in a", "third country would, were it established", "within the Union, be classified as a", "financial counterparty or a non-financial", "counterparty referred to in Article 7(2)", "and where it is subject to equivalent", "clearing requirements in that third", "country. Power shall be conferred on the", "Commission to adopt technical regulatory", "standards specifying in grater detail the", "criteria to be used in the classification on", "undertakings from third countries as", "third-country clearing counterparties. The", "technical regulatory standards shall be", "adopted pursuant to Articles 10 to 14 of", "Regulation (EU) No 1095/2010. ESA", "(ESMA) shall submit draft versions of", "these technical regulatory standards to the", "Commission by 30 June 2012." ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 22 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The reporting obligation under Article 6 should be rejected for the following reasons. The\nconclusion of derivative contracts within a group is a trade secret. This is very sensitive\ninformation which is absolutely confidential.", "reference": "2010/0250(COD)", "seq": 303, "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "The clearing obligation shall not apply to", "subsidiaries of the same parent", "undertaking or between a parent", "undertaking and a subsidiary. For the", "purposes of this provision, \u2018parent", "undertaking\u2019 and \u2018subsidiary\u2019 mean", "undertakings defined as such under the", "relevant EU legislation. The obligations", "with regard to risk mitigation techniques", "pursuant to Article 8 shall not be affected", "by this exemption." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1 \u2013 subparagraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Giving institutions that are required to clear 6 months to comply would allow them to conduct\ntheir fiduciary due diligence in relation which clearing houses (a) are most sound and stable\nand (b) capable of 'connecting' most efficiently with their systems and would also allow firms\nsufficient time to ensure that enough capital is in place to deposit at CCPs as collateral\nagainst their trades.", "old": [ "(a) whether that class of derivatives is", "eligible for the clearing obligation pursuant", "to Article 3;" ], "seq": 330, "reference": "2010/0250(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "(a) whether that class of derivatives is", "eligible for the clearing obligation pursuant", "to Article 3; and (b) if it is eligible, the", "date from which the clearing obligation", "takes effect, which shall be no earlier", "than the date falling [twelve months] after", "the date of the publication of the decision", "by ESMA under paragraph 4." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 2 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.860%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(b) the date from which the clearing", "obligation takes effect." ], "reference": "2010/0250(COD)", "seq": 334, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 2 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.906%2b03%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The governance of the Risk committee should be driven by those members that bearthe risk of\nmutualization of losses in the CCP. However the committee should also provide a voice for\nthe interests of indirect clients of the CCP.", "old": [ "1. A CCP shall establish a risk committee,", "which shall be composed of representatives", "of its clearing members and independent", "members of the board. The risk committee", "may invite employees of the CCP to attend", "risk committee meetings in a non-voting", "capacity. The advice of the risk committee", "shall be independent from any direct", "influence by the management of the CCP." ], "seq": 689, "reference": "2010/0250(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "1. A CCP shall establish a risk committee,", "the majority of which shall be composed of", "representatives of its clearing members and", "a minority of which shall be", "representatives of clients of clearing", "members and independent experts. The", "ratio of majority to minority members", "shall be at the discretion of the CCP. The", "risk committee may invite employees of", "the CCP to attend risk committee meetings", "in a non-voting capacity. The advice of the", "risk committee shall be independent from", "any direct influence by the management of", "the CCP." ], "location": [ [ "Proposal for a regulation", "Article 26 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.907%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. A CCP shall only accept highly liquid", "collateral with minimal credit and market", "risk to cover its exposure to its clearing", "members. It shall apply adequate haircuts", "to asset values that reflect the potential for", "their value to decline over the interval", "between their last revaluation and the time", "by which they can reasonably be assumed", "to be liquidated. It shall take into account", "the liquidity risk following the default of a", "market participant and the concentration", "risk on certain assets that may result in", "establishing the acceptable collateral and", "the relevant haircuts." ], "reference": "2010/0250(COD)", "seq": 852, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-30T00:00:00", "new": [ "1. A CCP shall only accept highly liquid", "collateral cash and highly liquid financial", "instruments with minimal credit and", "market risk to cover its exposure to its", "clearing members. It shall apply adequate", "haircuts to asset values that reflect the", "potential for their value to decline over the", "interval between their last revaluation and", "the time by which they can reasonably be", "assumed to be liquidated. It shall take into", "account the liquidity risk following the", "default of a market participant and the", "concentration risk on certain assets that", "may result in establishing the acceptable", "collateral and the relevant haircuts." ], "location": [ [ "Proposal for a regulation", "Article 43 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Calls on the Commission to come", "forward with proposals for a minimum", "harmonisation directive establishing a", "coherent and consistent cross-border", "framework for insurance guarantee", "schemes (IGS) across Member States;" ], "reference": "2011/2010(INI)", "seq": 19, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Othmar Karas, Burkhard Balz, Andreas Schwab, Astrid Lulling, Arturs Kri\u0161j\u0101nis Kari\u0126\u0161", "date": "2011-03-24T00:00:00", "new": [ "1. Calls on the Commission, in coherence", "with the definition of relevant details of", "Solvency II, to come forward with", "proposals for a minimum harmonisation", "directive establishing a coherent and", "consistent cross-border framework for", "national insurance guarantee schemes", "(IGS) across Member States providing", "last-resort protection to consumers", "exclusively in case insurance", "untertakings, due to their insolvency, are", "unable to fulfil their contractual", "commitments;" ], "location": [ [ "Motion for a resolution", "Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Supports the adoption of the \u2018home\u2019", "country principle \u2013 whereby all policies", "written by an insurer, regardless of location", "of sale, are covered by the \u2018home\u2019 IGS \u2013", "recognising both that: A) under Solvency II", "the cross-border provision of insurance", "services will increase; and, B) the failure of", "an insurer will be linked to the inadequacy", "of supervision by the \u2018home\u2019 supervisor,", "and thus the burden of responsibility for", "failure should be borne by the \u2018home\u2019 IGS;" ], "reference": "2011/2010(INI)", "seq": 28, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Othmar Karas, Burkhard Balz, Andreas Schwab", "date": "2011-03-24T00:00:00", "new": [ "2. Supports the adoption of the \u2018home\u2019", "country principle \u2013 whereby policies", "written by an insurer, regardless of location", "of sale, are covered by the \u2018home\u2019 IGS \u2013", "recognising both that: A) under Solvency II", "the cross-border provision of insurance", "services will increase; and, B) the failure of", "an insurer will be linked to the inadequacy", "of supervision by the \u2018home\u2019 supervisor,", "and thus the burden of responsibility for", "failure should be borne by the \u2018home\u2019 IGS;" ], "location": [ [ "Motion for a resolution", "Paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2010(INI)", "seq": 38, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-24T00:00:00", "new": [ "4a. Recognises that there are different", "ways of consumer protection:", "\u2013 Compensation: losses of policy holders", "or beneficiaries in the event of insolvency", "of an insurer are directly compensated", "following an orderly claims settlement", "process;", "\u2013 Continuity: the continuity of insurance", "contracts is secured through portfolio", "transfers to the remaining insurers in the", "market or a special entity created for this", "purpose;", "recommends that both ways are permitted", "under the future IGS framework taking", "into account the diverging size,", "concentration, product designs and", "respective insurance lines of the national", "markets;" ], "location": [ [ "Motion for a resolution", "Paragraph 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Stresses that the \u2018home\u2019 country", "approach to IGS can only be credible from", "a consumer perspective if there is", "consistency of consumer experience; calls", "on the Commission to require a single", "own-language process and point of contact", "for consumers within their national", "supervisor for all insurance guarantee", "claims regardless of the location of the", "\u2018home\u2019 IGS; recommends that EIOPA", "develop a harmonised approach for", "policyholder compensation claims on the", "basis of simplicity and best practice, if", "necessary through binding technical", "standards;" ], "reference": "2011/2010(INI)", "seq": 42, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-24T00:00:00", "new": [ "5. Stresses that the \u2018home\u2019 country", "approach to IGS can only be credible from", "a consumer perspective if there is", "consistency of consumer experience; calls", "on the Commission to require a single", "own-language process and point of contact", "for consumers within their national", "supervisor for insurance guarantee claims", "regardless of the location of the \u2018home\u2019", "IGS; recommends that EIOPA develop a", "harmonised approach for both IGS", "functions (portfolio transfer and", "policyholder compensation claims) on the", "basis of simplicity and best practice, if", "necessary through binding technical", "standards;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Insists that new EU legislation should", "not result in the dilution of protection", "offered by existing IGS in Member States,", "and that consumers should not face any", "losses as a result of regulatory failure to", "adequately supervise insurers or", "intermediaries; calls consequently on the", "Commission to ensure that a European", "framework for IGS compensates", "policyholders for losses in full and", "without exception for all types of", "insurance products in the event of insurer", "bankruptcy, insurer or intermediary mis-", "selling, or fraud, within a set period of", "time, consistent throughout Member", "States;" ], "reference": "2011/2010(INI)", "seq": 54, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Othmar Karas, Burkhard Balz", "date": "2011-03-24T00:00:00", "new": [ "7. Insists that new EU legislation should", "not result in the dilution of protection", "offered by existing IGS in Member States,", "and that consumers should not face any", "losses as a result of regulatory failure to", "adequately supervise insurers; calls", "consequently on the Commission to ensure", "that a European framework for IGS", "provides for the continuation of insurance", "contracts by portfolio transfer or", "compensates valid claims of policyholders", "in the event of insurer bankruptcy;", "proposes in case of compensation as a", "general rule that within three months of", "the date when the policyholder presented", "his claim for compensation to the IGS, the", "IGS shall be required to make an offer for", "compensation in cases where liability is", "not contested and the amount of", "compensation has been quantified;", "proposes in cases where liability is denied", "or where it has not been clearly", "determined or where the compensation", "amount has not been fully quantified, the", "IGS is required to provide a reasoned", "reply to the points made in the", "policyholder\u2019s claim;" ], "location": [ [ "Motion for a resolution", "Paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-460.988%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "8. Notes that in the absence of a legally", "binding EU definition of what constitutes a", "small- or micro- undertaking, and given the", "changing nature of such entities over time,", "proposals for a directive on IGS should be", "limited to natural persons; requests that the", "Commission re-evaluate the case for", "including select legal persons once a", "legally binding definition is agreed;", "stresses that as a matter of subsidiarity", "individual Member States may choose to", "include legal persons within their national", "IGS;" ], "reference": "2011/2010(INI)", "seq": 70, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Othmar Karas, Burkhard Balz, Astrid Lulling", "date": "2011-03-24T00:00:00", "new": [ "8. Notes that in the absence of a legally", "binding EU definition of what constitutes a", "small- or micro- undertaking, and given the", "changing nature of such entities over time,", "proposals for a directive on IGS should be", "limited to natural persons acting for", "purposes which can be regarded as", "outside their trade, business, craft of", "profession; natural persons linked to the", "failed insurer such as directors, managers", "or (qualified) shareholders should be", "excluded from the group of consumers;", "requests that the Commission re-evaluate", "the case for including select legal persons", "once a legally binding definition is agreed;", "stresses that as a matter of subsidiarity", "individual Member States may choose to", "include legal persons within their national", "IGS;" ], "location": [ [ "Motion for a resolution", "Paragraph 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0281(COD)", "seq": 82, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "(4a) Regulation EC No. XX/2011 does not", "address the current situation in the short-", "term but rather in a structural approach", "for the medium- to long-term." ], "location": [ [ "Proposal for a regulation", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0281(COD)", "seq": 83, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-16T00:00:00", "new": [ "(4a) The framework for preventing and", "correcting macroeconomic imbalances", "and the complete economic governance", "framework should complement and be", "compatible with a Union strategy for", "growth and jobs which aims at boosting", "the Union's competitiveness and social", "stability. However, these interlinkages", "should neither provide for exemptions to", "the provisions of this Regulation nor for", "exemptions to the Stability and Growth", "Pact." ], "location": [ [ "Proposal for a regulation", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(11) When assessing imbalances, account", "should be taken of their severity, of the", "degree to which they may be considered", "unsustainable and of the potential negative", "economic and financial spillovers to other", "Member States. The economic adjustment", "capacity and the track record of the", "Member State concerned as regards", "compliance with earlier recommendations", "issued under this Regulation and other", "recommendations issued under Article 121", "of the Treaty as part of multilateral", "surveillance, in particular the broad", "guidelines for the economic policies of the", "Member States and of the Union, should", "also be considered." ], "reference": "2010/0281(COD)", "seq": 130, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "(11) When assessing imbalances, account", "should be taken of their severity, of the", "degree to which they may be considered", "unsustainable and of the potential negative", "economic and financial spillovers to other", "Member States. Particular attention", "should be paid to Member States with", "large current-account deficits and low", "competitiveness. The economic adjustment", "capacity and the track record of the", "Member State concerned as regards", "compliance with earlier recommendations", "issued under this Regulation and other", "recommendations issued under Article 121", "of the Treaty as part of multilateral", "surveillance, in particular the broad", "guidelines for the economic policies of the", "Member States and of the Union, should", "also be considered." ], "location": [ [ "Proposal for a regulation", "Recital 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0281(COD)", "seq": 160, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Ramon Tremosa i Balcells, Anneli J\u00e4\u00e4tteenm\u00e4ki, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "(15a) The envisaged measures for the", "prevention and correction of", "macroeconomic imbalances should not", "lead to a centrally planned economy for", "the Member States of the European", "Economic and Monetary Union" ], "location": [ [ "Proposal for a regulation", "Recital 15 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The scoreboard shall be made up of an", "array of macroeconomic and", "macrofinancial indicators for Member", "States. The Commission may set indicative", "lower or upper thresholds for these", "indicators to serve as alert levels. The", "thresholds applicable to Member States", "whose currency is the euro may be", "different from those applicable to the", "other Member States." ], "reference": "2010/0281(COD)", "seq": 215, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-16T00:00:00", "new": [ "2. The scoreboard shall be made up of an", "array of macroeconomic and", "macrofinancial indicators for Member", "States. The Commission may set indicative", "lower or upper thresholds for these", "indicators to serve as alert levels. The", "thresholds should be set in a non-", "symmetric way in order to reflect the", "range of competitiveness levels between", "Member States and the scope of available", "monetary policy tools." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The Council, on a recommendation", "from the Commission, may adopt", "recommendations in accordance with", "Article 121(4) of the Treaty declaring the", "existence of an excessive imbalance and", "recommending the Member State", "concerned to take corrective action. Those", "recommendations shall set out the nature of", "the imbalances and specify the corrective", "action to be taken in detail and the deadline", "within which the Member State concerned", "must take such corrective action. The", "Council may, as provided for in Article", "121(4) of the Treaty, make its", "recommendations public." ], "reference": "2010/0281(COD)", "seq": 314, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "2. The Commission may adopt a", "recommendation to the Council declaring", "the existence of an excessive imbalance", "and recommending the Member State", "concerned to take corrective action. The", "recommendation by the Commission shall", "be deemed adopted by the Council unless", "it decides, by qualified majority to reject", "the recommendation within ten days of", "the adoption of the recommendation by", "the Commission. Those recommendations", "shall set out the nature of the imbalances", "and specify the corrective action to be", "taken in detail and the deadline within", "which the Member State concerned must", "take such corrective action. The Council", "may, as provided for in Article 121(4) of", "the Treaty, make its recommendations", "public." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Within two months after submission of a", "corrective action plan and on the basis of a", "Commission report, the Council shall", "assess the corrective action plan. If", "considered sufficient, on the basis of a", "Commission proposal, the Council shall", "adopt an opinion, endorsing it. If the", "actions taken or envisaged in the corrective", "action plan or their timetable for", "implementation are considered insufficient", "to implement the recommendations, the", "Council shall, on the basis of a", "Commission proposal, invite the Member", "State to amend its corrective action plan", "within a new deadline. The amended", "corrective action plan shall be examined", "according to the procedure laid down in", "this paragraph." ], "reference": "2010/0281(COD)", "seq": 338, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "2. Within one month after submission of a", "corrective action plan and on the basis of a", "Commission report, the Commission shall", "assess the corrective action plan. If", "considered sufficient, on the basis of a", "Commission proposal, the Council shall", "adopt an opinion, endorsing it. If the", "actions taken or envisaged in the corrective", "action plan or their timetable for", "implementation are considered insufficient", "to implement the recommendations, the", "Council shall, on the basis of a", "Commission proposal, invite the Member", "State to amend its corrective action plan", "within a new deadline. The amended", "corrective action plan shall be examined", "according to the procedure laid down in", "this paragraph." ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The Commission shall monitor", "implementation of the recommended", "corrective action and of the corrective", "action plan by the Member State", "concerned. For this purpose, the Member", "State shall report to the Council and the", "Commission at regular intervals in the", "form of progress reports whose frequency", "shall be established by the Council in the", "recommendation referred to in Article 7(2)." ], "reference": "2010/0281(COD)", "seq": 346, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "1. The Commission shall monitor", "implementation of the recommended", "corrective action and of the corrective", "action plan by the Member State", "concerned. For this purpose, the Member", "State shall report to the Commission and", "the Council at regular intervals in the form", "of progress reports whose frequency shall", "be established by the Council, following a", "recommendation of the Commission, in", "the recommendation referred to in Article", "7(2)." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.584%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Where it concludes that the Member", "State has not taken the recommended", "corrective action, the Council, on a", "recommendation from the Commission,", "shall adopt revised recommendations in", "accordance with Article 7, on a", "recommendation from the Commission,", "setting another deadline for corrective", "action by when another assessment in", "accordance with this Article shall be", "conducted." ], "reference": "2010/0281(COD)", "seq": 372, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.626%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0278(COD)", "seq": 70, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-16T00:00:00", "new": [ "(2a) The Stability and Growth Pact and", "the complete economic governance", "framework should complement and be", "compatible with a Union strategy for", "growth and jobs which aims at boosting", "the Union's competitiveness and social", "stability. However, these interlinkages", "should not provide for exemptions to the", "provisions of the Stability and Growth", "Pact." ], "location": [ [ "Proposal for a regulation", "Recital 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.626%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(12) The non-interest-bearing deposit", "should be released upon correction of the", "excessive deficit while the interest on such", "deposits and the fines collected should be", "distributed among Member States whose", "currency is the euro which do not have an", "excessive deficit and which are not the", "subject of an excessive imbalance", "procedure either." ], "reference": "2010/0278(COD)", "seq": 166, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-16T00:00:00", "new": [ "(12) The non-interest-bearing deposit", "should be released upon correction of the", "excessive deficit while the interest on such", "deposits and the fines collected should be", "allocated to the stability mechanism", "announced in a Council Decision on 16", "December 2010. Until the establishment", "of this mechanism the interest and the", "fines should be credited to the European", "Financial Stability Facility." ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.626%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The interest earned by the Commission on", "deposits lodged in accordance with Article", "4 and the fines collected in accordance", "with Article 5 shall constitute other", "revenue referred to in Article 311 of the", "Treaty, and shall be distributed, in", "proportion to their share in the gross", "national income of the eligible Member", "States, among Member States whose", "currency is the euro which do not have an", "excessive deficit as determined in", "accordance with Article 126(6) of the", "Treaty and which are not the subject of an", "excessive imbalance procedure within the", "meaning of Regulation (EU) No [\u2026/\u2026]." ], "reference": "2010/0278(COD)", "seq": 293, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-16T00:00:00", "new": [ "The interest earned by the Commission on", "deposits lodged in accordance with Article", "4 and the fines collected in accordance", "with Article 5 shall be allocated to the", "stability mechanism for Member States", "whose currency is the euro. Until the", "establishment of this mechanism the", "interest and the fines shall be credited to", "the European Financial Stability Facility." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.663%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) consequences in the event of non-", "compliance;" ], "reference": "2010/0277(NLE)", "seq": 154, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "(c) consequences in the event of non-", "compliance, such as fines for the", "authorities carrying out the tasks;" ], "location": [ [ "", "Article 6 \u2013 paragraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.663%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(d) escape clauses, setting out a limited", "number of specific circumstances in", "which temporary non-compliance with the", "rule is permitted." ], "reference": "2010/0277(NLE)", "seq": 155, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-16T00:00:00", "new": [ "deleted" ], "location": [ [ "", "Article 6 \u2013 paragraph 1 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0279(COD)", "seq": 82, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(4a) The framework for preventing and", "correcting macroeconomic imbalances", "and the complete economic governance", "framework should complement and be", "compatible with a Union strategy for", "growth and jobs which aims at boosting", "the Union's competitiveness and social", "stability. However, these interlinkages", "should neither provide for exemptions to", "the provisions of this Regulation nor for", "exemptions to the Stability and Growth", "Pact." ], "location": [ [ "Proposal for a regulation", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(12) The collected fines should be", "distributed between Member States whose", "currency is the euro which are neither the", "subject of an excessive imbalance", "procedure nor have an excessive deficit." ], "reference": "2010/0279(COD)", "seq": 137, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(12) The collected fines should be", "allocated to the stability mechanism", "announced in a Council Decision on 16", "December 2010. Until the establishment", "of this mechanism the fines should be", "credited to the European Financial", "Stability Facility." ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Fines collected in accordance with Article", "3 of this Regulation shall constitute other", "revenue, as referred to in Article 311 of", "the Treaty, and shall be distributed, in", "proportion to their share in the total gross", "national income (GNI) of the eligible", "Member States, between Member States", "whose currency is the euro and which are", "not the subject of an excessive imbalance", "procedure within the meaning of", "Regulation (EU) No [\u2026/\u2026] and do not", "have an excessive deficit as determined in", "accordance with Article 126(6) of the", "Treaty." ], "reference": "2010/0279(COD)", "seq": 235, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Fines collected in accordance with Article", "3 of this Regulation shall be allocated to", "the stability mechanism for Member States", "whose currency is the euro. Until the", "establishment of this mechanism those", "fines shall be credited to the European", "Financial Stability Facility." ], "location": [ [ "Proposal for a regulation", "Article 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.575%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0276(CNS)", "seq": 84, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(4a) The Stability and Growth Pact and", "the complete economic governance", "framework should complement and be", "compatible with a Union strategy for", "growth and jobs which aims at boosting", "the Union's competitiveness and social", "stability. However, these interlinkages", "should not provide for exemptions to the", "provisions of the Stability and Growth", "Pact." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Recital 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.575%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "By reducing the level of debt each year, the basis for the calculation and thus the necessary\nannual savings are reduced.\nIncentives for sustainable consolidation gradually disappear. As a result, debt reduction\nslows considerably. The introduction of a minimum value of 0.5 % of national GDP provides\nlinear debt reduction and therefore an increase in the speed at which government debt is\nreduced in Member States whose total debt is below 70 % of GDP.", "old": [ "1a. When it exceeds the reference value,", "the ratio of the government debt to gross", "domestic product (GDP) is to be", "considered sufficiently diminishing and", "approaching the reference value at a", "satisfactory pace in accordance with", "Article 126 (2) (b) of the Treaty if the", "differential with respect to the reference", "value has reduced over the previous three", "years at a rate of the order of one-twentieth", "per year. For a period of 3 years from [date", "of entering into force of this Regulation -", "to be inserted], account shall be taken of", "the backward-looking nature of this", "indicator in its application." ], "seq": 183, "reference": "2010/0276(CNS)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Othmar Karas, Burkhard Balz, Danuta Maria H\u00fcbner, Iliana Ivanova, Markus Ferber, Sirpa Pietik\u00e4inen", "date": "2011-02-15T00:00:00", "new": [ "1a. When it exceeds the reference value,", "the ratio of the government debt to gross", "domestic product (GDP) is to be", "considered sufficiently diminishing and", "approaching the reference value at a", "satisfactory pace in accordance with", "Article 126 (2) (b) of the Treaty if the", "differential with respect to the reference", "value has reduced over the previous three", "years at an average rate of the order of", "one-twentieth per year and at all events by", "at least 0.5 % of GDP within the meaning", "of Article 3(4), the higher rate of", "reduction being applied. This ensures that", "government debt returns more quickly to", "a level below the reference value. [As a", "benchmark, following an assessment", "made over a three-year period]. For a", "period of 3 years from [date of entering", "into force of this Regulation - to be", "inserted], account shall be taken of the", "backward-looking nature of this indicator", "in its application." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 2 \u2013 point b" ], [ "Regulation (EC) No 1467/97", "Article 2 \u2013 paragraph 1a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.575%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Fines referred to in Article 12 of this", "Regulation shall constitute other revenue", "referred to in Article 311 of the Treaty", "and shall be distributed among", "participating Member States which do not", "have excessive deficit as determined in", "accordance with Article 126(6) of the", "Treaty and which are not the subject of an", "excessive imbalance procedure within the", "meaning of Regulation (EU) No [\u2026/\u2026],", "in proportion to their share in the total", "gross national income (GNI) of the", "eligible Member States." ], "reference": "2010/0276(CNS)", "seq": 307, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Fines referred to in Article 12 of this", "Regulation shall be allocated to the", "stability mechanism announced in a", "Council Decision on 16 December 2010.", "Until the establishment of this mechanism", "the fines shall be credited to the European", "Financial Stability Facility." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 14" ], [ "Regulation (EC) No 1467/97", "Article 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0280(COD)", "seq": 105, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(5a) The Stability and Growth Pact and", "the complete economic governance", "framework should complement and be", "compatible with a Union strategy for", "growth and jobs which aims at boosting", "the Union's competitiveness and social", "stability. However, these interlinkages", "should not provide for exemptions to the", "provisions of the Stability and Growth", "Pact." ], "location": [ [ "Proposal for a regulation", "Recital 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(10) A temporary departure from prudent", "fiscal policy-making should be allowed in", "case of severe economic downturn of a", "general nature in order to facilitate", "economic recovery." ], "reference": "2010/0280(COD)", "seq": 160, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(10) A temporary departure from the", "adjustment path towards the medium-term", "objective may exceptionally be allowed in", "case of severe economic downturn for the", "euro-area or the EU as a whole, on", "condition that this does not endanger", "fiscal sustainability in the medium-term,", "in order to facilitate economic recovery." ], "location": [ [ "Proposal for a regulation", "Recital 10" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "[Current text of Article 1 of Regulation", "(EC) No 1466/97:", "This Regulation sets out the rules covering", "the content, the submission, the", "examination and the monitoring of stability", "programmes and convergence programmes", "as part of multilateral surveillance by the", "Council so as to prevent, at an early stage,", "the occurrence of excessive general", "government deficits and to promote the", "surveillance and coordination of economic", "policies.\"]" ], "reference": "2010/0280(COD)", "seq": 197, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-15T00:00:00", "new": [ "-1. Article 1 is replaced by the following:", "\"Article 1 \"Article 1", "This Regulation sets out the rules", "covering the content, the submission, the", "examination and the monitoring of", "stability programmes and convergence", "programmes as part of multilateral", "surveillance by the Council so as to", "prevent, at an early stage, the", "occurrence of excessive general", "government deficits and to promote the", "surveillance and coordination of", "economic policies.", "This regulation sets out as a general rule", "that the budget of Member States shall be", "balanced over the economic cycle,", "running a surplus in boom years and, if", "necessary, a deficit in lean years. Member", "States revenue and expenditure shall in", "principle be balanced without public", "borrowing. This is the case if structural", "public borrowing does not exceed 0.35 %", "of nominal GDP per year.\"" ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point -1 (new)" ], [ "Regulation (EC) No 1466/97", "Article 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0280(COD)", "seq": 233, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "1e. The following section is inserted:", "\"Section 1Ab", "HEARING OF THE PRESIDENT OF", "THE EURO GROUP", "Article 2ab", "The President of the Euro Group may, at", "the request of the European Parliament", "or on his own initiative, be heard by the", "competent committees of the European", "Parliament, in particular in regard to the", "work programme of the Euro group, the", "economic situation in the euro area, the", "evolution of the competitiveness in the", "Member States and the real convergence", "of the economies, the sustainability of the", "budgetary positions of the Member States,", "the achievement of the national reform", "plans and the evolution of macro-", "economic imbalances within the EU.\"" ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 1 e (new)" ], [ "Regulation (EC) No 1466/97", "Section 1A b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) the medium-term budgetary objective", "and the adjustment path towards this", "objective for the general government", "balance as a percentage of GDP, the", "expected path of the general government", "debt ratio, the planned growth path of", "government expenditure, the planned", "growth path of government revenue at", "unchanged policy and a quantification of", "the planned discretionary revenue", "measures;" ], "reference": "2010/0280(COD)", "seq": 240, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(a) the medium-term budgetary objective", "and the adjustment path towards this", "objective for the general government", "balance as a percentage of GDP, the", "expected path of the general government", "debt ratio, the planned growth path of", "government expenditure, in particular", "bearing in mind the conditions and", "criteria to establish the expenditure", "growth under Article 5(1), the planned", "growth path of government revenue at", "unchanged policy and a quantification of", "the planned discretionary revenue", "measures;" ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 2 \u2013 subpoint b \u2013 subpoint i" ], [ "Regulation (EC) No 1466/97", "Article 3 \u2013 paragraph 2 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.763%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The information about the paths for the", "general government balance and debt ratio,", "the growth of government expenditure, the", "planned growth path of government", "revenue at unchanged policy, the planned", "discretionary revenue measures and the", "main economic assumptions referred to in", "paragraph 2(a) and (b) shall be on an", "annual basis and shall cover, the preceding", "year, the current year and at least the", "following three years." ], "reference": "2010/0280(COD)", "seq": 268, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "3. The information about the paths for the", "general government balance and debt ratio,", "the growth of government expenditure, the", "planned growth path of government", "revenue at unchanged policy, the planned", "discretionary revenue measures,", "appropriately quantified, and the main", "economic assumptions referred to in", "paragraph 2(a) and (b) shall be on an", "annual basis and shall cover, the preceding", "year, the current year and at least the", "following three years." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 2 \u2013 subpoint c" ], [ "Regulation (EC) No 1466/97EC", "Article 3 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Council, when assessing the", "adjustment path toward the medium-term", "budgetary objective, shall examine if the", "Member State concerned pursues an", "appropriate annual improvement of its", "cyclically-adjusted budget balance, net of", "one-off and other temporary measures,", "required to meet its medium-term", "budgetary objective, with 0.5% of GDP as", "a benchmark. For Member States with a", "high level of debt or excessive", "macroeconomic imbalances or both, the", "Council shall examine whether the annual", "improvement of the cyclically-adjusted", "budget balance, net of one-off and other", "temporary measures is higher than 0.5% of", "GDP. The Council shall take into account", "whether a higher adjustment effort is made", "in economic good times, whereas the effort", "may be more limited in economic bad", "times." ], "reference": "2010/0280(COD)", "seq": 277, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "The Council and the Commission, when", "assessing the adjustment path toward the", "medium-term budgetary objective, shall", "examine if the Member State concerned", "pursues an appropriate annual", "improvement of its cyclically-adjusted", "budget balance, net of one-off and other", "temporary measures, required to meet its", "medium-term budgetary objective, with", "0.5% of GDP as a benchmark. For Member", "States faced with a debt level exceeding", "60% of GDP or with pronounced risks of", "overall debt sustainability, the Council", "and the Commission shall examine", "whether the annual improvement of the", "cyclically-adjusted budget balance, net of", "one-off and other temporary measures is", "significantly higher than 0.5% of GDP.", "The Council and the Commission shall", "take into account whether a higher", "adjustment effort is made in economic", "good times, whereas the effort may be", "more limited in economic bad times." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 4" ], [ "Regulation (EC) No 1466/97", "Article 5 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) discretionary reductions of government", "revenue items are matched either by", "expenditure reductions or by discretionary", "increases in other government revenue", "items or both." ], "reference": "2010/0280(COD)", "seq": 318, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(c) for Member States that have not yet", "reached their medium-term budgetary", "objective, discretionary reductions of", "government revenue items are matched", "either by expenditure reductions or by", "discretionary increases in other", "government revenue items or both.", "The expenditure aggregate should", "exclude interest expenditure, expenditure", "on EU programmes fully matched by EU", "funds revenue and non-discretionary", "changes in unemployment benefit", "expenditure.", "The excess of expenditure growth over the", "medium-term reference should not be", "counted as a breach of the benchmark to", "the extent that it is fully offset by revenue", "increases mandated by law." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 4" ], [ "Regulation (EC) No 1466/97", "Article 5 \u2013 paragraph 1 \u2013 subparagraph 4 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "When defining the adjustment path to the", "medium-term budgetary objective for", "Member States that have not yet reached", "this objective and in allowing a temporary", "deviation from this objective for Member", "States that have already reached it, under", "the condition that an appropriate safety", "margin with respect to the deficit reference", "value is preserved and that the budgetary", "position is expected to return to the", "medium-term budgetary objective within", "the programme period, the Council shall", "take into account the implementation of", "major structural reforms which have direct", "long-term cost-saving effects, including by", "raising potential growth, and therefore a", "verifiable impact on the long-term", "sustainability of public finances." ], "reference": "2010/0280(COD)", "seq": 334, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "When defining the adjustment path to the", "medium-term budgetary objective for", "Member States that have not yet reached", "this objective and in allowing a temporary", "deviation from this objective for Member", "States that have already reached it, under", "the condition that an appropriate safety", "margin with respect to the deficit reference", "value is preserved and that the budgetary", "position is expected to return to the", "medium-term budgetary objective within", "the programme period, the Council and the", "Commission shall only take into account", "the implementation of major structural", "reforms which have direct long-term cost-", "saving effects, including by raising", "potential growth, and therefore a verifiable", "impact on the long-term sustainability of", "public finances." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 4" ], [ "Regulation (EC) No 1466/97", "Article 5 \u2013 paragraph 1 \u2013 subparagraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Special attention shall be paid to pension", "reforms introducing a multi-pillar system", "that includes a mandatory, fully funded", "pillar. Member States implementing such", "reforms shall be allowed to deviate from", "the adjustment path to their medium-term", "budgetary objective or from the objective", "itself, with the deviation reflecting the net", "cost of the reform to the publicly managed", "pillar, under the condition that the", "deviation remains temporary and that an", "appropriate safety margin with respect to", "the deficit reference value is preserved." ], "reference": "2010/0280(COD)", "seq": 342, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Within these reforms, special attention", "shall be paid to that of pensions, when", "introducing a multi-pillar system that", "includes a mandatory, fully funded pillar.", "Member States implementing such reforms", "shall be allowed to deviate from the", "adjustment path to their medium-term", "budgetary objective or from the objective", "itself, with the deviation reflecting the net", "cost of the reform to the publicly managed", "pillar, under the condition that the", "deviation remains temporary and that an", "appropriate safety margin with respect to", "the deficit reference value is preserved." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 4" ], [ "Regulation (EC) No 1466/97", "Article 5 \u2013 paragraph 1 \u2013 subparagraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In periods of severe economic downturn of", "a general nature Member States may be", "allowed to temporarily depart from the", "adjustment path implied by prudent fiscal-", "policy making referred to in the fourth", "subparagraph." ], "reference": "2010/0280(COD)", "seq": 352, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Only in periods of severe economic", "downturn for the euro area or the EU as a", "whole Member States may be allowed to", "temporarily depart from the adjustment", "path towards the MTO referred to in the", "fourth subparagraph, on condition that this", "does not endanger fiscal sustainability in", "the medium-term." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 4" ], [ "Regulation (EC) No 1466/97", "Article 5 \u2013 paragraph 1 \u2013 subparagraph 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A deviation from prudent fiscal policy", "making shall be considered significant if", "the following conditions occur: an excess", "over the expenditure growth consistent", "with prudent fiscal policy-making, not", "offset by discretionary revenue-increasing", "measures; or discretionary revenue-", "decreasing measures not offset by", "reductions in expenditure; and the", "deviation has a total impact on the", "government balance of at least 0.5 % of", "GDP in one single year or of at least 0.25", "% of GDP on average per year in two", "consecutive years." ], "reference": "2010/0280(COD)", "seq": 388, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "The assessment of whether the deviation", "is significant shall notably include the", "following criteria:", "For a Member State that has not reached", "the medium-term budgetary objective,", "when assessing the change in the", "structural balance, the deviation shall be", "considered significant if it is at least 0.5%", "of GDP in one single year or at least 0.25%", "of GDP on average per year in two", "consecutive years; when assessing", "expenditure developments net of", "discretionary revenue measures, the", "deviation shall be considered significant if", "it has a total impact on the government", "balance of at least 0.5% of GDP in one", "single year or cumulatively in two", "consecutive years." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 5" ], [ "Regulation (EC) No 1466/97", "Article 6 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The deviation may be equally not", "considered in case of severe economic", "downturn of a general nature." ], "reference": "2010/0280(COD)", "seq": 398, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "A deviation may be not considered", "significant in case of severe economic", "downturn for the euro area or the EU as a", "whole, on condition that this does not", "endanger fiscal sustainability in the", "medium-term." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 5" ], [ "Regulation (EC) No 1466/97", "Article 6 \u2013 paragraph 2 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) the medium-term budgetary objective", "and the adjustment path towards this", "objective for the general government", "balance as a percentage of GDP, the", "expected path of the general government", "debt ratio, the planned growth path of", "government expenditure, the planned", "growth path of government revenue at", "unchanged policy and a quantification of", "the planned discretionary revenue", "measures, the medium-term monetary", "policy objectives, the relationship of those", "objectives to price and exchange rate", "stability and to the achievement of", "sustained convergence;" ], "reference": "2010/0280(COD)", "seq": 419, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(a) the medium-term budgetary objective", "and the adjustment path towards this", "objective for the general government", "balance as a percentage of GDP, the", "expected path of the general government", "debt ratio, the planned growth path of", "government expenditure, in particular", "bearing in mind the conditions and", "criteria to establish the expenditure", "growth under Article 9(1), the planned", "growth path of government revenue at", "unchanged policy and a quantification of", "the planned discretionary revenue", "measures, the medium-term monetary", "policy objectives, the relationship of those", "objectives to price and exchange rate", "stability and to the achievement of", "sustained convergence;" ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 6 \u2013 subpoint b \u2013 subpoint i" ], [ "Regulation (EC) No 1466/97", "Article 7 \u2013 paragraph 2 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The information about the paths for the", "general government balance and debt ratio,", "the growth of government expenditure, the", "planned growth path of government", "revenue at unchanged policy, the planned", "discretionary revenue measures and the", "main economic assumptions referred to in", "paragraph 2(a) and (b) shall be on an", "annual basis and shall cover the preceding", "year, the current year and at least the", "following three years." ], "reference": "2010/0280(COD)", "seq": 434, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "3. The information about the paths for the", "general government balance and debt ratio,", "the growth of government expenditure, the", "planned growth path of government", "revenue at unchanged policy, the planned", "discretionary revenue measures,", "appropriately quantified, and the main", "economic assumptions referred to in", "paragraph 2(a) and (b) shall be on an", "annual basis and shall cover the preceding", "year, the current year and at least the", "following three years." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 6 \u2013 subpoint c" ], [ "Regulation (EC) No 1466/97", "Article 7 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Council, when assessing the", "adjustment path toward the medium-term", "budgetary objective, shall take into account", "whether a higher adjustment effort is made", "in economic good times, whereas the effort", "may be more limited in economic bad", "times. For Member States with a high level", "of debt or excessive macroeconomic", "imbalances or both, the Council shall", "examine whether the annual improvement", "of the cyclically-adjusted budget balance,", "net of one-off and other temporary", "measures is higher than 0.5% of GDP. For", "ERM2 Member States, the Council shall", "examine if the Member State concerned", "pursues an appropriate annual", "improvement of its cyclically adjusted", "balance, net of one-off and other temporary", "measures, required to meet its medium-", "term budgetary objective, with 0.5% of", "GDP as a benchmark." ], "reference": "2010/0280(COD)", "seq": 445, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "The Council and the Commission, when", "assessing the adjustment path toward the", "medium-term budgetary objective, shall", "take into account whether a higher", "adjustment effort is made in economic", "good times, whereas the effort may be", "more limited in economic bad times. For", "Member States faced with a debt level", "exceeding 60% of GDP or with", "pronounced risks of overall debt", "sustainability, the Council and the", "Commission shall examine whether the", "annual improvement of the cyclically-", "adjusted budget balance, net of one-off and", "other temporary measures is significantly", "higher than 0.5% of GDP. For ERM2", "Member States, the Council and the", "Commission shall examine if the Member", "State concerned pursues an appropriate", "annual improvement of its cyclically", "adjusted balance, net of one-off and other", "temporary measures, required to meet its", "medium-term budgetary objective, with", "0.5% of GDP as a benchmark." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) discretionary reductions of government", "revenue items are matched either by", "expenditure cuts or by discretionary", "increases in other government revenue", "items or both." ], "reference": "2010/0280(COD)", "seq": 480, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "(c) for Member States that have not yet", "reached their medium-term budgetary", "objective, discretionary reductions of", "government revenue items are matched", "either by expenditure reductions or by", "discretionary increases in other", "government revenue items or both.", "The expenditure aggregate should", "exclude interest expenditure, expenditure", "on EU programmes fully matched by EU", "funds revenue and non-discretionary", "changes in unemployment benefit", "expenditure.", "The excess of expenditure growth over the", "medium-term references should not be", "counted as a breach of the benchmark to", "the extent that it is fully offset by revenue", "increases mandated by law." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 4 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The prudent medium-term of growth", "should be assessed on the basis of", "projections over a ten-year horizon", "updated at regular intervals." ], "reference": "2010/0280(COD)", "seq": 483, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Burkhard Balz, Gunnar H\u00f6kmark, Olle Schmidt", "date": "2011-02-15T00:00:00", "new": [ "The prudent medium-term of growth", "should be assessed on the basis of", "projections over a five-year horizon", "updated at regular intervals." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "When defining the adjustment path to the", "medium-term budgetary objective for", "Member States that have not yet reached", "this objective and in allowing a temporary", "deviation from this objective for Member", "States that have already reached it, under", "the condition that an appropriate safety", "margin with respect to the deficit reference", "value is preserved and that the budgetary", "position is expected to return to the", "medium-term budgetary objective within", "the programme period, the Council shall", "take into account the implementation of", "major structural reforms which have direct", "long-term cost-saving effects, including by", "raising potential growth, and therefore a", "verifiable impact on the long-term", "sustainability of public finances." ], "reference": "2010/0280(COD)", "seq": 491, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "When defining the adjustment path to the", "medium-term budgetary objective for", "Member States that have not yet reached", "this objective and in allowing a temporary", "deviation from this objective for Member", "States that have already reached it, under", "the condition that an appropriate safety", "margin with respect to the deficit reference", "value is preserved and that the budgetary", "position is expected to return to the", "medium-term budgetary objective within", "the programme period, the Council and the", "Commission shall only take into account", "the implementation of major structural", "reforms which have direct long-term cost-", "saving effects, including by raising", "potential growth, and therefore a verifiable", "impact on the long-term sustainability of", "public finances." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Special attention shall be paid to pension", "reforms introducing a multi-pillar system", "that includes a mandatory, fully funded", "pillar. Member States implementing such", "reforms shall be allowed to deviate from", "the adjustment path to their medium-term", "budgetary objective or from the objective", "itself, with the deviation reflecting the net", "cost of the reform to the publicly managed", "pillar, under the condition that the", "deviation remains temporary and that an", "appropriate safety margin with respect to", "the deficit reference value is preserved." ], "reference": "2010/0280(COD)", "seq": 500, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Within these reforms, special attention", "shall be paid to that of pensions, when", "introducing a multi-pillar system that", "includes a mandatory, fully funded pillar.", "Member States implementing such reforms", "shall be allowed to deviate from the", "adjustment path to their medium-term", "budgetary objective or from the objective", "itself, with the deviation reflecting the net", "cost of the reform to the publicly managed", "pillar, under the condition that the", "deviation remains temporary and that an", "appropriate safety margin with respect to", "the deficit reference value is preserved." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In periods of severe economic downturn of", "a general nature Member States may be", "allowed to temporarily depart from the", "adjustment path implied by prudent fiscal-", "policy making referred to in the fourth", "subparagraph." ], "reference": "2010/0280(COD)", "seq": 506, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "Only in periods of severe economic", "downturn for the euro area or the EU as a", "whole Member States may be allowed to", "temporarily depart from the adjustment", "path towards the MTO referred to in the", "fourth subparagraph, on condition that this", "does not endanger fiscal sustainability in", "the medium-term." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 8" ], [ "Regulation (EC) No 1466/97", "Article 9 \u2013 paragraph 1 \u2013 subparagraph 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A deviation from prudent fiscal policy", "making shall be considered significant if", "the following conditions occur: an excess", "over the expenditure growth consistent", "with prudent fiscal policy-making, not", "offset by discretionary revenue-increasing", "measures; or discretionary revenue-", "decreasing measures not offset by", "reductions in expenditure; and the", "deviation has a total impact on the", "government balance of at least 0.5% of", "GDP in one single year or of at least 0.25%", "of GDP on average per year in two", "consecutive years." ], "reference": "2010/0280(COD)", "seq": 532, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "The assessment of whether the deviation", "is significant shall notably include the", "following criteria:", "For a Member State that has not reached", "the medium-term budgetary objective,", "when assessing the change in the", "structural balance, the deviation shall be", "considered significant it is at least 0.5% of", "GDP in one single year or at least 0.25% of", "GDP on average per year in two", "consecutive years; when assessing", "expenditure developments net of", "discretionary revenue measures, the", "deviation shall be considered significant if", "it has a total impact on the government", "balance of at least 0.5% of GDP in one", "single year or cumulatively in two", "consecutive years." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 9" ], [ "Regulation (EC) No 1466/97", "Article 10 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.764%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The deviation may be equally not", "considered in case of severe economic", "downturn of a general nature." ], "reference": "2010/0280(COD)", "seq": 543, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-02-15T00:00:00", "new": [ "A deviation may be not considered", "significant in case of severe economic", "downturn for the euro area or the EU as a", "whole, on condition that this does not", "endanger fiscal sustainability in the", "medium-term." ], "location": [ [ "Proposal for a regulation \u2013 amending act", "Article 1 \u2013 point 9" ], [ "Regulation (EC) No 1466/97", "Article 10 \u2013 paragraph 2 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.499%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2248(INI)", "seq": 1, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-07-02T00:00:00", "new": [ "\u2013 having regard to its resolution of 16", "June 2010 on EU 20203,", "__________________", "3", "Texts adopted, P7_TA(2010)0223" ], "location": [ [ "Motion for a resolution", "Citation 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.499%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Welcomes the increase in the amounts", "lent to SMEs between 2008 and 2011, to an", "annual average of EUR 7.5 billion, as well", "as the setting-up of the European Progress", "Microfinance Facility in March 2010 with", "EUR 200 million of funding from the", "Commission and the Bank; calls, however,", "for more qualitative measures in order to", "increase the value added by EIB", "intervention in this field;" ], "reference": "2010/2248(INI)", "seq": 13, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-07-02T00:00:00", "new": [ "5. Points out the importance of SMEs to", "the European economy and therefore", "welcomes the increase in the amounts lent", "to SMEs between 2008 and 2011, to an", "annual average of EUR 7.5 billion, as well", "as the setting-up of the European Progress", "Microfinance Facility in March 2010 with", "EUR 200 million of funding from the", "Commission and the Bank; calls, however,", "for more qualitative measures in order to", "increase the value added by EIB", "intervention in this field;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.499%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2248(INI)", "seq": 32, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-07-02T00:00:00", "new": [ "11a. Points to the fact that the EIB is", "financing itself by successfully issuing", "common bonds backed by all EU Member", "States;" ], "location": [ [ "Motion for a resolution", "Paragraph 11 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.499%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "12. Welcomes the idea of \u2018project bonds\u2019", "aimed at enhancing the credit rating of", "bonds issued by companies themselves", "within the framework of the Europe 2020", "strategy; believes that such project bond", "issuance would impact positively on the", "availability of capital for growth- and job-", "enhancing sustainable investments;" ], "reference": "2010/2248(INI)", "seq": 33, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-07-02T00:00:00", "new": [ "12. Welcomes the idea of \u2018project bonds\u2019", "aimed at enhancing the credit rating of", "bonds issued by companies themselves", "within the framework of the Europe 2020", "strategy; believes that such project bond", "issuance would impact positively on the", "availability of capital for growth- and job-", "enhancing investments; points however out", "that increased public demand alone can", "not stimulate the economy in the long", "run;" ], "location": [ [ "Motion for a resolution", "Paragraph 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-458.499%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "13. Asks the Commission and the EIB", "therefore to present concrete proposals to", "create \u2018project bonds\u2019; stresses that", "Parliament must be fully involved in", "establishing such instruments and asks for", "thought to be given to the use of the EU", "budget in the next multiannual financial", "framework as first loss capped risk buffer,", "with the EIB as subordinate financer;" ], "reference": "2010/2248(INI)", "seq": 37, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-07-02T00:00:00", "new": [ "13. Asks the Commission and the EIB", "therefore to assess the possibility to create", "\u2018project bonds\u2019; stresses that Parliament", "must be fully involved in establishing such", "instruments and asks for thought to be", "given to the use of the EU budget in the", "next multiannual financial framework as", "first loss capped risk buffer, with the EIB", "as subordinate financer;" ], "location": [ [ "Motion for a resolution", "Paragraph 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0232(COD)", "seq": 88, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(2a) The following Article is inserted:", "\"Article 2a", "Level of application with regard to mixed", "financial holding companies", "1. Where a mixed financial holding", "company is subject to equivalent", "provisions under this Directive and under", "Directive 2002/87/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for exercising", "supplementary supervision may, after", "consulting the other competent authorities", "concerned, apply only the provision of", "Directive 2002/87/EC to that mixed", "financial holding company .", "2. Where a mixed financial holding", "company is subject to equivalent", "provisions under this Directive and under", "Directive 2006/48/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for exercising", "supplementary supervision may, in", "agreement with the consolidating", "supervisor in the banking and investment", "services sector, apply only the provision of", "the Directive relating to the most", "significant sector as defined in Article", "3(2) of Directive 2002/87/EC.", "3. The competent authority for exercising", "supplementary supervision shall inform", "the European Supervisory Authority", "(European Banking Authority) and the", "European Supervisory Authority", "(European Insurance and Occupational", "Pensions Authority) of the decisions taken", "under paragraphs 1 and 2 of. The", "European Supervisory Authorities,", "through the Joint Committee, shall", "develop guidelines aimed at converging", "supervisory practices and shall develop,", "within three years of the adoption of the", "guidelines, draft regulatory technical", "standards.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in the first subparagraph in", "accordance with the procedure laid down", "in Articles 10 to 14 of Regulation (EU)", "No 1093/2010, of Regulation (EU) No", "1094/2010 and Regulation (EU) No", "1095/2010." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 1 \u2013 point 2 a (new)" ], [ "Directive 98/78/EC", "Article 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) Member States\u2019 competent authorities", "responsible for the sectoral group-wide", "supervision of any of the regulated entities", "in a financial conglomerate, in particular", "of the ultimate parent undertaking of a", "sector;" ], "reference": "2010/0232(COD)", "seq": 89, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(a) Member States\u2019 competent authorities", "responsible for the sectoral group-wide", "supervision of the ultimate parent", "undertaking of a sector;" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 1" ], [ "Directive 2002/87/EC", "Article 2 \u2013 point 17 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Asset management companies within the", "meaning of Article 30 are added to the", "sector they belong to within the group; if", "they do not belong exclusively to one", "sector within the group, they are added to", "the smallest financial sector." ], "reference": "2010/0232(COD)", "seq": 95, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "Asset management companies within the", "meaning of Article 30 are added to the", "investment services sector; if they provide", "services exclusively to one other sector", "within the group, they are added to that", "financial sector." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 2 \u2013 point a" ], [ "Directive 2002/87/EC", "Article 3 \u2013 paragraph 2 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0232(COD)", "seq": 97, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "Alternative investment fund managers", "within the meaning of Article 30a are", "added to the investment services sector; if", "they provide services exclusively to one", "other sector within the group, they are", "added to that financial sector." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 2 \u2013 point a" ], [ "Directive 2002/87/EC", "Article 3 \u2013 paragraph 2 \u2013 subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0232(COD)", "seq": 119, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(6a) The following Article is inserted:", "\"Article 9aa", "Stress Testing", "The coordinator shall organise stress tests", "at the level of each financial", "conglomerate, based on all relevant", "parameters developed and provided by the", "Joint Committee in cooperation with the", "ESRB, the European Supervisory", "Authorities and the relevant competent", "authorities. The Joint Committee shall", "ensure consistency to stress tests initiated", "by the European Supervisory Authorities,", "and coordinate the stress tests at the level", "of sectoral groups and financial", "conglomerates in order to avoid", "simultaneous testing.\"" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 6 a (new)" ], [ "Directive 2002/87/EC", "Article 9 a a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0232(COD)", "seq": 125, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(9a) Article 20 is replaced by the", "following:", "\"Article 20", "Delegation of power", "1. The Commission may adopt, by means", "of delegated acts in accordance with", "Article 21c, and subject to the conditions", "of Articles 21d and 21e, measures", "concerning the technical adaptations to", "be made to this Directive in the following", "areas:", "(a) a more precise formulation of the", "definitions referred to in Article 2 in", "order to take account of developments in", "financial markets in the application of", "this Directive;", "[...]", "(b) the alignment of terminology and the", "framing of definitions in the Directive in", "accordance with subsequent Union acts", "on regulated entities and related", "matters;", "(c) a more precise definition of the", "calculation methods set out in Annex I in", "order to take account of developments", "on financial markets and prudential", "techniques.", "[...]", "Those measures shall not include the", "subject matter of the power delegated", "and conferred on the Commission with", "regard to the items listed in Article 21a.\"" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 9 a (new)" ], [ "Directive 2002/87/EC", "Article 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0232(COD)", "seq": 126, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(9b) The following Article is inserted:", "\"Article 20a", "Regulatory technical standards", "1. In order to ensure consistent", "harmonisation of Articles 2, 7 and 8 and", "Annex II, the European Supervisory", "Authority (European Banking Authority),", "the European Supervisory Authority", "(European Insurance and Occupational", "Pensions Authority) and the European", "Supervisory Authority (European", "Securities and Markets Authority),", "through the Joint Committee, shall", "develop draft regulatory technical", "standards to establish a more precise", "formulation of the definitions referred to", "in Article 2 and to coordinate the", "provisions adopted pursuant to Articles 7", "and 8 and Annex II.", "2. The Joint Committee shall submit those", "draft regulatory technical standards to the", "Commission by 1 January 2013 on behalf", "of the European Supervisory Authority", "(European Banking Authority), the", "European Supervisory Authority", "(European Insurance and Occupational", "Pensions Authority) and the European", "Supervisory Authority (European", "Securities and Markets Authority).", "3. Power is delegated to the Commission", "to adopt the regulatory technical", "standards referred to in the paragraph 1", "in accordance with Articles 10 to 14 of", "Regulation (EU) No 1093/2010, of", "Regulation (EU) No 1094/2010 and of", "Regulation (EU) No 1095/2010.\"" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 2 \u2013 point 9 b (new)" ], [ "Directive 2002/87/EC", "Article 20 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "provisions under this Directive and under", "Directive 2002/87/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for responsible", "for the exercise of supervision on a", "consolidated basis may, after consulting", "the other competent authorities", "responsible for the supervision of", "subsidiaries, apply only the provision of", "Directive 2002/87/EC to that mixed", "financial holding company.", "2. Where a mixed financial holding", "company is subject to equivalent", "provisions under this Directive and under", "Directive 2009/138/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for the exercise of", "supervision on a consolidated basis may,", "in agreement with the group supervisor in", "the insurance sector, apply to that mixed", "financial holding company only the", "provision of the Directive relating to the", "most significant financial sector as", "defined in Article 3(2) of Directive", "2002/87/EC.", "3. The consolidating supervisor shall", "inform the European Supervisory", "Authority (European Banking Authority)", "and the European Supervisory Authority", "(European Insurance and Occupational", "Pensions Authority) of the decisions taken", "under paragraphs 1 and 2. The European", "Supervisory Authorities, through the Joint", "Committee, shall develop guidelines", "aimed at converging supervisory practices", "and shall develop, within three years of", "the adoption of the guidelines, draft", "regulatory technical standards.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in the first subparagraph in", "accordance with the procedure laid down", "in Articles 10 to 14 of Regulation (EU)", "No 1093/2010, of Regulation (EU) No", "1094/2010 and of Regulation (EU) No" ], "reference": "2010/0232(COD)", "seq": 133, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "(3a) The following Article is inserted:", "\"Article 72a", "1. Where a mixed financial holding", "company is subject to equivalent", "1095/2010.\"" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 3 \u2013 point 3 a (new)" ], [ "Directive 2006/48/EC", "Article 72 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.987%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "develop guidelines aimed at converging", "supervisory practices and shall develop,", "within three years of the adoption of the", "guidelines, draft regulatory technical", "standards.", "Power is delegated to the Commission to", "adopt the regulatory technical standards", "referred to in the first subparagraph in", "accordance with the procedure laid down", "in Articles 10 to 14 of Regulation (EU)", "No 1093/2010, of Regulation (EU) No", "1094/2010 and of Regulation (EU) No", "1095/2010.\"" ], "reference": "2010/0232(COD)", "seq": 136, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-03-02T00:00:00", "new": [ "Article 3a", "Amendments to Directive 2009/138/EC", "Directive 2009/138/EC is amended as", "follows:", "In Article 213, the following paragraphs", "are added:", "\"3a. Where a mixed financial holding", "company is subject to equivalent", "provisions under this Directive and under", "Directive 2002/87/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for exercising", "supplementary supervision may, after", "consulting the other supervisory", "authorities concerned, apply only the", "provision of Directive 2002/87/EC to that", "mixed financial holding company.", "3b. Where a mixed financial holding", "company is subject to equivalent", "provisions under this Directive and under", "Directive 2006/48/EC, in particular in", "terms of consolidated capital adequacy", "requirements or risk-based supervision,", "the competent authority for exercising", "supplementary supervision may, in", "agreement with the consolidating", "supervisor in the banking and investment", "services sector, apply only the provision of", "the Directive relating to the most", "significant sector as defined in Article", "3(2) of Directive 2002/87/EC.", "3c. The competent authority for", "exercising supplementary supervision", "shall inform the European Supervisory", "Authority (European Banking Authority)", "and the European Supervisory Authority", "(European Insurance and Occupational", "Pensions Authority) of the decisions taken", "under paragraphs 3a and 3b. The", "European Supervisory Authorities,", "through the Joint Committee, shall" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 3 a \u2013 point 1 (new)" ], [ "Directive 2009/138/EC", "Article 213 \u2013 paragraphs 3 a, 3 b and 3 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.805%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) the natural or legal person has an", "arrangement with a third party under which", "that third party has confirmed that the share", "or sovereign debt instrument has been", "located and reserved for lending for the", "natural or legal person so that settlement", "can be effected when it is due." ], "reference": "2010/0251(COD)", "seq": 356, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-26T00:00:00", "new": [ "(c) the natural or legal person has an", "arrangement with a third party under which", "that third party has confirmed that the share", "or sovereign debt instrument has been", "located for the natural or legal person so", "that settlement can be effected when it is", "due." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.805%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "", "Buy-in procedures and fines for late", "1. A trading venue that has shares or", "sovereign debt admitted to trading shall", "ensure that it, or the central counterparty", "that provides clearing services for the", "trading venue, has procedures in place", "which comply with all of the following", "requirements:", "(a) where a natural or legal person who", "sells shares or sovereign debt instruments", "on the venue is not able to deliver the", "shares or sovereign debt instrument for", "settlement within four trading days after", "the day on which the trade takes place, or", "six trading days after the day on which", "the trade takes place in the case of market", "making activities, then procedures are", "automatically triggered for the trading", "venue or central counterparty to buy-in", "the shares or sovereign debt instrument to", "ensure delivery for settlement;", "(b) where the trading venue or central", "counterparty is not able to buy-in the", "shares or the sovereign debt instrument", "for delivery then cash compensation is", "paid by the trading venue or the central", "counterparty to the buyer based on the", "value of the shares or the debt to be", "delivered at the delivery date plus an", "amount for any losses incurred by the", "buyer;", "(c) the natural or legal person who fails to", "settle pays an amount to the trading venue", "or central counterparty to reimburse the", "trading venue or central counterparty for", "all amounts paid pursuant to points (a)", "and (b).", "2. A trading venue that has shares or", "sovereign debt instruments admitted to", "trading shall ensure that it has procedures", "in place, or that the settlement system that", "provides settlement services for the shares", "or sovereign debt instrument has", "procedures in place, which ensure that", "where a natural or legal person who sells", "shares or sovereign debt instrument on", "the venue fails to deliver the shares or", "sovereign debt instrument for settlement", "by the date on which settlement is due,", "then such natural or legal person is", "subject to the obligation to make daily", "payments to the trading venue or", "settlement system for each day that the", "failure continues.", "The daily payments shall be sufficiently", "high not to allow the seller to make a", "profit from the settlement failure and to", "act as a deterrent to natural or legal", "persons failing to settle.", "3. A trading venue that has shares or", "sovereign debt admitted to trading shall", "have in place rules that enable it to", "prohibit a natural or legal person that is a", "member of the trading venue from", "entering into further short sales of shares", "or sovereign debt instruments on the", "trading venue as long as that person fails", "to settle a transaction resulting from a", "short sale on that trading venue." ], "reference": "2010/0251(COD)", "seq": 375, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-26T00:00:00", "new": [ "Article 13 deleted", "settlement" ], "location": [ [ "Proposal for a regulation", "Article 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.805%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Articles 5, 6, 7, 8 and 12 shall not apply", "to the activities of an investment firm or a", "third country entity or a local firm that is a", "member of a trading venue or of a market", "in a third country, whose legal and", "supervisory framework has been declared", "equivalent pursuant to paragraph 2, when it", "deals as principal in a financial instrument,", "whether traded on or outside a trading", "venue, in either or both of the following", "capacities:" ], "reference": "2010/0251(COD)", "seq": 413, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-26T00:00:00", "new": [ "1. Articles 5 to 8 and 12 shall not apply to", "the activities of an investment firm or a", "third country entity or a local firm that is a", "member of a trading venue or of a market", "in a third country, whose legal and", "supervisory framework has been declared", "equivalent pursuant to paragraph 2, when it", "holds itself out on a continuous basis as", "being willing to deal as principal in a", "financial instrument, whether traded on or", "outside a trading venue or as a systemic", "internaliser, in any one of the following", "capacities:" ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.805%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/0251(COD)", "seq": 427, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-26T00:00:00", "new": [ "(ba) by buying and selling financial", "instruments on its own account against its", "own proprietary capital at prices defined", "by it" ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 1 \u2013 point b a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.805%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The fall in value shall be 10% or more", "in the case of a share and for other classes", "of financial instruments an amount to be", "specified by the Commission." ], "reference": "2010/0251(COD)", "seq": 477, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-26T00:00:00", "new": [ "4. The fall in value shall be elaborated by", "ESA (ESMA) considering that there are", "significant differences in volatility." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 4 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "B. whereas CRAs are information", "intermediaries, reducing information", "asymmetries in the capital markets and", "facilitating global market access, reducing", "information costs and widening the", "potential pool of borrowers, thus providing", "liquidity to markets and helping find", "prices," ], "reference": "2010/2302(INI)", "seq": 4, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "B. whereas CRAs are supposed to be", "information intermediaries, reducing", "information asymmetries in the capital", "markets and facilitating global market", "access, reducing information costs and", "widening the potential pool of borrowers,", "thus providing liquidity to markets and", "helping find prices," ], "location": [ [ "Motion for a resolution", "Recital B" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "C. whereas, in recent legislation, CRAs", "have been assigned another role which can", "be classified as one of \u2018certification\u2019,", "reflecting the fact that ratings are", "increasingly embedded in regulatory", "capital requirements," ], "reference": "2010/2302(INI)", "seq": 8, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "C. whereas, backed by recent legislation,", "CRAs have been assigned another role", "which can be classified as one of", "\u2018certification\u2019, reflecting the fact that", "ratings are increasingly embedded in", "regulatory capital requirements," ], "location": [ [ "Motion for a resolution", "Recital C" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "F. whereas the industry's key problem is", "lack of competition and the regulatory", "system's key problem is dependency on", "external credit ratings," ], "reference": "2010/2302(INI)", "seq": 22, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "F. whereas the industry\u2019s key problem is", "lack of competition and methodical", "transparency and the regulatory system\u2019s", "key problem is dependency on external", "credit ratings," ], "location": [ [ "Motion for a resolution", "Recital F" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "G. whereas, in good times, market", "participants tend to mistake or disregard", "the underlying methodology and meaning", "of credit ratings, which seek to pin down", "the probability of default," ], "reference": "2010/2302(INI)", "seq": 28, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "G. whereas smaller and less sophisticated", "market participants tend to mistake or", "disregard the underlying methodology and", "meaning of credit ratings, which seek to", "pin down the probability of default," ], "location": [ [ "Motion for a resolution", "Recital G" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "H. whereas there seems to be a lack of", "qualitative comparability in some of the", "three sectors of ratings," ], "reference": "2010/2302(INI)", "seq": 29, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Recital H" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "I. whereas the recent developments in the", "euro crisis have highlighted the significant", "role of sovereign debt ratings," ], "reference": "2010/2302(INI)", "seq": 33, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "I. whereas the recent developments in the", "euro crisis have highlighted the significant", "role of sovereign debt ratings, where the", "CRAs' performance did not always", "convince and where the decisions of", "CRAs were not always fully", "comprehensible," ], "location": [ [ "Motion for a resolution", "Recital I" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Considers that, in the light of the change", "in the nature of credit ratings, where the", "issuer is rated to get a preferential", "treatment under a regulatory framework", "rather than to gain access to the global", "capital markets, the over-reliance of the", "global financial regulatory system on credit", "ratings has to be reduced as far as possible", "and in a realistic timeframe;" ], "reference": "2010/2302(INI)", "seq": 44, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "1. Considers that, in the light of the change", "in the purpose of credit ratings, where the", "issuer is rated to get a preferential", "treatment under a regulatory framework", "rather than to gain access to the global", "capital markets, the over-reliance of the", "global financial regulatory system on", "external credit ratings has to be reduced as", "far as possible and in a realistic timeframe;" ], "location": [ [ "Motion for a resolution", "Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2302(INI)", "seq": 52, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "3 a. Points out that this should be", "considered as well in the current", "discussions on Basel III and its", "implementation by CRD IV;" ], "location": [ [ "Motion for a resolution", "Paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Sees the need to restore investors\u2018 ability", "to conduct their own due diligence as a", "pre-requisite for enabling increased use of", "proprietary internal models for credit risk", "assessment; suggests that an incentive be", "created for banks and other financial", "players to conduct proper internal risk", "assessments;" ], "reference": "2010/2302(INI)", "seq": 56, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "4. Sees the need to restore investors\u2019 ability", "to conduct their own due diligence as a", "pre-requisite for enabling increased use of", "proprietary internal models for credit risk", "assessment; suggests that banks and other", "financial players should use proper internal", "risk assessments much more often;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Expresses the view that market", "participants should not invest in structured", "products if they cannot assess the", "underlying credit risk themselves, or", "alternatively that they should apply the", "highest risk weighting;" ], "reference": "2010/2302(INI)", "seq": 58, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "5. Expresses the view that professional", "and larger and more sophisticated market", "participants should not invest in structured", "products if they cannot assess the", "underlying credit risk themselves, or", "alternatively that they should apply the", "highest risk weighting;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2302(INI)", "seq": 76, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "8 a. Regards the stimulation of", "competition, the promotion of", "transparency and the question of a future", "pay model as the most important tasks", "while the question of the origin of a CRA", "should be secondary;" ], "location": [ [ "Motion for a resolution", "Paragraph 8 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2302(INI)", "seq": 77, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "8 b. But stresses at the same time that", "more competition does not automatically", "imply better competition but needs to be", "combined with strong requirements", "assuring the quality of the rating to avoid", "phenomenon like \"rating shopping\";" ], "location": [ [ "Motion for a resolution", "Paragraph 8 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "9. Calls for a the establishment of a fully", "independent European Credit Rating", "Foundation (ECRaF) which would expand", "its expertise into all three sectors of ratings;" ], "reference": "2010/2302(INI)", "seq": 83, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "9. Asks the Commission to conduct a", "detailed impact assessment and feasibility", "study on the establishment of an", "independent European Credit Rating", "Foundation (ECRaF) which would expand", "its expertise into all three sectors of ratings;" ], "location": [ [ "Motion for a resolution", "Paragraph 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "10. Believes that the start-up financing", "costs to cover the first three years of the", "ECRaF's work need to be carefully", "calculated; that these initial costs should", "take the form of a lump-sum capital", "payment and should be provided by the", "financial services industry with the", "involvement of both users and issuers; asks", "the Commission to produce a detailed", "impact assessment and cost estimate for the", "necessary financing in this respect;", "considers that the new ECRaF should be", "fully self-sufficient after the three-year", "start-up period;" ], "reference": "2010/2302(INI)", "seq": 94, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "10. Believes that the start-up financing", "costs to cover the first three to five years of", "the ECRaF\u2019s work need to be carefully", "calculated; that these initial costs should", "take the form of a lump-sum capital", "payment and should be provided by the", "financial services industry with the", "involvement of both users and issuers; asks", "the Commission to produce a detailed", "impact assessment and cost estimate for the", "necessary financing in this respect;", "considers that the new ECRaF should be", "fully self-sufficient after the start-up", "period;" ], "location": [ [ "Motion for a resolution", "Paragraph 10" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "12. Asks the Commission to conduct a", "detailed impact assessment and feasibility", "study on the establishment of an", "independent ECRaF and to come forward", "with legislative proposals;" ], "reference": "2010/2302(INI)", "seq": 103, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "15. Points out that, in order to enable", "investors adequately to assess risk and to", "fulfil their due-diligence and fiduciary", "duties, increased disclosure of information", "is necessary in the field of structured", "finance instruments to allow investors to", "make informed judgments; considers that", "sophisticated investors should be able to", "rate the underlying credits from which they", "can then derive the risk of a securitised", "product;" ], "reference": "2010/2302(INI)", "seq": 117, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "15. Points out that, in order to enable", "investors adequately to assess risk and to", "fulfil their due-diligence and fiduciary", "duties, increased disclosure of information", "about products is necessary in the field of", "structured finance instruments to allow", "investors to make informed judgments;", "considers that sophisticated investors", "should be able to rate the underlying", "credits from which they can then derive the", "risk of a securitised product;" ], "location": [ [ "Motion for a resolution", "Paragraph 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "17. Ponders whether it would be", "advantageous to oblige issuers to discuss", "the content and method behind a", "structured finance instrument with a third", "party that is either conducting an", "unsolicited credit rating or devising an", "internal risk assessment;" ], "reference": "2010/2302(INI)", "seq": 124, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 17" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "19. Considers that the costs of both ratings", "should be borne by the issuer and that the", "first rating should be by a hired CRA, at", "the choice of the issuer, while the second", "should be assigned by the European", "Securities and Markets Authority (ESMA)", "to a different CRA on the base of merit,", "taking historic performance into account;" ], "reference": "2010/2302(INI)", "seq": 141, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "19. Considers that the costs of both ratings", "should be borne by the issuer and that the", "first rating should be by a hired CRA, at", "the choice of the issuer, while the second", "should be assigned by the European", "Securities and Markets Authority (ESMA)", "to a different CRA on the base of merit,", "taking historic performance into account,", "but supporting the establishment of new", "CRAs;" ], "location": [ [ "Motion for a resolution", "Paragraph 19" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2302(INI)", "seq": 142, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "19 a. Points out that reputation can not be", "imposed by a regulator, but that every new", "CRA will only become accepted if it gains", "credibility;" ], "location": [ [ "Motion for a resolution", "Paragraph 19 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "20. Is aware of the fact that market players", "are averse to volatile credit ratings because", "of the high costs involved (in related sell or", "buy decisions) when ratings are adjusted;", "considers, however, that smoothing", "practices by CRAs make ratings more", "likely to be procyclical and to lag behind", "financial market developments;" ], "reference": "2010/2302(INI)", "seq": 146, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "20. Is aware of the fact that market players", "are averse to volatile credit ratings because", "of the high costs involved (in related sell or", "buy decisions) when ratings are adjusted;", "considers, however, that thus ratings tend", "to be procyclical and to lag behind", "financial market developments;" ], "location": [ [ "Motion for a resolution", "Paragraph 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2302(INI)", "seq": 158, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "21 a. Believes that given the effects that", "credit ratings of sovereign debt can have", "on the market, transparency about the", "methods and the reasons for decisions as", "well as liability of CRAs need to be", "improved in this field;" ], "location": [ [ "Motion for a resolution", "Paragraph 21 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "23. Considers that if credit ratings fulfil a", "regulatory purpose they should not be", "classified as mere opinions, and that CRAs", "should be held accountable for their credit", "ratings; recommends therefore that CRAs\u2018", "exposure to civil liability in the event of", "gross negligence be increased and that", "provisions to that effect be anchored in", "Member States\u2019 civil law;" ], "reference": "2010/2302(INI)", "seq": 181, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "23. Considers that if credit ratings fulfil a", "regulatory purpose or are done on", "sovereign debt they should not be", "classified as mere opinions, and that CRAs", "should be held accountable for their credit", "ratings; recommends therefore that CRAs\u2019", "exposure to civil liability in the event of", "gross negligence be increased and that", "provisions to that effect be anchored in", "Member States\u2019 civil law;" ], "location": [ [ "Motion for a resolution", "Paragraph 23" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-454.677%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "25. Suggests that each registered CRA", "should conduct an annual review to assess", "its past credit rating performance and", "should compile this information in an", "accountability report for the supervisor;", "suggests that the ESMA should carry out", "random checks on accountability reports to", "ensure a high quality standard in credit", "ratings;" ], "reference": "2010/2302(INI)", "seq": 186, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "25. Suggests that each registered CRA", "should assess its past credit rating", "performance and should compile this", "information in an accountability report for", "the supervisor; suggests that the ESMA", "should carry out random checks on", "accountability reports to ensure a high", "quality standard in credit ratings;" ], "location": [ [ "Motion for a resolution", "Paragraph 25" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) Enhanced transparency relating to", "significant net short positions in specific", "financial instruments is likely to be of", "benefit to both the regulator and to market", "participants. For shares admitted to trading", "on a trading venue in the Union, a two-tier", "model should be introduced that provides", "for greater transparency of significant net", "short positions in shares at the appropriate", "level. At a lower threshold notification of", "a position should be made privately to the", "regulators concerned to enable them to", "monitor and, where necessary, investigate", "short selling that may create systemic risks", "or be abusive; at a higher threshold,", "positions should be publicly disclosed to", "the market in order to provide useful", "information to other market participants", "about significant individual short selling", "positions in shares." ], "reference": "2010/0251(COD)", "seq": 152, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "(6) Enhanced transparency relating to", "significant net short positions in specific", "financial instruments is likely to be of", "benefit to both the regulator and to market", "participants. For shares admitted to trading", "on a trading venue in the Union, a two-tier", "model should be introduced that provides", "for greater transparency of significant net", "short positions in shares at the appropriate", "level. Notification of a position above a", "certain threshold should be made privately", "to the regulators concerned to enable them", "to monitor and, where necessary,", "investigate short selling that may create", "systemic risks or be abusive; positions", "should be also publicly disclosed to the", "market in aggregate, anonymous form in", "order to provide useful information to other", "market participants about significant", "individual short selling positions in shares." ], "location": [ [ "Proposal for a regulation", "Recital 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(12) In addition to the transparency regime", "for the disclosure of net short positions in", "shares, a requirement for the marking of", "sell orders that are executed on trading", "venues as short orders should be", "introduced to provide supplementary", "information about the volume of short", "sales of shares executed on trading", "venues. Information about short orders", "should be collated by the trading venue", "and published in summary form at least", "daily in order to also help competent", "authorities and market participants to", "monitor levels of short selling." ], "reference": "2010/0251(COD)", "seq": 168, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "(12) In addition to the transparency regime", "for the disclosure of net short positions in", "shares, ESA (ESMA) should investigate", "the benefits and costs of establishing a", "requirement for the marking of sell orders", "that are executed on trading venues as short", "orders and whether the objective is better", "achieved by the transparency regime for", "the disclosure of net short positions in", "shares." ], "location": [ [ "Proposal for a regulation", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(13) Buying credit default swaps without", "having a long position in underlying", "sovereign debt can be, economically", "speaking, equivalent to taking a short", "position on the underlying debt instrument.", "The calculation of a net short position in", "relation to sovereign debt should therefore", "include credit default swaps relating to an", "obligation of a sovereign debt issuer. The", "credit default swap position should be", "taken into account both for the purposes of", "determining whether a natural or legal", "person has a significant net short position", "relating to sovereign debt that needs to be", "notified to a competent authority or a", "significant uncovered position in a credit", "default swap relating to an issuer of", "sovereign debt that needs to be notified to", "the authority." ], "reference": "2010/0251(COD)", "seq": 173, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "(13) Buying credit default swaps without", "having a long position in underlying", "sovereign debt or another position whose", "value is likely to be negatively impacted by", "a decline in the creditworthiness of the", "relevant sovereign can be, economically", "speaking, equivalent to taking a short", "position on the underlying debt instrument.", "The calculation of a net short position in", "relation to sovereign debt should therefore", "include credit default swaps relating to an", "obligation of a sovereign debt issuer. The", "credit default swap position should be", "taken into account both for the purposes of", "determining whether a natural or legal", "person has a significant net short position", "relating to sovereign debt that needs to be", "notified to a competent authority or a", "significant uncovered position in a credit", "default swap relating to an issuer of", "sovereign debt that needs to be notified to", "the authority." ], "location": [ [ "Proposal for a regulation", "Recital 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(16) Uncovered short selling of shares and", "sovereign debt is sometimes viewed as", "increasing the potential risk of settlement", "failure and volatility. To reduce such risks", "it is appropriate to place proportionate", "restrictions on uncovered short selling.", "The detailed restrictions should take into", "account the different arrangements", "currently used for covered short selling. It", "is also appropriate to include requirements", "on trading venues relating to buy-in", "procedures and fines for failed settlement", "of transactions in those instruments. The", "buy-in procedures and late settlement", "requirements should set basic standards", "relating to settlement discipline." ], "reference": "2010/0251(COD)", "seq": 179, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "(16) Uncovered short selling of shares and", "sovereign debt may be one of multiple", "other operational causes is of settlement", "failure and volatility. Measures to reduce", "such risks and also establish appropriate", "buy-in procedures and fines for failed", "settlement of transactions should be", "developed in the upcoming Commission", "proposals relating to settlement discipline." ], "location": [ [ "Proposal for a regulation", "Recital 16" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purposes of this Regulation, a", "natural or legal person shall be considered", "to have an uncovered position in a credit", "default swap relating to an obligation of a", "Member State or the Union, to the extent", "that the credit default swap is not serving", "to hedge against the risk of default of the", "issuer where the natural or legal person has", "a long position in the sovereign debt of", "that issuer or any long position in the debt", "of an issuer for which the price of its debt", "has a high correlation with the price of", "the obligation of a Member State or the", "Union. The party under a credit default", "swap that is obliged to make the payment", "or pay the compensation in the event of a", "default or a credit event relating to the", "reference entity does not by reason of that", "obligation have an uncovered position for", "the purposes of this paragraph." ], "reference": "2010/0251(COD)", "seq": 253, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "1. For the purposes of this Regulation, a", "natural or legal person shall be considered", "to have an uncovered position in a credit", "default swap relating to an obligation of a", "Member State or the Union, to the extent", "that the credit default swap is not serving", "to hedge against the risk of a decline in the", "creditworthiness of the issuer where the", "natural or legal person has another", "position whose value is likely to be", "negatively impacted by such a decline. The", "party under a credit default swap that is", "obliged to make the payment or pay the", "compensation in the event of a default or a", "credit event relating to the reference entity", "does not by reason of that obligation have", "an uncovered position for the purposes of", "this paragraph." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A trading venue that has shares admitted", "to trading shall establish procedures that", "ensure that natural or legal persons", "executing orders on the trading venue", "mark sell orders as short orders if the", "seller is entering into a short sale of the", "share. The trading venue shall publish at", "least daily a summary of the volume of", "orders marked as short orders." ], "reference": "2010/0251(COD)", "seq": 274, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "The Commission shall request ESA", "(ESMA) to amend Annex 1 of Regulation", "(EC) No 1287/2006 to require that", "intermediaries that undertake short sales", "indicate these as such in the transaction", "report of such sales to the relevant", "competent authority." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. A natural or legal person who has a net", "short position in relation to the issued", "share capital of a company that has shares", "admitted to trading on a trading venue", "shall disclose to the public details of the", "position whenever the position reaches or", "falls below a relevant publication", "threshold referred to in paragraph 2." ], "reference": "2010/0251(COD)", "seq": 281, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "1. The relevant competent authority shall", "publish, on a daily basis, details of the", "aggregate amount of net short positions", "for each share for which it has received a", "notification under Article 5. Such", "disclosure shall not identify the holder of", "the net short position." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. A relevant publication threshold is a", "percentage that equals 0.5% of the value", "of the issued share capital of the company", "concerned and each 0.1% above that." ], "reference": "2010/0251(COD)", "seq": 287, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. The Commission may, by means of", "delegated acts in accordance with Article", "36 and subject to the conditions of", "Articles 37 and 38, modify the thresholds", "mentioned in paragraph 2, taking into", "account the developments in financial", "markets." ], "reference": "2010/0251(COD)", "seq": 291, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-456.773%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. A natural or legal person may only enter", "into a short sale of a share admitted to", "trading on a trading venue or a short sale of", "a sovereign debt instrument where one of", "the following conditions is fulfilled:" ], "reference": "2010/0251(COD)", "seq": 334, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2011-01-20T00:00:00", "new": [ "1. A natural or legal person may only enter", "into a short sale of a share admitted to", "trading on a trading venue or a short sale of", "a sovereign debt instrument where one of", "the following conditions is fulfilled by", "11.59 pm on the trading day on which the", "person enters into the short sale:" ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "A. whereas overall real GDP in the euro", "area shrank by 4.0% in 2009 after the", "financial turmoil deepened following the", "collapse of Lehman Brothers," ], "reference": "2010/2078(INI)", "seq": 1, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "A. whereas overall real GDP in the euro", "area shrank by 4.1% in 2009 after the", "financial turmoil deepened following the", "collapse of Lehman Brothers," ], "location": [ [ "Motion for a resolution", "Recital A" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "D. whereas the exchange rate for the euro", "against the USD fell from 1.39 USD in", "January 2009 to 1.26 USD in March 2009,", "recovered to a peak at USD 1.51 in", "December 2009 and has continued to fall", "ever since to an interim minimum of 1.20", "USD in June 2010," ], "reference": "2010/2078(INI)", "seq": 3, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "D. whereas the exchange rate for the euro", "against the USD fell from 1.39 USD on", "2 January 2009 to 1.26 USD in mid-March", "2009, recovered to a peak at USD 1.51 in", "early December 2009 and depreciated in", "2010 to reach a minimum of 1.19 USD on", "2 June 2010," ], "location": [ [ "Motion for a resolution", "Recital D" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2078(INI)", "seq": 12, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "2a. Favours the adoption of the euro by", "Estonia on 1 January 2011;" ], "location": [ [ "Motion for a resolution", "Paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Condemns the fact that the principles of", "the Stability and Growth Pact were not", "always fully respected in the past; calls for", "unrestricted application of the Stability and", "Growth Pact;" ], "reference": "2010/2078(INI)", "seq": 23, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "5. Condemns the fact that the principles of", "the Stability and Growth Pact were not", "always fully respected in the past; calls for", "unrestricted application of the Stability and", "Growth Pact, especially of its until now", "little distinctive preventive arm; calls for", "the development of an early warning", "system to identify possible deficits, e.g. in", "the form of a 'European semester';" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "27. Acknowledges that the strength of the", "euro was partly due to weak economic", "activity in the US, where the account", "deficit narrowed sharply to about 2.9% of", "GDP and the federal budget deficit", "widened to about 10% of GDP; shares", "concerns about the expansion of the", "volume of money in the US;" ], "reference": "2010/2078(INI)", "seq": 85, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "27. Acknowledges that the strength of the", "euro was partly due to weak economic", "activity in the US, where the current", "account deficit narrowed sharply to below", "3% of GDP in 2009 and the federal budget", "deficit widened to about 10% of GDP in", "the fiscal year 2009; shares concerns about", "the expansion of the volume of money in", "the US;" ], "location": [ [ "Motion for a resolution", "Paragraph 27" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.904%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "28. Points out that compliance with the", "Maastricht criteria is regarded as a", "precondition for euro membership;" ], "reference": "2010/2078(INI)", "seq": 89, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-09-16T00:00:00", "new": [ "28. Points out that compliance with the", "Maastricht criteria is regarded as a", "precondition for euro membership;", "welcomes the quick adoption of the euro", "by all Member States which comply with", "these criteria;" ], "location": [ [ "Motion for a resolution", "Paragraph 28" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "F. whereas a fair balance between", "investments in sustainable growth and the", "prevention of excessive deficits over the", "economic cycle, in line with Union-level", "commitments and guidelines, need to be", "persued," ], "reference": "2010/2099(INI)", "seq": 41, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "F. whereas a fair balance between", "investments in sustainable growth and the", "prevention of excessive deficits over the", "economic cycle, in line with Union-level", "commitments and guidelines, need to be", "persued, since the fiscal malpractice of", "individual Member States has the", "potential to destablise the entire EU" ], "location": [ [ "Motion for a resolution", "Recital F" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 153, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 requests a regulation on the automatic", "suspension of EU structural and cohesion", "funds (incl. rural development) for", "Member States which repeatedly violate", "the European stability criteria," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 2 \u2013 paragraph 1 \u2013 indent 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 154, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 requests a suspension of the right to", "vote in the EU advisory bodies for", "Member States which repeatedly violate", "the European stability criteria," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 2 \u2013 paragraph 1 \u2013 indent 4 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 158, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 Requests the Commission to guarantee", "that Member States that constantly breach", "the Stability and Growth Pact do not use", "the EU structural funds to plug holes in", "their budgets," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 2 \u2013 paragraph 1 \u2013 indent 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 186, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 Aks the Commission to examine the", "feasibility of the future application of", "insolvency law to states; in particular", "concerning those affected states which do", "not show sufficient effort to reform," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 3 \u2013 paragraph 1 \u2013 indent 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 220, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 reminds that the independence of the", "European Central Bank is essential for", "the stability of the financial and free-", "market economy of the European Union," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 5 \u2013 paragraph 1 \u2013 indent 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-448.796%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2099(INI)", "seq": 221, "orig_lang": "n", "meps": [], "committee": [ "ECON" ], "authors": "Markus Pieper, Burkhard Balz", "date": "2010-10-09T00:00:00", "new": [ "\u2013 urges to clearly maintain a separation", "between fiscal and monetary policys, in", "order not to jeopardize the independence", "of the European Central Bank," ], "location": [ [ "Motion for a resolution", "Annex 1 \u2013 heading 5 \u2013 paragraph 1 \u2013 indent 2 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-442.841%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "34. Underlines that the crisis has shown", "that interconnectedness between financial", "institutions is greater than", "interconnectedness between financial", "institutions and corporates, and takes the", "view that capital requirements for CCR", "should reflect that fact;" ], "reference": "2010/2074(INI)", "seq": 255, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-06-15T00:00:00", "new": [ "34. Underlines that the crisis has shown", "that interconnectedness between financial", "institutions is greater than", "interconnectedness between financial", "institutions and corporates, and takes the", "view that capital requirements for CCR", "should reflect that fact; but we also suggest", "recalibrating the asset value correlations", "of the other exposure classes consistently", "by means of general backtesting as there", "are indications that conventional lending", "contributes far less to systemic risk than", "previously assumed;" ], "location": [ [ "Motion for a resolution", "Paragraph 34" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-441.190%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Coins with a nominal value of 20 cents or less represent a very low risk, given their low value\nin terms of the value of the metal and the cost of forging them. Testing the authenticity of all\ncoins would therefore be disproportionate. More flexibility should be allowed in deciding on\nmethods of testing authenticity in order to avoid further disproportionate obligations.", "old": [ "1. The institutions shall ensure that euro", "coins, which they have received and which", "they intend to put back into circulation, are", "submitted to authentication. They shall", "implement this obligation" ], "seq": 43, "reference": "2009/0128(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-11-05T00:00:00", "new": [ "1. The institutions shall ensure that euro", "coins with a nominal value of 2 euros, 1", "euro and 50 cents, which they have", "received and which they intend to put back", "into circulation, are submitted to", "authentication. They shall implement this", "obligation" ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-441.190%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Coins with a nominal value of 20 cents or less represent a very low risk, given their low value\nin terms of the value of the metal and the cost of forging them. Testing the authenticity of all\ncoins would therefore be disproportionate. More flexibility should be allowed in deciding on\nmethods of testing authenticity in order to avoid further disproportionate obligations.", "old": [ "(a) mainly by means of coin processing", "machines included in the list of coin-", "processing machines, referred to in Article", "5(3); or" ], "seq": 44, "reference": "2009/0128(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-11-05T00:00:00", "new": [ "(a) by means of coin processing machines", "included in the list of coin-processing", "machines, referred to in Article 5(3); or" ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-441.190%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Coins with a nominal value of 20 cents or less represent a very low risk, given their low value\nin terms of the value of the metal and the cost of forging them. Testing the authenticity of all\ncoins would therefore be disproportionate. More flexibility should be allowed in deciding on\nmethods of testing authenticity in order to avoid further disproportionate obligations.", "old": [ "(b) by trained personnel." ], "seq": 45, "reference": "2009/0128(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-11-05T00:00:00", "new": [ "(b) by personnel trained in accordance", "with the arrangements laid down in the", "Member States." ], "location": [ [ "Proposal for a regulation", "Article 3 \u2013 paragraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Correcting an error in the initial text.", "old": [ "2. Upon request from one or more", "competent authorities, from the", "Commission or on its own initiative and", "after having informed the competent", "authority concerned, the Authority may", "investigate the alleged incorrect application", "of Community law." ], "seq": 417, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-04-15T00:00:00", "new": [ "2. Upon request from one or more", "competent authorities, from the", "Commission, from the European", "Parliament, the Council or the Banking", "Stakeholder Group, or on its own initiative", "and after having informed the competent", "authority concerned, the Authority may", "investigate the alleged incorrect application", "of Union law." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where the Commission has adopted a", "decision pursuant to paragraph 1, the", "Authority may adopt individual decisions", "requiring competent authorities to take the", "necessary action in accordance with the", "legislation referred to in Article 1(2) to", "address any risks that may jeopardise the", "orderly functioning and integrity of", "financial markets or the stability of the", "whole or part of the financial system by", "ensuring that financial institutions and", "competent authorities satisfy the", "requirements laid down in that legislation." ], "reference": "2009/0142(COD)", "seq": 467, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-04-15T00:00:00", "new": [ "2. Where the ESRB has adopted a decision", "pursuant to paragraph 1, the Authority may", "adopt individual decisions requiring", "competent authorities to take the necessary", "action in accordance with this regulation", "and the legislation referred to in Article", "1(2) to address any risks that may", "jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system by ensuring that financial", "market participants and competent", "authorities satisfy the requirements laid", "down in that legislation." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To strengthen the power of the Authority in coordance with the Giegold Report.", "old": [ "." ], "seq": 479, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-04-15T00:00:00", "new": [ "Where the addressee of the decision", "refuses to comply with Union law or a", "specific decision taken by the Authority,", "the Authority may issue proceedings in", "the national courts, including applications", "for interim relief." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To give the Authority, the Council, the European Parliament, or the Commission the right to\nrequest the review of the decision of declaring an emergency situation.", "reference": "2009/0142(COD)", "seq": 484, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-04-15T00:00:00", "new": [ "4a. The ESRB shall review the decision", "referred to in paragraph 1 upon its own", "initiative or following a request by the", "Authority, the Council, the European", "Parliament, or the Commission." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "to protect European depositors\u2019 interests", "and to reduce the cost to tax payers of a", "systemic financial crisis, a European", "Financial Protection Fund (Fund) shall", "be established. The Fund will also play a", "role in helping the EU institutions facing", "difficulties when those are likely to", "threaten the financial stability of the", "European single financial market. The", "Fund shall be financed through", "contributions from those institutions. The", "contribution of each financial institution", "will be calculated according to criteria", "rewarding good management. Those", "contributions replace those made to", "national funds of a similar nature.", "6. When the accumulated resources from", "the contributions made by banks are not", "sufficient to solve the crisis, the Fund", "shall have the capacity to increase its", "resources through debt issuance. Member", "States may, in exceptional circumstances,", "facilitate the issuance of debt by the Fund", "through guarantees, and in exchange of a", "fee reflecting appropriately the risk", "assumed. Those guarantees shall be", "shared by Member States in accordance", "with the criteria laid down in", "paragraph 7.", "7. Where, under extreme, exceptional", "circumstances and in the context of a", "systemic crisis, there is a failure of one or", "several institutions, and the resources", "available are insufficient, the affected", "Member States will deal with this burden", "according to principles established in the", "current Memorandum of Understanding", "(MoU), properly amended. Burden-", "sharing arrangements could include one", "of the following criteria, or a combination", "thereof: the deposits of the institution; the", "assets (either in terms of accounting", "values, market values or risk-weighted", "values) of the institution; the revenue", "flows of the institution; and the share of", "payment system flows of the institution." ], "reference": "2009/0142(COD)", "seq": 505, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Leonardo Domenici, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells, Pablo Zalba Bidegain", "date": "2010-04-15T00:00:00", "new": [ "Article 12a", "Supervision of financial institutions with", "an EU dimension", "1. National authorities shall exert", "prudential supervision of financial", "institutions with an EU dimension by", "acting as the agent of and following the", "instructions given by the Authority, in", "order to guarantee that the same", "supervisory rules are applied across the", "European Union.", "2. The Authority shall submit its draft", "supervisory rules to the Commission and,", "simultaneously, to the European", "Parliament and the Council. The", "Commission shall endorse the draft", "supervisory rules following the procedure", "set out in Article 7 or 8.", "3. A decision taken by the Board of", "Supervisors in accordance with the", "procedure set out in Article 29(1) shall", "identify the significant financial", "institutions with EU dimension. The", "criteria for identifying such financial", "institutions shall take into account the", "criteria established by the FSB, the IMF", "and the BIS.", "4. The Authority, in collaboration with the", "European Systemic Risk Board, shall", "develop an information template for", "significant institutions in order to ensure", "a sound management of their systemic", "risk.", "5. To ensure the co-responsibility of", "financial institutions with EU dimension,", "8. The membership in the Fund shall", "replace the membership in the existing", "national Deposit Guarantee Schemes for", "the EU institutions participating in it. The", "Fund shall be managed by a Board", "appointed by the European Supervisory", "Authority (Banking) for a period of five", "years. The members of the Board shall be", "elected from staff of the national", "authorities. The Fund shall also create a", "Consultative Board comprising the", "financial institutions participating in the", "Fund." ], "location": [ [ "Proposal for a regulation", "Article 12 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.017%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To take into account the delegation by the Authority in the supervision of financial institutions\nwith EU dimension.", "reference": "2009/0142(COD)", "seq": 516, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-04-15T00:00:00", "new": [ "Article 13 a", "The Authority shall delegate on the", "authorities in the Member States the tasks", "and responsibilities to supervise the", "prudential supervision of financial", "institutions with EU dimension as", "referred to in article 12a." ], "location": [ [ "Proposal for a regulation", "Article 13 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.018%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Backs the Commission in its intention to", "confer responsibilities for authorising", "European and third-country clearing", "houses on the European Securities and", "Markets Authority (ESMA);" ], "reference": "2010/2008(INI)", "seq": 136, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-04-13T00:00:00", "new": [ "7. Backs the Commission in its intention to", "confer responsibilities for authorising", "European and third-country clearing", "houses on the European Securities and", "Markets Authority (ESMA); and is in this", "context of the opinion that the current", "banking regulation offers a good basis for", "the approval of CCPs and therefore every", "CCP should have a banking license;" ], "location": [ [ "Motion for a resolution", "Paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.018%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2008(INI)", "seq": 138, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-04-13T00:00:00", "new": [ "7a. Believes that the access of CCPs to", "central bank money effectively contributes", "to safety and integrity of clearing;" ], "location": [ [ "Motion for a resolution", "Paragraph 7 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-440.018%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2010/2008(INI)", "seq": 140, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-04-13T00:00:00", "new": [ "7b. Insists that the Commission pursues a", "functional approach (\u2018same business,", "same rules\u2019) in their regulatory proposals", "to prevent a by-passing of regulatory", "requirements;" ], "location": [ [ "Motion for a resolution", "Paragraph 7 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 269, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "The Authority shall conduct public", "consultations regarding the guidelines", "and recommendations and shall analyse", "the potentially related costs and benefits.", "The Authority shall also request an", "opinion or advice from the Insurance and", "Occupational Pensions Stakeholder", "Group referred to in Article 22." ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where the national supervisory authority", "does not apply those guidelines or", "recommendations it shall inform the", "Authority of its reasons." ], "reference": "2009/0143(COD)", "seq": 275, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "In the report on its activities referred to in", "Article 32(6), the Authority shall inform", "the European Parliament, the Council", "and the Commission of the guidelines and", "recommendations that are issued, stating", "which national authority has not complied", "with them and outlining how the", "Authority intends to ensure compliance in", "the future." ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Where the national supervisory authority", "has not complied with Community law", "within one month from receipt of the", "Authority's recommendation, the", "Commission may, after having been", "informed by the Authority or on its own", "initiative, take a decision requiring the", "national supervisory authority to take the", "action necessary to comply with", "Community law." ], "reference": "2009/0143(COD)", "seq": 281, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "4. Where the national supervisory authority", "has not complied with Union law within", "ten working days of receipt of the", "Authority's recommendation in accordance", "with paragraph 3, the Authority shall take", "a decision requiring the competent", "authority to take the action necessary to", "comply with Union law." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 4 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission shall take such a decision", "no later than three months from the", "adoption of the recommendation. The", "Commission may extend this period by", "one month." ], "reference": "2009/0143(COD)", "seq": 284, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "The Authority shall take such a decision no", "later than one month from the adoption of", "the recommendation." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 4 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Commission shall ensure that the right", "to be heard of the addressees of the", "decision is respected." ], "reference": "2009/0143(COD)", "seq": 286, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "The Authority shall ensure that the right to", "be heard of the addressees of the decision", "is respected." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 4 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Authority and the national supervisory", "authorities shall provide the Commission", "with all necessary information." ], "reference": "2009/0143(COD)", "seq": 288, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "The national supervisory authorities shall", "provide the Authority with all necessary", "information." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 4 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. The national supervisory authority shall,", "within ten working days of receipt of the", "decision referred to in paragraph 4, inform", "the Commission and the Authority of the", "steps it has taken or intends to take to", "implement the Commission's decision." ], "reference": "2009/0143(COD)", "seq": 291, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "5. The national supervisory authority shall,", "within ten working days of receipt of the", "decision referred to in paragraph 4, inform", "the Commission and the Authority of the", "steps it has taken or intends to take to", "implement the Authority's decision." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "6.Without prejudice to the powers of the", "Commission under Article 226 of the", "Treaty, where a national supervisory", "authority does not comply with the", "decision referred to in paragraph 4 of this", "Article within the period of time specified", "therein, and where it is necessary to", "remedy in a timely manner the non", "compliance by the national supervisory", "authority in order to maintain or restore", "neutral conditions of competition in the", "market or ensure the orderly functioning", "and integrity of the financial system, the", "Authority may, where the relevant", "requirements of the legislation referred to", "in Article 1(2) are directly applicable to", "financial institutions, adopt an individual", "decision addressed to a financial institution", "requiring the necessary action to comply", "with its obligations under Community law", "including the cessation of any practice." ], "reference": "2009/0143(COD)", "seq": 293, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "6. Without prejudice to the powers of the", "Commission under Article 258 of the", "Treaty on the Functioning of the", "European Union, where a national", "supervisory authority does not comply with", "the decision referred to in paragraph 4 of", "this Article within the period of time", "specified therein, and where it is necessary", "to remedy in a timely manner the non", "compliance by the national supervisory", "authority in order to maintain or restore", "neutral conditions of competition in the", "market or ensure the orderly functioning", "and integrity of the financial system, the", "Authority shall, pursuant to the legislation", "referred to in Article 1(2), adopt an", "individual decision addressed to a financial", "institution requiring the necessary action to", "comply with its obligations under Union", "law including the cessation of any practice." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The decision of the Authority shall be in", "conformity with the decision adopted by", "the Commission pursuant to paragraph 4." ], "reference": "2009/0143(COD)", "seq": 297, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "The decision of the Authority shall be in", "conformity with the decision adopted", "pursuant to paragraph 4." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 299, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "Where the addressee of the decision", "refuses to comply with Union law or a", "specific decision taken by the Authority,", "the Authority may issue proceedings in", "the national courts, including applications", "for interim relief." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 305, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "7a. In its report, the Authority shall set", "out which national authorities and", "financial institutions have not complied", "with the decisions referred to in", "paragraphs 4 and 6." ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 7 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. In the case of adverse developments", "which may seriously jeopardise the orderly", "functioning and integrity of financial", "markets or the stability of the whole or part", "of the financial system in the Community,", "the Commission, upon its own initiative or", "following a request by the Authority, the", "Council, or the ESRB, may adopt a", "decision addressed to the Authority,", "determining the existence of an emergency", "situation for the purposes of this", "regulation." ], "reference": "2009/0143(COD)", "seq": 308, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1. In the case of adverse developments", "which may seriously jeopardise the orderly", "functioning and integrity of financial", "markets or the stability of the whole or part", "of the financial system in the Union, the", "ESRB, upon its own initiative or following", "a request by the Authority, the European", "Parliament, the Council, or the", "Commission, may issue a warning", "declaring the existence of an emergency", "situation in order to enable the Authority,", "without further requirements, to adopt the", "individual decisions referred to in", "paragraph 3." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 314, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1a. As soon as it issues a warning, the", "ESRB shall notify it simultaneously to the", "European Parliament, the Council, the", "Commission and the Authority." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where the Commission has adopted a", "decision pursuant to paragraph 1, the", "Authority may adopt individual decisions", "requiring national supervisory authorities", "to take the necessary action in accordance", "with the legislation referred to in Article", "1(2) to address any risks that may", "jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system by ensuring that financial", "market participants and national", "supervisory authorities satisfy the", "requirements laid down in that legislation." ], "reference": "2009/0143(COD)", "seq": 317, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "2. Where the ESRB has adopted a decision", "pursuant to paragraph 1, the Authority may", "adopt individual decisions requiring", "national supervisory authorities to take the", "necessary action in accordance with this", "Regulation and the legislation referred to", "in Article 1(2) to address any risks that", "may jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system by ensuring that financial", "market participants and national", "supervisory authorities satisfy the", "requirements laid down in that legislation." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where the Commission has adopted a", "decision pursuant to paragraph 1, the", "Authority may adopt individual decisions", "requiring national supervisory authorities", "to take the necessary action in accordance", "with the legislation referred to in Article", "1(2) to address any risks that may", "jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system by ensuring that financial", "institutions and national supervisory", "authorities satisfy the requirements laid", "down in that legislation." ], "reference": "2009/0143(COD)", "seq": 318, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "2. Where the existence of an emergency", "situation is declared pursuant to paragraph", "1, the Authority shall adopt individual", "decisions necessary to ensure that national", "supervisory authorities take the necessary", "action in accordance with the legislation", "referred to in Article 1(2) to address any", "risks that may jeopardise the orderly", "functioning and integrity of financial", "markets or the stability of the whole or part", "of the financial system by ensuring that", "financial institutions and national", "supervisory authorities satisfy the", "requirements laid down in that legislation." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Without prejudice to the powers of the", "Commission under Article 226 of the", "Treaty, where a national supervisory", "authority does not comply with the", "decision of the Authority referred to in", "paragraph 2 within the period laid down", "therein, the Authority may, where the", "relevant requirements laid down in the", "legislation referred to in Article 1(2) are", "directly applicable to financial", "institutions, adopt an individual decision", "addressed to a financial institution", "requiring the necessary action to comply", "with its obligations under that legislation,", "including the cessation of any practice." ], "reference": "2009/0143(COD)", "seq": 329, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3. Without prejudice to the powers of the", "Commission under Article 258 of the", "Treaty on the Functioning of the", "European Union, where a competent", "authority does not comply with the", "decision of the Authority referred to in", "paragraph 2 within the period laid down", "therein, the Authority shall, pursuant to", "the relevant requirements laid down in the", "legislation referred to in Article 1(2), adopt", "an individual decision addressed to a", "financial institution requiring the necessary", "action to comply with its obligations under", "that legislation, including the cessation of", "any practice." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Without prejudice to the powers of the", "Commission under Article 226 of the", "Treaty, where a national supervisory", "authority does not comply with the", "decision of the Authority referred to in", "paragraph 2 within the period laid down", "therein, the Authority may, where the", "relevant requirements laid down in the", "legislation referred to in Article 1(2) are", "directly applicable to financial market", "participants, adopt an individual decision", "addressed to a financial market participant", "requiring the necessary action to comply", "with its obligations under that legislation,", "including the cessation of any practice." ], "reference": "2009/0143(COD)", "seq": 330, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3. Without prejudice to the powers of the", "Commission under Article 258 of the", "Treaty on the Functioning of the", "European Union, where a national", "supervisory authority does not comply with", "the decision of the Authority shall,", "pursuant to the relevant requirements laid", "down in the legislation referred to in", "Article 1(2) adopt an individual decision", "addressed to a financial market participant", "requiring the necessary action to comply", "with its obligations under that legislation,", "including the cessation of any practice." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To strengthen the power of the Authority in accordance with the Giegold Report.", "reference": "2009/0143(COD)", "seq": 331, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3a. Where the addressee of the decision", "refuses to comply with Union law or a", "specific decision taken by the Authority,", "the Authority may issue proceedings in", "the national courts, including applications", "for interim relief." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To give the Authority, the Council, the European Parliament, or the Commission the right to\nrequest the review of the decision of declaring an emergency situation.", "reference": "2009/0143(COD)", "seq": 335, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "4a. The ESRB shall review the decision", "referred to in paragraph 1 on its own", "initiative or following a request by the", "Authority, the European Parliament, the", "Council or the Commission." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 336, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "4a. The ESRB shall review the decision", "referred to in paragraph 1 at regular", "intervals and in any event at the request", "of the European Parliament or the", "Authority." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 338, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "4b. In its report, the Authority shall set", "out the individual decisions addressed to", "national authorities and financial", "institutions under paragraphs 3 and 4." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Solvency II seeks to strengthen the role of the group supervisor. For example, it has the final\ndecision as to whether to approve a 'group internal model', if no collective agreement is\nreached by the supervisory authorities concerned. The group supervisor is responsible for\nsupervision at group level. This clear responsibility should not be undermined by a\nmechanism which would enable dissatisfied national authorities to involve the EIOPA with a\nview to ensuring a different decision is reached.", "old": [ "(1) Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of one or more of", "the national supervisory authorities", "concerned, may assist the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraph 2." ], "seq": 341, "reference": "2009/0143(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber, Werner Langen", "date": "2010-03-23T00:00:00", "new": [ "(1) Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of one or more of", "the national supervisory authorities", "concerned, may assist the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraph 2,", "except in cases where the legislation", "referred to in Article 1(2) assigns ultimate", "responsibility to the group supervisor." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of one or more of", "the national supervisory authorities", "concerned, may assist the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraph 2." ], "reference": "2009/0143(COD)", "seq": 345, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1. Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, on its own initiative or at the", "request of one or more of the national", "supervisory authorities concerned, shall", "take the lead in assisting the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraphs 2 to 4." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of one or more of", "the national supervisory authorities", "concerned, may assist the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraph 2." ], "reference": "2009/0143(COD)", "seq": 347, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1. Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, on its own initiative or at the", "request of one or more of the national", "supervisory authorities concerned, may", "take the lead in assisting the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraphs 2 to 4." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The 2009 Solvency II Directive seeks to strengthen the role of the group supervisor, which is\nwell aware of the facts of the case. The group supervisor is responsible for supervision at\ngroup level. This clear responsibility should not be undermined by a mechanism which would\nenable dissatisfied national authorities to involve the EIOPA with a view to ensuring a\ndifferent decision is reached.", "old": [ "(1) Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of one or more of", "the national supervisory authorities", "concerned, may assist the authorities in", "reaching an agreement in accordance with", "the procedure set out in paragraph 2." ], "seq": 348, "reference": "2009/0143(COD)", "orig_lang": "de", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Markus Ferber, Werner Langen", "date": "2010-03-23T00:00:00", "new": [ "(1) Without prejudice to the powers laid", "down in Article 9, where a national", "supervisory authority disagrees on the", "procedure or content of an action or", "inaction by another national supervisory", "authority in areas where the legislation", "referred to in Article 1(2) requires", "cooperation, coordination or joint decision", "making by national supervisory authorities", "from more than one Member State, the", "Authority, at the request of at least one", "third of the national supervisory authorities", "required to cooperate, may assist the", "authorities in reaching an agreement in", "accordance with the procedure set out in", "paragraph 2." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. If, at the end of the conciliation phase,", "the national supervisory authorities", "concerned have failed to reach an", "agreement, the Authority may take a", "decision requiring them to take specific", "action or to refrain from action in order", "to settle the matter, in compliance with", "Community law." ], "reference": "2009/0143(COD)", "seq": 350, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3. If, at the end of the conciliation phase,", "the national supervisory authorities", "concerned have failed to reach an", "agreement, the Authority shall, in", "accordance with the second subparagraph", "of Article 29(1), take a decision to settle", "the disagreement and to require them to", "settle the matter, in compliance with Union", "law, with binding effects on the competent", "authorities concerned." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Without prejudice to the powers of the", "Commission under Article 226 of the", "Treaty, where a national supervisory", "authority does not comply with the", "decision of the Authority, and thereby fails", "to ensure that a financial market participant", "complies with requirements directly", "applicable to it by virtue of the legislation", "referred to in Article 1(2), the Authority", "may adopt an individual decision addressed", "to a financial market participant requiring", "the necessary action to comply with its", "obligations under Community law,", "including the cessation of any practice." ], "reference": "2009/0143(COD)", "seq": 354, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "4. Without prejudice to the powers of the", "Commission under Article 258 of the", "Treaty on the Functioning of the", "European Union, where a national", "supervisory authority does not comply with", "the decision of the Authority, and thereby", "fails to ensure that a financial market", "participant complies with requirements", "directly applicable to it by virtue of the", "legislation referred to in Article 1(2), the", "Authority shall adopt an individual", "decision addressed to a financial market", "participant requiring the necessary action", "to comply with its obligations under Union", "law, including the cessation of any", "practice." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The Authority shall contribute to", "promote the efficient and consistent", "functioning of colleges of supervisors", "referred to in Directive 2006/48/EC and", "foster the coherence of the application of", "Community legislation across colleges." ], "reference": "2009/0143(COD)", "seq": 355, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1. The Authority shall contribute to", "promote and monitor the efficient,", "effective and consistent functioning of the", "colleges of supervisors referred to in", "Directive 2006/48/EC and foster the", "coherence of the application of Union law", "across colleges." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 358, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3a. The Authority may issue technical", "standards, guidelines and", "recommendations adopted under Articles", "7 and 8 to harmonise supervisory", "functioning and best practices adopted by", "the colleges of supervisors." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 360, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3b. A legally binding mediation role", "should allow the new Authorities to solve", "disputes between national supervisors", "following the procedure set up in Article", "11. Where no agreement can be reached", "between the supervisors of a cross-border", "institution, the Authority should be", "empowered to take supervisory decisions", "directly applicable to the institution", "concerned." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 3 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Union policyholders and beneficiaries", "and to reduce the cost to tax payers of a", "systemic financial crisis, a European", "Insurance Guarantee Scheme (Scheme)", "shall be established. The Scheme will also", "play a role in helping the Union financial", "institutions facing difficulties when such", "difficulties are likely to threaten the", "financial stability of the Union's single", "financial market. The Scheme shall be", "financed through contributions from", "those institutions. Those contributions", "replace those made to national Insurance", "Guarantee Schemes of a similar nature.", "6. Where the accumulated resources from", "the contributions made by insurers are", "not sufficient to solve the crisis, the", "Scheme shall have the capacity to", "increase its resources through debt", "issuance. Member States may, in", "exceptional circumstances, facilitate the", "issuance of debt by the Scheme through", "guarantees, and in exchange of a fee", "reflecting appropriately the risk assumed.", "Those guarantees shall be shared by", "Member States in accordance with the", "criteria laid down in paragraph 7.", "7. Where, in extreme, exceptional", "circumstances and in the context of a", "systemic crisis, one or more institutions", "fail and the resources available are", "insufficient, the affected Member States", "will deal with this burden in accordance", "with principles established in a", "Memorandum of Understanding (MoU),", "properly amended.", "8. The membership in the Scheme shall", "replace the membership in the existing", "national Insurance Guarantee Schemes", "for the Union financial institutions", "participating in it. The Scheme shall be", "managed by a Board appointed by the", "European Supervisory Authority", "(Insurance and Occupational Pensions)", "for a period of five years. The members of", "the Board shall be elected from staff of", "the national authorities. The Scheme" ], "reference": "2009/0143(COD)", "seq": 363, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "Article 12a", "Supervision of financial institutions with", "a Union dimension", "1. National authorities shall exert", "prudential supervision of financial", "institutions with a Union dimension by", "acting as the agent of and following the", "instructions given by the Authority, in", "order to guarantee that the same", "supervisory rules are applied across the", "Union.", "2. The Authority shall submit its draft", "supervisory rules to the Commission and,", "simultaneously, to the European", "Parliament and the Council. The", "Commission shall endorse the draft", "supervisory rules following the procedure", "set out in Article 7 or 8.", "3. A decision taken by the Board of", "Supervisors in accordance with the", "procedure set out in Article 29(1) shall", "identify the significant insurer institutions", "with a Union dimension. The criteria for", "identifying such financial institutions", "shall take into account the criteria", "established by the Financial Stability", "Board, the International Monetary Fund", "and the Bank for International", "Settlements.", "4. The Authority, in collaboration with the", "European Systemic Risk Board, shall", "develop an information template for", "significant insurer institutions in order to", "ensure a sound management of their", "systemic risk.", "5. To ensure the co-responsibility of", "insurer institutions with a Union", "dimension, to protect the interests of", "shall also create a Consultative Board", "comprising the insurer institutions", "participating in the Scheme." ], "location": [ [ "Proposal for a regulation", "Article 12 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 364, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "Article 12a", "Supervision of financial institutions with", "a Union dimension", "1. For the supervision of financial", "institutions with a Union dimension", "operating in the Union the Authority shall", "act as leading competent authority. They", "shall act through national competent", "authorities who will act as delegated", "authority.", "2. The Commission shall adopt delegated", "acts in accordance with Articles 7a to 7d,", "to define the characteristics of financial", "institutions with a Union dimension.", "Those acts shall take the form of a", "decision and shall contain a list of", "institutions that are considered to be the", "financial institutions with a Union", "dimension operating in the Union.", "3. The criteria for identifying such", "financial institutions shall at least include", "consideration of the following: market", "share in Member States where the", "financial institution is active, total assets,", "market share of total Union assets and", "EU or non-EU-based ultimate ownership.", "In the event that such a financial", "institution spans different sectors, the", "European Supervisory Authority (Joint", "Committee) shall decide which part of the", "Authority shall act as the leading", "competent authority." ], "location": [ [ "Proposal for a regulation", "Article 12 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 365, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "Article 12b", "Supervision of cross-border financial", "institutions", "1. To ensure the co-responsibility of", "financial institutions with a Union", "dimension, to protect European", "depositors' interests and to reduce the cost", "to tax payers of a systemic financial crisis,", "a European Financial Protection Fund", "(Fund) shall be established. The Fund", "shall play a role in helping the Union", "financial institutions facing difficulties", "where those difficulties could menace", "financial stability of the Union's single", "financial market. The Fund shall be", "financed by contributions from those", "institutions. The contributions may", "replace those made to national funds of", "similar nature.", "2. Where the accumulated resources from", "the contributions made by market", "participants are not sufficient to solve the", "crisis, the Fund shall have the capacity to", "increase its resources through debt", "issuance. Member States may, in", "exceptional circumstances, facilitate the", "issuance of debt by the Fund through", "guarantees, and in exchange for a fee", "reflecting appropriately the risk assumed.", "Those guarantees shall be shared by", "Member States in accordance with the", "criteria laid down in paragraph 3", "3. When, under extreme, exceptional", "circumstances and in the context of a", "systemic crisis, one or more institutions", "fail, and the resources available are", "insufficient, the affected Member States", "shall deal with this burden in accordance", "with the following criteria: the economic", "impact of the crisis on the affected", "Member States and the deposits, assets,", "distribution of those income flows of the", "affected institutions.", "4. The membership in the Fund shall", "replace the membership in the existing", "national schemes for the Union financial", "institutions participating in it. The Fund", "shall be managed by a Board appointed by", "the European Supervisory Authority", "(Securities and Markets) for a period of", "five years. The members of the Board", "shall be elected from staff of the national", "authorities. The Fund shall also create a", "Consultative Board comprising the", "financial institutions participating in the", "Fund." ], "location": [ [ "Proposal for a regulation", "Article 12 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 372, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3a. No bilateral agreements concerning", "delegation to institutions that are", "identified as significant cross-border", "financial institutions pursuant to Article", "12a shall be entered into." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.921%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. On the basis of the peer review the", "Authority may issue recommendations to", "the national supervisory authorities", "concerned." ], "reference": "2009/0143(COD)", "seq": 381, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Vladim\u00edr Remek, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "3. On the basis of the peer review the", "Authority may issue guidelines and", "recommendations pursuant to Article 8 to", "the competent authorities concerned, or", "adopt a decision addressed to competent", "authorities or adopt draft technical", "standards in accordance with Articles 7 to", "7d." ], "location": [ [ "Proposal for a regulation", "Article 15 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There is no reason, from a risk angle, to include ABCP programmes designed for corporate\nfinancing purposes in the definition of re-securitisation. This is because there are no \u201ctrue\u201d\nsecuritisation exposures in the securitised portfolio, but only items such as trade or leasing\nreceivables. Otherwise, funding will become much more costly for companies, especially\nSMEs, which have no other access to the capital market.", "old": [ "(15) Banks investing in re-securitisations", "are required under Directive 2006/48/EC", "to exercise due diligence also with regard", "to the underlying securitisations and the", "non-securitisation exposures ultimately", "underlying the former. Depending on the", "complexity of the layers of securitisation", "structures and depending on the", "complexity and the diversity (or both) of", "the non-securitisation exposures that", "ultimately underlie the re-securitisations,", "the required due diligence may be", "impossible or uneconomical (or both) to", "carry out. This is in particular the case", "where the ultimate underlying exposures", "are, for example, leveraged buy-out or", "project finance debt. In these cases,", "institutions should not invest in such", "highly complex re-securitisations. In their", "review of the required due diligence,", "competent authorities should devote", "particular attention to such highly", "complex securitisations and require their", "full deduction from capital, unless it has", "been convincingly demonstrated to their", "satisfaction that in each individual case of", "highly complex re-securitisation", "exposures, the institution has performed", "the due diligence required by Directive", "2006/48/EC, including with regard to the", "ultimate underlying exposures." ], "seq": 99, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "(15) Credit institutions should assess", "whether exposures in the context of asset", "backed commercial paper programmes", "constitute re-securitisation exposures. All", "positions in asset-backed commercial", "paper programmes which acquire senior", "tranches of separate pools of whole", "exposures from companies where none of", "those exposures is a securitisation or re-", "securitisation exposure and where the", "first-loss protection for each investment is", "provided by the seller of the exposure", "should be excluded from the definition of", "re-securitisation." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Recital 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposed definition of 're-securitisation' is too restrictive. Underlying portfolios often\ncontain small portions of securitisation exposures for optimal risk diversification. These are\nnot representative of the risk of the entire securitised portfolio.\n\nThe broad scope of application would have a negative impact, particularly on hybrid ABCP\nconduits. The provision could lead to the splitting up of such programmes and thus increase\nthe pressure to sell on otherwise securitised ABS.", "old": [ "(40a) 're-securitisation' means a", "securitisation where one or more of the", "underlying exposures meet the definition of", "a securitisation position;" ], "seq": 115, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "(40a) 're-securitisation' means a", "securitisation where more than 10 % of the", "underlying exposures as measured by the", "exposure value meet the definition of a", "securitisation position;" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 1 \u2013 point 1" ], [ "Directive 2006/48/EC", "Article 4 \u2013 point 40a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is not possible to make an unequivocal distinction between \u201chighly complex\u201d and\n\u201cnormal\u201d re-securitisations. What is more, the envisaged requirement to check that every\nsingle highly complex re-securitisation complies with Article 122a(4) and (5) will be highly\nonerous for supervisors. Article 122a already offers sufficient flexibility to impose more\nstringent due diligence requirements on re-securitisations which carry high risk.", "old": [ "(9) The following Article 122b is inserted", "after Article 122a:", "1. Notwithstanding the risk weights for", "general re-securitisation positions in", "Annex IX, Part 4, the competent", "authorities shall require that credit", "institutions apply a 1250 % risk weight to", "positions in highly complex re-", "securitisations, unless the credit", "institution has demonstrated to the", "competent authority for each such re-", "securitisation position concerned that it", "has complied with the requirements set", "out in Article 122a(4) and (5).", "2. Paragraph 1 shall apply in respect of", "positions in new re-securitisations issued", "after 31 December 2010. In respect of", "positions in existing re-securitisations,", "paragraph 1 shall apply from 31", "December 2014 where new underlying", "exposures are added or substituted after", "that date.\"" ], "seq": 123, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "deleted", "\"Article 122b" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 1 \u2013 point 9" ], [ "Directive 2006/48/EC", "Article 122b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Investor due diligence requirements and penalties for non-compliance are already addressed\nby Article 122a.\n\n If the implementation date of the Directive remains as proposed by the Council, it is\nnecessary to introduce grandfathering provisions to ensure that economic recovery is not\ndamaged and the impact assessment being undertaken by the Basel Committee is reflected in\nthe CRD. An implementation date of 1 January 2012 would allow for full consideration of\neconomic impacts.", "old": [ "1. Notwithstanding the risk weights for", "general re-securitisation positions in", "Annex IX, Part 4, the competent", "authorities shall require that credit", "institutions apply a 1250 % risk weight to", "positions in highly complex re-", "securitisations, unless the credit", "institution has demonstrated to the", "competent authority for each such re-", "securitisation position concerned that it", "has complied with the requirements set", "out in Article 122a(4) and (5)." ], "seq": 127, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "1. The risk weighted exposure amounts for", "securitisation and re-securitisation", "positions shall be calculated in", "accordance with in Annex IX, Part 4." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 1 \u2013 point 9" ], [ "Directive 2006/48/EC", "Article 122b \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Investor due diligence requirements and penalties for non-compliance are already addressed\nby Article 122a.\n\nIf the implementation date of the Directive remains as proposed by the Council, it is\nnecessary to introduce grandfathering provisions to ensure that economic recovery is not\ndamaged and the impact assessment being undertaken by the Basel Committee is reflected in\nthe CRD. An implementation date of 1 January 2012 would allow for full consideration of\neconomic impacts.", "old": [ "2. Paragraph 1 shall apply in respect of", "positions in new re-securitisations issued", "after 31 December 2010. In respect of", "positions in existing re-securitisations,", "paragraph 1 shall apply from 31 December", "2014 where new underlying exposures are", "added or substituted after that date.\"" ], "seq": 131, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "2. Paragraph 1 shall apply in respect of", "positions in new re-securitisations issued", "after 1 January 2012. In respect of", "positions in existing re-securitisations,", "paragraph 1 shall apply from", "1 January 2014 where new underlying", "exposures are added or substituted after", "that date.\"" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 1 \u2013 point 9" ], [ "Directive 2006/48/EC", "Article 122b \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Higher capital requirements, arising primarily as a result of the new rules for the trading\nbook and re-securitisations, threaten to considerably restrict the banks\u2019 lending capacity and\nthus undermine the nascent economic recovery. In addition, European banks would be placed\nat a significant disadvantage compared to their competitors in countries outside the EU, such\nas the US. The US has announced that it will implement the new rules by the end of 2012.", "old": [ "1. Member States shall bring into force the", "laws, regulations and administrative", "provisions necessary to comply with this", "Directive by 31 December 2010 at the", "latest. They shall forthwith communicate", "to the Commission the text of those", "provisions and a correlation table between", "those provisions and this Directive." ], "seq": 147, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "1. Member States shall bring into force the", "laws, regulations and administrative", "provisions necessary to comply with this", "Directive by 1 January 2013. They shall", "forthwith communicate to the Commission", "the text of those provisions and a", "correlation table between those provisions", "and this Directive." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Article 3 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Higher capital requirements for re-securitisation positions could contribute to a credit\ncrunch. Banks would have to sell their re-securitisation positions which would in turn erode\ntheir capital base and restrict their lending possibilities. By selling re-securitisation positions\nthe already almost inactive securitisation market would come under further pressure.\nSecuritisation as an instrument for the creation of further lending possibilities would be\nspoiled.", "old": [ "46. Under the Ratings Based Method, the", "risk-weighted exposure amount of a rated", "securitisation position or re-securitisation", "shall be calculated by applying to the", "exposure value the risk weight associated", "with the credit quality step with which the", "credit assessment has been determined to", "be associated by the competent authorities", "in accordance with Article 98, as set out in", "the Table 4, multiplied by 1,06." ], "seq": 197, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "46. Under the Ratings Based Method, the", "risk-weighted exposure amount of a rated", "securitisation position or re-securitisation", "shall be calculated by applying to the", "exposure value the risk weight associated", "with the credit quality step with which the", "credit assessment has been determined to", "be associated by the competent authorities", "in accordance with Article 98, as set out in", "the Table 4, multiplied by 1,06. The risk", "weights for re-securitisation shall apply in", "respect of positions in new re-", "securitisations issued after", "31 December 2010. In respect of positions", "in existing re-securitisations, the risk", "weights shall apply from", "31 December 2014 where new underlying", "exposures are added after that date." ], "location": [ [ "Proposal for a directive \u2013 amending act", "Annex I \u2013 point 3 \u2013 point v" ], [ "Directive 2006/48/EC", "Annex IX \u2013 part 4 \u2013 point 46" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.967%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It should be made clear that under the standardised approach, the capital requirements for\nsecuritisation positions \u2013 like those for any other positions \u2013 may be calculated on the basis of\nnet positions instead of risk-weighted exposure amounts. This clarification is in line with the\nBasel rules (paragraph 712(iii) of BCBS 158) and the interpretation of national supervisors.", "old": [ "(a) for securitisation positions that would", "be subject to the Standardised Approach", "for credit risk in the same institution's non-", "trading book, 8% of the risk-weighted", "exposure amounts under the Standardised", "Approach as set out in Part 4 of Annex IX", "to Directive 2006/48/EC;" ], "seq": 212, "reference": "2009/0099(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz", "date": "2010-03-31T00:00:00", "new": [ "(a) for securitisation positions that would", "be subject to the Standardised Approach", "for credit risk in the same institution's non-", "trading book, 8 % of the net positions", "under the Standardised Approach as set out", "in Part 4 of Annex IX to", "Directive 2006/48/EC;" ], "location": [ [ "Proposal for a directive \u2013 amending act", "Annex II \u2013 point 1 \u2013 point b" ], [ "Directive 2006/49/EC", "Annex I \u2013 point 16 a \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Better explanation of the text.", "old": [ "(7) The European System of Financial", "Supervisors should be a network of", "national and Community supervisory", "authorities, leaving day-to-day supervision", "of financial institutions at the national", "level, and according a central role in the", "supervision of cross-border groups to", "colleges of supervisors. Greater", "harmonisation and the coherent application", "of rules for financial institutions and", "markets across the Community should also", "be achieved. A European Banking", "Authority should be established, along with", "a European Insurance and Occupational", "Pensions Authority and a European", "Securities and Markets Authority (the", "European Supervisory Authorities)." ], "seq": 177, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(7) The European System of Financial", "Supervision should be a network of", "national and European Union supervisory", "authorities, leaving day-to-day supervision", "of financial institutions that have not EU", "dimension to at the national level. Colleges", "of Supervisors shall exert supervision of", "institutions operating as cross borders", "that have not EU dimension. The", "Authority shall gradually take over", "supervision of institutions with European", "Union dimension. Greater harmonisation", "and the coherent application of rules for", "financial institutions and markets across", "the Community should also be achieved. A", "European Banking Authority should be", "established, along with a European", "Supervisory Authority (Insurance and", "Occupational Pensions) and a European", "Supervisory Authority (Securities and", "Markets) as well as a European", "Supervisory Authority (Joint Committee).", "The European Systemic Risk Board shall", "form part of a European System of", "Financial Supervision." ], "location": [ [ "Proposal for a regulation", "Recital 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Take account the need of enhancing competition and innovation as stated in the Skinner\nReport.", "old": [ "(9) The European Banking Authority (\u201cthe", "Authority\u201d) should act with a view to", "improving the functioning of the internal", "market, including in particular by ensuring", "a high, effective and consistent level of", "regulation and supervision taking account", "of the varying interests of all Member", "States, to protect depositors and investors,", "to ensure the integrity, efficiency and", "orderly functioning of financial markets, to", "safeguard the stability of the financial", "system, and to strengthen international", "supervisory coordination, for the benefit of", "the economy at large, including financial", "institutions and other stakeholders,", "consumers and employees. In order to be", "able to fulfil its objectives, it is necessary", "and appropriate that the Authority should", "be a Community body having legal", "personality and it should have legal,", "administrative and financial autonomy." ], "seq": 180, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(9) The European Banking Authority (\u201cthe", "Authority\u201d) should act with a view to", "improving the functioning of the internal", "market, including in particular by ensuring", "a high, effective and consistent level of", "regulation and supervision taking account", "of the varying interests of all Member", "States to prevent regulatory arbitrage and", "guarantee a level playing field, to protect", "depositors and investors, to ensure the", "integrity, efficiency and orderly", "functioning of financial markets, to", "safeguard the stability of the financial", "system, and to strengthen international", "supervisory coordination, for the benefit of", "the economy at large, while taking account", "of the need to enhance competition and", "innovation within the internal market and", "to ensure global competitiveness,", "including financial institutions and other", "stakeholders, consumers and employees.", "Its tasks also include promoting", "supervisory convergence and providing", "advice to the EU institutions in the areas", "of banking, payments, e-money regulation", "and supervision, and related corporate", "governance, auditing and financial", "reporting issues. In order to be able to", "fulfil its objectives, it is necessary and", "appropriate that the Authority should be a", "Community body having legal personality", "and it should have legal, administrative and", "financial autonomy." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The authority shall delegate supervision on institutions with EU dimension to the national\nsupervisors.", "old": [ "(24) The delegation of tasks and", "responsibilities can be a useful instrument", "in the functioning of the network of", "supervisors in order to reduce the", "duplication of supervisory tasks, foster", "cooperation and thereby streamline the", "supervisory process as well as reduce the", "burden imposed on financial institutions.", "The Regulation should therefore provide a", "clear legal basis for such delegation.", "Delegation of tasks means that tasks are", "carried out by another supervisory", "authority instead of the responsible", "authority, while the responsibility for", "supervisory decisions remains with the", "delegating authority. By delegation of", "responsibilities one national supervisory", "authority, the delegatee, shall be able to", "decide upon a certain supervisory matter in", "its name in lieu of another national", "supervisory authority. Delegations should", "be governed by the principle of allocating", "supervisory competence to a supervisor", "which is well placed to take action in the", "subject matter. A reallocation of", "responsibilities can be appropriate for", "example for reasons of economies of scale", "or scope, of coherence in group", "supervision, and of optimal use of technical", "expertise among national supervisory", "authorities. Relevant Community", "legislation may further specify the", "principles for reallocation of", "responsibilities upon agreement. The", "Authority should facilitate delegation", "agreements between national supervisory", "authorities by all appropriate means. It", "should be informed in advance of intended", "delegation agreements to be able to express", "an opinion where appropriate. It should", "centralise the publication of such", "agreements to ensure timely, transparent", "and easily accessible information about", "agreements for all parties concerned." ], "seq": 235, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(24) The delegation of tasks and", "responsibilities can be a useful instrument", "in the functioning of the network of", "supervisors in order to reduce the", "duplication of supervisory tasks, foster", "cooperation and thereby streamline the", "supervisory process as well as reduce the", "burden imposed on financial institutions.", "The Regulation should therefore provide a", "clear legal basis for such delegation.", "Delegation of tasks means that tasks are", "carried out by another supervisory", "authority instead of the responsible", "authority, while the responsibility for", "supervisory decisions remains with the", "delegating authority. By delegation of", "responsibilities one national supervisory", "authority, the delegatee, shall be able to", "decide upon a certain supervisory matter in", "its name in lieu of the Authority or in lieu", "of another national supervisory authority.", "Delegations should be governed by the", "principle of allocating supervisory", "competence to a supervisor which is well", "placed to take action in the subject matter.", "A reallocation of responsibilities can be", "appropriate for example for reasons of", "economies of scale or scope, of coherence", "in group supervision, and of optimal use of", "technical expertise among national", "supervisory authorities. Relevant", "Community legislation may further specify", "the principles for reallocation of", "responsibilities upon agreement. The", "Authority should facilitate delegation", "agreements between national supervisory", "authorities by all appropriate means. It", "should be informed in advance of intended", "delegation agreements to be able to express", "an opinion where appropriate. It should", "centralise the publication of such", "agreements to ensure timely, transparent", "and easily accessible information about", "agreements for all parties concerned." ], "location": [ [ "Proposal for a regulation", "Recital 24" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The Authority should undertake economic analysis in order to inform the discharge of its\nfunctions as stated in the Skinner report.", "old": [ "(28) In order to safeguard financial", "stability it is necessary to identify, at an", "early stage, trends, potential risks and", "vulnerabilities stemming from the micro-", "prudential level, across borders and across", "sectors. The Authority should monitor and", "assess such developments in the area of its", "competence and, where necessary, inform", "the European Parliament, the Council, the", "Commission, the other European", "Supervisory Authorities and the European", "Systemic Risk Board on a regular and, as", "necessary, ad hoc basis. The Authority", "should also coordinate Community-wide", "stress tests to assess the resilience of", "financial institutions to adverse market", "developments, ensuring an as consistent as", "possible methodology is applied at the", "national level to such tests." ], "seq": 238, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(28) In order to safeguard financial", "stability it is necessary to identify, at an", "early stage, trends, potential risks and", "vulnerabilities stemming from the micro-", "prudential level, across borders and across", "sectors. The Authority should monitor and", "assess such developments in the area of its", "competence and, where necessary, inform", "the European Parliament, the Council, the", "Commission, the other European", "Supervisory Authorities and the European", "Systemic Risk Board on a regular and, as", "necessary, ad hoc basis. The Authority", "should also coordinate Community-wide", "stress tests to assess the resilience of", "financial institutions to adverse market", "developments, ensuring an as consistent as", "possible methodology is applied at the", "national level to such tests. In order to", "inform the discharge of its functions, the", "Authority should undertake economic", "analysis of markets and the impact of", "potential market developments on them." ], "location": [ [ "Proposal for a regulation", "Recital 28" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Better explanation of the text.", "old": [ "(32) Close cooperation between the", "Authority and the European Systemic Risk", "Board is essential to give full effectiveness", "to the functioning of the European", "Systemic Risk Board and the follow-up to", "its warnings and recommendations. The", "Authority should share any relevant", "information with the European Systemic", "Risk Board. Data related to individual", "undertakings should be provided only upon", "reasoned request. Upon receipt of warnings", "or recommendations addressed by the", "European Systemic Risk Board to the", "Authority or a national supervisory", "authority, the Authority should ensure", "follow-up." ], "seq": 244, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(32) Close cooperation between the", "Authority and the European Systemic Risk", "Board is essential to give full effectiveness", "to the functioning of the European", "Systemic Risk Board and the follow-up to", "its warnings and recommendations. The", "Authority and the European Systemic", "Risk Board should share any relevant", "information with the European Systemic", "Risk Board. Data related to individual", "undertakings should be provided only upon", "reasoned request. Upon receipt of warnings", "or recommendations addressed by the", "European Systemic Risk Board to the", "Authority or a national supervisory", "authority, the Authority should ensure", "follow-up as appropriate." ], "location": [ [ "Proposal for a regulation", "Recital 32" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The Authority should carry out an impact study before adopting draft technical standards as\nstated in the Skinner Report.", "old": [ "(33) Where appropriate, the Authority", "should consult interested parties on", "technical standards, guidelines and", "recommendations and provide them with a", "reasonable opportunity to comment on", "proposed measures. For reasons of", "efficiency, a Banking Stakeholder Group", "should be established for that purpose,", "representing in balanced proportions", "Community credit and investment", "institutions (including as appropriate", "institutional investors and other financial", "institutions which themselves use financial", "services), their employees, and consumers", "and other retail users of banking services,", "including SMEs. The Banking Stakeholder", "Group should actively work as an interface", "with other user groups in the financial", "services area established by the", "Commission or Community legislation." ], "seq": 247, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(33) The Authority should consult", "interested parties on technical standards,", "guidelines and recommendations and", "provide them with a reasonable opportunity", "to comment on proposed measures. Before", "adopting draft technical standards,", "guidelines and recommendations the", "Authority should carry out an impact", "study. For reasons of efficiency, a Banking", "Stakeholder Group should be established", "for that purpose, representing in balanced", "proportions Community credit and", "investment institutions (including as", "appropriate institutional investors and other", "financial institutions which themselves use", "financial services), trade unions,", "academics and consumers and other retail", "users of banking services, including SMEs.", "The Banking Stakeholder Group should", "actively work as an interface with other", "user groups in the financial services area", "established by the Commission or by EU", "legislation." ], "location": [ [ "Proposal for a regulation", "Recital 33" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0142(COD)", "seq": 252, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-26T00:00:00", "new": [ "(33a) Non-profit organisations in", "comparison to well funded and well", "connected industry representatives, are", "marginalised in the debate on the future", "of financial services and in the", "corresponding decision making process.", "This disadvantage has to be compensated", "by adequate funding of their", "representatives in the Banking", "Stakeholder group." ], "location": [ [ "Proposal for a regulation", "Recital 33 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Better explanation of the text.", "reference": "2009/0142(COD)", "seq": 257, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(34a) Without prejudice to the particular", "responsibilities of the Member States in", "crisis situations should a Member State", "choose to invoke the safeguard the", "European Parliament should be informed", "at the same time as the Authority, the", "Council and the Commission.", "Furthermore the Member State should", "explain its reasons for invoking the", "safeguard. The Authority should, in", "cooperation with the Commission, set out", "the next steps to be taken." ], "location": [ [ "Proposal for a regulation", "Recital 34 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To stress the importance of Parliament in the selection of the Chairperson of the Authority.", "old": [ "(38) A full time Chairperson, selected by", "the Board of Supervisors through an open", "competition, should represent the", "Authority. The management of the", "Authority should be entrusted to an", "Executive Director, who should have the", "right to participate in meetings of the", "Board of Supervisors and the Management", "Board without the right to vote." ], "seq": 258, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(38) A full time Chairperson, selected by", "the European Parliament following an", "open competition managed by the", "Commission and the subsequent drawing", "up of a short list by the Commission,", "should represent the Authority. The", "management of the Authority should be", "entrusted to an Executive Director, who", "should have the right to participate in", "meetings of the Board of Supervisors and", "the Management Board without the right to", "vote." ], "location": [ [ "Proposal for a regulation", "Recital 38" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.457%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To strengthen the role of the Joint Committee in the coordination of the authorities as stated\nin the Skinner Report.", "old": [ "(39) In order to ensure cross-sectoral", "consistency in the activities of the", "European Supervisory Authorities, those", "authorities should coordinate closely in a", "Joint Committee of European Supervisory", "Authorities and reach common positions", "where appropriate. The Joint Committee of", "European Supervisory Authorities should", "assume all of the functions of the Joint", "Committee on Financial Conglomerates.", "Where relevant, acts also falling within the", "area of competence of the European", "Insurance and Occupational Pensions", "Authority or the European Securities and", "Markets Authority should be adopted in", "parallel by the European Supervisory", "Authorities concerned." ], "seq": 263, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(39) In order to ensure cross-sectoral", "consistency in the activities of the", "European Supervisory Authorities, those", "authorities should coordinate closely", "through the European Supervisory", "Authorities (Joint Committee) (\u201cthe Joint", "Committee\u201d) and reach common positions", "where appropriate. The Joint Committee", "should coordinate the functions of the", "three European Supervisory Authorities", "in relation to financial conglomerates.", "Where relevant, acts also falling within the", "area of competence of the European", "Supervisory Authority (European", "Insurance and Occupational Pensions) or", "the European Supervisory Authority", "(Securities and Markets) should be adopted", "in parallel by the European Supervisory", "Authorities concerned. The Joint", "Committee will be chaired on a yearly", "revolving basis by the Chairpersons of the", "three European Supervisory Authorities.", "The Chairperson of the Joint Committee", "should be a Vice-Chair of the European", "Systemic Risk Board. The Joint", "Committee will have a permanent", "secretariat, staffed on secondment from", "the three European Supervisory", "Authorities, to allow for informal", "information sharing and the development", "of a common cultural approach across the", "three European Supervisory Authorities." ], "location": [ [ "Proposal for a regulation", "Recital 39" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To take into account the need to enhance competition as stated in the Skinner report.", "old": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and", "(v) strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "seq": 284, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system,", "(v) strengthening international supervisory", "coordination, whilst taking account of the", "need to enhance competition and", "innovation within the internal market and", "to ensure global competitiveness. For this", "purpose, the Authority shall contribute to", "ensuring the consistent, efficient and", "effective application of the Community law", "referred to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and", "(v) strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "reference": "2009/0142(COD)", "seq": 290, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system,", "(v) strengthening international supervisory", "coordination, and (vi) preventing", "regulatory arbitrage and contributing to a", "level playing field. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To take into account the need to enhance competition as stated in the Skinner report.", "old": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and", "(v) strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "seq": 296, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting depositors and", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and", "(v) strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission, and", "undertaking economic analyses of", "markets to promote the achievement of", "the Authority\u2019s objectives." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To include the Commission in the European System of Financial Supervision as stated in the\nGoulard Report.", "old": [ "Supervision the main objective of which is", "to ensure that the rules applicable to the", "financial sector are adequately", "implemented, in order to preserve", "financial stability and thereby to ensure", "confidence in the financial system as a", "whole and sufficient protection for the", "customers of financial services.", "2. The European System of Financial", "Supervision shall comprise the following:", "(a) the European Systemic Risk Board;", "(b) the European Supervisory Authority", "(Securities and Markets) established by", "Regulation (EU) No .../... [ESMA];", "(c) the European Supervisory Authority", "(Insurance and Occupational Pensions)", "established by Regulation (EU)", "No \u2026/\u2026[EIOPA];", "(d) the Authority;", "(e) the European Supervisory Authority", "(Joint Committee) provided for in", "Article 40;", "(f) the authorities in the Member States", "referred to in Article 1(2) of Regulations", "(EC) No .../... [ESMA], Regulation (EC)", "No \u2026/2009 [EIOPA] and Regulation", "(EC) No \u2026/\u2026 [EBA;", "(g) the Commission, for the purposes of", "carrying out the tasks referred to in", "Articles 7 and 9.", "3. The Authority shall cooperate regularly", "and closely, ensure cross-sectoral", "consistency of work and arrive at joint", "positions in the area of supervision of", "financial conglomerates and on other", "cross-sectoral issues with the European", "Systemic Risk Board as well as with the", "European Supervisory Authority", "(Insurance and Occupational Pensions)", "and the European Supervisory Authority", "(Securities and Markets) through the", "European Supervisory Authorities (Joint", "Committee) referred to in Article 40." ], "seq": 300, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "Article 1a", "The European System of Financial", "Supervision", "1. The Authority shall form part of a", "European System of Financial", "4. In accordance with the principle of", "sincere cooperation in accordance with", "Article 4(3) of the EU Treaty, the parties", "of the ESFS shall cooperate with trust", "and full mutual respect, in particular in", "ensuring that appropriate and reliable", "information flows between them.", "5. Only those supervisory authorities", "included in the European System of", "Financial Supervisors shall be entitled to", "supervise financial institutions operating", "in the European Union." ], "location": [ [ "Proposal for a regulation", "Article 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Authority shall have its seat in", "London." ], "reference": "2009/0142(COD)", "seq": 313, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "The Authority shall have its seat in", "Frankfurt." ], "location": [ [ "Proposal for a regulation", "Article 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It facilitates the coordination of the work of the authorities.", "old": [ "The Authority shall have its seat in", "London." ], "seq": 314, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "The Authority shall have its seat in", "[Frankfurt]." ], "location": [ [ "Proposal for a regulation", "Article 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To include the word \"update\" and substitute the word \"legislation\" for \"legislative act\" as\nstated in the Skinner Report.", "old": [ "1. The Authority may develop technical", "standards in the areas specifically set out", "in the legislation referred to in Article", "1(2). The Authority shall submit its draft", "standards to the Commission for", "endorsement." ], "seq": 357, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. The Authority may develop technical", "standards to complete, update and modify", "elements that are not essential to the", "legislative acts referred to in Article 1(2).", "The technical standards shall not imply", "strategic decisions and its content shall be", "delimited by the legislative acts on which", "they are based." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Technical standards should be considered delegated acts as stated in Art. 29 TFU.", "old": [ "2. The standards shall be adopted by the", "Commission by means of Regulations or", "Decisions and published in the Official", "Journal of the European Union." ], "seq": 389, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "2. The Commission shall adopt technical", "standards in accordance with Articles 7a", "to 7d. Those acts shall be adopted by the", "Commission in the form of regulations or", "decisions." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.966%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "For reasons of coherence with the Skinner Report.", "reference": "2009/0142(COD)", "seq": 398, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "Article 7d", "Non-endorsement or amendment of the", "draft delegated acts", "1. In the event that the Commission does", "not endorse the draft delegated acts or", "amends them, the Commission shall", "inform the Authority, the European", "Parliament and the Council, stating its", "reasons.", "2. The European Parliament or Council", "may convene the responsible", "Commissioner, together with the", "Chairman of the Authority, within one", "month for an ad hoc meeting of the", "competent committee of the European", "Parliament or Council to present and", "explain their differences." ], "location": [ [ "Proposal for a regulation", "Article 7 d(new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "\n In many instances EBA will set technical standards to implement capital and other rules (see\nOmnibus Directive). To ensure that all regulators work from the same set of facts and that\ncoordination in a crisis would be much more seamless, EBA should become the central\nrecipient of regulatory reporting thereby also avoiding current duplication due to reporting at\nmember states level.", "reference": "2009/0142(COD)", "seq": 533, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "(4a) acting as the central recipient of", "regulatory reporting for institutions active", "in more than one Member Sates. Upon", "receipt of the reporting, the Authority will", "share the information with the competent", "national authorities." ], "location": [ [ "Proposal for a regulation", "Article 16 \u2013 paragraph 2 \u2013 point 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To correct the naming of the authorities.", "old": [ "1. The Authority shall monitor and assess", "market developments in the area of its", "competence and, where necessary, inform", "the European Insurance and Occupational", "Pensions Authority, the European", "Securities and Markets Authority, the", "ESRB and the European Parliament, the", "Council and the Commission about the", "relevant micro-prudential trends, potential", "risks and vulnerabilities." ], "seq": 536, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. The Authority shall monitor and assess", "market developments in the area of its", "competence and, where necessary, inform", "the European Supervisory Authority", "(Insurance and Occupational Pensions), the", "European Supervisory Authority", "(Securities and Markets), the ESRB and the", "European Parliament, the Council and the", "Commission about the relevant micro-", "prudential trends, potential risks and", "vulnerabilities." ], "location": [ [ "Proposal for a regulation", "Article 17 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To include the Joint Committee.", "old": [ "3. The Authority shall ensure an adequate", "coverage of cross-sectoral developments,", "risks and vulnerabilities by closely", "cooperating with the European Insurance", "and Occupational Pensions Authority and", "the European Securities and Markets", "Authority." ], "seq": 542, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "3. The Authority shall ensure an adequate", "coverage of cross-sectoral developments,", "risks and vulnerabilities by closely", "cooperating with the European Insurance", "and Occupational Pensions Authority and", "the European Securities and Markets", "Authority and the European Supervisory", "Authority (Joint Committee)." ], "location": [ [ "Proposal for a regulation", "Article 17 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Currently, cross-border bank acquisitions and increases of holdings typically involve\naffiliates in several EU (EEA) countries which triggers almost similar information\nrequirements. Such duplication and multiple discussions on the documents that are required\nto make the filing complete, turn out to be extremely cumbersome. To foster integration and to\nenhance coordination of change \u2013of control procedures (DIR 2007/44/EC), thereby avoiding\nmultiple change-of-control procedures, EBA should coordinate the process with the national\nauthorities concerned (\u201cone stop model\u201d).", "reference": "2009/0142(COD)", "seq": 554, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "2a. On the basis of Joint Guidelines, the", "Authority may conduct the change of", "control procedure under Directive", "2007/44/EC. Upon receipt of the", "notification, the Authority will coordinate", "with the relevant national authorities." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Adaptation of amendment proposed by Skinner, which streghtens the coordination.", "reference": "2009/0142(COD)", "seq": 575, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "3a. On a request from a national", "supervisory authority of a Member State", "the Authority may provide any such", "information that is necessary to enable", "the national authority to carry out its", "duties, provided the national authority in", "question has appropriate confidentiality", "arrangements in place." ], "location": [ [ "Proposal for a regulation", "Article 20 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purpose of consultation with", "stakeholders in areas relevant to the tasks", "of the Authority, a Banking Stakeholder", "Group shall be established." ], "reference": "2009/0142(COD)", "seq": 581, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-26T00:00:00", "new": [ "1. For the purpose of consultation with", "stakeholders in areas relevant to the tasks", "of the Authority, a Banking Stakeholder", "Group shall be established. The", "Stakeholder Group shall be consulted on", "all relevant decisions and actions of the", "authority. If case of urgency immediate", "consultation is impossible, the", "Stakeholder Group has to be informed", "about the decision as quick as possible." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0142(COD)", "seq": 599, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-26T00:00:00", "new": [ "Adequate financial compensation shall be", "established for members of the", "stakeholder group representing non-profit", "organisations." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 3 \u2013 subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Coherence with Skinner Report.", "old": [ "5. The Banking Stakeholder Group may", "submit opinions and advice to the", "Authority on any issue related to the tasks", "of the Authority specified in Articles 7 and", "8." ], "seq": 607, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "5. The Banking Stakeholder Group may", "submit opinions and advice to the", "Authority on any issue related to the tasks", "of the Authority with particular focus on", "the tasks set out in specified in Articles 7", "and 8." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The Authority shall ensure that no", "decision adopted under Articles 10 or 11", "impinges in any way on the fiscal", "responsibilities of Member States." ], "reference": "2009/0142(COD)", "seq": 614, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-26T00:00:00", "new": [ "1. The Authority shall ensure that no", "decision adopted under Articles 10 or 11", "impinges directly in a significant manner", "on the fiscal responsibilities of Member", "States." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The member who calls on the Council invoquing the safeguard clause should not take part in\nthe final decision.", "old": [ "Where the Authority maintains its decision,", "the Council, acting by qualified majority", "as defined in Article 205 of the Treaty,", "shall, within two months, decide whether", "the Authority's decision is maintained or", "revoked." ], "seq": 631, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "Where the Authority maintains its decision,", "the Council shall take a decision whether", "the Authority's decision is maintained or", "revoked on the basis of a qualified", "majority of its member not taking into", "account the vote of the member of the", "Council representing the Member State", "concerned no later than two months after", "the Authority has informed the Member", "State as set out in the fourth", "subparagraph. A qualified majority shall", "be defined as at least 55% of the members", "of the Council excluding the Member", "State concerned, comprising at least", "fourteen of them representing Member", "States comprising at least 65% of the", "population of the Union excluding the", "population of the Member State", "concerned." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 2 \u2013 subparagraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the amendement 22 of Art. 23 paragraph 2 subparagraph 5.", "old": [ "The Council, acting by qualified majority", "as defined in Article 205 of the Treaty,", "shall, within ten working days, decide", "whether the Authority's decision is", "maintained or revoked." ], "seq": 643, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "The Council, acting by qualified majority", "as defined in paragraph 2 subparagraph 5,", "shall, within ten working days, decide", "whether the Authority's decision is", "maintained or revoked." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 3 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.986%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "1. Before taking the decisions provided for", "in Article 9(6), Article 10(2) and(3) and", "Article 11(3) and (4), the Authority shall", "inform the addressee of its intention to", "adopt the decision, setting a time limit", "within which the addressee may express its", "views on the matter, taking full account of", "the urgency of the matter." ], "seq": 649, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. Before taking the decisions provided for", "in this Regulation, the Authority shall", "inform the addressee of its intention to", "adopt the decision, setting a time limit", "within which the addressee may express its", "views on the matter, taking full account of", "the urgency, complexity and potential", "consequences of the matter." ], "location": [ [ "Proposal for a regulation", "Article 24 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Adaptation to the Treaty of Lisbon.", "old": [ "1. The Board of Supervisors shall act on", "the basis of qualified majority of its", "members, as defined in Article 205 of the", "Treaty, for acts specified in Articles 7, 8", "and all measures and decisions adopted", "under Chapter VI." ], "seq": 675, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. The Board of Supervisors shall act on", "the basis of qualified majority of its", "members, as defined in Article 16 of the", "Treaty on European Union and in Article", "3 of the Protocol No 36 on transitional", "provisions annexed to the Treaty on", "European Union and to the Treaty on the", "Functioning of the European Union, for", "acts specified in Articles 7, 8 and all", "measures and decisions adopted under", "Chapter VI." ], "location": [ [ "Proposal for a regulation", "Article 29 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To complete the information that should be included in the report.", "reference": "2009/0142(COD)", "seq": 706, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1a. In addition to the information referred", "to in Articles 7a, 8, 9, 10, 11a and 18, the", "report shall include information on, in", "particular, the availability, amount and", "cost of banking credit to households and", "SMEs, and the volume and changes", "therein of public debt owned by credit", "institutions, and information detailing the", "scope of the interaction between the", "Authority and the European Systemic", "Risk Board and a response where relevant", "to opinions and reviews issued by the", "Banking Stakeholder Group. It shall also", "include any relevant information", "requested by the European Parliament on", "an ad-hoc basis." ], "location": [ [ "Proposal for a regulation", "Article 35 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "For sake of coherence with the Skinner report.", "old": [ "JOINT COMMITTEE OF EUROPEAN", "SUPERVISORY AUTHORITIES" ], "seq": 719, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "EUROPEAN SUPERVISORY", "AUTHORITIES (JOINT COMMITTEE)" ], "location": [ [ "Proposal for a regulation", "Chapter IV \u2013 Section 2 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report and substituting the seat of the Joint Committee.", "old": [ "1. A Joint Committee of the European", "Supervisory Authorities is hereby", "established." ], "seq": 722, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. The European Supervisory Authorities", "(Joint Committee) (\"the Joint", "Committee\") is hereby established and", "shall have its headquarters in Frankfurt." ], "location": [ [ "Proposal for a regulation", "Article 40 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "2. The Joint Committee shall serve as a", "forum in which the Authority shall", "cooperate regularly and closely and ensure", "cross-sectoral consistency with the", "European Insurance and Occupational", "Pensions Authority and the European", "Securities and Markets Authority." ], "seq": 726, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "2. The Joint Committee shall serve as a", "forum in which the Authority shall", "cooperate regularly and closely and ensure", "cross-sectoral consistency and learning", "with the European Insurance and", "Occupational Pensions Authority and the", "European Securities and Markets", "Authority, in particular on:", "\u2013 financial conglomerates;", "\u2013 accounting and auditing;", "\u2013 micro-prudential analyses for financial", "stability;", "\u2013 retail investment products;", "\u2013 anti-money laundering measures; and", "\u2013 information exchange with the", "European Systemic Risk Board and", "developing the relationship between the", "European Systemic Risk Board and the", "European Supervisory Authorities." ], "location": [ [ "Proposal for a regulation", "Article 40 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "3. The Authority shall contribute adequate", "resources to the administrative support of", "the Joint Committee of European", "Supervisory Authorities. This includes", "staff, administrative, infrastructure, and", "operational expenses." ], "seq": 730, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "3. The Joint Committee shall have a", "permanent secretariat, staffed on", "secondment from the three European", "Supervisory Authorities. The Authority", "shall contribute adequate resources to", "administrative, infrastructure and", "operational expenses." ], "location": [ [ "Proposal for a regulation", "Article 40 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "1. The Joint Committee shall be composed", "of the Chairperson and the Chairpersons", "of the European Insurance and", "Occupational Pensions Authority and the", "European Securities and Markets", "Authority, and, where applicable, the", "Chairperson of a Sub-Committee", "established under Article 43." ], "seq": 732, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1. The Joint Committee shall have a board", "composed of the Chairpersons of the", "European Supervisory Authorities, and,", "where applicable, the Chairperson of a", "Sub-Committee established under Article", "43." ], "location": [ [ "Proposal for a regulation", "Article 41 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "2. The Executive Director, the Commission", "and the ESRB shall be invited to the", "meetings of the Joint Committee of", "European Supervisory Authorities as well", "as the Sub-Committees mentioned in", "Article 43 as observers." ], "seq": 735, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "2. The Executive Director, a representative", "of the Commission and the ESRB shall be", "invited to the meetings of the Board of the", "Joint Committee as well as the Sub-", "Committees mentioned in Article 43 as", "observers." ], "location": [ [ "Proposal for a regulation", "Article 41 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner and Goulard Reports.", "old": [ "3. The chair of the Joint Committee of", "European Supervisory Authorities shall be", "appointed on an annual rotational basis", "from among the Chairpersons of the", "European Banking Authority, the European", "Insurance and Occupational Pensions", "Authority and the European Securities and", "Markets Authority." ], "seq": 738, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "3. The chair of the Joint Committee shall", "be appointed on an annual rotational basis", "from among the Chairpersons of the", "European Banking Authority, the European", "Insurance and Occupational Pensions", "Authority and the European Securities and", "Markets Authority. The Chairperson of", "the Joint Committee shall be a Vice-Chair", "of the European Systemic Risk Board." ], "location": [ [ "Proposal for a regulation", "Article 41 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "4. The Joint Committee of European", "Supervisory Authorities shall adopt and", "publish its own rules of procedure. The", "rules may specify further participants of", "the meetings of the Joint Committee." ], "seq": 740, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "4. The Joint Committee shall adopt and", "publish its own rules of procedure. The", "rules may specify further participants of", "the meetings of the Joint Committee." ], "location": [ [ "Proposal for a regulation", "Article 41 \u2013 paragraph 4 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report.", "old": [ "The Joint Committee of European", "Supervisory Authorities shall meet at least", "once every two months." ], "seq": 741, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "The Board of the Joint Committee of", "European Supervisory Authorities shall", "meet at least once every two months." ], "location": [ [ "Proposal for a regulation", "Article 41 \u2013 paragraph 4 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "For clarification of the text.", "old": [ "For the purposes of Article 42, a Sub-", "Committee on Financial Conglomerates to", "the Joint Committee of European", "Supervisory Authorities shall be", "established." ], "seq": 744, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "For the purposes of Article 42, a Sub-", "Committee on Financial Conglomerates to", "the Joint Committee shall be established." ], "location": [ [ "Proposal for a regulation", "Article 43 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To clarify the text, stated in the Skinner Report.", "old": [ "The Sub-Committee shall elect a", "Chairperson from amongst its members,", "who shall also be a member of the Joint", "Committee of European Supervisory", "Authorities." ], "seq": 745, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "The Sub-Committee shall elect a", "Chairperson from amongst its members,", "who shall also be a member of the Joint", "Committee." ], "location": [ [ "Proposal for a regulation", "Article 43 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In coherence with the Skinner Report, of course the Board of Appeal must count with the best\nhuman capital possible.", "old": [ "2. The Board of Appeal shall be composed", "of six members and six alternates, who", "shall be individuals with relevant", "knowledge and experience, excluding", "current staff of the competent authorities or", "other national or Community institutions", "involved in the activities of the Authority." ], "seq": 748, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "2. The Board of Appeal shall be composed", "of six members and six alternates. It shall", "comprise individuals, excluding current", "staff of the competent authorities or other", "national or EU institutions or financial", "institutions involved in the activities of the", "Authority, of high repute with a proven", "record of relevant knowledge and", "professional expertise, including", "supervisory experience at a sufficiently", "high level in the fields of banking,", "insurance and occupational pensions,", "securities markets or other financial", "services, and at least two members with", "sufficient legal expertise to provide expert", "legal advice on the Authority's exercise of", "its powers." ], "location": [ [ "Proposal for a regulation", "Article 44 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To approach the views of the Skinner Report.", "old": [ "6. The Authority, the European Insurance", "and Occupational Pensions Authority and", "the European Securities and Markets", "Authority shall ensure adequate operational", "and secretarial support for the Board of", "Appeal." ], "seq": 760, "reference": "2009/0142(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "6. The Authority, the European Insurance", "and Occupational Pensions Authority and", "the European Securities and Markets", "Authority shall ensure adequate operational", "and secretarial support for the Board of", "Appeal through the Joint Committee." ], "location": [ [ "Proposal for a regulation", "Article 44 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.990%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Clarifying the structure of the text.", "reference": "2009/0142(COD)", "seq": 797, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-26T00:00:00", "new": [ "1a. The Commission's report shall", "evaluate inter alia: the degree of", "convergence in supervisory standard", "practices reached by national authorities;", "the functioning of the colleges of", "supervisors; the supervision mechanism", "of cross-border institutions, in particular", "the ones with an EU dimension; the", "functioning of Article 23 on safeguarding", "and regulator; supervisory convergence", "in the fields of crisis management and", "resolution in the Union and whether", "prudential and conducts of business", "should be combined or separated. It shall", "contain proposals on how to further", "develop the role of the Authority and the", "ESFS, with a view to creating an", "integrated European supervisory", "architecture" ], "location": [ [ "Proposal for a regulation", "Article 66 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(7) The European System of Financial", "Supervisors should be a network of", "national and Community supervisory", "authorities, leaving day-to-day supervision", "of financial market participant at the", "national level, and according a central", "role in the supervision of cross-border", "groups to colleges of supervisors. Greater", "harmonisation and the coherent application", "of rules for financial market participants", "and markets across the Community should", "also be achieved. A European Securities", "and Markets Authority should be", "established, along with a European", "Insurance and Occupational Pensions", "Authority and a European Banking", "Authority (the European Supervisory", "Authorities)." ], "reference": "2009/0144(COD)", "seq": 147, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(7) The European System of Financial", "Supervisors should be a network of", "national and European Union supervisory", "authorities, leaving day-to-day supervision", "of financial institutions that have no EU", "dimension at the national level. Colleges of", "Supervisors shall exert supervision of", "institutions operating as cross borders", "that have no EU dimension. The", "Authority shall gradually take over", "supervision of institutions with European", "Union dimension. Greater harmonisation", "and the coherent application of rules for", "financial institutions and markets across", "the Union should also be achieved. A", "European Securities and Markets Authority", "should be established, along with a", "European Supervisory Authority", "(Insurance and Occupational Pensions) and", "a European Supervisory Authority", "(Banking) as well as a European", "Supervisory Authority (Joint Committee).", "The European Systemic Risk Board shall", "form part of a European System of", "Financial Supervision." ], "location": [ [ "Proposal for a regulation", "Recital 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(14) There is a need to introduce an", "effective instrument to establish", "harmonised technical standards in financial", "services to ensure, also through a single", "rulebook, a level playing field and an", "adequate protection investors and", "consumers across Europe. As a body with", "highly specialised expertise, it is efficient", "and appropriate to entrust the Authority, in", "areas defined by Community law, with the", "elaboration of draft technical standards,", "which do not involve policy choices. The", "Commission should endorse those draft", "technical standards in accordance with", "Community law in order to give them", "binding legal effect. The draft technical", "standards have to be adopted by the", "Commission. They would be subject to", "amendment if, for example, the draft", "technical standards were incompatible with", "Community Law, would not respect the", "principle of proportionality or would run", "counter to the fundamental principles of", "the internal market for financial services as", "reflected in the acquis of Community", "financial services legislation. To ensure a", "smooth and expedited adoption process for", "those standards, the Commission should be", "subject to a time limit for its decision on", "the endorsement." ], "reference": "2009/0144(COD)", "seq": 150, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(14) There is a need to introduce an", "effective instrument to establish", "harmonised technical standards in financial", "services to ensure, also through a single", "rulebook, a level playing field and an", "adequate protection of depositors, investors", "and consumers across Europe. As a body", "with highly specialised expertise, it is", "efficient and appropriate to entrust the", "Authority, in areas defined by Union law,", "with the elaboration of draft technical", "standards, which do not involve policy", "choices. When drafting the technical", "standards the Authority should take into", "consideration the different structures and", "risk profiles of financial institutions. In", "particular, the Authorities should seek to", "ensure that unnecessary burden is not", "placed on financial institutions that are", "Union-based, member-owned and play an", "important role with regards to combating", "social exclusion. The Commission should", "endorse those draft technical standards in", "accordance with Union law in order to", "give them binding legal effect. The draft", "technical standards have to be adopted by", "the Commission. They would be subject to", "amendment if, for example, the draft", "technical standards were incompatible with", "Union Law, would not respect the", "principle of proportionality or would run", "counter to the fundamental principles of", "the internal market for financial services as", "reflected in the acquis of Union financial", "services legislation. To ensure a smooth", "and expedited adoption process for those", "standards, the Commission should be", "subject to a time limit for its decision on", "the endorsement." ], "location": [ [ "Proposal for a regulation", "Recital 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 171, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(33a) Non-profit organisations in", "comparison to well funded and well", "connected industry representatives, are", "marginalised in the debate on the future", "of financial services and in the", "corresponding decision making process.", "This disadvantage has to be compensated", "by adequate funding of their", "representatives in the Securities and", "Market Stakeholder group." ], "location": [ [ "Proposal for a regulation", "Recital 33 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 185, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2 a. The Authority shall also act within", "the field of the activities covered by the", "legislation referred to in paragraph 2,", "including matters relating to shareholder", "rights, corporate governance, auditing,", "financial reporting, provided that such", "actions by the Authority are necessary to", "ensure the effective and consistent", "application of the legislation referred to in", "paragraph 2. The Authority shall also", "take appropriate action in the context of", "takeover bids, clearing and settlement", "issues, securitisation, short selling and", "derivative issues including", "standardization." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting protect", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and (v)", "strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "reference": "2009/0144(COD)", "seq": 200, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting investors, (iii)", "ensuring the integrity, efficiency and", "orderly functioning of financial markets,", "(iv) safeguarding the stability of the", "financial system, (v) strengthening", "international supervisory coordination and", "(vi) preventing regulatory arbitrage and", "contributing to a level playing field. For", "this purpose, the Authority shall contribute", "to ensuring the consistent, efficient and", "effective application of the Union law", "referred to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting protect", "investors, (iii) ensuring the integrity,", "efficiency and orderly functioning of", "financial markets, (iv) safeguarding the", "stability of the financial system, and (v)", "strengthening international supervisory", "coordination. For this purpose, the", "Authority shall contribute to ensuring the", "consistent, efficient and effective", "application of the Community law referred", "to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission." ], "reference": "2009/0144(COD)", "seq": 204, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "4. The objective of the Authority shall be", "to contribute to: (i) improving the", "functioning of the internal market,", "including in particular a high, effective and", "consistent level of regulation and", "supervision, (ii) protecting investors, (iii)", "ensuring the integrity, efficiency and", "orderly functioning of financial markets,", "(iv) safeguarding the stability of the", "financial system, and (v) strengthening", "international supervisory coordination. For", "this purpose, the Authority shall contribute", "to ensuring the consistent, efficient and", "effective application of the EU legislation", "referred to in Article 1(2) above, fostering", "supervisory convergence and providing", "opinions to the European Parliament, the", "Council, and the Commission. It shall", "undertake an economic analysis of", "markets to promote the achievement of", "the Authority's objectives." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Authority shall have its seat in Paris." ], "reference": "2009/0144(COD)", "seq": 221, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells, Pablo Zalba Bidegain", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall have its seat in", "Frankfurt." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) contribute to the establishment of high", "quality common regulatory and", "supervisory standards and practices, in", "particular by providing opinions to the", "Community institutions and by developing", "guidelines, recommendations, and draft", "technical standards which shall be based", "on the legislation referred to in Article", "1(2);" ], "reference": "2009/0144(COD)", "seq": 224, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(a) contribute to a consistent application", "of Union law, in particular by contributing", "to a common supervisory culture,", "ensuring consistent, efficient, and", "effective application of the legislation", "referred to in Article 1(2), preventing", "regulatory arbitrage, mediating and", "settling disagreements between competent", "authorities, ensuring a coherent", "functioning of colleges of supervisors and", "taking actions, inter alia, in emergency", "situations;" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 232, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(f a) establish databases in the area of its", "competence and, where specified in the", "legislation referred to in Article 1(2). The", "collected information has to be accessible", "to all market participants and should", "contain key information about registered", "market participants, products,", "misbehaviour and transactions if", "obligation of disclosure is specified in the", "legislation referred to in Article 1(2);" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point f a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 235, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(f b) foster investor protection, in", "particular by ensuring the enforcement of", "the harmonized EU regulations on", "product disclosure and selling processes", "to all retail investors for all retail", "investment products and services. EBA", "and EIOPA shall provide all the", "necessary support and cooperation to", "enable ESMA to properly execute this", "task;" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point f b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 241, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(ea) prohibit the trading of certain", "products or types of transactions to", "prevent damage to investor protection, the", "orderly functioning and integrity of", "financial markets or the stability of the", "whole or part of the financial system in", "the Union;" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 2 \u2013 subparagraph 1 \u2013 point e a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "For that purpose, the Authority shall have", "appropriate powers of investigation and", "enforcement as specified in the relevant", "legislation, as well as the possibility of", "charging fees." ], "reference": "2009/0144(COD)", "seq": 253, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "For that purpose, the Authority shall have", "appropriate powers of investigation and", "enforcement as specified in the relevant", "legislation, as well as the possibility of", "charging fees. The Authority may use the", "facilities and powers of the competent", "authorities to execute the exclusive", "supervisory powers and carry out", "investigations." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 3 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 256, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall execute any exclusive", "supervisory powers over Central Clearing", "Houses as well as over Credit Rating", "Agencies pursuant to Regulation (EC) No", "1060/2009 of the European Parliament", "and of the Council of 16 September 2009", "on credit rating agencies1.", "__________", "1", "OJ L 302, 17.11.2009, p.1." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 3 \u2013 subparagraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The Authority may develop technical", "standards in the areas specifically set out", "in the legislation referred to in Article", "1(2). The Authority shall submit its draft", "standards to the Commission for", "endorsement." ], "reference": "2009/0144(COD)", "seq": 263, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "1. The Authority may develop technical", "standards to complete and modify elements", "that are not essential to the legislative acts", "referred to in Article 1(2). The technical", "standards do not represent strategic", "decisions and their content shall be", "limited by the legislation on which they", "are based." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Before submitting them to the", "Commission, the Authority shall, where", "appropriate, conduct open public", "consultations on technical standards and", "analyse the potential related costs and", "benefits." ], "reference": "2009/0144(COD)", "seq": 270, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall conduct open public", "consultations on technical standards and", "analyse the potential related costs and", "benefits before adopting draft technical", "standards. The Authority shall also", "request an opinion or advice of the", "Securities and Market Stakeholder Group", "referred to in Article 22." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 272, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "Drafting technical standards the", "Authority shall take into consideration the", "full variety of different players on", "financial markets and the different effects", "of the standards on all sorts of market", "participants." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 273, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall submit its draft", "standards to the Commission for", "endorsement and at the same time to the", "European Parliament and the Council." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 2 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Within three months of receipt of the draft", "standards, the Commission shall decide", "whether to endorse the draft standards. The", "Commission may extend that period by one", "month. The Commission may endorse the", "draft standards only in part or with", "amendments where the Community", "interest so requires." ], "reference": "2009/0144(COD)", "seq": 275, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "Within three months of receipt of the draft", "standards, the Commission shall decide", "whether to endorse, reject or amend the", "draft standards. The Commission may", "extend that period by one month. The", "Commission shall inform the European", "Parliament and the Council of its", "decision, stating the reasons." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where the Commission does not endorse", "the standards or endorses them in part or", "with amendments, it shall inform the", "Authority of its reasons." ], "reference": "2009/0144(COD)", "seq": 281, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 1 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The standards shall be adopted by the", "Commission by means of Regulations or", "Decisions and published in the Official", "Journal of the European Union." ], "reference": "2009/0144(COD)", "seq": 289, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2. The Commission shall adopt delegated", "acts in accordance with Articles 7a to 7d,", "designed to establish the technical", "standards referred to in paragraph 1.", "Those acts shall be in the form of", "regulations or decisions." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.456%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 298, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall conduct open public", "consultations on guidelines and", "recommendations and analyse the", "potential related costs and benefits. The", "Authority shall also request an opinion or", "advice of the Securities and Markets", "Stakeholder Group referred to in", "Article 22." ], "location": [ [ "Proposal for a regulation", "Article 8 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where the Commission has adopted a", "decision pursuant to paragraph 1, the", "Authority may adopt individual decisions", "requiring competent authorities to take the", "necessary action in accordance with the", "legislation referred to in Article 1(2) to", "address any risks that may jeopardise the", "orderly functioning and integrity of", "financial markets or the stability of the", "whole or part of the financial system by", "ensuring that financial market participants", "and competent authorities satisfy the", "requirements laid down in that legislation." ], "reference": "2009/0144(COD)", "seq": 347, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2. Where the ESRB has adopted a decision", "pursuant to paragraph 1, the Authority may", "adopt individual decisions requiring", "competent authorities to take the necessary", "action in accordance with this regulation", "and the legislation referred to in Article", "1(2) to address any risks that may", "jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system by ensuring that financial", "market participants and competent", "authorities satisfy the requirements laid", "down in that legislation." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 377, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "3a. The Authority may issue technical", "standards, guidelines and", "recommendations adopted under Articles", "7 and 8 to harmonise supervisory", "functioning and best practices adopted by", "the colleges of supervisors." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 387, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "3 a. The Authority may assign the tasks", "and responsibilities of the prudential", "supervision of financial institutions with", "EU dimension as referred to in Article", "12a to the competent authorities in the", "Member States." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) contribute to developing high quality", "and uniform supervisory standards,", "including reporting standards;" ], "reference": "2009/0144(COD)", "seq": 391, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(c) contribute to developing high quality", "and uniform supervisory standards,", "including accounting and reporting", "standards;" ], "location": [ [ "Proposal for a regulation", "Article 14 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 402, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(4a) taking all appropriate measures in", "situations of financial instability and", "crisis with a view to facilitating the", "coordination of actions undertaken by", "relevant national competent supervisory", "authorities;" ], "location": [ [ "Proposal for a regulation", "Article 16 \u2013 paragraph 2 \u2013 point 4 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Without prejudice to the competences of", "the Community Institutions, the Authority", "may develop contacts with supervisory", "authorities from third countries. It may", "enter into administrative arrangements with", "international organisations and the", "administrations of third countries." ], "reference": "2009/0144(COD)", "seq": 409, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall develop contacts with", "supervisory authorities from third", "countries. It may enter into administrative", "arrangements with international", "organisations and the administrations of", "third countries." ], "location": [ [ "Proposal for a regulation", "Article 18 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 410, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority shall contribute in the", "representation of the European Union in", "all international fora concerning the", "regulation and supervision of the", "institutions falling under the legislation", "referred to in Article 1(2)." ], "location": [ [ "Proposal for a regulation", "Article 18 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 411, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Commission shall adopt delegated", "acts in accordance with Articles 7a to 7d", "for the purpose of making equivalence", "assessments referred to in the second", "paragraph." ], "location": [ [ "Proposal for a regulation", "Article 18 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Authority may also request", "information to be provided at recurring", "intervals." ], "reference": "2009/0144(COD)", "seq": 418, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Authority may also request", "information to be provided at recurring", "intervals. Those requests shall use", "common reporting formats to be fulfilled,", "where appropriate, at a consolidated level." ], "location": [ [ "Proposal for a regulation", "Article 20 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2 The Authority shall cooperate", "closely with the ESRB. It shall provide the", "ESRB with regular and up-to-date", "information necessary for the achievement", "of its tasks. Any data necessary for the", "achievement of its tasks that are not in", "summary or collective form shall be", "provided without delay to the ESRB upon a", "reasoned request, as specified in Article", "[15] of Regulation (EC) No \u2026./\u2026", "[ESRB]." ], "reference": "2009/0144(COD)", "seq": 424, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2 The Authority shall cooperate", "closely with the ESRB. It shall provide the", "ESRB with regular and up-to-date", "information necessary for the achievement", "of its tasks. Any data necessary for the", "achievement of its tasks that are not in", "summary or collective form shall be", "provided without delay to the ESRB upon a", "reasoned request, as specified in Article", "[15] of Regulation (EU) No \u2026./\u2026", "[ESRB]. The Authority shall develop an", "adequate protocol for the disclosure of", "confidential information regarding", "individual financial institutions." ], "location": [ [ "Proposal for a regulation", "Article 21 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. For the purpose of consultation with", "stakeholders in areas relevant to the tasks", "of the Authority, a Securities and Markets", "Stakeholder Group shall be established." ], "reference": "2009/0144(COD)", "seq": 426, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "1. For the purpose of consultation with", "stakeholders in areas relevant to the tasks", "of the Authority, a Securities and Markets", "Stakeholder Group shall be established.", "The Stakeholder Group shall be consulted", "on all relevant decisions and actions of", "the authority. If case of urgency", "immediate consultation is impossible, the", "Stakeholder Group has to be informed", "about the decision as quick as possible." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The Securities and Markets Stakeholder", "Group shall be composed of 30 members,", "representing in balanced proportions", "Community financial market participants,", "their employees as well as consumers,", "investors and users of financial services." ], "reference": "2009/0144(COD)", "seq": 436, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2. The Securities and Markets Stakeholder", "Group shall be composed of 30 members,", "representing in balanced proportions", "Union financial market participants, their", "employees as well as consumers, investors", "and users of financial services." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 - subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 438, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "Not less than 5 of the members shall be", "independent top-ranking academics." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 - subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 439, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The number of members representing", "professional market participants", "including their employees shall not exceed", "15. At least 5 of them have to be", "representatives of the employees." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 - subparagraph 1 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Securities and Markets Stakeholder", "Group shall meet at least twice a year." ], "reference": "2009/0144(COD)", "seq": 443, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Securities and Markets Stakeholder", "Group shall meet quarterly." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 - subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In making its decision, the Board of", "Supervisors shall, to the extent possible,", "ensure an appropriate geographical", "balance and representation of", "stakeholders across the Community." ], "reference": "2009/0144(COD)", "seq": 445, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 3 - subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 451, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "Adequate financial compensation shall be", "established for members of the", "stakeholder group representing non-profit", "organisations." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 3 - subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. The Securities and Markets Stakeholder", "Group may submit opinions and advice to", "the Authority on any issue related to the", "tasks of the Authority specified in Articles", "7 and 8." ], "reference": "2009/0144(COD)", "seq": 458, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "5. The Securities and Markets Stakeholder", "Group shall submit opinions and advice to", "the Authority on any issue. Any conflict of", "interest of members of the Securities and", "Market Stakeholder Group has to be", "disclosed whenever the Stakeholder", "Group issues opinions and advice." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.919%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "6. The Securities and Markets Stakeholder", "Group shall adopt its rules of procedure." ], "reference": "2009/0144(COD)", "seq": 467, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "6. The Securities and Markets Stakeholder", "Group shall adopt its rules of procedure", "and designate its chairperson from", "amongst its members." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. The Authority shall ensure that no", "decision adopted under Articles 10 or 11", "impinges in any way on the fiscal", "responsibilities of Member States." ], "reference": "2009/0144(COD)", "seq": 471, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "1. The Authority shall ensure that no", "decision adopted under Articles 10 or 11", "impinges directly in a significant manner", "on the fiscal responsibilities of Member", "States." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where a Member State considers that a", "decision taken under Article 11 impinges", "on its fiscal responsibilities, it may notify", "the Authority and the Commission within", "one month after notification of the", "Authority's decision to the competent", "authority that the decision will not be", "implemented by the competent authority." ], "reference": "2009/0144(COD)", "seq": 480, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "2. Where a Member State considers that a", "decision taken under Article 11 impinges", "on its fiscal responsibilities, it may notify", "the Authority and the Commission within", "ten working days after notification of the", "Authority's decision to the competent", "authority that the decision will not be", "implemented by the competent authority." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In its notification, the Member State shall", "justify why and clearly demonstrate how", "the decision impinges on its fiscal", "responsibilities." ], "reference": "2009/0144(COD)", "seq": 485, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "In its notification, the Member State shall", "justify why and provide an impact", "assessment on how much the decision", "impinges on its fiscal responsibilities." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where the Authority maintains its decision,", "the Council, acting by qualified majority as", "defined in Article 205 of the Treaty, shall,", "within two months, decide whether the", "Authority's decision is maintained or", "revoked." ], "reference": "2009/0144(COD)", "seq": 496, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "Where the Authority maintains its decision,", "the Council shall take a decision whether", "the Authority's decision is maintained or", "revoked on the basis of a qualified", "majority of its members, as defined in", "Article 16(4) of the Treaty on European", "Union and in Article 3 of the Protocol (No", "36) on transitional provisions annexed to", "the Treaty on European Union and to the", "Treaty on the Functioning of the", "European Union, at a meeting no later", "than two months after the Authority has", "informed the Member State as set out in", "subparagraph 4." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 2 \u2013 subparagraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The Council, acting by qualified majority", "as defined in Article 205 of the Treaty,", "shall, within ten working days, decide", "whether the Authority's decision is", "maintained or revoked." ], "reference": "2009/0144(COD)", "seq": 512, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Council, acting by qualified majority", "as defined in Article 16 of the Treaty on", "European Union, shall, within ten working", "days, decide whether the Authority's", "decision is maintained or revoked." ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 3 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 524, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "(f a) two representatives of the Securities", "and Market Stakeholder Group who shall", "be non- voting. Not more than one of", "them has to be a representative of the", "professional market participants or their", "employees." ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point f a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 582, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "3a. Only those supervisory authorities", "included in the European System of", "Financial Supervisors shall be entitled to", "supervise financial institutions operating", "in the European Union." ], "location": [ [ "Proposal for a regulation", "Article 40 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 627, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Commission shall draft its report", "taking into account the proposals made by", "the Securities and Market Stakeholder", "Group, the Board of Supervisors, and the", "Joint Committee. Those proposals shall be", "annexed to the report published by the", "Commission." ], "location": [ [ "Proposal for a regulation", "Article 66 \u2013 paragraph 1 \u2013 subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0144(COD)", "seq": 630, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "The Commission's report shall evaluate", "inter alia: the degree of convergence in", "supervisory standard practices reached by", "national authorities; the functioning of", "the colleges of supervisors; the", "supervision mechanism of cross-border", "institutions, in particular the ones with an", "EU dimension; the functioning of Article", "23 on safeguarding and regulatory and", "supervisory convergence in the fields of", "crisis management and resolution in the", "Union." ], "location": [ [ "Proposal for a regulation", "Article 66 \u2013 paragraph 1 \u2013 subparagraph 1 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.931%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "That report shall also evaluate progress", "achieved towards regulatory and", "supervisory convergence in the fields of", "crisis management and resolution in the", "Community. The evaluation shall be based", "on extensive consultation, including with", "the Securities and Markets Stakeholder", "Group." ], "reference": "2009/0144(COD)", "seq": 633, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Burkhard Balz, Pablo Zalba Bidegain, Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Sven Giegold, Sylvie Goulard, \u00cd\u00f1igo M\u00e9ndez de Vigo, Ramon Tremosa i Balcells", "date": "2010-03-24T00:00:00", "new": [ "That report shall also evaluate progress", "achieved towards regulatory and", "supervisory convergence in the fields of", "crisis management and resolution in the", "Union. The report shall also evaluate the", "efficiency of the whole European", "Supervisory Authorities System and the", "budgetary needs of the Authority", "respecting increasing responsibilities,", "powers and tasks of the Authority. The", "evaluation shall be based on extensive", "consultation, including with the Securities", "and Markets Stakeholder Group." ], "location": [ [ "Proposal for a regulation", "Article 66 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Adaptation to the Lisbon Treaty.", "old": [ "(1) The financial crisis in 2007/2008", "exposed important shortcomings in", "financial supervision, both in particular", "cases and in relation to the financial system", "as a whole. Nationally-based supervisory", "models have lagged behind the integrated", "and interconnected reality of European", "financial markets, in which many financial", "firms operate across borders. The crisis", "exposed shortcomings in the area of", "cooperation, coordination, consistent", "application of Community law and trust", "between national supervisors." ], "seq": 152, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(1) The financial crisis in 2007/2008", "exposed important shortcomings in", "financial supervision, both in particular", "cases and in relation to the financial system", "as a whole. Nationally-based supervisory", "models have lagged behind the integrated", "and interconnected reality of European", "financial markets, in which many financial", "firms operate across borders. The crisis", "exposed shortcomings in the area of", "cooperation, coordination, consistent", "application of Union law and trust between", "national supervisors.", "(This amendment applies throughout the", "text.)" ], "location": [ [ "Proposal for a regulation", "Recital 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The European System of Financial Supervisors shall adapt to the different realities of\nfinancial institutions.", "old": [ "(7) The European System of Financial", "Supervisors should be a network of", "national and Community supervisory", "authorities, leaving day-to-day supervision", "of financial institutions at the national", "level, and according a central role in the", "supervision of cross-border groups to", "colleges of supervisors. Greater", "harmonisation and the coherent application", "of rules for financial institutions and", "markets across the Community should also", "be achieved. A European Banking", "Authority should be established, along with", "a European Insurance and Occupational", "Pensions Authority and a European", "Securities and Markets Authority (the", "European Supervisory Authorities)." ], "seq": 153, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(7) The European System of Financial", "Supervisors should be a network of", "national and Community supervisory", "authorities, leaving day-to-day supervision", "of financial institutions that do not have a", "Union dimension to the national level.", "Colleges of supervisors should exert", "supervision over cross-border institutions", "that do not have a Union dimension. The", "European Supervisory Authority should", "gradually take over supervision of", "financial institutions with a Union", "dimension. Greater harmonisation and the", "coherent application of rules for financial", "institutions and markets across the Union", "should also be achieved. A European", "Supervisory Authority (Insurance and", "Occupational Pensions) (the Authority)", "should be established, along with a", "European Supervisory Authority", "(Banking) and a European Supervisory", "Authority (Securities and Markets as well", "as a European Supervisory Authority", "(Joint Committee). The European", "Systemic Risk Board should form part of", "a European System of Financial", "Supervision." ], "location": [ [ "Proposal for a regulation", "Recital 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(9) The European Insurance and", "Occupational Pensions Authority (\"the", "Authority\") should act with a view to", "improving the functioning of the internal", "market, including in particular by ensuring", "a high, effective and consistent level of", "regulation and supervision taking account", "of the varying interests of all Member", "States, to protect policyholders and other", "beneficiaries, to ensure the integrity,", "efficiency and orderly functioning of", "financial markets, to safeguard the stability", "of the financial system, and to strengthen", "international supervisory coordination, for", "the benefit of the economy at large,", "including financial institutions and other", "stakeholders, consumers and employees. In", "order to be able to fulfil its objectives, it is", "necessary and appropriate that the", "Authority should be a Community body", "having legal personality and it should have", "legal, administrative and financial", "autonomy." ], "reference": "2009/0143(COD)", "seq": 154, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(9) The Authority should act with a view to", "improving the functioning of the internal", "market, including in particular by ensuring", "a high, effective and consistent level of", "regulation and supervision taking account", "of the varying interests of all Member", "States, to prevent regulatory arbitrage and", "guarantee a level playing field, to protect", "policyholders and other beneficiaries, to", "ensure the integrity, efficiency and orderly", "functioning of financial markets, to", "safeguard the stability of the financial", "system, to promote supervisory", "convergence and to strengthen", "international supervisory coordination", "while taking account of the need to", "enhance competition and innovation", "within the internal market and to ensure", "global competitiveness, for the benefit of", "the economy at large, including financial", "institutions and other stakeholders,", "consumers and employees. In order to be", "able to fulfil its objectives, it is necessary", "and appropriate that the Authority should", "be a Union body having legal personality", "and it should have legal, administrative and", "financial autonomy." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Case law referred to measures addressed to the EU institutions or Community bodies.", "reference": "2009/0143(COD)", "seq": 155, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(10a) In Case C-217/04, United Kingdom", "v. European Parliament and Council of", "the European Union, the Court of Justice", "held that: \u201cnothing in the wording of", "Article 95 TEC implies that the addressees", "of the measures adopted by the", "Community legislature on the basis of", "that provision can only be the individual", "Member States. The legislature may deem", "it necessary to provide for the", "establishment of a Community body", "responsible for contributing to the", "implementation of a process of", "harmonization in situations where, in", "order to facilitate the uniform", "implementation and application of acts", "based on that provision, the adoption of", "non-binding supporting and framework", "measures seems appropriate1\u201d. Measures", "adopted under Article 95 of the EC Treaty", "(now, Article 114 of the Treaty on the", "Functioning of the European Union) may", "take the form of directives or regulations.", "For instance, the European Network and", "Information Security Agency was", "established by Regulation (EC) No", "460/2004 of 10 March 20042 and also the", "Authority will be established by a", "regulation.", "1", "Judgment of 2 May 2006, at paragraph 44.", "2", "OJ L 77, 13.3.2004, p.1." ], "location": [ [ "Proposal for a regulation", "Recital 10 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Commission's endorsement of technical standards in order to give them binding legal effects\nshould be restricted to give a paramount role to the Authority. The Commission might not to\nendorse them in very precise cases.", "old": [ "(14) The process for the development of", "technical standards in this regulation is", "without prejudice to the Commission's", "powers to adopt on its own initiative", "implementing measures under comitology", "procedures at level 2 of the Lamfalussy", "structure as laid out in the relevant", "Community legislation. The matters", "concerned by the technical standards do", "not involve policy decisions, and their", "content is framed by the Community acts", "adopted at Level 1. Development of the", "draft standards by the Authority ensures", "that they fully benefit from the specialised", "expertise of national supervisory", "authorities." ], "seq": 157, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(14) The Commission should endorse", "those draft technical standards in order to", "give them binding legal effect. They will", "be subject to amendment if, for example,", "they are incompatible with Union law, do", "not respect the principle of proportionality", "or run counter to the fundamental", "principles of the internal market for", "financial services as reflected in the", "acquis of European Union financial", "services legislation. To ensure a smooth", "and expeditious adoption process for", "those standards, the Commission should", "be subject to a time limit for its decision", "on the endorsement." ], "location": [ [ "Proposal for a regulation", "Recital 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Orientational recommendations should be known by market players and public opinion in\norder to give them the most binding effect possible.", "old": [ "(15) In areas not covered by technical", "standards, the Authority should have the", "power to issue non-binding guidelines and", "recommendations on the application of", "Community legislation. In order to ensure", "transparency and strengthen compliance by", "national supervisory authorities with those", "guidelines and recommendations, national", "authorities should be obliged to state their", "reasons where they do not comply with", "those guidelines and recommendations." ], "seq": 158, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(15) In areas not covered by technical", "standards, the Authority should have the", "power to issue guidelines and", "recommendations on the application of EU", "legislation. In order to ensure transparency", "and strengthen compliance by national", "supervisory authorities with those", "guidelines and recommendations, national", "authorities should be obliged to state their", "reasons where they do not comply with", "those guidelines and recommendations", "publicly in order to be fully transparent", "with market participants. In areas not", "covered by technical standards, the", "Authority should establish and", "promulgate best practices." ], "location": [ [ "Proposal for a regulation", "Recital 15" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Adaptation to the Lisbon Treaty.", "old": [ "(18) Where the national authority does not", "comply with the recommendation, the", "Commission should be empowered to", "address a Decision to the national", "supervisory authority concerned in order to", "ensure compliance with Community law,", "creating direct legal effects which can be", "invoked before national courts and", "authorities and enforced under Article 226", "of the Treaty." ], "seq": 159, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(18) Where the national authority does not", "comply with the recommendation within a", "deadline fixed by the Authority, the", "Authority should address a Decision", "without delay to the national supervisory", "authority concerned in order to ensure", "compliance with EU law, creating direct", "legal effects which can be invoked before", "national courts and authorities and", "enforced under Article 258 of the Treaty", "on the Functioning of the European", "Union.." ], "location": [ [ "Proposal for a regulation", "Recital 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The ESRB is the body in charge of macroeconomic supervision, so it is the most appropriate\nbody to declare that an emergency situation exists.", "old": [ "(20) Serious threats to the orderly", "functioning and integrity of financial", "markets or the stability of the financial", "system in the Community require a swift", "and concerted response at Community", "level. The Authority should therefore be", "able to require national supervisory", "authorities to take specific actions to", "remedy an emergency situation. As the", "determination of an emergency situation", "involves a significant degree of discretion,", "this power should be conferred on the", "Commission. To ensure an effective", "response to the emergency situation, in the", "event of inaction by the competent national", "supervisory authorities, the Authority", "should be empowered to adopt, as a last", "resort, decisions directly addressed to", "financial institutions in areas of", "Community law directly applicable to them", "aimed at mitigating the effects of the crisis", "and restoring confidence in the markets." ], "seq": 163, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(20) Serious threats to the orderly", "functioning and integrity of financial", "markets or the stability of the financial", "system in the Union require a swift and", "concerted response at Union level. The", "Authority should therefore be able to", "require national supervisory authorities to", "take specific actions to remedy an", "emergency situation. The European", "Systemic Risk Board should establish the", "existence of an emergency situation. To", "ensure an effective response to the", "emergency situation, in the event of", "inaction by the competent national", "supervisory authorities, the Authority", "should be empowered to adopt, as a last", "resort, decisions directly addressed to", "financial institutions in areas of Union law", "directly applicable to them aimed at", "mitigating the effects of the crisis and", "restoring confidence in the markets." ], "location": [ [ "Proposal for a regulation", "Recital 20" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Settlement of disagreement within a College of Supervisors.", "old": [ "(21) In order to ensure efficient and", "effective supervision and a balanced", "consideration of the positions of the", "competent authorities in different Member", "States, the Authority should be able to", "settle disagreements between those", "competent authorities with binding effect,", "including within colleges of supervisors. A", "conciliation phase should be provided for,", "during which the competent authorities", "may reach an agreement. The Authority's", "competence should cover disagreements on", "procedural obligations in the cooperation", "process as well as on the interpretation and", "application of Community law in", "supervisory decisions. Existing conciliation", "mechanisms provided for in sectoral", "legislation have to be respected. In the", "event of inaction by the national", "supervisory authorities concerned, the", "Authority should be empowered to adopt,", "as a last resort, decisions directly addressed", "to financial institutions in areas of", "Community law directly applicable to", "them." ], "seq": 167, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21) In order to ensure efficient and", "effective supervision and a balanced", "consideration of the positions of the", "competent authorities in different Member", "States, the Authority should be able to", "settle disagreements between those", "competent authorities with binding effect,", "including within colleges of supervisors. A", "conciliation phase should be provided for,", "during which the competent authorities", "may reach an agreement. The Authority's", "competence should cover disagreements on", "procedural obligations in the cooperation", "process as well as on the interpretation and", "application of Union law in supervisory", "decisions. Existing conciliation", "mechanisms provided for in sectoral", "legislation have to be respected. In the", "event of inaction by the national", "supervisory authorities concerned, the", "Authority should be empowered to adopt,", "as a last resort, decisions directly addressed", "to financial institutions in areas of Union", "law directly applicable to them. This also", "applies to disagreements within a college", "of supervisors." ], "location": [ [ "Proposal for a regulation", "Recital 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The crisis has shown a major fault line in the supervision of cross-border financial\ninstitutions, particularly the so called large and complex institutions (\"too big to fail\").", "reference": "2009/0143(COD)", "seq": 169, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21a) The crisis has exposed major fault", "lines in existing approaches to supervision", "of cross-border financial institutions,", "particularly the biggest and most complex", "institutions the bankruptcy of which is", "capable of producing systemic damages.", "Those fault lines arise from the different", "areas of activity of the financial", "institutions on the one hand and from the", "supervisory bodies on the other. The", "institutions act in a market without", "borders while the jurisdiction of the", "supervisory bodies are limited by national", "borders." ], "location": [ [ "Proposal for a regulation", "Recital 21 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Cooperation mechanisms used until now have not been sufficient to prevent the collapse of\nlarge and complex financial institutions putting at risk the stability of the whole financial\nsystem.", "reference": "2009/0143(COD)", "seq": 170, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21b) The cooperation mechanism used to", "solve this asynchrony has clearly been", "shown to be insufficient. As the Turner", "Review, published in March 2009, points", "out, \"sounder arrangements require", "either increased national powers,", "implying a less open single market, or a", "greater degree of European integration\"." ], "location": [ [ "Proposal for a regulation", "Recital 21 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The European solution calls for stronger Colleges of Supervisors and for an European\nAuthority entitled to supervise institutions with EU-dimension. As the Turner review 2009\nstated (pg. 37) this common approach called for \"more European coordination regulation,\nsupervision and deposit insurance\".", "reference": "2009/0143(COD)", "seq": 171, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21c) The Union solution calls for the", "reinforcement of the colleges of", "supervisors in the supervision of cross-", "border institutions and for the progressive", "shift of supervisory powers over", "institutions with a Union dimension to a", "Union authority. Financial institutions", "with a Union dimension include those", "operating cross-border as well as those", "operating within national territory", "provided that their bankruptcy could", "threaten the stability of the Union's single", "financial market." ], "location": [ [ "Proposal for a regulation", "Recital 21 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The lessons arising from the crisis show that current rules and arrangements are untenable\nfor the future, and there must be changes either towards a more European coordination or to\na national solution which implies giving to the host supervisor additional powers.", "reference": "2009/0143(COD)", "seq": 172, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21d) The national solution implies more", "host country national powers in", "regulating and supervising subsidiaries of", "companies based in other Member States." ], "location": [ [ "Proposal for a regulation", "Recital 21 d (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To give the Authority a leading role within the Colleges of Supervisors to solve conflict\nbetween national supervisors.", "reference": "2009/0143(COD)", "seq": 173, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21e) Colleges of supervisors should have", "the power to define supervisory rules to", "foster the coherent application of Union", "law. The Authority should have full", "participation rights in colleges of", "supervisors with a view to streamlining", "the functioning of the information-", "exchange process, to foster convergence", "and consistency across the colleges in the", "application of Union law. The Authority", "should act as leader in supervising cross-", "border financial institutions operating in", "the Union. The Authority should also", "have a binding mediation role to solve", "conflicts between national supervisors." ], "location": [ [ "Proposal for a regulation", "Recital 21 e (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The so-called Colleges of supervisors solution does not end with fragmentation on\nsupervision criteria and practices.", "reference": "2009/0143(COD)", "seq": 174, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(21f) Colleges of supervisors should play", "an important role in the efficient, effective", "and consistent supervision of cross-border", "financial institutions that do not have a", "Union dimension, but in most cases", "differences between national standards", "and practices subsist. There is no point in", "converging basic financial regulations if", "the supervisory practices remain", "fragmented. As the de Larosi\u00e8re Report", "points out, \"competition distortions and", "regulatory arbitrage stemming from", "different supervisory practices must be", "avoided, because they have the potential", "of undermining financial stability \u2013 inter", "alia by encouraging a shift of financial", "activity to countries with lax supervision.", "The supervisory system has to be", "perceived as fair and balanced\"." ], "location": [ [ "Proposal for a regulation", "Recital 21 f (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Prudential supervision of institutions with EU-dimension should be entrusted to the Authority\n(acting through national supervisors).", "reference": "2009/0143(COD)", "seq": 175, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(22a) The prudential supervision of", "institutions with a Union dimension", "should be entrusted to the European", "Supervisory Authority (Insurance and", "Occupational Pensions). National", "supervisors should act as agents of the", "European Supervisory Authority", "(Insurance and Occupational Pensions)", "and should be bound to the Authority's", "instructions when they supervise cross-", "border institutions with a Union", "dimension." ], "location": [ [ "Proposal for a regulation", "Recital 22 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The identification of a financial institution with EU dimension", "reference": "2009/0143(COD)", "seq": 176, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(22b) Institutions with a Union dimension", "should be identified, taking into account", "international standards." ], "location": [ [ "Proposal for a regulation", "Recital 22 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A European scheme should be established to minimize tax payers risks. This solution runs in\nparallel with the one established in the banking regulation.", "reference": "2009/0143(COD)", "seq": 177, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(22c) A European Insurance Guarantee", "Scheme (Scheme) should be established to", "protect policyholders, beneficiaries and", "institutions facing difficulties where those", "could menace the financial stability of the", "Union's single financial market. The", "Scheme should be financed through", "contributions from those institutions,", "through debt issued by the Scheme or, in", "exceptional circumstances, through", "contributions made by the affected", "Member States in accordance with criteria", "previously agreed upon (revised", "Memorandum of Understanding). The", "contributions to the Scheme should", "replace those made to the national", "Insurance Guarantee Schemes." ], "location": [ [ "Proposal for a regulation", "Recital 22 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A European scheme should be established to minimize tax payers risks. This solution runs in\nparallel with the one established in the banking regulation.", "old": [ "(23) The delegation of tasks and", "responsibilities can be a useful instrument", "in the functioning of the network of", "supervisors in order to reduce the", "duplication of supervisory tasks, foster", "cooperation and thereby streamline the", "supervisory process as well as reduce the", "burden imposed on financial institutions.", "The Regulation should therefore provide a", "clear legal basis for such delegation.", "Delegation of tasks means that tasks are", "carried out by another supervisory", "authority instead of the responsible", "authority, while the responsibility for", "supervisory decisions remains with the", "delegating authority. By delegation of", "responsibilities one national supervisory", "authority, the delegatee, shall be able to", "decide upon a certain supervisory matter in", "its name in lieu of another national", "supervisory authority. Delegations should", "be governed by the principle of allocating", "supervisory competence to a supervisor", "which is well placed to take action in the", "subject matter. A reallocation of", "responsibilities can be appropriate for", "example for reasons of economies of scale", "or scope, of coherence in group", "supervision, and of optimal use of technical", "expertise among national supervisory", "authorities. Relevant Community", "legislation may further specify the", "principles for reallocation of", "responsibilities upon agreement. The", "Authority should facilitate delegation", "agreements between national supervisory", "authorities by all appropriate means. It", "should be informed in advance of intended", "delegation agreements to be able to express", "an opinion where appropriate. It should", "centralise the publication of such", "agreements to ensure timely, transparent", "and easily accessible information about", "agreements for all parties concerned." ], "seq": 179, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(23) The delegation of tasks and", "responsibilities can be a useful instrument", "in the functioning of the network of", "supervisors in order to reduce the", "duplication of supervisory tasks, foster", "cooperation and thereby streamline the", "supervisory process as well as reduce the", "burden imposed on financial institutions.", "The Regulation should therefore provide a", "clear legal basis for such delegation.", "Delegation of tasks means that tasks are", "carried out by another supervisory", "authority instead of the responsible", "authority, while the responsibility for", "supervisory decisions remains with the", "delegating authority. By delegation of", "responsibilities one national supervisory", "authority, the delegatee, should be able to", "decide upon a certain supervisory matter in", "its name in lieu of the Authority or in lieu", "of another national supervisory authority.", "Delegations should be governed by the", "principle of allocating supervisory", "competence to a supervisor which is well", "placed to take action in the subject matter.", "A reallocation of responsibilities can be", "appropriate for example for reasons of", "economies of scale or scope, of coherence", "in group supervision, and of optimal use of", "technical expertise among national", "supervisory authorities. Relevant EU", "legislation may further specify the", "principles for reallocation of", "responsibilities upon agreement. The", "Authority should facilitate and monitor", "delegation agreements between national", "supervisory authorities by all appropriate", "means. It should be informed in advance of", "intended delegation agreements to be able", "to express an opinion where appropriate. It", "should centralise the publication of such", "agreements to ensure timely, transparent", "and easily accessible information about", "agreements for all parties concerned. It", "should identify and promulgate best", "practices regarding delegation and", "delegation agreements.." ], "location": [ [ "Proposal for a regulation", "Recital 23" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This amendment reflects in a better way the coordination function of the authorities in order\nto ensure the functioning of financial markets.", "old": [ "(26) The Authority should actively", "promote a coordinated Community", "supervisory response, in particular where", "adverse developments could potentially", "jeopardise the orderly functioning and", "integrity of financial markets or the", "stability of the financial system in the", "Community. In addition to its powers for", "action in emergency situations, it should", "therefore be entrusted with a general", "coordination function within the European", "System of Financial Supervisors. The", "smooth flow of all relevant information", "between competent authorities should be a", "particular focus of the Authority's actions." ], "seq": 180, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(26) The Authority should actively", "promote a coordinated Union supervisory", "response, in particular to ensure the", "orderly functioning and integrity of", "financial markets or the stability of the", "financial system in the Union. In addition", "to its powers for action in emergency", "situations, it should therefore be entrusted", "with a general coordination function. The", "smooth flow of all relevant information", "between competent authorities should be a", "particular focus of the Authority's actions." ], "location": [ [ "Proposal for a regulation", "Recital 26" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The European Union should speak with a single voice in global institutions.", "old": [ "(28) Given the globalisation of financial", "services and the increased importance of", "international standards, the Authority", "should foster the dialogue and cooperation", "with supervisors outside the Community. It", "shall fully respect the existing roles and", "competences of the European Institutions", "in relations with authorities outside the", "Community and in international forums." ], "seq": 181, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(28) Given the globalisation of financial", "services and the increased importance of", "international standards, the Authority", "should represent the Union in the dialogue", "and cooperation with supervisors outside", "the Union." ], "location": [ [ "Proposal for a regulation", "Recital 28" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/0143(COD)", "seq": 191, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(33a) In comparison to well-funded and", "well-connected industry representatives,", "non-profit organisations are marginalised", "in the debate on the future of financial", "services and in the corresponding", "decision-making process. This", "disadvantage has to be compensated for", "by adequate funding of their", "representatives in the Insurance and", "Occupational Pensions Stakeholder", "group." ], "location": [ [ "Proposal for a regulation", "Recital 33 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Consistency with the reports on ESRB, Banking and Securities and Markets, to give the idea\nof a homogeneous and coherent European supervision system.", "old": [ "1. This Regulation establishes a European", "Insurance and Occupational Pensions", "Authority (\"the Authority\")." ], "seq": 195, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "1. This Regulation establishes a European", "Supervisory Authority (Insurance and", "Occupational Pensions) (\"the Authority\")." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "For the sake of coherence the text of this paragraph is included in article 1.a(new)", "old": [ "5. The Authority shall form part of a", "European System of Financial", "Supervisors, hereinafter referred to as", "'ESFS', which shall function as a network", "of supervisors, as further specified in", "Article 39." ], "seq": 204, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "For the sake of coherence the text of this paragraph is included in article 1.a(new)", "old": [ "6. The European Insurance and", "Occupational Pensions Authority shall", "co-operate with the European Systemic", "Risk Board, hereinafter referred to as", "'ESRB' as laid down in Article 21 of this", "Regulation." ], "seq": 205, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The European System of Financial Supervision should be homogeneous and not the mere\naddition of different and uncoordinated authorities. Close cooperation should be ensured.", "old": [ "whole and sufficient protection for the", "customers of financial services.", "2. The European System of Financial", "Supervision shall comprise the following:", "(a) the European Systemic Risk Board,", "established by Regulation (EU) No .../...", "[ESRB];", "(b) the European Supervisory Authority", "(Securities and Markets) established by", "Regulation (EU) No .../... [ESMA];", "(c) the European Supervisory Authority", "(Banking) established by Regulation (EU)", "No \u2026/\u2026[EBA];", "(d) the Authority;", "(e) the European Supervisory Authority", "(Joint Committee) provided for in Article", "40;", "(f) the authorities in the Member States", "referred to in Article 1(2) of Regulations", "(EU) No .../... [ESMA], Regulation (EU)", "No \u2026/2009 [EIOPA] and Regulation", "(EU) No \u2026/\u2026 [EBA];", "(g) the Commission, for the purposes of", "carrying out the tasks referred to in", "Articles 7 and 9;", "3. The Authority shall cooperate regularly", "and closely, ensure cross-sectoral", "consistency of work and arrive at joint", "positions in the area of supervision of", "financial conglomerates and on other", "cross-sectoral issues with the European", "Systemic Risk Board as well as with the", "European Supervisory Authority", "(Banking) and the European Supervisory", "Authority (Securities and Markets)", "through the European Supervisory", "Authorities (Joint Committee) referred to", "in Article 40.", "4. In accordance with the principle of", "sincere cooperation in accordance with", "Article 13(2) of the Treaty on European", "Union, the parties of the ESFS shall", "cooperate with trust and full mutual" ], "seq": 207, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "Article 1a", "The European System of Financial", "Supervision", "1. The Authority shall form part of the", "European System of Financial", "Supervision, the main objective of which", "is to ensure that the rules applicable to the", "financial sector are appropriately", "implemented, in order to preserve", "financial stability and thereby to ensure", "confidence in the financial system as a", "respect, in particular in ensuring that", "appropriate and reliable information", "flows between them." ], "location": [ [ "Proposal for a regulation", "Article 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.455%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To take into account the supervision of financial institutions with EU dimension.", "old": [ "(b) contribute to a consistent application of", "Community legislation, in particular by", "contributing to a common supervisory", "culture, ensuring consistent, efficient and", "effective application of the legislation", "referred to in Article 1(2), preventing", "regulatory arbitrage, mediating and settling", "disagreements between national", "supervisory authorities, promoting a", "coherent functioning of colleges of", "supervisors and taking actions in", "emergency situations;" ], "seq": 217, "reference": "2009/0143(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Jos\u00e9 Manuel Garc\u00eda-Margallo y Marfil, Burkhard Balz, Sylvie Goulard, Sven Giegold, Ramon Tremosa i Balcells, \u00cd\u00f1igo M\u00e9ndez de Vigo, Pablo Zalba Bidegain", "date": "2010-03-23T00:00:00", "new": [ "(b) contribute to a consistent application of", "Union legislation, in particular by", "contributing to a common supervisory", "culture, ensuring consistent, efficient and", "effective application of the legislation", "referred to in Article 1(2), preventing", "regulatory arbitrage, mediating and settling", "disagreements between competent", "authorities, ensuring effective and", "consistent supervision of financial", "institutions with a Union dimension and a", "coherent functioning of colleges of", "super