{ "term7": true, "term6": 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" }, { "Organization": "Special committee on organised crime, corruption and money laundering", "end": "9999-12-31T00:00:00", "role": "Member", "abbr": null, "start": "2012-03-28T00:00:00" }, { "end": "9999-12-31T00:00:00", "committee_id": "IMCO", "start": "2012-01-19T00:00:00", "role": "Substitute", "abbr": "IMCO", "Organization": "Committee on the Internal Market and Consumer Protection" }, { "end": "9999-12-31T00:00:00", "committee_id": "CONT", "start": "2012-01-19T00:00:00", "role": "Substitute", "abbr": "CONT", "Organization": "Committee on Budgetary Control" }, { "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": 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"start": "2007-01-15T00:00:00" }, { "Organization": "Committee on the Internal Market and Consumer Protection", "role": "Substitute", "end": "2007-01-30T00:00:00", "committee_id": "IMCO", "start": "2007-01-15T00:00:00" }, { "Organization": "Committee on Economic and Monetary Affairs", "role": "Member", "end": "2009-07-13T00:00:00", "committee_id": "ECON", "start": "2007-01-31T00:00:00" }, { "Organization": "Committee on the Internal Market and Consumer Protection", "role": "Substitute", "end": "2009-07-13T00:00:00", "committee_id": "IMCO", "start": "2007-01-31T00:00:00" } ], "Name": { "aliases": [ "olleschmidt", "SCHMIDT Olle", "SCHMIDT", "schmidtolle", "OlleSCHMIDT", "schmidt olle", "olle schmidt", "Olle SCHMIDT", "schmidt", "SCHMIDTOlle" ], "full": "Olle SCHMIDT", "sur": "Olle", "family": "SCHMIDT", "familylc": "schmidt" }, "Gender": "M", "UserID": 4274, "active": true, "meta": { "url": "http://www.europarl.europa.eu/meps/en/4274/_history.html", "updated": "2013-05-03T21:19:42" }, "Delegations": [ { "Organization": "Delegation to the ACP-EU Joint Parliamentary Assembly", "end": "9999-12-31T00:00:00", "role": "Member", "abbr": null, "start": "2009-09-16T00:00:00" }, { "Organization": "Delegation to the Euronest Parliamentary Assembly", "end": "9999-12-31T00:00:00", "role": "Substitute", "abbr": null, "start": "2009-09-16T00:00:00" }, { "Organization": "Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee", "end": "9999-12-31T00:00:00", "role": "Substitute", "abbr": null, "start": "2010-11-22T00:00:00" }, { "Organization": "Delegation to the EU-Armenia, EU-Azerbaijan and EU-Georgia Parliamentary Cooperation Committees", "end": "2010-11-21T00:00:00", "role": "Substitute", "abbr": null, "start": "2009-09-16T00:00:00" }, { "Organization": "Delegation to the ACP-EU Joint Parliamentary Assembly", "end": "2009-07-13T00:00:00", "role": "Member", "abbr": null, "start": "2007-03-15T00:00:00" }, { "Organization": "Delegation to the EU-Croatia Joint Parliamentary Committee", "end": "2007-02-14T00:00:00", "role": "Member", "abbr": null, "start": "2006-10-26T00:00:00" }, { "Organization": "Delegation for relations with Japan", "end": "2004-07-19T00:00:00", "role": "Member", "abbr": null, "start": "2002-02-07T00:00:00" }, { "Organization": "Delegation to the EU-Slovak Republic Joint Parliamentary Committee", "end": "2004-04-30T00:00:00", "role": "Member", "abbr": null, "start": "2002-02-07T00:00:00" }, { "Organization": "Delegation to the EU-Slovak Republic Joint Parliamentary Committee", "end": "2002-01-14T00:00:00", "role": "Member", "abbr": null, "start": "1999-09-29T00:00:00" }, { "Organization": "Delegation to the EU-Czech Republic Joint Parliamentary Committee", "end": "2002-01-14T00:00:00", "role": "Substitute", "abbr": null, "start": "1999-09-29T00:00:00" }, { "Organization": "Delegation to the EU-Slovak Republic Joint Parliamentary Committee", "role": "Member", "end": "2002-01-14T00:00:00", "start": "1999-09-29T00:00:00" }, { "Organization": "Delegation to the EU-Czech Republic Joint Parliamentary Committee", "role": "Substitute", "end": "2002-01-14T00:00:00", "start": "1999-09-29T00:00:00" }, { "Organization": "Delegation for relations with Japan", "role": "Member", "end": "2004-07-19T00:00:00", "start": "2002-02-07T00:00:00" }, { "Organization": "Delegation to the EU-Slovak Republic Joint Parliamentary Committee", "role": "Member", "end": "2004-04-30T00:00:00", "start": "2002-02-07T00:00:00" }, { "Organization": "Delegation to the EU-Croatia Joint Parliamentary Committee", "role": "Member", "end": "2007-02-14T00:00:00", "start": "2006-10-26T00:00:00" }, { "Organization": "Delegation to the ACP-EU Joint Parliamentary Assembly", "role": "Member", "end": "2009-07-13T00:00:00", "start": "2007-03-15T00:00:00" } ], "Constituencies": [ { "party": "Folkpartiet liberalerna", "end": "9999-12-31T00:00:00", "start": "2009-07-14T00:00:00", "country": "Sweden" }, { "party": "Folkpartiet liberalerna", "end": "2009-07-13T00:00:00", "start": "2006-10-19T00:00:00", "country": "Sweden" }, { "party": "Folkpartiet liberalerna", "end": "2004-07-19T00:00:00", "start": "1999-07-20T00:00:00", "country": "Sweden" }, { "start": "1999-07-20T00:00:00", "end": "2004-07-19T00:00:00", "party": "Folkpartiet liberalerna", "country": "Sweden" }, { "start": "2006-10-19T00:00:00", "end": "2009-07-13T00:00:00", "party": "Folkpartiet liberalerna", "country": "Sweden" } ], "Mail": [ "olle.schmidt@europarl.europa.eu" ], "Homepage": [ "http://www.folkpartiet.se/Schmidt" ], "CV": [ "Advanced school-leaving certificate (1968). Degree (1972) and master's degree (1974), University of Lund.", "Teacher (1972). Information officer at Scan V\u00e4st (1973). Public relations officer, Uddevalla shipyard (1974-1977). Local secretary for the Liberal Party of Sweden in Malm\u00f6 (1977-1981). Information officer, Ministry of Trade (1981-1982). Political assistant, Malm\u00f6 (1982-1988). Policy adviser on health care, Malm\u00f6/Lund (1988-1991). Policy adviser, Kristianstad/Malm\u00f6 (1995-1999). Political secretary and chief executive officer, Liberal Party of Sweden (2005-2006).", "Member of the Swedish Parliament (1991-1994).", "Member of the Liberal Party of Sweden executive (1995-1998 and since 2000). Deputy member of the Liberal Party of Sweden executive committee (since 2005).", "Member of Malm\u00f6 city council (1988-1991 and 1994-1998). Member of Malm\u00f6 municipal executive board (1988-1991).", "Member of the European Parliament (1999-2004 and since 2006). During the 1999-2004 parliamentary term, member of the Committee on Economic and Monetary Affairs, the Delegation for relations with Japan and the Delegation for relations with Slovakia, substitute member of the Committee on Citizens' Freedoms and Rights, Justice and Home Affairs, the Committee on Women's Rights and Equal Opportunities and the Committee on Budgetary Control." ], "amendments": [ { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.479%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Stresses that, besides tax avoidance and", "losses due to insolvencies, the VAT gap is", "attributable also to fraud, incoherent", "control systems and non or partial", "implementation of Union legislation in the", "Member-States, and that VAT losses,", "translating into billions of EUR, are largely", "compensated for via austerity measures", "affecting citizens of the Union, and borne", "by those citizens whose income is well", "documented and traceable;" ], "reference": "2012/2010(DEC)", "seq": 1, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-11-13T00:00:00", "new": [ "5. Stresses that, besides tax avoidance and", "losses due to insolvencies, the VAT gap is", "attributable also to fraud, incoherent", "control systems and non or partial", "implementation of Union legislation in the", "Member-States, and that VAT losses,", "translating into billions of EUR, are largely", "compensated for via measures affecting", "citizens of the Union, and borne by those", "citizens whose income is well documented", "and traceable;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.479%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "9. Is concerned about the fact that the", "Court of Auditors found serious", "deficiencies in the control of simplified", "customs procedures, which account for 70", "% of all customs procedures, in particular,", "poor-quality or poorly-documented audits", "and little use of automated data processing", "techniques for carrying out checks during", "the processing of simplified procedures;", "points out that these deficiencies have led", "to unjustified losses to the EU budget, and", "that correct operation of customs has a", "direct impact on the calculation of VAT;", "deplores the fact that the Commission did", "not take appropriate measures to remedy", "this over the 10 years but was hiding", "behind the rules which seemed quite", "adequate on paper;" ], "reference": "2012/2010(DEC)", "seq": 5, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-11-13T00:00:00", "new": [ "9. Is concerned about the fact that the", "Court of Auditors found serious", "deficiencies in the control of simplified", "customs procedures, which account for 70", "% of all customs procedures, in particular,", "poor-quality or poorly-documented audits", "and little use of automated data processing", "techniques for carrying out checks during", "the processing of simplified procedures;", "points out that these deficiencies have led", "to unjustified losses to the EU budget, and", "that correct operation of customs has a", "direct impact on the calculation of VAT;", "deplores the fact that the Commission did", "not take appropriate measures to remedy", "this over the 10 years;" ], "location": [ [ "Motion for a resolution", "Paragraph 9" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.479%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "17. Points out that documented electronic,", "non-cash transactions make participating in", "the shadow economy more difficult, and", "that a strong correlation appears to exist", "between the proportion of electronic", "payments in a country and its shadow", "economy; encourages the Member States to", "lower their thresholds for compulsory", "non-cash payments;" ], "reference": "2012/2010(DEC)", "seq": 8, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-11-13T00:00:00", "new": [ "17. Points out that documented electronic,", "non-cash transactions make participating in", "the shadow economy more difficult, and", "that a strong correlation appears to exist", "between the proportion of electronic", "payments in a country and its shadow", "economy; encourages the Member States to", "provide for eligibility criteria with", "minimal exclusions for consumers to", "access basic bank accounts and basic", "payment cards;" ], "location": [ [ "Motion for a resolution", "Paragraph 17" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2059(DEC)", "seq": 1, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "- having regard to the outcome document", "on the OECD high level meeting on Aid", "Effectiveness in Busan December 2011,", "where partnership and effectiveness are", "key elements;" ], "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-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Welcomes the Court's report and its", "overall conclusion that EU development", "aid for food security in sub-Saharan Africa", "is mostly effective and it makes an", "important contribution to the progress", "towards achieving food security in partner", "countries; notes however, that according to", "the Court, there is scope for significant", "improvement in a number of areas;" ], "reference": "2012/2059(DEC)", "seq": 2, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "1. Welcomes the Court's report and its", "overall conclusion that EU development", "aid for food security in sub-Saharan Africa", "is mostly effective and it makes an", "important contribution to the progress", "towards achieving food security in partner", "countries which not yet have a sustainable", "and secure agricultural sector; notes", "however, that according to the Court, there", "is scope for significant improvement in a", "number of areas;" ], "location": [ [ "Motion for a resolution", "Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Deplores that for the 10th EDF food", "security, agriculture and rural development", "have been selected for less partner", "countries as a focal sector than for the 9th", "EDF and that several food-insecure", "countries received little or no EU", "development aid in this area; agrees with", "the Court that this is inconsistent with the", "critical situation as regards MDG1 and the", "increased priority that the EDF was", "expected to give to food security; calls on", "the Commission and Member States to", "give a much greater attention to this area", "when drawing up the EDF country strategy", "papers (CSPs) and to allocate more funding", "for this purpose;" ], "reference": "2012/2059(DEC)", "seq": 3, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "3. Deplores that for the 10th EDF food", "security, agriculture and rural development", "have been selected for less partner", "countries as a focal sector than for the 9th", "EDF and that several food-insecure", "countries received little or no EU", "development aid in this area; agrees with", "the Court that this is inconsistent with the", "critical situation as regards MDG1 and the", "increased priority that the EDF was", "expected to give to food security; calls on", "the Commission and Member States to", "give a much greater attention to this area", "when drawing up the EDF country strategy", "papers (CSPs) and to allocate more funding", "for this purpose; deplores the decrease in", "development aid from Member States and", "that only Denmark, Luxembourg, the", "Netherlands, and Sweden exceed the", "commitment to give 0,7 % of GNP to", "development assistance;" ], "location": [ [ "Motion for a resolution", "Paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2059(DEC)", "seq": 4, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "3a. Deplores that despite a strong", "economic growth one fourth of the", "population in sub-Saharan Africa still", "suffers from malnutrition, points out that", "the region has the technology, the", "knowledge and the natural recourses to", "change this; stresses that peace and", "political stability is essential since access", "to land and markets, property rights and", "education allows increased influence and", "accountability of governments and of", "public authorities;" ], "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-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Stresses the importance of strengthening", "the link between relief, rehabilitation and", "development in order to ensure the", "continuity of aid; reiterates the importance", "of allocating an appropriate share of EU", "overseas development assistance (ODA) to", "the agriculture sector; regrets that there has", "been a dramatic reduction in the level of", "development aid allocated to agriculture", "since the 1980s and calls on the", "Commission to prioritise agriculture in its", "development aid, including assistance to", "farmers in accessing markets; stresses in", "this context the need to improve", "coherence between the CAP, trade policies", "and EU development policy objectives;" ], "reference": "2012/2059(DEC)", "seq": 7, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "4. Stresses the importance of strengthening", "the link between relief, rehabilitation and", "development in order to ensure the", "effectiveness of aid; reiterates the", "importance of allocating an appropriate", "share of EU overseas development", "assistance (ODA) to the agriculture sector;", "regrets that there has been a dramatic", "reduction in the level of development aid", "allocated to agriculture since the 1980s and", "calls on the Commission to prioritise", "agriculture in its development aid,", "including assistance to farmers in accessing", "markets; points out that development", "assistance is part of a larger context", "where trade, remittances and other", "sources of income are today more", "important than the total OAD payments", "for most developing countries, and that", "the CAP hinders a free and faire trade", "with accessing markets;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2059(DEC)", "seq": 8, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "4a. Stresses that the whole food chain", "from farm to fork must be addressed in", "order to enhance resistance and resilience", "of the agricultural sector; believes that", "long term political commitments by", "governments in sub-Saharan Africa are", "necessary for reducing the vulnerability of", "the agricultural sector; points out that", "temporary subsidies in the form of seed in", "relation to extreme weather conditions", "can serve as an important safety net for", "small scale farmers and families who", "would otherwise be severely affected;", "stresses the importance of early warnings", "and preventive work on sanitation, seed", "and feed for animals; deplores that", "violence and insecurity is a large obstacle", "for a food secure future;" ], "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-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Stresses the need to refocus at European", "and global level on food policy beyond", "food aid, inter-donor and donor-recipient", "cooperation with enhanced local", "partnership as well as the crucial role of", "partner countries in providing the basic", "requirements for any significant progress in", "this sector, such as internal peace and", "investment in rural infrastructure;" ], "reference": "2012/2059(DEC)", "seq": 9, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "5. Stresses the need to refocus at European", "and global level on food policy beyond", "food aid, inter-donor and donor-recipient", "cooperation with enhanced local", "partnership as well as the crucial role of", "partner countries in providing the basic", "requirements for any significant progress in", "this sector, such as internal peace and", "investment in rural infrastructure; further", "stresses that long-term social and", "economic development requires", "sustainable sources of income other than", "aid; considers that free and fair trade", "relations between Europe and developing", "countries in line with WTO principles is", "key for strengthening food security and", "accelerating human development in sub-", "Saharan Africa;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "7. Is deeply concerned at the Court's", "finding that nutrition has been neglected", "and finds this is worrying since", "malnutrition has extremely harmful", "consequences in particular if it occurs", "during pregnancy and the first two years of", "life leading to irreversible damage;", "welcomes the resolve of the Commission", "expressed in its Communication on an EU", "policy framework to assist developing", "countries in addressing food security", "challenges (COM(2010)0127) to integrate", "the nutritional dimension into EU", "programmes; reiterates its call on the", "Commission to draw up a specific", "Communication on this dimension and to", "integrate sound and multi-sectoral nutrition", "strategies into its development policy;" ], "reference": "2012/2059(DEC)", "seq": 11, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "7. Is deeply concerned at the Court's", "finding that nutrition has been neglected", "and finds this is worrying since", "malnutrition has extremely harmful", "consequences in particular if it occurs", "during pregnancy and the first two years of", "life leading to irreversible damage; points", "out that malnutrition is an obstacle to", "human development, inflicting", "irreversible damage on individuals and", "imposing large economic and social losses", "on countries; welcomes the resolve of the", "Commission expressed in its", "Communication on an EU policy", "framework to assist developing countries in", "addressing food security challenges", "(COM(2010)0127) to integrate the", "nutritional dimension into EU", "programmes; reiterates its call on the", "Commission to draw up a specific", "Communication on this dimension and to", "integrate sound and multi-sectoral nutrition", "strategies into its development policy;", "points out that one of the most critical and", "cost-effective interventions is empowering", "of woman, a far-reaching way to help", "households priorities healthcare and child", "nutrition;" ], "location": [ [ "Motion for a resolution", "Paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-497.925%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "8. Welcomes the Court's finding that EU", "interventions have been in general well", "designed and achieve most of their", "intended results, although often the quality", "of objectives were variable and difficult to", "measure due to the absence of performance", "indicators and the sustainability of results", "were questionable in half of the audited", "interventions; calls on the Commission to", "set more realistic and measurable", "objectives for the interventions and to", "improve their definition in the General", "budget support (GBS) programmes;", "growing young populations and", "interventions addressing the", "discrimination of women in the", "agricultural sector;" ], "reference": "2012/2059(DEC)", "seq": 12, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-10-18T00:00:00", "new": [ "8. Notes the Court's finding that EU", "interventions have been in general well", "designed and achieve most of their", "intended results, but regrets that the", "quality of objectives were variable and", "difficult to measure due to the absence of", "performance indicators and the", "sustainability of results were questionable", "in half of the audited interventions; calls on", "the Commission to set more realistic and", "measurable objectives for the interventions", "and to improve their definition in the", "General budget support (GBS)", "programmes, where special attention", "should be given to interventions", "encouraging entrepreneurship among the" ], "location": [ [ "Motion for a resolution", "Paragraph 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 3, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "- having regard to its resolution of 28", "September 2006 on more and better", "cooperation: the 2006 EU aid", "effectiveness package1,", "1", "OJ C 306 E, 15.12.2006, p. 373." ], "location": [ [ "Motion for a resolution", "Citation 11 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 4, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "- having regard to its resolution of 22 May", "2008 on the follow-up to the Paris", "Declaration of 2005 on Aid", "Effectiveness1,", "1", "OJ C 279 E, 19.11.2009, p. 100." ], "location": [ [ "Motion for a resolution", "Citation 11 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 5, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "- having regard to the OECD", "Development Assistance Committee", "(DAC) report on aid effectiveness, which", "is a progress report on the implementation", "of the June 2009 Paris Declaration," ], "location": [ [ "Motion for a resolution", "Citation 11 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 6, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "- having regard to the 'Tunis Consensus:", "Targeting Effective Development' of 4", "and 5 November 2010, which is an", "African agenda for development", "effectiveness," ], "location": [ [ "Motion for a resolution", "Citation 11 d (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 7, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "- having regard to the outcome document", "on the OECD high level meeting on Aid", "Effectiveness in Busan December 2011," ], "location": [ [ "Motion for a resolution", "Citation 11 e (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 12, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "E a. whereas the development aid", "landscape is constantly evolving and", "whereas development aid is part of a", "larger context where trade, remittances", "and other sources of income are today", "more important than the total Overseas", "Development Assistance (ODA) payments", "for many developing countries;" ], "location": [ [ "Motion for a resolution", "Recital E a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 13, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "E b. whereas transparency and", "accountability \u2013 on the one hand between", "donor and partner countries and on the", "other hand between the partner state and", "its citizens \u2013 are prerequisites for aid", "effectiveness; whereas donors and partner", "countries have agreed in the Paris", "Declaration and the Accra Agenda for", "Action on Aid Efficiency (AAA) to provide", "detailed information on current and", "future aid flows in good time to enable", "developing countries to draw up their", "budgets and audit their accounts more", "accurately;" ], "location": [ [ "Motion for a resolution", "Recital E b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 14, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "E c. whereas development aid is often", "delivered in a context of weak state", "institutions, high occurrence of", "corruption and insufficient internal", "control systems of the recipient state and", "whereas the audit of the Union", "development budget is therefore of", "particular importance;" ], "location": [ [ "Motion for a resolution", "Recital E c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 15, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "E d. whereas 2010 was a year of severe", "challenges to global development", "cooperation, due to e.g. the beginning of", "the global financial debt crisis, rising food", "prices, and the Haiti earth quake;" ], "location": [ [ "Motion for a resolution", "Recital E d (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "3. Regrets that it was not possible to", "incorporate the EDF into the Union budget", "in the financial framework 2014-2020;", "insists that at the latest by 2020, when the", "Cotonou agreement expires, the EDF", "should be integrated into the Union budget;", "strongly supports the determination of the", "Commission to redefine the principles and", "the architecture of the EU-ACP", "partnership by 2010 and to prepare the", "integration of cooperation with ACP-", "countries into the budget of the post-", "Cotonou period;" ], "reference": "2011/2212(DEC)", "seq": 17, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "3. Strongly regrets that the Commission in", "its communication 'A Budget for Europe", "2010' (COM(2011)0500) did not", "propose to incorporate the EDF into the", "Union budget in the financial framework", "2014-2020; insists that at the soonest", "possible time and by no later than 2020", "when the Cotonou agreement expires, the", "EDF should be integrated into the Union", "budget; strongly encourages the", "Commission to prepare the integration of", "cooperation with ACP-countries into the", "budget without further delay;" ], "location": [ [ "Motion for a resolution", "Paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 20, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "4 a. Stresses that the incorporation of the", "EDF to the Union budget does not imply", "that total development cooperation", "spending may be reduced;" ], "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-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "10. Regrets the Court of Auditors' opinion", "on the legality and regularity of payments", "underlying the accounts according to which", "the payments were materially affected by", "error; recalls that the Court of Auditors'", "estimate for the most likely error rate for", "payments from the Eighth, Ninth and Tenth", "EDFs is 3,4 % which is above the", "materiality threshold of 2 %; deplores the", "fact that quantifiable and non-quantifiable", "errors were found for all types of projects,", "except for supply contracts;" ], "reference": "2011/2212(DEC)", "seq": 22, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "10. Is concerned by the Court of Auditors'", "opinion on the legality and regularity of", "payments underlying the accounts", "according to which the payments were", "materially affected by error; recalls that the", "Court of Auditors' estimate for the most", "likely error rate for payments from the", "Eighth, Ninth and Tenth EDFs is 3,4 %", "which is above the materiality threshold of", "2 %; deplores the fact that quantifiable and", "non-quantifiable errors were found for all", "types of projects, except for supply", "contracts;" ], "location": [ [ "Motion for a resolution", "Paragraph 10" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 30, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "17 a. Notes that staffing constraints and", "inadequate human resources which may", "have a negative impact on Union audit", "processes have been reported in the last", "three Court of Auditor's annual reports", "on the EDFs; is highly concerned about", "this recurrent problem;" ], "location": [ [ "Motion for a resolution", "Paragraph 17 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 31, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "17 b. Emphasises that competent staff in", "adequate numbers is a prerequisite", "for efficient implementation and high-", "quality monitoring and follow-up of", "Union development aid; in this regard", "calls on the Commission and the EEAS to", "give sufficient priority to the human", "resources aspects of their organisations as", "well as to cost efficiency, so as not to", "compromise any delegation's capacity for", "the monitoring and control tasks;" ], "location": [ [ "Motion for a resolution", "Paragraph 17 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "25. Is concerned that although budget", "support has been used as an aid modality", "for almost two decades by the", "Commission, it is still needs considerable", "improvement in all aspects, that is in the", "design, efficiency and effectiveness of the", "implementation, control and reporting;" ], "reference": "2011/2212(DEC)", "seq": 36, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "25. Recalls that budget support has been", "used as an aid modality for almost two", "decades by the Commission; notes that", "there is still scope for improvement in", "aspects such as the design, efficiency and", "effectiveness of the implementation,", "control and reporting;" ], "location": [ [ "Motion for a resolution", "Paragraph 25" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "26. Acknowledges the potential advantages", "of budget support; believes, however, that", "it is not the right answer to every", "situation; considers that this aid modality", "is meaningful only if it provides sufficient", "transparency, accountability and", "effectiveness;" ], "reference": "2011/2212(DEC)", "seq": 38, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "26. Acknowledges the potential advantages", "of budget support; stresses at the same", "time that this aid modality like all others", "must provide sufficient transparency,", "accountability and effectiveness;" ], "location": [ [ "Motion for a resolution", "Paragraph 26" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 39, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "26 a. Acknowledges the effort made and", "improvements achieved by the", "Commission in demonstrating budget", "support eligibility in a better formalised", "and structured manner e.g. by introducing", "the revised framework for assessing", "progress in public financial management", "or the guidance on budget support to", "fragile states etc;" ], "location": [ [ "Motion for a resolution", "Paragraph 26 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 41, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "26 b. Welcomes the finding of the Court", "of Auditors that the previously high", "number of non-quantifiable errors", "relating to demonstration of progress in", "public finance management have", "decreased substantially following the", "introduction of a revised framework for", "monitoring and reporting on progress in", "public finance management in June 2010;", "calls on the Commission to continue its", "efforts to reduce non-quantifiable errors", "lastingly;" ], "location": [ [ "Motion for a resolution", "Paragraph 26 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 43, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "27 a. Stresses the double accountability", "for the budget support: between the donor", "and the partner country and between the", "partner state and its citizens; therefore", "emphasises the shared interest of", "taxpayers in the EU and the partner", "countries in transparent and correct", "audits and the continued need for", "enhanced support for the development of", "partner countries' own control capacity;" ], "location": [ [ "Motion for a resolution", "Paragraph 27 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "33. Is concerned about the conclusions of", "the Court of Auditors that insufficient", "attention has been given to the need to", "strengthen oversight bodies such as", "parliaments and civil society organisations", "in recipient countries, as strengthening", "parliamentary oversight and improving the", "involvement of civil society are essential", "parts of capacity building objectives", "concerning GBS; urges the Commission to", "invest more in improving the institutions,", "rule of law and democracy of the recipient", "countries;" ], "reference": "2011/2212(DEC)", "seq": 48, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "33. Is concerned about the conclusions of", "the Court of Auditors that insufficient", "attention has been given to the need to", "strengthen oversight bodies such as", "parliaments and civil society organisations", "in recipient countries, as strengthening", "parliamentary oversight and improving the", "involvement of civil society are essential", "parts of capacity building objectives", "concerning GBS; urges the Commission to", "invest more in improving the institutions,", "rule of law, democracy and good", "governance of the recipient countries;" ], "location": [ [ "Motion for a resolution", "Paragraph 33" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "41. Stresses that democracy and respect of", "human rights must be integrated goals of", "the implementing organisations in", "countries where EDF support is distributed;" ], "reference": "2011/2212(DEC)", "seq": 50, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "41. Stresses that good governance,", "democracy and respect of human rights", "must be integrated goals of the", "implementing organisations in countries", "where EDF support is distributed;" ], "location": [ [ "Motion for a resolution", "Paragraph 41" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 52, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "41 a. Recalls the Arab Spring events", "during 2011 and the importance of a", "focus on democratic principles and", "democracy building support in all", "development aid;" ], "location": [ [ "Motion for a resolution", "Paragraph 41 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 53, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "41 b. Reiterates its commitment to the", "principles of aid effectiveness built on", "genuine partnership, as defined within the", "OECD Paris Declaration and the AAA;" ], "location": [ [ "Motion for a resolution", "Paragraph 41 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 55, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "43 a. Welcomes the fact that development", "aid is no longer the dominant source of", "income for many of the poorest countries", "in the world; stresses that aid", "effectiveness requires poor countries to be", "able to mobilise domestic revenues and", "deplores the fact that illicit capital flight", "from developing countries in sums", "exceeding the inflow of capital to these", "countries, e.g. through corruption and", "large scale tax evasion, is an acute and", "substantial problem hindering poverty", "reduction and prolonging aid", "dependency;" ], "location": [ [ "Motion for a resolution", "Paragraph 43 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 56, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "43 b. Further stresses that long-term", "social and economic development requires", "sustainable sources of income other than", "aid; in this regard considers that sound", "and well-functioning trade relations in", "line with WTO principles is key for", "developing countries and therefore urges", "the Commission, the Council and the ACP", "states to find solutions to the outstanding", "issues concerning the proposed Economic", "Partnership Agreements and free trade", "between Europe and the ACP region;" ], "location": [ [ "Motion for a resolution", "Paragraph 43 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "45. Recalls the case of Afghanistan, where", "the security situation is extremely difficult,", "to the extent that Commission staff can no", "longer travel freely, which significantly", "limits the execution of a number of the", "\u2018standard\u2019 internal control procedures;", "considers that in this and similar cases it", "is not feasible to continue a strong, long-", "term commitment unless adequate control", "over spending is ensured;" ], "reference": "2011/2212(DEC)", "seq": 57, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "45. Recalls the case of Afghanistan, where", "the security situation is extremely difficult,", "to the extent that Commission staff can no", "longer travel freely, which significantly", "limits the execution of a number of the", "\u2018standard\u2019 internal control procedures;" ], "location": [ [ "Motion for a resolution", "Paragraph 45" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 59, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "47 a. Points out that the EU needs a wide", "range of tools for development", "cooperation adapted to different contexts", "as there is no one-size-fits-all in", "development aid; in particular,", "emphasises the need for specific tools and", "working methods in dealing with failed", "states or with deeply undemocratic", "countries such as Eritrea, which refuses", "aid to its people in spite of a rampant food", "crisis;" ], "location": [ [ "Motion for a resolution", "Paragraph 47 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "48. Believes that the current acute food", "crisis in the Horn of Africa is also the", "tragic consequence of failed coherence and", "complementary between the international", "humanitarian and development aid; points", "out that unlike natural disasters, this has", "been a slow-onset crisis that has gradually", "escalated to humanitarian disaster; recalls", "that unfortunately droughts and food", "shortage are of a chronic character in the", "Horn of Africa; deplores the fact that", "despite this and the vast amount of", "development assistance that has been", "flown to the region during the past", "decades, there are no visible results of a", "strengthening of self-sufficiency a the", "local farmers thus ensuring sustainability;" ], "reference": "2011/2212(DEC)", "seq": 60, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "48. Believes that the current acute food", "crisis in the Horn of Africa is also the", "tragic consequence of failed coherence and", "complementary between the international", "humanitarian and development aid; points", "out that unlike natural disasters, this has", "been a slow-onset crisis that has gradually", "escalated to humanitarian disaster; recalls", "that unfortunately droughts and food", "shortage are of a chronic character in the", "Horn of Africa and that self-sufficiency of", "local farmers needs to be strengthened to", "ensure sustainability;" ], "location": [ [ "Motion for a resolution", "Paragraph 48" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "52. Is still surprised to learn, as", "mentioned in its previous discharge", "resolutions, that a major problem in", "implementing specific development", "programmes is the lack of qualified staff in", "the Union Delegations and the support", "given by the Commission Headquarters:", "finds it unacceptable that despite perhaps", "reasonable answers concerning budgetary", "constraints and zero growth policies being", "given by the Commission, the", "effectiveness and the future of millions of", "children are affected by the non-", "availability of a couple of dozen experts in", "the Union Delegations; invites the", "Commission to discuss this with", "Parliament's competent committees to find", "a more permanent solution for this", "problem;" ], "reference": "2011/2212(DEC)", "seq": 68, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "52. Recalls its previous discharge", "resolutions, which mention that a major", "problem in implementing specific", "development programmes is the lack of", "qualified staff in the Union Delegations", "and the support given by the Commission", "Headquarters; invites the Commission to", "discuss this with Parliament's competent", "committees to find a more permanent", "solution for this problem;" ], "location": [ [ "Motion for a resolution", "Paragraph 52" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "57. Stresses that maximising growth is not", "equivalent to maximising development;", "believes that economic growth policies", "cannot succeed without promotion of social", "and environmental standards and the", "implementation of social protection", "mechanisms;" ], "reference": "2011/2212(DEC)", "seq": 72, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "57. Believes that economic growth policies", "cannot succeed without promotion of social", "and environmental standards and the", "implementation of social protection", "mechanisms;" ], "location": [ [ "Motion for a resolution", "Paragraph 57" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "58. Calls on the EIB to link its financing", "projects more directly to poverty reduction", "and the achievement of the MDGs, human", "rights, corporate social responsibility,", "decent work and environmental principles", "and good governance, through the", "implementation of Decision No", "1080/2011/EU of the European Parliament", "and of the Council ;" ], "reference": "2011/2212(DEC)", "seq": 73, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "58. Calls on the EIB to link its financing", "projects more directly to poverty reduction", "and the achievement of the MDGs, human", "rights, corporate social responsibility,", "decent work and environmental principles,", "democracy and good governance, through", "the implementation of Decision No", "1080/2011/EU of the European Parliament", "and of the Council ;" ], "location": [ [ "Motion for a resolution", "Paragraph 58" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "62. Recalls that a significant part of the", "funds from the Investment Facility are", "channelled via European financial", "institutions or joint ventures exceptionally", "consisting of European financial", "institutions which charge interest and", "serve as intermediaries between the EIB", "and the local partners in developing", "countries; questions whether such a", "complex structure is effective and", "appropriate in terms of contributing to the", "development of the private sector and the", "financial sector in developing countries,", "which is the primary goal of the", "Investment Facility;" ], "reference": "2011/2212(DEC)", "seq": 76, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "62. Recalls that a significant part of the", "funds from the Investment Facility are", "channelled via European financial", "institutions or joint ventures;" ], "location": [ [ "Motion for a resolution", "Paragraph 62" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "64. Is highly concerned by the fact that", "according to the reports of a non-", "governmental organisation, there were", "cases when EIB funds flowed to", "companies, the leadership of which was", "either under investigation or accused of", "corruption and money laundering; stresses", "that investing mainly in the mining sector", "cannot be the key to sustainable", "development;" ], "reference": "2011/2212(DEC)", "seq": 78, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "64. Notes that according to the reports of a", "non-governmental organisation, there were", "cases when EIB funds flowed to", "companies, the leadership of which was", "either under investigation or accused of", "corruption and money laundering; calls on", "the EIB to be informed on the substance", "of such cases;" ], "location": [ [ "Motion for a resolution", "Paragraph 64" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/2212(DEC)", "seq": 81, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "68 a. Notes furthermore that the present", "EIB Board of Directors consists of seven", "women and 19 men; encourages the", "Member States to nominate women", "candidates to fill the two presently vacant", "positions in order to achieve a more", "balanced representation on the Board;" ], "location": [ [ "Motion for a resolution", "Paragraph 68 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "69. Takes the view that the diversity of the", "production structure was destroyed by the", "former colonial powers in many former", "colonies and these countries remained", "trapped in monoculture even after gaining", "independence, leading to a growing", "balance of payments deficit;" ], "reference": "2011/2212(DEC)", "seq": 82, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 69" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "70. Notes that initially this balance of", "payments deficit was offset by", "development aid without repayment from", "the industrialised countries, later", "superseded by a growing number of", "interest-bearing loans from private banks;", "regrets that these developing countries", "were enticed into the debt trap by very low", "interest rates in the 1970s only to be made", "increasingly dependent on international", "creditors when the trap closed in the high-", "interest phase of the 1980s - a situation", "that has often been exacerbated by", "International Monetary Fund (IMF)", "intervention;" ], "reference": "2011/2212(DEC)", "seq": 83, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 70" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "71. Notes that the ratio of debtors -", "including those with a small amount of", "financial assets, i.e. whose interest", "earnings are lower than their visible and", "invisible interest payments - to creditors -", "whose interest earnings exceed interest", "payments - is rising dramatically;" ], "reference": "2011/2212(DEC)", "seq": 84, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 71" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-483.643%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "72. Notes that debts and assets always", "amount to the same value and globally", "speaking, public debt corresponds to", "private assets; notes that in an interest-", "bearing debt system the money owed with", "interest can only be repaid through", "further loans; notes that development aid", "based on interest-bearing loans cannot", "support developing countries in achieving", "the objective of independence and", "autonomy." ], "reference": "2011/2212(DEC)", "seq": 85, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Monika Hohlmeier, Olle Schmidt", "date": "2012-06-03T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 72" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Repeats its invitation to the", "Commission, when fine-tuning its control", "strategy, to identify the point where lack of", "results and the costs of control call for a", "policy change; in this connection looks", "forward to receiving the Commission", "report on the results of the tolerable", "risk/cost effectiveness studies on external", "action and the review of the EuropeAid", "control strategy, in good time for the 2009", "discharge procedure;" ], "reference": "2009/2077(DEC)", "seq": 5, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "4. Repeats its invitation to the", "Commission, when fine-tuning its control", "strategy, to identify the point where lack of", "results and the costs of control call for a", "policy change. Particular focus should be", "put on countries fulfilling their", "obligations regarding human rights and", "fundamental freedoms, and the", "Commission should not provide funds to", "countries that do not fulfil these", "requirements; in this connection looks", "forward to receiving the Commission", "report on the results of the tolerable", "risk/cost effectiveness studies on external", "action and the review of the EuropeAid", "control strategy, in good time for the 2009", "discharge procedure;." ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "8. While welcoming changes in these", "international organisations\u2019 attitudes", "which must be seen as positive, calls on", "the Commission to take a sufficiently firm", "line with them and draw up an hoc", "calendar ensuring that requests for", "information will be dealt with on time, so", "as to support the ECA's requests for", "information/documentation and to ensure", "that the financial and administrative", "framework agreement (FAFA) is", "respected;" ], "reference": "2009/2077(DEC)", "seq": 7, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "8. Calls on the Commission to take a", "sufficiently firm line with international", "organisations and draw up an hoc calendar", "ensuring that requests for information will", "be dealt with on time, so as to support the", "ECA's requests for", "information/documentation and to ensure", "that the financial and administrative", "framework agreement (FAFA) is", "respected;" ], "location": [ [ "Motion for a resolution", "Paragraph 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2077(DEC)", "seq": 11, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "17a. Calls on the Commission and", "Member States not to give aid to countries", "that infringe human rights and", "fundamental freedoms. Particular focus", "should also be put on countries respecting", "freedom of speech and freedom of the", "press. Countries that constantly violate", "these rights, such as Eritrea where a large", "number of journalists, including the", "Swedish journalist Dawit Isaak, are being", "held in prison without trial, should not", "receive resources from the European", "Development Funds." ], "location": [ [ "Motion for a resolution", "Paragraph 17a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "19. Deplores the fact that, as in previous", "years, there are still significant weaknesses", "in the financial procedures and controls of", "implementing organisations, supervisors", "and National Authorising Officers (NAOs);", "welcomes nevertheless the efforts of", "EuropeAid and the delegations in particular", "to address these weaknesses; hopes that", "future improvements expected in CRIS", "Audit will make a better result possible." ], "reference": "2009/2077(DEC)", "seq": 13, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "19. Criticises the fact that, as in previous", "years, there are still significant weaknesses", "in the financial procedures and controls of", "implementing organisations, supervisors", "and National Authorising Officers (NAOs);", "welcomes nevertheless the efforts of", "EuropeAid and the delegations in particular", "to address these weaknesses; expects that", "future improvements expected in CRIS", "Audit will make a better result possible." ], "location": [ [ "Motion for a resolution", "Paragraph 19" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2077(DEC)", "seq": 14, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "19a. Stresses that democracy and the right", "for people to live under conditions where", "their human rights are not violated must", "be integrated goals of the implementing", "organisations in countries where", "European Development Fund support is", "distributed." ], "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-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "21. Deplores the fact that the ECA\u2019s audit", "of budget support commitments and", "payments found them to be affected by a", "high level of non-quantifiable errors; urges", "the Commission to evaluate these", "payments with even greater rigour; notes", "with satisfaction in this context that a", "review of the financial circuits for these", "payments was carried out in February", "2009;" ], "reference": "2009/2077(DEC)", "seq": 15, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "21. Deplores the fact that the ECA\u2019s audit", "of budget support commitments and", "payments found them to be affected by a", "high level of non-quantifiable errors; urges", "the Commission to evaluate these", "payments with even greater rigour and to", "tighten up its payment procedures as of", "now; notes with satisfaction in this context", "that a review of the financial circuits for", "these payments was carried out in February", "2009." ], "location": [ [ "Motion for a resolution", "Paragraph 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2077(DEC)", "seq": 16, "orig_lang": "en", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "26a. Takes the view that when clear goals", "cannot be achieved and there is", "uncertainty as to the beneficiaries of the", "budgetary support, a reduction or", "cancellation of these support measures", "must be considered by the Commission." ], "location": [ [ "Motion for a resolution", "Paragraph 26 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2077(DEC)", "seq": 17, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "32a. Calls on the Commission, when", "distributing resources from the European", "Development Funds, to pay special", "attention to how eligible countries fulfil", "their obligations regarding human rights", "and fundamental freedoms. Countries", "that breach these requirements should not", "be given resources from the European", "Development Funds." ], "location": [ [ "Motion for a resolution", "Paragraph 32 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-439.337%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "E. whereas it is determined to continue to", "develop its oversight capabilities in order", "to fulfil as efficiently as possible its", "obligations as discharge authority," ], "reference": "2009/2077(DEC)", "seq": 22, "orig_lang": "sv", "meps": [], "committee": [ "CONT" ], "authors": "Olle Schmidt", "date": "2010-02-03T00:00:00", "new": [ "(Does not affect English version.)" ], "location": [ [ "Motion for a resolution", "Recital E" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-438.420%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2167(INI)", "seq": 4, "orig_lang": "en", "meps": [], "committee": [ "BUDG" ], "authors": "Olle Schmidt", "date": "2010-09-02T00:00:00", "new": [ "7a. Emphasises that the reporting", "obligations need to be enforced among all", "Member States; considers that", "agricultural subsidy beneficiary databases", "should be reported in the official working", "languages of the European Community", "institutions (French, English and", "German) to provide transparency;" ], "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-438.420%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2167(INI)", "seq": 9, "orig_lang": "en", "meps": [], "committee": [ "BUDG" ], "authors": "Olle Schmidt", "date": "2010-09-02T00:00:00", "new": [ "16a. Emphasises that the strategic", "objectives for pre-accession funds must be", "defined further for example in the case of", "Turkey, to facilitate easier evaluation of", "conducted projects in relation to the", "overall goals; considers that the objectives", "and results must be communicated in a", "transparent manner;" ], "location": [ [ "Motion for a resolution", "Paragraph 16 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-438.420%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2009/2167(INI)", "seq": 10, "orig_lang": "en", "meps": [], "committee": [ "BUDG" ], "authors": "Olle Schmidt", "date": "2010-09-02T00:00:00", "new": [ "16b. Emphasises that the Commission", "should continue with initiatives to", "improve project design and", "implementation; emphasises that it is", "necessary to improve the mechanism for", "reporting on the implementation of", "projects and the delivery of their activities", "and outputs; considers that it should be", "ensured that project outcomes (results and", "impacts) are reported at the end of each", "project and at appropriate intervals", "thereafter in order to provide performance", "information to inform future planning;" ], "location": [ [ "Motion for a resolution", "Paragraph 16 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-438.420%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "21. Acknowledges and voices its support", "for OLAF\u2019s work, which it sees as playing", "an essential role in protecting the financial", "interests of the European Union and,", "thereby, EU citizens, as well as a major", "role in upholding the reputation of the", "European institutions; considers, therefore,", "that a human resources strategy which", "raises staffing levels and ensures that the", "current high staff quality standards are", "maintained should be drawn up;" ], "reference": "2009/2167(INI)", "seq": 28, "orig_lang": "en", "meps": [], "committee": [ "BUDG" ], "authors": "Olle Schmidt", "date": "2010-09-02T00:00:00", "new": [ "21. Acknowledges and voices its support", "for OLAF\u2019s work, which it sees as playing", "an essential role in protecting the financial", "interests of the European Union and,", "thereby, EU citizens, as well as a major", "role in upholding the reputation of the", "European institutions; considers, therefore,", "that a human resources strategy which", "ensures that the current high staff quality", "standards are maintained should be drawn", "up;" ], "location": [ [ "Motion for a resolution", "Paragraph 21" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-438.420%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "23. Considers that OLAF\u2019s work can be", "made still more effective by ensuring", "careful and detailed planning of", "investigations, promoting the use of", "SMART objectives and RACER indicators", "for the investigations themselves,", "improving cooperation and data exchange", "between OLAF and national judicial", "authorities from the start of the", "investigative process and introducing a", "\u2018core tasks\u2019 policy for OLAF, under which", "small-scale fraud would be handled by", "other bodies; calls on OLAF therefore to", "outline in its next report the progress", "that has been made in this respect and to", "say to what extent account has been taken", "thereof in the OLAF operational manual", "that is to be published in the near future;" ], "reference": "2009/2167(INI)", "seq": 31, "orig_lang": "en", "meps": [], "committee": [ "BUDG" ], "authors": "Olle Schmidt", "date": "2010-09-02T00:00:00", "new": [ "23. Considers that OLAF\u2019s work can be", "made still more effective by ensuring", "careful and detailed planning of", "investigations, promoting the use of", "SMART objectives and RACER indicators", "for the investigations themselves,", "improving cooperation and data exchange", "between OLAF and national judicial", "authorities from the start of the", "investigative process and introducing a", "\u2018core tasks\u2019 policy for OLAF, under which", "small-scale fraud would be handled by", "other bodies while recurring small-scale", "fraud which results in large sums from", "irregularities due to structural problems", "may be of interest for OLAF", "investigations; calls on OLAF therefore to", "outline in its next report the progress", "that has been made in this respect and to", "say to what extent account has been taken", "thereof in the OLAF operational manual", "that is to be published in the near future;" ], "location": [ [ "Motion for a resolution", "Paragraph 23" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.430%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "J. whereas this enhanced cooperation in", "regard to FTT may be regarded as", "furthering the Union's objectives,", "protecting its interests and reinforcing its", "integration process within the meaning of", "Article 20 TEU," ], "reference": "2012/0298(APP)", "seq": 9, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Philippe De Backer", "date": "2012-11-22T00:00:00", "new": [ "J. whereas, because of the difference in", "scope between the initial Commission", "proposal for a common FTT and existing", "national financial transaction tax regimes", "this enhanced cooperation in regard to FTT", "cannot be regarded as furthering the", "Union's objectives, protecting its interests", "and reinforcing its integration process", "within the meaning of Article 20 TEU," ], "location": [ [ "Proposal for a recommendation", "Recital J" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.430%2b02%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "L. whereas enhanced cooperation will", "respect the rights, competences and", "obligations of the non-participating", "Member States, inasmuch as the", "possibility of raising harmonised FTT on", "the territories of the participating Member", "States does not affect the availability or", "the conditions of raising FTT on the", "territories of non-participating Member", "States," ], "reference": "2012/0298(APP)", "seq": 10, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds, Philippe De Backer, Wolf Klinz", "date": "2012-11-22T00:00:00", "new": [ "L. whereas extraterritorial aspects of", "enhanced cooperation have not been fully", "considered to ensure that it will respect", "the rights, competences and obligations of", "the non-participating Member States," ], "location": [ [ "Proposal for a recommendation", "Recital L" ] ] }, { "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": 19, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Wolf Klinz, Nils Torvalds, Philippe De Backer", "date": "2012-11-22T00:00:00", "new": [ "Oa. whereas Parliament can only give its", "consent after a robust analysis of the", "consequences of the initial Commission", "proposal for a common FTT, on", "participating and on non-participating", "countries as well as on the internal", "market as a whole is undertaken," ], "location": [ [ "Proposal for a recommendation", "Recital O a (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": 21, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt, Nils Torvalds, Philippe De Backer, Wolf Klinz", "date": "2012-11-22T00:00:00", "new": [ "Ob. whereas prior to the introduction of", "FTT, the Commission should demonstrate", "that enhanced cooperation will not", "undermine the internal market or", "economic, social and territorial cohesion;", "whereas the Commission should also", "demonstrate that FTT does not constitute", "a barrier to, or discrimination in trade", "between, Member States, and that it does", "not distort competition between them," ], "location": [ [ "Proposal for a recommendation", "Recital O b (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": 23, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt, Philippe De Backer, Wolf Klinz", "date": "2012-11-22T00:00:00", "new": [ "Oc. whereas prior to the introduction of", "FTT, the Commission should demonstrate", "that any enhanced cooperation will", "respect the competences, rights and", "obligations of non-participating Member", "States," ], "location": [ [ "Proposal for a recommendation", "Recital O c (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": 25, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles, Nils Torvalds, Philippe De Backer, Wolf Klinz", "date": "2012-11-22T00:00:00", "new": [ "Od. whereas the Commission must closely", "monitor the implementation of FTT with", "regard to Articles 326 and 327 TFEU and", "must report annually to the European", "Parliament and to the Council on any", "adverse affects this has in respect of those", "provisions," ], "location": [ [ "Proposal for a recommendation", "Recital O d (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", "old": [ "1. Consents to the proposal for a Council", "decision, without prejudice to which", "Member States participate;" ], "reference": "2012/0298(APP)", "seq": 27, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Wolf Klinz, Philippe De Backer", "date": "2012-11-22T00:00:00", "new": [ "1. Declines to consent to the proposal for a", "Council decision;" ], "location": [ [ "Proposal for a recommendation", "Paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.544%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. The procedures for recruitment, transfer", "and dismissal of heads of NSIs shall be", "transparent and based on professional", "criteria only." ], "reference": "2012/0084(COD)", "seq": 50, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt, Sylvie Goulard, Sophia in 't Veld", "date": "2012-11-19T00:00:00", "new": [ "2. The procedures for recruitment, transfer", "and dismissal of heads of NSIs shall be", "transparent, based on professional criteria", "and published on the website of the NSI.", "They shall ensure that there are equal", "opportunities, notably as regards gender,", "and that all positions have both male and", "female candidates." ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 point 3" ], [ "Regulation (EC) No 223/2009", "Article 5a \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", "justification": "It is essential, both to reflect the importance of not undermining the confidence in less liquid\nand SME growth markets, and to ensure a consistent approach across different legislation,\nthat the requirements for settlement discipline in Short Selling are amended to reflect those\nprovided in, and calibrated by, CSDR. This can be achieved by amendments to Article 15 of\nthe Short Selling Regulation.", "reference": "2012/0029(COD)", "seq": 408, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(54a) Market making activities play a", "crucial role in providing liquidity to", "markets within the Union and market", "makers need to take short positions to", "perform that role , particularly in less", "liquid securities and those admitted to", "SME growth markets." ], "location": [ [ "Proposal for a regulation", "Recitals 54 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", "justification": "It is essential, both to reflect the importance of not undermining the confidence in less liquid\nand SME growth markets, and to ensure a consistent approach across different legislation,\nthat the requirements for settlement discipline in Short Selling are amended to reflect those\nprovided in, and calibrated by, CSDR. This can be achieved by amendments to Article 15 of\nthe Short Selling Regulation.", "reference": "2012/0029(COD)", "seq": 409, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(54b) Measures to address and prevent", "settlement fails should be balanced", "against the need to maintain and protect", "liquidity in these securities. Regulation", "(EU) No 236/2012 should provide for", "flexibility in rules on settlement discipline", "to prevent and address settlement fails.", "This Regulation therefore amends", "Regulation (EU) No 236/2012 to provide", "for measures to allow for calibrated buy-", "in procedures for illiquid securities where", "a national competent authority has", "determined that this is necessary to", "promote and maintain liquidity." ], "location": [ [ "Proposal for a regulation", "Recital 54 b (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. A CSD shall have a board of which at", "least one third, but no less than two, of its", "members are independent." ], "reference": "2012/0029(COD)", "seq": 412, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. A CSD shall have a board of which no", "less than two members are independent." ], "location": [ [ "Proposal for a regulation", "Article 25 \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": [ "4. The board shall be composed of suitable", "members with an appropriate mix of skills,", "experience and knowledge of the entity and", "of the market." ], "reference": "2012/0029(COD)", "seq": 414, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "4. Competent authorities shall require the", "board and the nomination committees to", "take into account diversity as one of the", "criteria for selection of members of the", "board. The board shall be composed of", "suitable members with an appropriate mix", "of skills, experience and knowledge of the", "entity and of the market. In particular the", "board shall put in place a policy", "promoting gender, age, geographical,", "educational and professional diversity on", "the management body, as well as take", "concrete steps towards a more balanced", "representation on the board. Such", "concrete measures may for example", "include training of nomination", "committees, the creation of rosters of", "competent candidates, and the", "introduction of a nomination process", "where at least one candidate of each sex is", "presented." ], "location": [ [ "Proposal for a regulation", "Article 25 \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. A CSD shall clearly determine the roles", "and responsibilities of the board and shall", "make the minutes of the board meetings", "available to the competent authority." ], "reference": "2012/0029(COD)", "seq": 416, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "5. A CSD shall clearly determine the roles", "and responsibilities of the board and shall", "make the minutes of the board meetings", "available to the competent authority and", "the auditor." ], "location": [ [ "Proposal for a regulation", "Article 25 \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", "justification": "Necessary adjustment to take account of the specificities of the direct holding model.", "reference": "2012/0029(COD)", "seq": 424, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Kay Swinburne, Olle Schmidt, Sharon Bowles, Gunnar H\u00f6kmark", "date": "2012-12-11T00:00:00", "new": [ "Article 28a", "Shared services", "1. Member States may provide for a", "person other than the CSD to be", "responsible for recording entries into", "securities accounts at the level of the", "CSD.", "Where Member States provide for such", "shared services, , the requirements of this", "Regulation shall apply, where relevant,", "also to that other person.", "2. Where Member States provide for", "shared services pursuant to paragraph", "1,they shall specify the applicable", "requirements, including requirements", "pursuant to this Regulation, in their", "national law.", "3. Where Member States provide for", "shared services pursuant to paragraph 1,", "they shall notify the Commission and", "ESMA accordingly. ESMA shall include", "information on shared services in the", "CSD register referred to in Article 19." ], "location": [ [ "Proposal for a regulation", "Article 28 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", "justification": "It is necessary to complement Article 28 on outsourcing with a provision that explicitly\nrecognises the sharing of responsibilities that is typical for direct holding markets. This\nsharing of responsibilities is a response to the challenge of safely maintaining vast numbers\nof owner accounts at the level of the CSD. In a direct holding system, the account operators\nprovide for registrations on accounts at the CSD level under an enclosed responsibility\naccording to law.", "reference": "2012/0029(COD)", "seq": 425, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "Article 28a", "Direct holding model", "1. Member states may provide for a", "person other than the CSD to be", "responsible for the performance of", "certain, but not all, functions of the", "relevant CSD pursuant to this Regulation.", "Where Member States provide for such", "shared services, provisions of this", "Regulation shall apply mutatis mutandis", "to the person responsible for performing", "the function to which the provision", "applies.", "2. Where Member States provide for", "shared services pursuant to paragraph 1,", "they shall specify the functions for which", "that other person is responsible, and the", "applicable requirements, including", "requirements under this Regulation.", "3. Where Member States provide for", "shared services pursuant to paragraph 1,", "they shall notify the Commission and", "ESMA accordingly. ESMA shall include", "information on shared services in the", "CSD register referred to in Article 19." ], "location": [ [ "Proposal for a regulation", "Article 28 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", "justification": "This follows from the proposed additions of Recital 28a and Article 28a.", "old": [ "1. A CSD shall take appropriate", "reconciliation measures to verify that the", "number of securities making up a securities", "issue or part of a securities issue submitted", "to the CSD is equal to the sum of securities", "recorded on the securities accounts of the", "participants of the securities settlement", "system operated by the CSD. Such", "reconciliation measures shall be conducted", "intraday." ], "seq": 443, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "1. A CSD shall take appropriate", "reconciliation measures to verify that the", "number of securities making up a securities", "issue or part of a securities issue submitted", "to the CSD is equal to the sum of securities", "recorded on the securities accounts of the", "participants of the securities settlement", "system operated by the CSD and, where", "relevant, on owner accounts maintained", "by the CSD. Such reconciliation measures", "shall be conducted at least daily." ], "location": [ [ "Proposal for a regulation", "Article 34 \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", "justification": "Securities held by clients should be segregated from the securities of the CSD and of other\nclients. This is consistent with principle 11 of the CPSS-IOSCO principles.", "old": [ "1. For each securities settlement system it", "operates a CSD shall keep records and", "accounts that shall enable it, at any time", "and without delay, to distinguish in the", "accounts with the CSD the securities of a", "participant from the securities of any other", "participant and, if applicable, from the", "CSD\u2019s own assets." ], "seq": 445, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. For each securities settlement system it", "operates a CSD shall keep records and", "accounts that shall enable it, at any time", "and without delay, to segregate in the", "accounts with the CSD the securities of a", "participant from the securities of any other", "participant and, if applicable, from the", "CSD\u2019s own assets." ], "location": [ [ "Proposal for a regulation", "Article 35 \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", "justification": "Securities held by clients should be segregated from the securities of the CSD and of other\nclients. This is consistent with principle 11 of the CPSS-IOSCO principles.", "old": [ "2. A CSD shall keep records and accounts", "that enable a participant to distinguish the", "securities of that participant from those of", "that participant\u2019s clients." ], "seq": 447, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. A CSD shall keep records and accounts", "that enable a participant to segregate the", "securities of that participant from those of", "that participant\u2019s clients." ], "location": [ [ "Proposal for a regulation", "Article 35 \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 shall offer to keep records and", "accounts enabling a participant to", "distinguish the securities of each of that", "participant\u2019s clients, if and as required by", "that participant (\u2018individual client", "segregation\u2019)." ], "reference": "2012/0029(COD)", "seq": 450, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "3. A CSD shall offer to keep records and", "accounts enabling a participant to", "segregate the securities of each of that", "participant\u2019s clients, if and as required by", "that participant (\u2018individual client", "segregation\u2019)." ], "location": [ [ "Proposal for a regulation", "Article 35 \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": [ "6. A CSD shall achieve settlement finality", "no later than by the end of the business day", "of the intended settlement date. Upon", "demand by its user committee, it shall", "install systems that allow for intraday or", "real-time settlement." ], "reference": "2012/0029(COD)", "seq": 457, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "6. A CSD shall achieve settlement finality", "no later than by the end of the business day", "of the intended settlement date. Upon", "demand by its user committee, it shall", "install operational procedures or systems", "that allow for intraday or real-time", "settlement." ], "location": [ [ "Proposal for a regulation", "Article 36 \u2013 paragraph 6" ] ] }, { "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. For transactions denominated in the", "currency of the country where the", "settlement takes place, a CSD shall settle", "the cash payments of its respective", "securities settlement system through", "accounts opened with a central bank", "operating in such currency whenever", "practical and available." ], "reference": "2012/0029(COD)", "seq": 464, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. For transactions denominated in the", "currency of the country where the", "settlement takes place, a CSD shall settle", "the cash payments of its respective", "securities settlement system through", "accounts opened with the central bank of", "issue of that currency whenever practical", "and available." ], "location": [ [ "Proposal for a regulation", "Article 37 \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 CSD shall adopt a sound risk-", "management framework for", "comprehensively managing legal, business,", "operational and other risks." ], "reference": "2012/0029(COD)", "seq": 472, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "A CSD shall adopt a sound risk-", "management framework for", "comprehensively managing legal, business,", "operational and other direct or indirect", "risks, for example systemic risks." ], "location": [ [ "Proposal for a regulation", "Article 39 \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", "justification": "The CSD Regulation should include a liability regime applying to losses caused by the CSD,\ne.g. due to operational failures. Liability regimes across the EU should be harmonised.", "reference": "2012/0029(COD)", "seq": 486, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Article 44 a", "Liability regime", "A CSD shall be liable for the losses", "suffered by its members and or", "participants arising from the loss of a", "financial instrument when they are", "related to the functions for which the CSD", "has been authorised, unless it can prove", "that the loss is the result of an external", "event beyond its control, the consequences", "of which would have been unavoidable", "despite all reasonable efforts to the", "contrary. A CSD shall be liable for (but", "not limited to) the following cases:", "- reconciliation errors with registrars", "and/or issuers;", "- theft of securities (either physical or", "electronic);", "- systems failure;", "- failure within the CSD\u2019s central", "counterparty functionality, if applicable;", "- CSD errors, omissions or fraud", "impacting settlement, safekeeping and", "asset servicing activities;", "- CSD insolvency / default;", "- force majeure events.", "A CSD shall demonstrate that it has", "sufficient provision to cover such", "instances in the form of liability", "insurance and/or capital provision. ESMA", "shall develop draft regulatory technical", "standards to specify the details of", "insurance and capital provision.", "The liability regime should take into", "account if the Member States provide for", "shared services." ], "location": [ [ "Proposal for a regulation", "Article 44 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 case of a provisional transfer of", "securities between linked CSDs, retransfer", "of securities prior to the first transfer", "becoming final shall be prohibited." ], "reference": "2012/0029(COD)", "seq": 489, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "4. In case of a provisional transfer of", "securities between linked CSDs, retransfer", "or onward transfer to a third CSD of", "securities prior to the first transfer", "becoming final shall be prohibited." ], "location": [ [ "Proposal for a regulation", "Article 45 \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", "reference": "2012/0029(COD)", "seq": 492, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "8 a. A CSD shall provide appropriate", "access to the account structures in order", "to enable participants and CSDs, to", "connect and have access to its systems.", "The account structure shall be supported", "by the appropriate arrangements", "addressing relevant risks to the system." ], "location": [ [ "Proposal for a regulation", "Article 45 \u2013 paragraph 8 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": [ "ESMA shall develop in consultation with", "the members of the ESCB draft regulatory", "technical standards to specify the", "conditions as provided in paragraph 3", "under which each type of link arrangement", "provides for adequate protection of the", "linked CSDs and of their participants, in", "particular when a CSD intends to", "participate in the securities settlement", "system operated by another CSD, the", "monitoring and managing of additional", "risks referred to in paragraph 5 arising", "from the use of intermediaries, the", "reconciliation methods referred to in", "paragraph 6, the cases where DVP", "settlement through links is practical and", "feasible as provided in paragraph 7 and the", "methods of assessment thereof." ], "reference": "2012/0029(COD)", "seq": 494, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "ESMA shall develop in consultation and", "close cooperation with the members of the", "ESCB draft regulatory technical standards", "to specify the conditions as provided in", "paragraph 3 under which each type of link", "arrangement provides for adequate", "protection of the linked CSDs and of their", "participants, in particular when a CSD", "intends to participate in the securities", "settlement system operated by another", "CSD, the monitoring and managing of", "additional risks referred to in paragraph 5", "arising from the use of intermediaries, the", "reconciliation methods referred to in", "paragraph 6, the cases where DVP", "settlement through links is practical and", "feasible as provided in paragraph 7, the", "provisions of paragraph 8a on the", "appropriate account structures including", "the relevant arrangements and the", "methods of assessment thereof." ], "location": [ [ "Proposal for a regulation", "Article 45 \u2013 paragraph 9 \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", "justification": "The question about applicable law for the proprietary aspects in relation to book-entry\nsecurities is very close connected with the issues in the forthcoming proposal for a Securities\nLaw Legislation. In SLL there should be possible find a coherent and coordinated solution all\nmarket actors in the EU. For that reason and because of no current legislative need\nregarding CSDs article 46 should be deleted and the choice of law question moved to the\nforthcoming Securities Law legislation.", "old": [ "Article 46", "Applicable law to proprietary aspects", "1. Any question with respect to proprietary", "aspects in relation to financial", "instruments held by a CSD shall be", "governed by the law of the country where", "the account is maintained.", "2. Where the account is used for", "settlement in a securities settlement", "system, the applicable law shall be the one", "governing that securities settlement", "system.", "3. Where the account is not used for", "settlement in a securities settlement", "system, that account shall be presumed to", "be maintained at the place where the CSD", "has its habitual residence as determined", "by Article 19 of Regulation (EC) No", "593/2008 of the European Parliament and", "the Council.", "4. The application of the law of any", "country specified in this Article shall", "comprise the application of the rules of", "law in force in that country other than its", "rules of private international law." ], "seq": 496, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 46" ] ] }, { "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 proposal of the European Commission is incompatible with the European and\ninternational legal reality. The current tested model adopted by CSDs to provide ancillary\nservices, is an integrated model. Recent international best-practice exercises are also based\non this integrated model.", "old": [ "1. A CSD shall not provide itself any", "banking type of ancillary services set out in", "Section C of the Annex." ], "seq": 528, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. A CSD shall not provide itself any", "banking type of ancillary services set out in", "Section C of the Annex, unless it has", "demonstrated and provided assurance to", "the national competent authority referred", "to in Article 53(1) of this Regulation, that", "the risks incurred for offering such", "banking type ancillary services in the", "same legal entity are duly mitigated in line", "with the European implementing acts of", "the CPSS-IOSCO Principles applicable to", "CSDs and the ad-hoc national CSD", "Recovery and Resolution safeguards, as", "set in this Article." ], "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", "justification": "The proposal of the European Commission is incompatible with the European and\ninternational legal reality. The current tested model adopted by CSDs to provide ancillary\nservices, is an integrated model. Recent international best-practice exercises are also based\non this integrated model.", "old": [ "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." ], "seq": 539, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 2 \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", "old": [ "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." ], "reference": "2012/0029(COD)", "seq": 544, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Following a detailed impact assessment, a", "consultation of the CSD concerned and", "after taking into account the opinions of the", "EBA, the ESMA, the EIOPA, the ECB,", "and the competent authorities and the", "assessment of the ESRB, 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." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 2 \u2013 subparagraph 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", "justification": "The proposal of the European Commission is incompatible with the European and\ninternational legal reality. The current tested model adopted by CSDs to provide ancillary\nservices, is an integrated model. Recent international best-practice exercises are also based\non this integrated model.", "old": [ "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." ], "seq": 548, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "A CSD which has been authorised to", "settle the cash leg of all or part of its", "securities settlement system in accordance", "with Article 37(2) of this Regulation shall", "apply under paragraph 3 of this Article", "for a credit institution authorisation 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.", "The credit institution of the CSD or the", "designated credit institution under", "paragraph 3 shall only provide the", "services listed in Annex 1 of the amended", "Directive 20XX/XX/EU (CRD), sections 1,", "2, 4, 6, 7b and 7e. The credit institution of", "the CSD or the designated credit", "institution shall not provide any of the", "services listed in sections 3, 5, 7 (except b", "and e) and 8 to 15, unless otherwise", "indicated in Section C of the Annex." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 2 \u2013 subparagraph 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 proposal of the European Commission is incompatible with the European and\ninternational legal reality. The current tested model adopted by CSDs to provide ancillary\nservices, is an integrated model. Recent international best-practice exercises are also based\non this integrated model.", "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." ], "seq": 557, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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 shall apply to become, or", "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 as defined in point (d) of", "Article 2 of Directive 98/26/EC." ], "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", "justification": "The proposal of the European Commission is incompatible with the European and\ninternational legal reality. The current tested model adopted by CSDs to provide ancillary\nservices, is an integrated model. Recent international best-practice exercises are also based\non this integrated model.", "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." ], "seq": 568, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "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 credit", "institution authorisation under paragraph", "3 of this Article may want to provide for its", "participants." ], "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": 574, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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 paragraph 3 of", "this Article. The same requirement applies", "in respect of a CSD that has been granted a", "credit institution authorisation under", "paragraph 3 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", "reference": "2012/0029(COD)", "seq": 583, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "5 a. A CSD that has been authorised as a", "credit institution according to paragraph", "3 of this Article shall fulfil prudential and", "supervision requirements provided in", "Articles 42, 57 and 58." ], "location": [ [ "Proposal for a regulation", "Article 52 \u2013 paragraph 5 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": [ "ESMA shall develop in consultation with", "the members of the ESCB draft regulatory", "technical standards to specify the", "information that the applicant CSD shall", "provide to the competent authority." ], "reference": "2012/0029(COD)", "seq": 595, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "ESMA shall develop in consultation and", "close cooperation with the members of the", "ESCB and EBA draft regulatory technical", "standards to specify the information that", "the applicant CSD shall provide to the", "competent authority." ], "location": [ [ "Proposal for a regulation", "Article 53 \u2013 paragraph 5 \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", "old": [ "1. A credit institution designated to provide", "banking type of ancillary services shall", "provide the services set out in Section C of", "the Annex that are covered by the", "authorisation." ], "reference": "2012/0029(COD)", "seq": 614, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. A credit institution authorised as a", "credit institution or a credit institution", "designated to provide banking type of", "ancillary services shall be limited in its", "banking functions in accordance with", "Article 52." ], "location": [ [ "Proposal for a regulation", "Article 57 \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. 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": 616, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. A CSD authorised as a credit", "institution or a credit institution designated", "to provide banking type of ancillary", "services 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": 620, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "3. A CSD authorised as a credit", "institution or 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:" ], "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", "justification": "This requirement is impossible to implement since the CSD can not force the CSD to repay its\nintraday credit.", "old": [ "(j) it shall provide for an automatic", "reimbursement procedure of intraday", "credit and discourage overnight credit", "through deterrent sanctioning rates." ], "seq": 624, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(j) it shall discourage overnight credit", "through deterrent debit interest rates." ], "location": [ [ "Proposal for a regulation", "Article 57 \u2013 paragraph 3 \u2013 point j" ] ] }, { "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": "In order to avoid parallel sanctioning regimes on EU and national level respectively, the\nprovision should exempt MS\u2019 possibility to introduce criminal legislation and impose criminal\nsanctions in a specific case.", "old": [ "Member States shall lay down rules on the", "administrative sanctions and measures", "applicable in the circumstances defined in", "Article 60 to the persons responsible for", "breaches of the provisions of this", "Regulation and shall take all measures", "necessary to ensure that they are", "implemented. Those sanctions and", "measures shall be effective, proportionate", "and dissuasive." ], "seq": 634, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Without prejudice to the right of Member", "States to provide for and impose criminal", "sanctions, Member States shall lay down", "rules on the administrative sanctions and", "measures applicable in the circumstances", "defined in Article 60 to the persons", "responsible for breaches of the provisions", "of this Regulation and shall take all", "measures necessary to ensure that they are", "implemented. Those sanctions and", "measures shall be effective, proportionate", "and dissuasive." ], "location": [ [ "Proposal for a regulation", "Article 59 \u2013 paragraph 1 \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", "justification": "In order to clarify which natural persons who are responsible for a breach, a reference\nshould be made to specifications in national law.", "old": [ "2. The competent authorities shall be able", "to apply administrative sanctions and", "measures to CSDs, designated credit", "institutions, the members of their", "management bodies and any other persons", "who effectively control their business as", "well as to any other legal or natural person", "who is held responsible for a breach." ], "seq": 635, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. The competent authorities shall be able", "to apply administrative sanctions and", "measures, subject to the conditions laid", "down in national law, to CSDs, designated", "credit institutions, the members of their", "management bodies as well as to any other", "legal or natural person who is held", "responsible for a breach under this", "Regulation or under national law." ], "location": [ [ "Proposal for a regulation", "Article 59 \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": [ "(a) a public statement which indicates the", "person responsible for the breach and the", "nature of the breach;" ], "reference": "2012/0029(COD)", "seq": 637, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(a) a public warning which indicates the", "person responsible for the breach and the", "nature of the breach;" ], "location": [ [ "Proposal for a regulation", "Article 60 \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", "justification": "Maximum amount, even when taking the principle of proportionality into account, is not\nreasonable when compared to situations when such sanctions might be applied", "old": [ "(g) in respect of a legal person,", "administrative pecuniary sanctions of up to", "10 % of the total annual turnover of that", "person in the preceding business year;", "where the undertaking is a subsidiary of a", "parent undertaking, the relevant total", "annual turnover shall be the total annual", "turnover resulting from the consolidated", "account of the ultimate parent undertaking", "of the group in the preceding business year." ], "seq": 638, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(g) in respect of a legal person,", "administrative pecuniary sanctions of up to", "0,01 % of the total annual turnover of that", "person in the preceding business year;", "where the undertaking is a subsidiary of a", "parent undertaking, the relevant total", "annual turnover shall be the total annual", "turnover resulting from the consolidated", "account of the ultimate parent undertaking", "of the group in the preceding business year." ], "location": [ [ "Proposal for a regulation", "Article 60 \u2013 paragraph 2 \u2013 point g" ] ] }, { "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": "As imposing sanctions relates to criminal and procedural law, the circumstances to be taken\ninto account should be left to the MS to decide.", "old": [ "1. When determining the type and level of", "administrative sanctions or measures, the", "competent authorities shall take into", "account the following criteria:" ], "seq": 639, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. Member States shall ensure that, when", "determining the type and level of", "administrative sanctions or measures, the", "competent authorities shall take into", "account the following criteria, including", "when appropriate:" ], "location": [ [ "Proposal for a regulation", "Article 61 \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", "justification": "A competent authority may consider other factors than such specified in national law. See\nalso the justification under point 61.1: As imposing sanctions relates to criminal and\nprocedural law, the circumstances to be taken into account should be left to the MS to decide.", "old": [ "2. Additional factors may be taken into", "account by competent authorities, if such", "factors are specified in national law." ], "seq": 640, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 61 \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", "justification": "It is essential, both to reflect the importance of not undermining the confidence in less liquid\nand SME growth markets, and to ensure a consistent approach across different legislation,\nthat the requirements for settlement discipline in Short Selling are amended to reflect those\nprovided in, and calibrated by, CSDR. This can be achieved by amendments to Recital 26 and\nArticle 15 of the Short Selling Regulation.", "reference": "2012/0029(COD)", "seq": 644, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Article 68a", "Amendment to Regulation (EU) No", "236/2012", "Article 15 is amended as follows:", "(1) in paragraph 1, point (a) is replaced by", "the following:", "\"(a) where a natural or legal person who", "sells shares is not able to deliver the", "shares for settlement within seven", "business days after the day on which", "settlement is due, procedures are", "automatically triggered for the buy-in of", "the shares to ensure delivery for", "settlement;\"", "(2) in paragraph 2, the first subparagraph", "is replaced by the following:", "\"A central counterparty in a Member", "state that provides clearing services for", "shares shall ensure that procedures are", "in place which ensure that where a", "natural or legal person who sells shares", "fails to deliver the shares for settlement", "by seven days after the date on which", "settlement is due, such person must", "make daily payments for each day that", "the failure continues.", "Where the regulated market, MTF, OTF", "or SME growth market on which the", "transaction has been executed or to which", "the transaction has been reported notifies", "market participants accordingly, a shorter", "settlement period shall apply to that", "market.\"", "(3) the following paragraph is added:", "\"3. Paragraphs 1 and 2 shall apply in", "accordance with Article 7(7) of", "Regulation (EU) No .../... [CSDR] and the", "regulatory technical standards adopted", "under Article 7(8) thereof." ], "location": [ [ "Proposal for a regulation", "Article 68 a (new)" ], [ "Regulation (EU) No 236/2012", "Article 15" ] ] }, { "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": "It should be clarified even in the Settlement Finality Directive, SFD, that only CSDs and\ncentral banks may operate SSS.", "reference": "2012/0029(COD)", "seq": 645, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1a. In Article 2, point (p) is replaced by", "the following:", "\"(p) system operator\u2019 shall mean the", "entity or entities legally responsible for", "the operation of a system. A system", "operator may also act as a settlement", "agent, central counterparty or clearing", "house. Only CSDs authorised in", "accordance with Regulation (EU) No", "xxx/xxx [CSDR] and central banks shall", "be permitted to be system operators.\"" ], "location": [ [ "Proposal for a regulation", "Article 68 \u2013 paragraph 1 a (new)" ], [ "Directive 98/26/EC", "Article 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", "justification": "The definition creates an inconsistency with the definition in the settlement finality directive\nby redefining the securities settlement system. This amendment ensures consistency between\nthe two pieces of legislation.", "old": [ "3. Operating a securities settlement system", "(\u2018settlement service\u2019)." ], "seq": 649, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "3. Operating a securities settlement system", "as designated under Directive 98/26/EC", "(\u2018settlement service\u2019)" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section A \u2013 point 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 proposal of the European Commission will have the unwanted side-effect to inject new\nrisks to the market infrastructure. Therefore the credit institution license should be limited to\nperform only those activities listed in Annex 1 of the amended CRD, sections 1, 2, 4, 6, 7b,\nand 7e.", "old": [ "1. Banking type of services for the", "participants to a securities settlement", "system related to the settlement service,", "such as" ], "seq": 669, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. Banking type of services shall", "contribute to the CSDs\u2019 role of enhancing", "safety, efficiency and transparency of the", "securities markets. The credit institution", "of the CSD shall be limited to provide only", "the services listed in Annex 1 of Directive", "20XX/XX/EU (CRD), sections 1, 2, 4, 6,", "7b, and 7e, such as:" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 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": [ "(a) Providing cash accounts;" ], "reference": "2012/0029(COD)", "seq": 670, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "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": 673, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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": 675, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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", "old": [ "(d) Lending securities." ], "reference": "2012/0029(COD)", "seq": 676, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(d) Lending securities and cash (in line", "with CRD, Annex 1, section 2)." ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 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", "reference": "2012/0029(COD)", "seq": 678, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(d a) Acceptance of deposits (in line with", "CRD, Annex 1, section 1);" ], "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", "old": [ "(a) Providing cash accounts for settlement", "and accepting cash deposits from the", "holders of securities accounts;" ], "reference": "2012/0029(COD)", "seq": 680, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(a) Providing cash accounts for settlement", "and accepting cash deposits from the", "holders of securities accounts (in line with", "CRD, Annex 1, section 4 and section 7b);" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 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": [ "(b) Lending securities to the holders of", "securities accounts;" ], "reference": "2012/0029(COD)", "seq": 682, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(b) Lending securities to the holders of", "securities accounts (in line with CRD,", "Annex 1, section 6 and section 7e);" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 2 \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": [ "(i) Pre-financing income and redemption", "proceeds;" ], "reference": "2012/0029(COD)", "seq": 684, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(i) Pre-financing income and redemption", "proceeds (in line with CRD, Annex 1,", "section 2);" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 2 \u2013 point c \u2013 point i" ] ] }, { "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": [ "(ii) Pre-financing tax reclaims." ], "reference": "2012/0029(COD)", "seq": 685, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 section C \u2013 point 2 \u2013 point c \u2013 point ii" ] ] }, { "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 proposal of the European Commission will have the unwanted side-effect to inject new\nrisks to the market infrastructure. Therefore the credit institution license should be limited to\nperform only those activities listed in Annex 1 of the amended CRD, sections 1, 2, 4, 6, 7b,\nand 7e.", "reference": "2012/0029(COD)", "seq": 686, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(ii a) Perform its own asset, liability and", "capital management related to sections 1,", "2, 4, 6, 7b and 7e of Annex 1 of Directive", "20XX/XX/EU (CRD) ." ], "location": [ [ "Proposal for a regulation", "Annex 1 \u2013 Section C \u2013 point 2 \u2013 point c \u2013 point ii 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": [ "(5) It is necessary to lay down in a", "Regulation a number of uniform", "obligations to be imposed on market", "participants regarding certain aspects of the", "settlement cycle and discipline and to", "provide a set of common requirements for", "CSDs operating securities settlement", "systems. The directly applicable rules of a", "Regulation should ensure that all market", "operators and CSDs are subject to identical", "directly applicable obligations and rules. A", "Regulation should increase the safety and", "efficiency of settlement in the Union by", "preventing any diverging national rules as", "a result of the transposition of a directive.", "A Regulation should reduce the regulatory", "complexity for market operators and CSDs", "resulting from different national rules and", "should allow CSDs to provide their", "services on a cross-border basis without", "having to comply with different sets of", "national requirements such as those", "concerning the authorisation, supervision,", "organisation or risks of CSDs. A", "Regulation imposing identical", "requirements on CSDs should also", "contribute to eliminating competitive", "distortions." ], "reference": "2012/0029(COD)", "seq": 133, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "(5) It is necessary to lay down in a", "Regulation a number of uniform", "obligations to be imposed on market", "participants regarding certain aspects of the", "settlement cycle and discipline and to", "provide a set of common requirements for", "CSDs operating securities settlement", "systems. The directly applicable rules of a", "Regulation should ensure that all market", "operators and CSDs are subject to identical", "directly applicable obligations and rules. A", "Regulation should increase the safety and", "efficiency of settlement in the Union by", "preventing any diverging national rules as", "a result of the transposition of a directive.", "A Regulation should reduce the regulatory", "complexity for market operators and CSDs", "resulting from different national rules and", "should allow CSDs to provide their", "services on a cross-border basis without", "having to comply with different sets of", "national requirements such as those", "concerning the authorisation, supervision,", "organisation or risks of CSDs. A", "Regulation imposing identical", "requirements on CSDs should also", "contribute to eliminating competitive", "distortions. A CSD may be established in", "accordance with this Regulation in any", "Member State. No Member State or group", "of Member States should be discriminated", "against, directly or indirectly, as a", "location for CSD and settlement services.", "Nothing in this Regulation should attempt", "to restrict or impede a CSD in one", "jurisdiction from settling a product", "denominated in the currency of another", "Member State or in the currency of a", "third country." ], "location": [ [ "Proposal for a regulation", "Recital 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 134, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "(5 a) This Regulation should recognise", "and support the existing CSD models of", "all Member States and the services they", "provide, which have developed to meet the", "specific needs of their national financial", "markets, their national economy and", "companies, and to comply with their", "Member State's national laws. This", "Regulation should not make changes to", "existing CSD models or services unless", "they cannot meet the objectives of the", "Regulation or they pose undue risks." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) The Financial Stability Board (FSB)", "called, on 20 October 2010, for more", "robust core market infrastructures and", "asked for the revision and enhancement of", "the existing standards. The Committee on", "Payments and Settlement Systems (CPSS)", "of the Bank of International Settlements", "(BIS) and the International Organisation of", "Securities Commissions (IOSCO) are", "finalising draft global standards. These", "are to replace the BIS recommendations", "from 2001, which were adapted through", "non-binding guidelines at European level", "in 2009 by the European System of Central", "Banks (ESCB) and the Committee of", "European Securities Regulators (CESR)." ], "reference": "2012/0029(COD)", "seq": 137, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(6) The Financial Stability Board (FSB)", "called, on 20 October 2010, for more", "robust core market infrastructures and", "asked for the revision and enhancement of", "the existing standards. In April 2012, the", "Committee on Payments and Settlement", "Systems (CPSS) of the Bank of", "International Settlements (BIS) and the", "International Organisation of Securities", "Commissions (IOSCO) published", "principles for financial market", "infrastructures. These principles replace", "CPSS-IOSCO recommendations for", "securities settlement systems from", "November 2001, which were implemented", "in the European Union through the", "recommendations for securities settlement", "systems and for central counterparties", "jointly adopted in May 2009 by the", "European System of Central Banks (ESCB)", "and the Committee of European Securities", "Regulators (CESR)." ], "location": [ [ "Proposal for a regulation", "Recital 6" ] ] }, { "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": [ "(8) One of the basic tasks of the ESCB is to", "promote the smooth operation of payment", "systems. In this respect, the members of the", "ESCB execute oversight by ensuring", "efficient and sound clearing and payment", "systems. The members of the ESCB often", "act as settlement agents for the cash leg of", "the securities transactions. They are also", "important clients of CSDs, which often", "manage the collateralisation of monetary", "policy operations. The members of the", "ESCB should be closely involved by being", "consulted in the authorisation and", "supervision of CSDs, recognition of third", "country CSDs and the approval of CSD", "links. They should also be closely involved", "by being consulted in the setting of", "regulatory and implementing technical", "standards as well as of guidelines and", "recommendations. The provisions of this", "Regulation should be without prejudice to", "the responsibilities of the European Central", "Bank (ECB) and the National Central", "Banks (NCBs) to ensure efficient and", "sound clearing and payment systems within", "the Union and other countries." ], "reference": "2012/0029(COD)", "seq": 138, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(8) One of the basic tasks of the ESCB is to", "promote the smooth operation of payment", "systems. In this respect, the members of the", "ESCB execute oversight by ensuring", "efficient and sound clearing and payment", "systems. The members of the ESCB often", "act as settlement agents for the cash leg of", "the securities transactions. They are also", "important clients of CSDs, which often", "manage the collateralisation of monetary", "policy operations. The members of the", "ESCB should be closely involved and be", "consulted in the authorisation and", "supervision of CSDs, recognition of third", "country CSDs and the approval of CSD", "links. To prevent the emergence of", "parallel sets of rules, they should also be", "involved and be consulted where", "necessary in the setting of regulatory and", "implementing technical standards as well", "as of guidelines and recommendations. The", "provisions of this Regulation are without", "prejudice to the responsibilities of the", "European Central Bank (ECB) and the", "National Central Banks (NCBs) to ensure", "efficient and sound clearing and payment", "systems within the Union and other", "countries. Access to information by the", "members of the ESCB is important for the", "adequate performance of their oversight", "of financial market infrastructures and", "financial stability as well as to the", "functioning of central banks." ], "location": [ [ "Proposal for a regulation", "Recital 8" ] ] }, { "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": [ "(13) Longer settlement periods of", "transactions in transferable securities cause", "uncertainty and increased risk for securities", "settlement systems participants. Different", "durations of settlement periods across", "Member States hamper reconciliation and", "are sources of errors for issuers, investors", "and intermediaries. It is therefore necessary", "to provide a common settlement period", "which would facilitate the identification of", "the intended settlement date and facilitate", "the implementation of settlement discipline", "measures. The intended settlement date of", "transactions in transferable securities", "which are admitted to trading on trading", "venues regulated by Directive 2004/39/EC", "should be no later than on the second", "business day after the trading takes place." ], "reference": "2012/0029(COD)", "seq": 146, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(13) Longer settlement periods of", "transactions in transferable securities cause", "uncertainty and increased risk for securities", "settlement systems participants. Different", "durations of settlement periods across", "Member States hamper reconciliation and", "are sources of errors for issuers, investors", "and intermediaries. It is therefore necessary", "to provide a common settlement period", "which would facilitate the identification of", "the intended settlement date and facilitate", "the implementation of settlement discipline", "measures. The intended settlement date of", "transactions in transferable securities", "which are admitted to trading on trading", "venues regulated by Directive 2004/39/EC", "should be no later than on the second", "business day after the trading takes place.", "Certain transferable securities may", "require longer settlement periods due to", "the illiquidity of those transferable", "securities and/or the specific trading", "characteristics surrounding them." ], "location": [ [ "Proposal for a regulation", "Recital 13" ] ] }, { "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": [ "(18) Within a borderless Union settlement", "market, it is necessary to define the", "competences of the different authorities", "involved in the application of this", "Regulation. Member States should", "specifically designate the competent", "authorities responsible for the application", "of this Regulation, which should be", "afforded the supervisory and investigatory", "powers necessary for the exercise of their", "functions. A CSD should be subject to the", "authorisation and supervision of the", "competent authority of its place of", "establishment, which is well placed and", "should be empowered to examine how", "CSDs operate on a daily basis, to carry out", "regular reviews and to take appropriate", "action when necessary. That authority", "should however consult at the earliest stage", "and cooperate with other relevant", "authorities, which include the authorities", "responsible for the oversight of each", "securities settlement system operated by", "the CSD and, where applicable, the", "relevant central banks that act as settlement", "agent for each securities settlement system,", "and, also, where applicable, the competent", "authorities of other group entities. This", "cooperation also implies immediate", "information of the authorities involved in", "case of emergency situations affecting the", "liquidity and stability of the financial", "system in any of the Member States where", "the CSD or its participants are established.", "Whenever a CSD provides its services in", "another Member State than where it is", "established either by the establishment of a", "branch or by way of direct provision of", "services the competent authority of its", "place of establishment is mainly", "responsible for the supervision of that", "CSD." ], "reference": "2012/0029(COD)", "seq": 149, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "(18) Within a borderless Union settlement", "market, it is necessary to define the", "competences of the different authorities", "involved in the application of this", "Regulation. Member States should", "specifically designate the competent", "authorities responsible for the application", "of this Regulation, which should be", "afforded the supervisory and investigatory", "powers necessary for the exercise of their", "functions. A CSD should be subject to the", "authorisation and supervision of the", "competent authority of its place of", "establishment, which is well placed and", "should be empowered to examine how", "CSDs operate on a daily basis, to carry out", "regular reviews and to take appropriate", "action when necessary. That authority", "should however consult at the earliest stage", "and cooperate with other relevant", "authorities, which include the authorities", "responsible for the oversight of each", "securities settlement system operated by", "the CSD and, where applicable, the", "relevant central banks that act as settlement", "agent for each securities settlement system,", "and, also, where applicable, the competent", "authorities of other group entities. This", "cooperation also implies immediate", "information of the authorities involved in", "case of emergency situations affecting the", "liquidity and stability of the financial", "system in any of the Member States where", "the CSD or its participants are established.", "Whenever a CSD provides its services in", "another Member State than where it is", "established either by the establishment of a", "branch or by way of direct provision of", "services the competent authority of its", "place of establishment is mainly", "responsible for the supervision of that", "CSD. In accordance with Articles 8, 16", "and 30 of Regulation (EU) No 1095/2010,", "ESMA should be involved in coordinating", "the activities of competent authorities, to", "further strengthen consistency in", "supervisory outcomes. ESMA should also,", "where appropriate, request opinions or", "advice from the Securities and Markets", "Stakeholder Group referred to in Article", "37 of Regulation (EU) No 1095/2010 and", "periodically organise and conduct peer", "reviews on specific questions concerning", "the supervision of CSDs with cross-border", "activities and interoperability links." ], "location": [ [ "Proposal for a regulation", "Recital 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The regulation should cover all currently existing direct, indirect or mixed European holding\nmodels. In some jurisdictions the segregated investor accounts are for practical reasons\nadministered by specific account operators that usually are custodian banks or investment\nfirms. To ensure legal certainty across jurisdictions, the Regulation should recognize the role\nof account operators in addition to CSDs and participants now recognized in the Commission\nproposal.", "reference": "2012/0029(COD)", "seq": 156, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "(23 a) The direct holding systems in", "several Member States involve a", "particular tripartite relationship in which", "the investor has a direct account on the", "CSD level, but rights and obligations vis-", "\u00e0-vis the investor are shared between the", "CSD and the account operator. This", "sharing of functions should not be", "considered to be outsourcing as defined in", "Article 28." ], "location": [ [ "Proposal for a regulation", "Recital 23 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": [ "(25) Considering the global nature of", "financial markets and the systemic", "importance of the CSDs, it is necessary to", "ensure international convergence of the", "prudential requirements to which they are", "subject. The provisions of this Regulation", "should follow the existing", "recommendations developed by CPSS-", "IOSCO and ESCB-CESR. ESMA should", "consider the existing standards and their", "future developments when drawing up or", "proposing to revise the regulatory technical", "and implementing standards as well as the", "guidelines and recommendations required", "in this Regulation." ], "reference": "2012/0029(COD)", "seq": 158, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(25) Considering the global nature of", "financial markets and the systemic", "importance of the CSDs, it is necessary to", "ensure international convergence of the", "prudential requirements to which they are", "subject. The provisions of this Regulation", "should follow the existing CPSS-IOSCO", "principles for financial market", "infrastructures and the ESCB-CESR", "recommendations for securities settlement", "systems and recommendations for central", "counterparties in the European Union.", "ESMA should consider the existing", "standards and their future developments", "when drawing up or proposing to revise the", "regulatory technical and implementing", "standards as well as the guidelines and", "recommendations referred to in this", "Regulation." ], "location": [ [ "Proposal for a regulation", "Recital 25" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Necessary adjustment to allow for specificities of the direct holding model", "reference": "2012/0029(COD)", "seq": 161, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Kay Swinburne, Olle Schmidt, Sharon Bowles, Gunnar H\u00f6kmark", "date": "2012-12-11T00:00:00", "new": [ "(28 a) Account operators, as defined in", "some direct holding systems, record", "entries into securities accounts", "maintained by the CSD without", "necessarily being account providers", "themselves. In view of the need for legal", "certainty on the entries made into", "accounts at the CSD level, the specific", "role played by account operators should", "be recognised by this Regulation. It", "should therefore be possible, under", "specific circumstances and subject to", "strict rules laid down by law, to share the", "responsibility for maintaining securities", "accounts at the top tier level with another", "person that is subject to appropriate", "regulation and supervision." ], "location": [ [ "Proposal for a regulation", "Recital 28 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", "justification": "It is necessary to complement Article 28 on outsourcing with a provision that explicitly\nrecognises the sharing of responsibilities that is typical for direct holding markets. This\nsharing of responsibilities is a response to the challenge of safely maintaining vast numbers\nof owner accounts at the level of the CSD. In a direct holding system, the account operators\nprovide for registrations on accounts at the CSD level under an enclosed responsibility\naccording to law.", "reference": "2012/0029(COD)", "seq": 162, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "(28 a) Account operators, as defined in", "some direct holding systems, record", "entries into owner accounts maintained by", "the CSD without necessarily being", "account providers themselves. In view of", "the need for legal certainty on the entries", "made into accounts at the CSD level, the", "specific role played by account operators", "should be recognised. It should therefore", "be possible, under specific circumstances", "and subject to strict rules laid down by", "law, to share the responsibility for certain", "core CSD services with another person", "that is subject to appropriate regulation", "and supervision." ], "location": [ [ "Proposal for a regulation", "Recital 28 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": 166, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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. Credit institutions", "when acting as settlement agent, should", "only be allowed to provide to the CSD's", "participants the services set out in this", "Regulation, which are covered by the", "authorisation in accordance with this", "Regulation." ], "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", "justification": "In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should\nsettle, whenever practical and available, the cash leg of the securities transaction through\naccounts opened with a central bank (see recital 31). Proper functioning of such regime\nrequires that a CSD can access central bank money. This is also crucial in order to ensure\nfair competition between CSDs .", "reference": "2012/0029(COD)", "seq": 168, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 a) A CSD authorised under this", "regulation shall be deemed fit and proper", "to be granted necessary access to arrange", "settlement of the cash leg denominated in", "currencies of EU and EEA Member", "States through central bank accounts." ], "location": [ [ "Proposal for a regulation", "Recital 31 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": [ "(32) Considering that Directive", "2006/48/EC does not address specifically", "intraday credit and liquidity risks resulting", "from the provision of banking services", "ancillary to settlement, credit institutions", "providing such services should also be", "subject to specific enhanced credit and", "liquidity risk mitigation requirements that", "should apply to each securities settlement", "system in respect of which they act as", "settlement agents. In order to ensure full", "compliance with specific measures aimed", "at mitigating credit and liquidity risks, the", "competent authorities should be able to", "require CSDs to designate more than one", "credit institution whenever they can", "demonstrate, based on the available", "evidence, that the exposures of one credit", "institution to the concentration of credit", "and liquidity risks is not fully mitigated." ], "reference": "2012/0029(COD)", "seq": 172, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(32) Considering that Directive", "2006/48/EC does not address specifically", "intraday credit and liquidity risks resulting", "from the provision of banking services", "ancillary to settlement, a CSD authorised", "as credit institution, or a designated credit", "institution, providing such services should", "also be subject to specific enhanced credit", "and liquidity risk mitigation requirements", "that should apply to each securities", "settlement system in respect of which they", "act as settlement agents. In order to ensure", "full compliance with specific measures", "aimed at mitigating credit and liquidity", "risks, the competent authorities should be", "able to require CSDs to designate more", "than one credit institution whenever they", "can demonstrate, based on the available", "evidence, that the exposures of one credit", "institution to the concentration of credit", "and liquidity risks is not fully mitigated." ], "location": [ [ "Proposal for a regulation", "Recital 32" ] ] }, { "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": 175, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(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 or to act as a", "settlement agent itself after have being", "authorised according to this Regulation is", "an important measure to increase the safety", "and resilience of CSDs. The settlement", "agent should be authorised as credit", "institution and follow relevant Union", "regulation. The settlement agent is only", "authorised to perform the banking services", "supporting core CSD and ancillary", "services to settlement in accordance with", "this Regulation. There should also be", "additional rules for the settlement agent to", "handle 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." ], "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": 182, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "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", "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 coordinated rules for", "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(36) As operators of securities settlement", "systems, CSDs perform a key role in the", "process of transferring securities on", "securities accounts. In order to enhance", "legal certainty especially in a cross-border", "context, it is important to establish clear", "rules on the law applicable to ownership", "aspects in relation to the securities that are", "maintained by a CSD in its accounts.", "Following the approach taken by the", "existing conflict of laws rules, the", "applicable law should be the law of the", "place where the accounts of a CSD are", "maintained." ], "reference": "2012/0029(COD)", "seq": 185, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(36) As operators of securities settlement", "systems, CSDs perform a key role in the", "process of transferring securities on", "securities accounts. In order to enhance", "legal certainty especially in a cross-border", "context, it is important to establish clear", "rules on the law applicable to ownership", "aspects in relation to the securities that are", "maintained by a CSD in its accounts. Any", "question with respect to holding and", "disposition of financial instruments held", "by a CSD that arises as a consequence of", "the freedom to issue securities in a CSD", "authorised in the Union should be", "governed by the law of the jurisdiction", "where the account is maintained." ], "location": [ [ "Proposal for a regulation", "Recital 36" ] ] }, { "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": [ "(47) European Securities and Markets", "Authority (ESMA), established by", "Regulation (EU) No 1095/2010 of the", "European Parliament and of the Council of", "24 November 2010 establishing a", "European Supervisory Authority (ESMA),", "amending Decision No 716/2009/EC and", "repealing Commission Decision", "2009/77/EC, should play a central role in", "the application of this Regulation by", "ensuring consistent application of Union", "rules by national competent authorities and", "by settling disagreements between them." ], "reference": "2012/0029(COD)", "seq": 190, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(47) European Securities and Markets", "Authority (ESMA), established by", "Regulation (EU) No 1095/2010 of the", "European Parliament and of the Council of", "24 November 2010 establishing a", "European Supervisory Authority (ESMA),", "amending Decision No 716/2009/EC and", "repealing Commission Decision", "2009/77/EC, should play a central role in", "the application of this Regulation by", "ensuring consistent application of Union", "rules by national competent authorities and", "by settling disagreements between them.", "When preparing drafts of technical", "standards and delegated acts, ESMA", "should follow the principle of an open", "market economy with free competition in", "accordance with Article 119(1) and (2)", "TFEU." ], "location": [ [ "Proposal for a regulation", "Recital 47" ] ] }, { "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": [ "1. This Regulation lays down uniform", "requirements for the settlement of financial", "instruments in the Union and rules on the", "organisation and conduct of central", "securities depositories to promote safe and", "smooth settlement." ], "reference": "2012/0029(COD)", "seq": 196, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. This Regulation lays down uniform", "requirements for the settlement of financial", "instruments specified in points 1, 2, 3 of", "Section C of Annex I to Directive .../.../EU", "[new MiFID] in the Union and rules on the", "organisation and conduct of central", "securities depositories to promote safe and", "smooth settlement." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Articles 9 to 18 and 20 as well as the", "provisions of Title IV do not apply to the", "members of the European System of", "Central Banks (ESCB), other Member", "States\u2018 national bodies performing similar", "functions or Member States\u2019 public bodies", "charged with or intervening in the", "management of the public debt." ], "reference": "2012/0029(COD)", "seq": 201, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "4. Articles 7 (1), 9 to 18, 20, 25 and 44 as", "well as the provisions of Title IV shall not", "apply to the members of the European", "System of Central Banks (ESCB), other", "Member States\u2018 national bodies performing", "similar functions or Member States\u2019 public", "bodies charged with or intervening in the", "management of the public debt. This", "Regulation shall apply to the members of", "the ESCB when operating a securities", "settlement system and performing the core", "services listed in Section A of the Annex." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The definition creates an inconsistency with the definition in the settlement finality directive\nby redefining the securities settlement system. This amendment ensures consistency between\nthe two pieces of legislation.", "old": [ "(3) \u2018securities settlement system\u2019 means a", "system under the first and second indents", "of point (a) of Article 2 of Directive", "98/26/EC whose business consists of the", "execution of transfer orders as defined in", "the second indent of point (i) of Article 2", "of Directive 98/26/EC;" ], "seq": 211, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(3) \u2018securities settlement system\u2019 means a", "system under point (a) of Article 2 of", "Directive 98/26/EC whose business", "consists of the execution of transfer orders", "as defined in the second indent of point (i)", "of Article 2 of Directive 98/26/EC." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 229, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 a) 'omnibus account' means a", "securities account which holds securities", "that belong to multiple end investors;" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 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", "reference": "2012/0029(COD)", "seq": 232, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 b) 'single beneficiary securities", "account' means a securities account held", "by a single end investor;" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 b (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", "reference": "2012/0029(COD)", "seq": 235, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 c) 'end investor' means a natural or", "legal person that hold securities with a", "securities account provider for its own", "account, and not as a consequence of the", "provision of securities account services to", "a third party;" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 c (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", "reference": "2012/0029(COD)", "seq": 237, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 d) 'financial instrument' means those", "instruments specified in points 1, 2 and 3", "of Section C of Annex I to Directive", ".../.../EU [new MiFID];" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 d (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", "reference": "2012/0029(COD)", "seq": 238, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 f) 'small and medium-sized enterprise'", "(SME) means a company that has an", "average market capitalisation of less than", "EUR 200 000 000 in accordance with", "Article 4 (12) of Directive No.../...[new", "MiFID];" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 f (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", "reference": "2012/0029(COD)", "seq": 239, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(31 e) 'SME growth market' means a", "MTF that is registered as an SME growth", "market in accordance with Article 35 of", "Directive No.../...[new MiFID];" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 31 e (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", "justification": "Service provided by the CSD should contribute to enhancing the safety, efficiency and\ntransparency of the securities markets. One of the main issues in this regulation is the risk-\nprofile of a CSD and what type of services a CSD therefore can be able to provide. Such\nessential legislation should be changed or amended on level 1.", "old": [ "2. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 64 concerning measures to specify", "the technical elements of the definitions in", "points (17), (20), (21) and (22) of", "paragraph 1, and to specify the ancillary", "services set out in points (1) to (4) of", "Section B of the Annex and the services", "set out in points (1) and (2) of Section C", "of the Annex." ], "seq": 241, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 64 concerning measures to specify", "the technical elements of the definitions in", "points (17), (20), (21) and (22) of", "paragraph 1." ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In order to ensure a level playing field, the scope of the proposal should be extended to all\ntrading venues and not just to regulated markets. The original Commission wording of\n\u2018company\u2019 should be supported because it aims to include those companies which settle\nrather than those which register (i.e. funds). The latter are covered in EU legislation by\nAIFMD and UCITS legislation.", "old": [ "1. Any company that issues transferable", "securities which are admitted to trading on", "regulated markets shall arrange for such", "securities to be represented in book-entry", "form as immobilisation through the", "issuance of a global note, which represents", "the whole issue, or subsequent to a direct", "issuance of the securities into a", "dematerialised form." ], "seq": 244, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. Any company that issues transferable", "securities which are admitted to trading on", "regulated markets, or are traded on MTFs", "or OTFs shall arrange for such securities to", "be represented in book-entry form as", "immobilisation through the issuance of a", "global note, which represents the whole", "issue, or subsequent to a direct issuance of", "the securities into a dematerialised form." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. As regards transferable securities", "referred to in paragraph 1 which are traded", "on regulated markets, MTFs or OTFs, the", "intended settlement date shall be no later", "than on the second business day after the", "trading takes place." ], "reference": "2012/0029(COD)", "seq": 257, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. As regards transferable securities", "referred to in paragraph 1 which are", "admitted to trading on regulated markets,", "or traded on MTFs or OTFs, the intended", "settlement date shall be no later than on the", "second business day after the trading takes", "place." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Trading venues already provide their members with confirmation of activity executed in near\nreal time as the point of execution ESMA does not need to define standards to achieve this\nactivity as they already exist and the ECB does not need to be consulted.", "old": [ "1. Any regulated market, MTF or OTF", "shall establish procedures that enable the", "confirmation of relevant details of", "transactions in financial instruments", "referred to in Article 5 (1) on the date", "when the orders have been sent to it." ], "seq": 269, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "deleted" ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The European Securities and Markets", "Authority (ESMA) shall develop in", "consultation with the members of the", "European System of Central Banks (ESCB)", "draft regulatory technical standards to", "specify the details of the procedures", "enabling confirmation of relevant details of", "transactions and facilitating settlement", "referred to in paragraphs 1 and 2 and the", "details of the monitoring tools identifying", "likely settlement fails referred to in", "paragraph 3." ], "reference": "2012/0029(COD)", "seq": 277, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "The European Securities and Markets", "Authority (ESMA) shall develop in", "consultation and cooperation with the", "members of the European System of", "Central Banks (ESCB) draft regulatory", "technical standards to specify the details of", "the procedures enabling confirmation of", "relevant details of transactions and", "facilitating settlement referred to in", "paragraph 2 and the details of the", "monitoring tools identifying likely", "settlement fails referred to in paragraph 3." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 4 \u2013 subparagraph 1" ] ] }, { "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": [ "1. For each securities settlement system it", "operates, a CSD shall establish a system", "that monitors settlement fails of", "transactions in financial instruments", "referred to in Article 5(1). It shall provide", "regular reports to the competent authority", "and to any person with a legitimate interest", "as to the number and details of settlement", "fails and any other relevant information.", "The competent authorities shall share with", "ESMA any relevant information on", "settlement fails." ], "reference": "2012/0029(COD)", "seq": 282, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. For each securities settlement system it", "operates, a CSD shall establish a system", "that monitors settlement fails of", "transactions in financial instruments", "referred to in Article 5(1). It shall provide", "regular reports to the competent authority", "as defined in Article 11 and to any person", "with a legitimate interest as to the number", "and details of settlement fails and any other", "relevant information. The competent", "authorities shall share with ESMA and the", "ESCB any relevant information on", "settlement fails." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This proposal is in line with Regulation 236/2012 on Short Selling and is needed to ensure\nthat there is no scope for participants to be charged penalties twice for the same settlement\nfail, otherwise, participants could be subject to penalties from both the CCP and the CSD or\nexchange. Additionally, in a T2S environment unsettled transactions will be charged with a\nspecific failed settlement fee.", "old": [ "2. For each securities settlement system it", "operates, a CSD shall establish procedures", "that facilitate settlement of transactions in", "financial instruments referred to in Article", "5(1) that are not settled on the intended", "settlement date. These procedures shall", "provide for a sufficiently deterrent penalty", "mechanism for participants that cause the", "settlement fails." ], "seq": 283, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. For each securities settlement system it", "operates, a CSD shall establish procedures", "that facilitate settlement of transactions in", "financial instruments referred to in Article", "5(1) that are not settled on the intended", "settlement date referred to in Article 5(2).", "These procedures shall provide for a", "sufficiently deterrent penalty mechanism", "for participants that cause the settlement", "fails where there is not already such a", "procedure provided for by a CCP in a", "Member State under Regulation", "236/2012/EU [short selling]." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "CCPs rely completely on clearing participants to fulfil their obligations. Therefore, they\nshould be exempted from any deterrent mechanism.", "old": [ "2. For each securities settlement system it", "operates, a CSD shall establish procedures", "that facilitate settlement of transactions in", "financial instruments referred to in Article", "5(1) that are not settled on the intended", "settlement date. These procedures shall", "provide for a sufficiently deterrent penalty", "mechanism for participants that cause the", "settlement fails." ], "seq": 284, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. For each securities settlement system it", "operates, a CSD, in consultation with the", "relevant regulated markets, MTFs, OTFs", "and CCPs in respect of which it provides", "settlement services, shall establish", "procedures that facilitate settlement of", "transactions in financial instruments", "referred to in Article 5(1) that are not", "settled on the intended settlement date.", "These procedures shall provide for a", "sufficiently deterrent penalty mechanism", "for participants, other than the CCP, that", "cause the settlement fails." ], "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-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Regulated markets, MTFs or OTFs are not directly involved in the settlement process.\nTherefore the trading venues shall not be responsible for establishing procedures to suspend\na participant that fails to settle.", "old": [ "6. CSDs, CCPs, regulated markets, MTFs", "and OTFs shall establish procedures that", "enable them to suspend any participant that", "fails systematically to deliver the financial", "instruments referred to in paragraph 1 or", "cash on the intended settlement date and to", "disclose to the public its identity only after", "giving that participant the opportunity to", "submit its observations." ], "seq": 289, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "6. CSDs and CCPs shall establish", "procedures that enable them to suspend any", "participant that fails systematically to", "deliver the financial instruments referred to", "in paragraph 1 or cash on the intended", "settlement date and to disclose to the public", "its identity only after giving that participant", "the opportunity to submit its observations." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Regulated markets, MTFs or OTFs are not directly involved in the settlement process.\nTherefore the trading venues shall not be responsible for establishing procedures to suspend\na participant that fails to settle.", "old": [ "Paragraphs 2 to 6 shall apply to all", "transactions of the instruments referred to", "in Article 5 (1) which are admitted to", "trading on regulated markets, traded on", "MTFs or OTFs or cleared by a CCP." ], "seq": 291, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Paragraphs 2 to 5 shall apply to all", "transactions of the instruments referred to", "in Article 5 (1) which are admitted to", "trading on regulated markets, traded on", "MTFs or OTFs or cleared by a CCP." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 7 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Regulated Markets, MTFs and the proposed OTFs cannot be responsible for a buy-in regime\nrelated to OTC instruments, which do not pass through the exchange or are related to the\nexchange in any way. It is the relevant settlement infrastructure which must have rules to\nensure that such measures are enforceable, as they see both the trading that passes through\nregulated venues and the ones that is purely OTC.", "old": [ "For transactions not cleared by a CCP, the", "regulated markets, MTFs and OTFs shall", "include in their internal rules an obligation", "on their participants to be subject to the", "measures referred to in paragraph 3 to 5." ], "seq": 294, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "For transactions not cleared by a CCP the", "relevant settlement infrastructure, at the", "request of the non defaulting participants,", "shall include in their internal rules an", "obligation on their participants to be", "subject to the measures referred to in", "paragraph 3 to 5." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 7 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The Regulation needs to give guidance to ESMA and other policy makers when designing the\nharmonised penalty mechanism. This mechanism needs to be a sufficient deterrent to prevent\nsettlement fails, but it should also be proportionate. The settlement fail may be the result of a\nnumber of factors which may be outside the control of the market participant and it would be\nunfair to penalise market participants based on reasons which are beyond their control.", "old": [ "ESMA shall develop in consultation with", "the members of the ESCB draft regulatory", "technical standards to specify the details of", "the system monitoring settlement fails and", "the reports on settlement fails referred to in", "paragraph 1, of the procedures facilitating", "settlement of transactions following", "settlement fails referred to in paragraph 2", "and the measures referred to in paragraphs", "3 to 5." ], "seq": 300, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "ESMA shall develop in consultation with", "the members of the ESCB draft regulatory", "technical standards to specify the details of", "the system monitoring settlement fails and", "the reports on settlement fails referred to in", "paragraph 1, of the procedures facilitating", "settlement of transactions following", "settlement fails referred to in paragraph 2,", "including mitigating factors and an upper", "cap on the daily penalties and the", "measures referred to in paragraphs 3 to 5.", "The procedures referred to in paragraph 2", "and the daily penalty referred to in", "paragraph 4, shall be commensurate to", "the scale and seriousness of the offence." ], "location": [ [ "Proposal for a regulation", "Article 7 \u2013 paragraph 8 \u2013 subparagraph 1" ] ] }, { "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": [ "(b) where applicable, the central bank in", "the Union in whose books the cash leg of a", "securities settlement system operated by", "the CSD is settled or, in case of settlement", "through a credit institution in accordance", "with Title IV, the central bank in the Union", "of issue of the relevant currency." ], "reference": "2012/0029(COD)", "seq": 311, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(b) where applicable, the central bank in", "the Union issuing the currency in which", "settlement takes place or in whose books", "the cash leg of a securities settlement", "system operated by the CSD is settled or,", "in case of settlement through a credit", "institution in accordance with Title IV, the", "central bank in the Union of issue of the", "relevant currency." ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 1 \u2013 point b" ] ] }, { "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": [ "In order to ensure consistent, efficient and", "effective supervisory practices within the", "Union, including cooperation between", "authorities referred to in Articles 9 and 11", "in the different assessments necessary for", "the application of this Regulation, ESMA", "may issue guidelines addressed to", "authorities referred to in Article 9 in", "accordance with Article 16 of Regulation", "(EU) No 1095/2010." ], "reference": "2012/0029(COD)", "seq": 317, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "In order to ensure consistent, efficient and", "effective supervisory practices within the", "Union, including cooperation between", "authorities referred to in Articles 9 and 11", "in the different assessments necessary for", "the application of this Regulation, ESMA", "may, in close cooperation with ESCB,", "issue guidelines addressed to authorities", "referred to in Article 9 in accordance with", "Article 16 of Regulation (EU) No", "1095/2010." ], "location": [ [ "Proposal for a regulation", "Article 12 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "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": [ "The authorities referred to in Articles 9 and", "11 shall immediately inform ESMA and", "each other of any emergency situation", "relating to a CSD, including of any", "developments in financial markets, which", "may have an adverse effect on market", "liquidity and on the stability of the", "financial system in any of the Member", "States where the CSD or one of its", "participants are established." ], "reference": "2012/0029(COD)", "seq": 321, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "The authorities referred to in Articles 9 and", "11 shall immediately inform ESMA and", "ESRB and each other of any emergency", "situation relating to a CSD, including of", "any developments in financial markets, in", "particular in the currency markets, which", "may have an adverse effect on market", "liquidity and on the stability of the", "financial system in any of the Member", "States where the CSD or one of its", "participants are established." ], "location": [ [ "Proposal for a regulation", "Article 13 \u2013 paragraph 1" ] ] }, { "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": [ "3. An authorised CSD shall not be exposed", "to any risks related to the provision of", "banking type of ancillary services by the", "credit institution designated to provide", "such services in accordance with Title IV." ], "reference": "2012/0029(COD)", "seq": 333, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "3. An authorised CSD shall not be exposed", "to any other risks than those related to the", "provision of banking type of ancillary", "services in accordance with Title IV." ], "location": [ [ "Proposal for a regulation", "Article 16 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "When it comes to standard or customised access a CSD is a participant to another CSD on\nthe same conditions as the other participants, i.e. a systematic integration on equal terms.\nSuch access is customary and should not require authorization. When it comes to\ninteroperable links it is more of a supplier/customer relationship, hence, authorization should\nbe required.", "old": [ "(d) setting up any CSD link." ], "seq": 343, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(d) setting up an interoperable CSD link." ], "location": [ [ "Proposal for a regulation", "Article 17 \u2013 paragraph 1 \u2013 point d" ] ] }, { "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": [ "2. Central banks shall immediately inform", "ESMA of any CSD that they operate." ], "reference": "2012/0029(COD)", "seq": 351, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "2. Central banks shall immediately inform", "ESMA of the securities settlement system", "that they operate." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is necessary to complement Article 28 on outsourcing with a provision that explicitly\nrecognises the sharing of responsibilities that is typical for direct holding markets. This\nsharing of responsibilities is a response to the challenge of safely maintaining vast numbers\nof owner accounts at the level of the CSD. In a direct holding system, the account operators\nprovide for registrations on accounts at the CSD level under an enclosed responsibility\naccording to law.", "old": [ "3. The name of each CSD operating in", "compliance with this Regulation and to", "which authorisation or recognition has", "been granted under Articles 14, 17 and 23", "shall be entered in a list specifying the", "services and classes of financial", "instruments for which the CSD has been", "authorised. The list shall include branches", "operated by the CSD in other Member", "States and CSD links. ESMA shall publish", "the list on its dedicated website and keep it", "up to date." ], "seq": 352, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "3. The name of each CSD operating in", "compliance with this Regulation and to", "which authorisation or recognition has", "been granted under Articles 14, 17 and 23", "shall be entered in a list specifying the", "services and classes of financial", "instruments for which the CSD has been", "authorised. The list shall include branches", "operated by the CSD in other Member", "States, CSD links and Member States", "where Article 28a on shared services", "applies. ESMA shall publish the list on its", "dedicated website and keep it up to date." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 3" ] ] }, { "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": [ "1. The competent authority shall, at least", "on an annual basis, review the", "arrangements, strategies, processes and", "mechanisms implemented by a CSD with", "respect to compliance with this Regulation", "and evaluate the risks to which the CSD is,", "or might be, exposed." ], "reference": "2012/0029(COD)", "seq": 357, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "1. The competent authority shall, at least", "on an annual basis, review the", "arrangements, strategies, processes and", "mechanisms implemented by a CSD with", "respect to compliance with this Regulation", "and evaluate the direct and indirect risks to", "which the CSD is, or might be, exposed." ], "location": [ [ "Proposal for a regulation", "Article 20 \u2013 paragraph 1" ] ] }, { "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": [ "5. The competent authority shall regularly,", "and at least once a year, inform the", "relevant authorities referred to in Article 11", "of the results, including any remedial", "actions or penalties, of the review and", "evaluation referred to in paragraph 1." ], "reference": "2012/0029(COD)", "seq": 363, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "5. The competent authority shall discuss", "regularly and in advance inform the", "relevant authorities referred to in Article 11", "of the results, including any remedial", "actions or penalties, of the review and", "evaluation referred to in paragraph 1." ], "location": [ [ "Proposal for a regulation", "Article 20 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0029(COD)", "seq": 367, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "Article 20 a", "Exchange of information with ESRB and", "ESCB", "Competent authorities shall communicate", "information to the ESRB and to the", "relevant members of the ESCB where", "such information is relevant for the", "exercise of their duties." ], "location": [ [ "Proposal for a regulation", "Article 20 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": [ "(b) a programme of operations stating in", "particular the services which it intends to", "provide;" ], "reference": "2012/0029(COD)", "seq": 373, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(b) a programme of operations stating in", "particular the services which it intends to", "provide and the currency or currencies it", "processes;" ], "location": [ [ "Proposal for a regulation", "Article 21 \u2013 paragraph 2 \u2013 point b" ] ] }, { "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": [ "Cooperation between home and host", "authorities" ], "reference": "2012/0029(COD)", "seq": 386, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "Cooperation between home and host", "authorities and ESMA" ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-500.450%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Support the intention of the Rapporteur's proposal but is sceptic to the proposal that (ESCB)\nshall be consulted before ESMA performs a peer review since not all of the members of ESCB\nare supervisors. The Central banks shall be consulted during the peer review.", "reference": "2012/0029(COD)", "seq": 395, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "5 a. In accordance with Article 8, Article", "16 and Article 30 of Regulation (EU) No", "1095/2010, ESMA shall issue guidelines", "and recommendations addressed to", "competent authorities or financial market", "participants and periodically organise and", "conduct peer reviews of some or all of the", "activities of competent authorities, to", "further strengthen consistency in", "supervisory outcomes. The Authority", "shall, where appropriate, also request", "opinions or advice from the Securities and", "Markets Stakeholder Group referred to in", "Article 37 of Regulation (EU) No", "1095/2010 and conduct a peer review,", "including the members of the ESCB,", "concerning specific questions and", "concerning the supervision of CSDs", "related to cross-border activities or", "interoperability links." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 5 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", "justification": "ESMA needs 9 months to draft technical standards", "old": [ "6. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 64 concerning measures for", "establishing the criteria under which the", "operations of a CSD in a host Member", "State could be considered of substantial", "importance for the functioning of the", "securities markets and the protection of the", "investors in that host Member State." ], "seq": 396, "reference": "2012/0029(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-12-11T00:00:00", "new": [ "6. ESMA shall, after consulting competent", "authorities and the members of the ESCB,", "develop draft regulatory technical", "standards concerning measures for", "establishing the criteria under which the", "operations of a CSD in a host Member", "State could be considered of substantial", "importance for the functioning of the", "securities markets and the protection of the", "investors in that host Member State.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[nine 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 22 \u2013 paragraph 6" ] ] }, { "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": [ "ESMA shall develop draft implementing", "technical standards to establish standard", "forms, templates and procedures for the", "cooperation arrangements referred to in", "paragraphs 1, 3 and 5." ], "reference": "2012/0029(COD)", "seq": 399, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "ESMA shall develop in close cooperation", "with the members of the ESCB draft", "implementing technical standards to", "establish standard forms, templates and", "procedures for the cooperation", "arrangements referred to in paragraphs 1, 3", "and 5." ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 7 \u2013 subparagraph 1" ] ] }, { "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": [ "(b) the CSD is subject to effective", "authorisation and supervision ensuring a", "full compliance with the prudential", "requirements applicable in that third", "country;" ], "reference": "2012/0029(COD)", "seq": 401, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-12-11T00:00:00", "new": [ "(b) the CSD is subject to effective", "authorisation, supervision or, if the", "securities settlement system is operated by", "a member of a central bank, oversight,", "ensuring full compliance with the", "prudential requirements applicable in that", "third country;" ], "location": [ [ "Proposal for a regulation", "Article 23 \u2013 paragraph 2 \u2013 point b" ] ] }, { "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": 81, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "(1 a) It is critical that the banking union", "should contain democratic accountability", "mechanisms. There should be", "consideration of the function of national", "parliaments." ], "location": [ [ "Proposal for a regulation", "Recital 1 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", "justification": "This proposal would introduce severe imbalances in terms of voting in the EBA. Allowing for\ncoordination and expressing a common position would effectively mean that ECB would\nalways have 17 out of 27 votes therefore it would represent a majority of the MS which would\nmake it impossible to be out voted.", "old": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under", "that Regulation, the ECB is to coordinate", "and express the position of those Member", "States on the decisions to be taken by the", "Board of Supervisors of the European", "Banking Authority (EBA) falling within", "the scope of the ECB tasks." ], "seq": 92, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB." ], "location": [ [ "Proposal for a regulation", "Recital 3" ] ] }, { "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": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under that", "Regulation, the ECB is to coordinate and", "express the position of those Member", "States on the decisions to be taken by the", "Board of Supervisors of the European", "Banking Authority (EBA) falling within", "the scope of the ECB tasks." ], "reference": "2012/0244(COD)", "seq": 94, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] on a temporary basis until 31", "December 2015, confers specific tasks on", "the ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under that", "Regulation, the ECB is to coordinate and", "express the position of those Member", "States on the decisions to be taken by the", "Board of Supervisors of the European", "Banking Authority (EBA) falling within", "the scope of the ECB tasks. By 1 January", "2016 a permanent supervisory structure", "should be in place building on the existing", "European supervisory authorities while", "drawing upon the expertise and", "experience of the ECB, particularly for", "the execution of supervisory tasks. For", "this reason, all references to tasks", "conferred to the ECB in this Regulation", "shall be regarded as temporary, even", "where not explicitly stated." ], "location": [ [ "Proposal for a regulation", "Recital 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Uses part of rapporteur\u2019s amendment 1.", "old": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under that", "Regulation, the ECB is to coordinate and", "express the position of those Member", "States on the decisions to be taken by the", "Board of Supervisors of the European", "Banking Authority (EBA) falling within", "the scope of the ECB tasks." ], "seq": 95, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No .../...[127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under that", "Regulation the competent authorities", "participating in the ECB component of the", "SSM, when participating in the decision-", "making as Members of the Board of", "Supervisors of EBA should act", "independently and only in the interests of", "the Union and with a duty of care to the", "internal market. The EBA and all its", "formations and participants should not", "discriminate between Member States or a", "group of Member States either directly or", "indirectly." ], "location": [ [ "Proposal for a regulation", "Recital 3" ] ] }, { "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": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB. Under", "that Regulation, the ECB is to coordinate", "and express the position of those Member", "States on the decisions to be taken by the", "Board of Supervisors of the European", "Banking Authority (EBA) falling within", "the scope of the ECB tasks." ], "reference": "2012/0244(COD)", "seq": 96, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(3) In order to provide for the single", "supervisory mechanism, Council", "Regulation (EU) No \u2026/\u2026 [127(6)", "Regulation] confers specific tasks on the", "ECB concerning policies relating to the", "prudential supervision of credit institutions", "in the Member States whose currency is the", "euro. Other Member States may enter in a", "close cooperation with the ECB." ], "location": [ [ "Proposal for a regulation", "Recital 3" ] ] }, { "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": 108, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "(4 a) The single market and the cohesion", "of the EU must be secured. With regard to", "this, concerns such as governance and", "voting arrangements in the EBA should", "be considered carefully and equal", "treatment of Member States participating", "in the SSM and other Member States must", "be guaranteed." ], "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": 109, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(4 a) In order to prevent the risk that the", "establishment of a supervisory mechanism", "which covers only some of the Member", "States could lead to a fragmentation of", "supervisory practices within the internal", "market, it is fundamental that the single", "rulebook is accompanied by a European", "supervisory handbook, drawn up by EBA", "in consultation with national supervisory", "authorities, in order to identify the", "practices of the highest quality across the", "Union as regards supervisory", "methodologies and processes so that core", "Basel and Union principles are not", "undermined. The handbook should not", "restrict judgement led supervision and", "should also include, where appropriate", "and within the remit of EBA, the areas of", "consumer protection and efforts against", "money laundering. In addition to clear", "guidelines for the implementation of", "sectoral legislation, including technical", "standards, the handbook should set out", "metrics and methodologies for risk", "assessment, identification of early", "warnings and criteria for supervisory", "action. Competent authorities should", "apply the handbook strictly and should", "not treat it as a tick-box exercise. Any", "divergence in their practices should be", "considered as a significant element in the", "assessment of malpractices or breaches of", "Union law.", "(Modification of the rapporteur\u2019s", "amendment 3.)" ], "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": 111, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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", "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": 118, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(5) In view of the supervisory tasks", "conferred on the ECB by Council", "Regulation (EU) No .../... [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", "justification": "It should not be possible to create biased conditions for ECB and other competent authorities.\nFor that reason also the national competent authorities shall be granted the right to use the\n\u201ccomply or explain\u201d mechanism.", "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." ], "seq": 119, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "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", "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. Additionally, to ensure the", "level playing field between the ECB and", "Member States out of the single", "supervisory mechanism, the same right", "should be granted to the national", "competent authorities. 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." ], "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", "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": 121, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "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", "and to comply with the requirement for all", "Member States to be treated equally, the", "ECB should comply with EBA procedures", "in the same way as competent authorities", "of non-participating Member States. The", "EBA may establish comply or explain", "procedures, after which it will address", "individual decisions to the institutions", "concerned." ], "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": 123, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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", "justification": "The adaptation of the voting modalities to the new environment that will be created after the\nestablishment of the single supervisory mechanism (SSM) shall not be limited to the decisions\nwhich are taken by simple majority. It is also necessary to reconsider the rules on qualified\nmajority voting, as the SSM may also disturb level playing field between the Members States\nbelonging to the SSM and those which do not belong to it.", "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." ], "seq": 125, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "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." ], "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": [ "(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": 127, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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." ], "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", "justification": "It is reasonable to uphold the current way of adopting the decision of the panel, i.e. the\napproval (not the rejection) by the Board of Supervisors.", "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." ], "seq": 133, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "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 adopted by a simple", "majority, which should include simple", "majority of votes from Member States", "participating in the SSM and from Member", "States that do not participate in the SSM." ], "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", "justification": "Taken from Rapporteur's amendment 7, end of last sentence changed.", "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." ], "seq": 135, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "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 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. Furthermore, in", "order to maintain the necessary incentives", "for closer integration of Member States", "within a single Union-wide supervisory", "mechanism, where disagreements occur", "between home and host competent", "authorities, a balance should be", "maintained in the decision-making", "process to ensure that the ability of host", "Member States to apply stricter prudential", "standards is not undermined in particular", "where the entity in the host Member State", "is of systemic importance or size." ], "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", "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": 136, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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 the Member States with", "common euro currency and the second in", "the group of 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", "justification": "If there is a dispute it is best referred to the EU-wide level in the EBA not a separate panel.", "reference": "2012/0244(COD)", "seq": 137, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(7 a) It is important to maintain a balance", "among euro area and non-euro area", "competent authorities participating in the", "ECB component of the SSM since the", "latter are not represented on the", "Governing Council of the ECB.", "Therefore, where a competent authority", "from a Member State that has entered into", "close cooperation with the ECB in", "accordance with Regulation (EU) No .../...", "[127(6) Regulation] disagrees with a", "supervisory action of the ECB addressed", "to an institution within that Member", "State, it should be able to refer the matter", "to an the independent panel within EBA,", "consisting of the competent authorities of", "the participating Member States and of", "the Member States that have entered into", "close cooperation agreements with the", "ECB. The panel, by simple majority of the", "competent authorities represented, should", "be able to propose a decision on the", "matter to the Board of Supervisors, where", "it should be considered adopted unless", "opposed by a simple majority. Competent", "authorities not participating in the SSM", "may also refer decisions to the", "independent panel with regard to firms", "operating in their jurisdiction that may", "have serious implications for stability or", "the internal market.", "(Based on Rapporteur's amendment 6.)" ], "location": [ [ "Proposal for a regulation", "Recital 7 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", "justification": "The conflict of interest is result of factual situation not definition. The rule to exclude\npotential conflict of interest is basic safeguard for not-participating countries.", "old": [ "(8) The members of the independent panel", "set up according to Article 41(2) of", "Regulation (EU) No 1093/2010 should not", "be considered to be in a situation of", "conflict of interest on the sole ground that", "they are representatives of competent", "authorities which are part of the SSM and", "a given case to be decided upon by the", "Panel concerns the SSM. The EBA should", "develop rules of procedure for the panel", "that ensure its independence and", "objectivity." ], "seq": 138, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "(8) The EBA should develop rules of", "procedure for the panel that ensure its", "independence and objectivity." ], "location": [ [ "Proposal for a regulation", "Recital 8" ] ] }, { "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": [ "(8) The members of the independent panel", "set up according to Article 41(2) of", "Regulation (EU) No 1093/2010 should not", "be considered to be in a situation of", "conflict of interest on the sole ground that", "they are representatives of competent", "authorities which are part of the SSM and", "a given case to be decided upon by the", "Panel concerns the SSM. The EBA should", "develop rules of procedure for the panel", "that ensure its independence and", "objectivity." ], "reference": "2012/0244(COD)", "seq": 141, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(8) The members of the independent panel", "set up according to Article 41(2) of", "Regulation (EU) No 1093/2010 should be", "considered to be in a situation of conflict of", "interest, in particular, in cases when they", "represent the competent authority, which", "has jurisdiction within the Member State,", "in which the concerned credit institution", "operates. The EBA should develop rules of", "procedure for the panel that ensure its", "independence and objectivity." ], "location": [ [ "Proposal for a regulation", "Recital 8" ] ] }, { "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": 144, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(8 a) Since the Member States which", "entered into close cooperation with the", "SSM 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", "shall be established, which 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 SSM." ], "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": 148, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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, remaining in", "the close cooperation, and 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": 153, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "(10 a) The revision of Regulation (EU) No", "1093/2010 in light of the proposal for the", "SSM can distort the relatively good", "balance between euro and non-euro area", "countries which exists at the moment", "within the EBA. It can thus lead to a", "dominant position of the euro area when", "decisions on technical standards are", "made, which in turn would impact", "important financial sector regulations", "which concern the Union as a whole." ], "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-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 155, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(10 a) An effective single, Union-wide", "supervisory mechanism should include", "not only an authority with the power to", "design and ensure the consistent Union-", "wide implementation of a single rulebook,", "but also the harmonised execution by", "competent authorities of that single", "rulebook. While the ECB component of", "the SSM can perform this role for some", "Member States, it is not feasible for it to", "do so for all as there are institutional", "obstacles to ensuring equal treatment of", "non-euro area participants and a", "possibility of conflict between euro area", "monetary policy and Union-wide", "supervisory policy. Therefore, harmonised", "execution through a single supervisory", "body can only be achieved by other", "means. It is imperative that where there is", "a conflict between Euro-area monetary", "policy and Union-wide supervisory policy", "the requirements of Euro-area monetary", "policy are not imposed on non-Euro area", "countries where it would be damaging to", "their monetary policy. Any analysis of", "such conflict may not be made solely by", "the ECB, but must be referred inter alia to", "the ESRB. The monetary policy of the", "ECB must be conducted independently.", "(Modification of rapporteur\u2019s amendment", "11 - last sentence an addition.)" ], "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-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 168, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "-1e. In Article 1(5), the fourth", "subparagraph is replaced by the", "following:", "\"When carrying out its tasks, the", "Authority shall act independently,", "objectively and in a non discriminatory", "way in the interest of the Union as a", "whole and preserving the single market in", "financial services. While performing its", "duties the EBA, and all members of the", "Supervisory Board and any panel, shall", "not directly or indirectly discriminate", "against any Member State or group of", "Member States as a venue for financial", "services whether by reference to their", "currency or otherwise.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point -1 e (new)" ], [ "Regulation (EU) No 1903/2010", "Article 1 \u2013 paragraph 5 \u2013 subparagraph: 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", "justification": "Addition to rapporteur\u2019s amendment.", "reference": "2012/0244(COD)", "seq": 170, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "-1g. In Article 2(2) the following point", "shall be added after point f:", "\"(fa) the European Central Bank as a", "competent authority for prudential", "supervision.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point -1 g (new)" ], [ "Regulation EU No 1093/2010", "Article 2 \u2013 paragraph 2 \u2013 point (f) 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", "justification": "\nAddition to rapporteur\u2019s amendment.", "reference": "2012/0244(COD)", "seq": 172, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "-1i. Article 3 is replaced by the following:", "\"Accountability of the Authorities", "The Authorities comprising the ESFS", "referred to in Article 2(2) [...] shall be", "accountable to the European Parliament", "and the Council.", "For the competent or supervisory", "authorities referred to in Article 2(2)(f),", "the first paragraph shall apply without", "prejudice to their accountability to", "national parliaments.", "For the European Central Bank, this", "shall apply without prejudice to Article", "130 TFEU and only for matters related to", "the tasks conferred upon it by Regulation", "(EU) No.../...[conferring specific tasks on", "the ECB].", "The European Central Bank shall also be", "accountable on matters of prudential", "supervision to national authorities where", "it has taken or enforced action that would", "have led to such a right if the action had", "been instigated by the national competent", "authority. This accountability may be", "removed when there are common", "backstops available to all participating", "members in the SSM.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point -1 i (new)" ], [ "Regulation (EU) No 1093/2010", "Article 3" ] ] }, { "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": [ "\"(i) Competent authorities as defined in", "Directives 2006/48/EC and 2006/49/EC,", "including the ECB for matters related to", "the tasks conferred upon it by Council", "Regulation (EU) No \u2026/\u2026[127(6) TFEU", "Council Regulation], in Directive", "2007/64/EC, and as referred to in Directive", "2009/110/EC.\"" ], "reference": "2012/0244(COD)", "seq": 175, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "\"(i) Competent authorities as defined in", "Directives 2006/48/EC and 2006/49/EC,", "including the ECB for matters related to", "the tasks conferred upon it by Council", "Regulation (EU) No \u2026/\u2026[127(6) TFEU", "Council Regulation], in Directive", "2007/64/EC, and as referred to in Directive", "2009/110/EC. In all matters regarding", "tasks conferred upon it by Council", "Regulation (EU) No.../... and any other", "Union Act regarding those tasks and", "prudential supervision, the ECB shall not", "be granted additional powers beyond the", "role of competent authority for prudential", "supervision and shall be equivalent to", "competent authorities outside the SSM.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 1" ], [ "Regulation (EU) 1093/2010", "Article 4 \u2013 point 2 \u2013 point (i)" ] ] }, { "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": 184, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "1h. In Article 9(5), the first subparagraph", "is replaced by the following:", "\"5. The Authority may [...] prohibit or", "restrict certain financial activities not", "falling in the remit of ESMA that", "threaten the orderly functioning and", "integrity of financial markets or the", "stability of the whole or part of the", "financial system in the Union in the cases", "specified and under the conditions laid", "down in the legislative acts referred to in", "Article 1(2) or, if so required, in the case", "of an emergency situation in accordance", "with and under the conditions laid down", "in Article 18.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 1 h (new)" ], [ "Regulation EU No 1093/2010", "Article 9 \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": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3, the ECB shall comply with it", "or shall provide within 48 hours at the", "latest adequate justification to the", "Authority for its non-compliance.\"" ], "reference": "2012/0244(COD)", "seq": 194, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3, the competent authority shall", "comply with it or shall provide within 48", "hours at the latest adequate justification to", "the Authority for its non-compliance. The", "ECB shall establish whether it will", "enforce decisions following non-", "compliance. This shall be a blanket", "decision to cover all competent", "authorities.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b" ], [ "Regulation (EU) No 1093/2010", "Article 18 \u2013 paragraph 3a" ] ] }, { "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": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3, the ECB shall comply with it", "or shall provide within 48 hours at the", "latest adequate justification to the", "Authority for its non-compliance.\"" ], "reference": "2012/0244(COD)", "seq": 195, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3 concerning tasks other than", "those conferred upon it by Regulation", "(EU) No .../... [conferring specific tasks", "on the ECB] , the European Central Bank", "shall comply with it or shall provide within", "48 hours at the latest adequate public", "justification to the Authority for its non-", "compliance.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b" ], [ "Regulation (EU) No 1093/2010", "Article 18 \u2013 paragraph 3a (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": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3, the ECB shall comply with it", "or shall provide within 48 hours at the", "latest adequate justification to the", "Authority for its non-compliance.\"" ], "reference": "2012/0244(COD)", "seq": 196, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"3a. Where the Authority requests the", "competent authority to take the necessary", "action in accordance with paragraph 3, the", "competent authority shall comply with it", "or shall provide within 48 hours at the", "latest adequate justification to the", "Authority for its non-compliance.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b" ], [ "Regulation (EU) No 1093/2010", "Article 18 \u2013 paragraph 3a" ] ] }, { "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": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take the", "necessary action in accordance with", "paragraph 3, the ECB shall comply with it", "or shall provide within 48 hours at the", "latest adequate justification to the", "Authority for its non-compliance.\"" ], "reference": "2012/0244(COD)", "seq": 197, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"3a. Where the Authority requests the", "competent authority to take specific action", "or to refrain from action in accordance", "with paragraph 3, the competent authority", "shall comply with it or shall within ten", "working days of the receipt of the request", "provide adequate justification to the", "Authority for its non-compliance.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point b" ], [ "Regulation (EU) No 1093/2010", "Article 18 \u2013 paragraph 3a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposal of Commission causes unjustified, unequal treatment of competent authorities,\ni.e. ensures the ECB better position in the settlement of disagreements process. The\namendment allows each competent authority to apply \u201ccomply or explain\u201d mechanism. In\nsuch a case EBA may always make its own decision on a basis of art. 19.4", "old": [ "\"3a. Where the Authority requests the ECB", "as competent authority to take specific", "action or to refrain from action in", "accordance with paragraph 3, the ECB", "shall comply with it or shall within ten", "working days of the receipt of the request", "provide adequate justification to the", "Authority for its non-compliance.\"" ], "seq": 201, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Jan Olbrycht, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "\"3a. Where the Authority requests the", "competent authority to take specific action", "or to refrain from action in accordance with", "paragraph 3, the competent authority shall", "comply with it or shall within ten working", "days of the receipt of the request provide", "adequate justification to the Authority for", "its non-compliance.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 3" ], [ "Regulation (EU) No 1093/2010", "Article 19 \u2013 paragraph 3a" ] ] }, { "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": 204, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "3 b. The following Article is inserted after", "Article 19:", "\"Article 19a", "In a situation when the competent", "authority, which entered into close", "cooperation with the ECB in accordance", "with Regulation (EU) No .../... [127(6)", "TFEU Council Regulation] does not", "agree with the final supervisory decision", "adopted by the SSM regarding a credit", "institution operating in the Member State", "of its jurisdiction, it has the right to veto", "the execution of every such decision and", "refer it to the independent panel,", "mentioned in the Article 41, established by", "the EBA. The decision proposed by the", "independent panel shall be considered as", "adopted only if accepted by the Board of", "Supervisors in accordance with Article", "44.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 3 b (new)" ], [ "Regulation (EU) No 1093/2010", "Article 19a (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", "justification": "If the information is necessary to enable competent authority to fulfil its duties, EBA shall be\nobligated to deliver required information.", "old": [ "\"3. Upon a duly justified request from a", "competent authority, the Authority may", "provide any information that is necessary", "to enable the competent authority to carry", "out its duties, in accordance with the", "professional secrecy obligations laid down", "in sectoral legislation and in Article 70.\"" ], "seq": 212, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Kri\u0161j\u0101nis Kari\u0126\u0161, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "\"3. Upon a duly justified request from a", "competent authority, the Authority shall", "provide any information that is necessary", "to enable the competent authority to carry", "out its duties, in accordance with the", "professional secrecy obligations laid down", "in sectoral legislation and in Article 70.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 4" ], [ "Regulation (EU) No 1093/2010", "Article 35 \u2013 paragraph 3" ] ] }, { "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": [ "\"3. Upon a duly justified request from a", "competent authority, the Authority may", "provide any information that is necessary", "to enable the competent authority to carry", "out its duties, in accordance with the", "professional secrecy obligations laid down", "in sectoral legislation and in Article 70.\"" ], "reference": "2012/0244(COD)", "seq": 213, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"3. Upon a duly justified request from a", "competent authority, the Authority shall", "provide any information that is necessary", "to enable the competent authority to carry", "out its duties, in accordance with the", "professional secrecy obligations laid down", "in sectoral legislation and in Article 70.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 4" ], [ "Regulation (EU) No 1093/2010", "Article 35 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment aims at strengthening the objectivity of the panel. It is not enough to set the\nrule that at least one of the members of the panel is from a non-participating MS, as this\ncountry may be close cooperating country.", "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].\"" ], "seq": 219, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "\"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 neither a", "participating Member State in accordance", "with Regulation (EU) No \u2026/\u2026 [127(6)", "TFEU Council Regulation] nor has", "entered into close cooperation with the", "ECB in accordance with that Regulation.\"" ], "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", "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": 222, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"For the purposes of Article 17 and 19, the", "Board of Supervisors shall establish 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 currency is not the", "euro, at least one of which shall be from a", "Member State not exercising close", "cooperation with the SSM 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", "old": [ "\"3. The panel shall propose a decision for", "final adoption by the Board of", "Supervisors, in accordance with the", "procedure set out in the third", "subparagraph of Article 44(1).\"" ], "reference": "2012/0244(COD)", "seq": 224, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"3. The members of the panel shall act", "independently, objectively in accordance", "with Article 42 and shall not be in a", "situation of conflict of interest. It shall be", "recognized that the members of the panel", "remain in a situation of conflict of", "interests, in particular, in cases when they", "represent the competent authority, which", "has the jurisdiction within the Member", "State, in which the concerned credit", "institution operates.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 5" ], [ "Regulation (EU) No 1093/2010", "Article 41 \u2013 paragraph 3" ] ] }, { "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 Board of Supervisors shall adopt", "rules of procedure for the panel referred", "to in paragraph 2, including rules", "implementing the requirement set out in", "the second subparagraph of that", "paragraph.\"" ], "reference": "2012/0244(COD)", "seq": 226, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"4. By way of derogation from paragraph", "2, 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 currency is not", "the euro.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 5" ], [ "Regulation (EU) 1093/2010", "Article 41 \u2013 paragraph 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", "old": [ "6. In Article 42 the following paragraph is", "added:", "\"The first and second paragraphs are", "without prejudice to the tasks conferred", "upon the ECB by Regulation (EU) No", "\u2026/\u2026 [127(6) TFEU Council", "Regulation].\"" ], "reference": "2012/0244(COD)", "seq": 229, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 6" ], [ "Regulation (EU) No 1093/2010", "Article 42" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "According to the proposed ECB Regulation, the ECB will be able to coordinate the SSM\nMember States\u2019 positions and by doing so affect the positions of the members of the Board of\nSupervisors. It is very important that the ECB not be given the possibility to manage the\nEBA\u2019s work in practice through its own instructions to national supervisory authorities of\nMember States part of the banking union.", "old": [ "6. In Article 42 the following paragraph is", "added:", "\"The first and second paragraphs are", "without prejudice to the tasks conferred", "upon the ECB by Regulation (EU) No", "\u2026/\u2026 [127(6) TFEU Council", "Regulation].\"" ], "seq": 230, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 6" ], [ "Regulation (EU) No 1093/2010", "Article 42" ] ] }, { "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": 236, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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 Members States with", "common euro currency and the second in", "the group of 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", "justification": "The voting modality on the issues enumerated in this paragraph shall be reconsidered. Taking\ninto account the growing importance of the binding technical standards, the requirement of\nparticipating countries to have a common stand on those issue, as well as the changes of the\nway of counting the qualified majority that will be introduced from 2014, there is a possibility\nthat the non-participating MS can be constantly outvoted. It seems to be necessary to\nintroduce some kind of safeguard also in this respect.", "old": [ "\"With regard to the acts specified in", "Articles 10 to 16 and measures and", "decisions adopted under the third", "subparagraph of Article 9(5) and Chapter", "VI and by way of derogation from the first", "subparagraph of this paragraph, the Board", "of Supervisors shall take decisions 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.\"" ], "seq": 238, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "\"With regard to the acts specified in", "Articles 10 to 16 and measures and", "decisions adopted under the third", "subparagraph of Article 9(5) and Chapter", "VI and by way of derogation from the first", "subparagraph of this paragraph, the Board", "of Supervisors shall take decisions 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, however the decisions to be", "passed shall be supported in parallel by at", "least simple majority of weighted votes in", "the group consisting of participating", "Member State in accordance with", "Regulation (EU) No .../...[127(6) TFEU", "Council Regulation] and those which", "have entered into close cooperation with", "the ECB in accordance with that", "Regulation, as well as in the group", "consisting of non-participating Members", "States.\"" ], "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 2" ] ] }, { "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": [ "\"With regard to the acts specified in", "Articles 10 to 16 and measures and", "decisions adopted under the third", "subparagraph of Article 9(5) and Chapter", "VI and by way of derogation from the first", "subparagraph of this paragraph, the Board", "of Supervisors shall take decisions 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.\"" ], "reference": "2012/0244(COD)", "seq": 241, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"With regard to the acts specified in", "Articles 10 to 16 and measures and", "decisions adopted under the third", "subparagraph of Article 9(5) and Chapter", "VI and by way of derogation from the first", "subparagraph of this paragraph, the Board", "of Supervisors shall take decisions 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, however the decisions to be", "passed shall be supported in parallel by at", "least simple majority of weighted votes in", "the group Member States with common", "euro currency, as well as in the group of", "remaining Member States.\"" ], "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 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is reasonable to uphold the current way of adopting the decision of the panel, i.e. the\napproval (not the rejection) by the Board of Supervisors. Those decision will be of great\nimportance, it shall be legitimized expressly by the Board of Supervisors by its approval. To\nensure objectivity of the decision, the non-participating Member States shall have the equal\nposition to those Member States which participate in SSM (taking also into account the need\nof participating countries to have a common stand on those issues, as the ECB shall\ncoordinate their position).According to the text proposed by the Commission, the ECB would\nbe able to reject any decision with the support of just 3 non-euro zone countries. The non-\nparticipating countries will not be able to reject any decision without the support of ECB. The\nsimilar concern will be still valid when the rejection will be replaced by the approval. To\nensure the balance, the decisions of the panel shall be considered as adopted if they were\nsupported by the simple majority in both of the groups of the Member States (participating\nand cooperating with SSM on one hand, and non-participating on another).", "old": [ "\"With regard to decisions in accordance", "with Articles 17 and 19, the decision", "proposed by the panel shall be considered", "as adopted unless it is rejected by a simple", "majority which shall include at least three", "votes from members of participating", "Member States and three votes from", "members of Member States which are", "neither participating Member States in", "accordance with Regulation (EU) No", "\u2026/\u2026[127(6) TFEU Council Regulation]", "nor have entered into close cooperation", "with the ECB in accordance with that", "Regulation.\"" ], "seq": 243, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Kri\u0161j\u0101nis Kari\u0126\u0161, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "\"With regard to decisions in accordance", "with Articles 17 and 19, the decision", "proposed by the panel shall be adopted by", "a simple majority however the decisions to", "be passed shall be supported in parallel by", "at least simple majority in the group", "consisting of participating Member State", "in accordance with Regulation (EU) No", ".../...[127(6) TFEU Council Regulation]", "and those which has entered into close", "cooperation with the ECB in accordance", "with that Regulation, as well as in the", "group consisting of non-participating", "Members States.\"" ], "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 3" ] ] }, { "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": [ "\"With regard to decisions in accordance", "with Articles 17 and 19, the decision", "proposed by the panel shall be considered", "as adopted unless it is rejected by a simple", "majority which shall include at least three", "votes from members of participating", "Member States and three votes from", "members of Member States which are", "neither participating Member States in", "accordance with Regulation (EU) No", "\u2026/\u2026[127(6) TFEU Council Regulation]", "nor have entered into close cooperation", "with the ECB in accordance with that", "Regulation.\"" ], "reference": "2012/0244(COD)", "seq": 246, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"With regard to decisions in accordance", "with Articles 17, 19, and 19a, the decision", "proposed by the panel shall be considered", "as adopted only if accepted by the Board", "of Supervisors at a simple majority in two", "separate votings, one of which takes place", "in the group of the Members States with", "common euro currency and the second in", "the group of 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 3" ] ] }, { "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": [ "\"By derogation from the third", "subparagraph, from the date when four or", "less Member States are neither", "participating Member States in", "accordance with Regulation (EU) No", "\u2026/\u2026 [127(6) TFEU Council Regulation]", "nor have entered into close cooperation", "with the ECB in accordance with that", "Regulation, the decision proposed by the", "panel shall be considered as adopted unless", "it is rejected by a simple majority which", "shall include at least one vote from", "members of those Member States.\"" ], "reference": "2012/0244(COD)", "seq": 249, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"By way of derogation from the third", "subparagraph, from the date when the euro", "is not the currency in only four Member", "States, the decision proposed by the panel", "shall be considered as adopted only if", "accepted by the Board of Supervisors at a", "simple majority which shall include at least", "one vote from members of those 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 \u2013paragraph 1 \u2013 subparagraph 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", "old": [ "\"Each member shall have one vote.\"" ], "reference": "2012/0244(COD)", "seq": 252, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "\"By way of derogation from the third", "subparagraph, from the date when the", "euro is not the currency in three or less", "Member States, the decision proposed by", "the panel shall be considered as adopted,", "only if accepted by the Board of", "Supervisors at a qualified majority of five-", "sixths of its members. 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 \u2013paragraph 1 \u2013 subparagraph 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": 253, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan, Piotr Borys, Danuta Jaz\u0142owiecka, Artur Zasada, Jacek Saryusz-Wolski", "date": "2012-10-30T00:00:00", "new": [ "\"The independent panel, mentioned in", "Article 41, with regard to decisions in", "accordance with Articles 17, 19, and 19a", "takes the decision at a qualified majority", "of four-fifths of its members. From the", "date when the euro is not the currency in", "only two Member States, the independent", "panel takes decisions by simple majority.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 7" ], [ "Regulation EU No 1093/2010", "Article 44 \u2013paragraph 1 \u2013 subparagraph 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", "reference": "2012/0244(COD)", "seq": 256, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "\"In cases when:", "(a) all and only Competent Authorities", "from participating Member States form", "the relevant majority for the purposes of", "subparagraphs 1 and 2; or", "(b) there are no competent authorities", "from a non participating Member State", "within the relevant majority for the", "purposes of subparagraphs 1 and 2,", "the decision shall act as a guideline in", "accordance with Article 16 of this", "Regulation. This shall not apply to", "decisions to refer matters to the", "Commission or the Council. The EBA", "may refer matters arising as a result of", "this provision and relating to compliance", "with Union Law to the Commission.", "Competent authorities from non", "participating Member States may request", "for the any decision to be suspended and", "taken by an independent panel.\"" ], "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 6 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", "justification": "In order for the composition of the Management Board to be proportionate and balanced, it is\nnecessary to at least increase the number of representatives from non-participating Member\nStates and those who have not entered into close cooperation.", "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.\"" ], "seq": 261, "reference": "2012/0244(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "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", "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.\"" ], "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-498.137%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": 264, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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 currency is not the euro, at least", "two of which come from the Member", "States, which did not enter into close", "cooperation with the SSM 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-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/0244(COD)", "seq": 265, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "8a. The following Article is inserted after", "Article 53:", "\"Article 53a", "The Chair and Executive Director shall", "make public meetings held, hospitality", "received and record publicly all expenses", "claims over 250 EUR.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8 a (new)" ], [ "Regulation (EU) No 1093/2010", "Article 53 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": 266, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "8 b. Article 58(3) is replaced by the", "following:", "\"3. Two members of the Board of", "Appeal and two alternates shall be", "appointed by the Management Board of", "the Authority from a short-list proposed", "by the Commission, following a public", "call for expressions of interest published", "in the Official Journal of the European", "Union, and after consultation of the", "Board of Supervisors. At least one", "member and his alternate should come", "from a Member State which currency is", "not the euro, nor has entered into close", "cooperation with the ECB in accordance", "with that Regulation. The other members", "shall be appointed in accordance with", "Regulation (EU) No 1094/2010 and", "Regulation (EU) No 1095/2010.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8 b (new)" ], [ "Regulation (EU) No 1093/2010", "Article 58 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.137%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The regulations concerning the balanced and proportionate composition of the Board of\nSupervisors should be implemented to the Board of Appeal accordingly.", "reference": "2012/0244(COD)", "seq": 267, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, Sharon Bowles, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "8 c. Article 58(3) is replaced by the", "following:", "\"3. Two members of the Board of", "Appeal and two alternates shall be", "appointed by the Management Board of", "the Authority from a short-list proposed", "by the Commission, following a public", "call for expressions of interest published", "in the Official Journal of the European", "Union, and after consultation of the", "Board of Supervisors. At least one", "member and his alternate shall be a", "representative from a Member State", "which is not a participating Member State", "in accordance with Regulation (EU)", "No.../... [127(6) TFEU Council", "Regulation] nor has entered into close", "cooperation with the ECB in accordance", "with that Regulation.", "The other members shall be appointed", "in accordance with Regulation (EU) No", "1094/2010 and Regulation (EU) No", "1095/2010.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8 c (new)" ], [ "Regulation (EU) No 1093/2010", "Article 58 \u2013 paragraph 3" ] ] }, { "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": 270, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "8f. The following Article is inserted after", "Article 81:", "\"Article 81a", "Review of Voting Arrangements", "When the number of Member States not", "participating in the SSM reduces to four,", "the Commission shall review and report", "on the voting arrangements in this", "Regulation.", "The report and any accompanying", "proposals, as appropriate, shall be", "forwarded to the European Parliament", "and to the Council.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8 f (new)" ], [ "Regulation (EU) No 1093/2010", "Article 81 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": 271, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "8g. The following Article is inserted after", "Article 81:", "\"Article 81b", "Review of the impact of the SSM on", "branches and subsidiaries", "The EBA shall closely monitor the impact", "of the SSM on bank branches and", "subsidiaries and report to the Parliament,", "Council and Commission on any pattern", "of changes. Competent authorities shall", "also be provided with the report.\"" ], "location": [ [ "Proposal for a regulation", "Article 1 \u2013 paragraph 1 \u2013 point 8 g (new)" ], [ "Regulation (EU) No 1093/2010", "Article 81 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": [ "Without prejudice to Article 81 of", "Regulation (EU) No 1093/2010, by 1", "January 2016, the Commission shall", "publish a report on the application of the", "provisions of this Regulation in relation to:" ], "reference": "2012/0244(COD)", "seq": 273, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "Without prejudice to Article 81 of", "Regulation (EU) No 1093/2010, by 31", "December 2013, the Commission shall", "publish a report on the application of the", "provisions of this Regulation in relation to:" ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "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": 281, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "The report shall be forwarded to the", "European Parliament and to the Council.", "The Commission shall make", "accompanying proposals to the report to", "establish by 1 January 2016 a single", "European Supervisory Authority built on", "the European System for Financial", "Supervision and competent for all aspects", "of prudential supervision in the Union." ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 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", "old": [ "(1) Over the past decades, the Union has", "made considerable progress in creating an", "internal market for banking services.", "Consequently, in many Member States,", "banking groups with their headquarters", "established in other Member States hold a", "significant market share, and credit", "institutions have geographically diversified", "their business, especially within the Euro", "area." ], "reference": "2012/0242(CNS)", "seq": 75, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(1) Over the past decades, the Union has", "made considerable progress in creating an", "internal market for banking services.", "Consequently, in many Member States,", "banking groups with their headquarters", "established in other Member States hold a", "significant market share, and credit", "institutions have geographically diversified", "their business." ], "location": [ [ "Proposal for a regulation", "Recital 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": [ "(4) Competence for supervision of", "individual banks in the Union remains", "mostly at national level. This limits the", "effectiveness of supervision and the ability", "of supervisors to reach a common", "understanding of the soundness of the", "banking sector throughout the Union. In", "order to preserve and increase the positive", "effects of market integration on growth and", "welfare, integration of supervisory", "responsibilities should therefore be", "enhanced." ], "reference": "2012/0242(CNS)", "seq": 90, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(4) Competence for supervision of", "individual banks in the Union remains", "mostly at national level. Coordination", "between supervisors is vital but the crisis", "has shown that mere coordination is not", "enough, in particular in the context of a", "single currency. In order to preserve and", "increase the positive effects of market", "integration on growth and welfare,", "integration of supervisory responsibilities", "should therefore be enhanced." ], "location": [ [ "Proposal for a regulation", "Recital 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": 96, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "(4 a) The single supervisory mechanism", "should not affect Member States prospects", "to impose higher prudential capital", "requirements for credit institutions above", "the minimum levels set out by EU law.", "Member States should also have the", "ability to put in force these higher", "requirements. This should apply for", "Member States regardless if a it joins the", "single supervisory mechanism or not." ], "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-498.138%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(9) A European banking union should", "therefore be set up, underpinned by a true", "single rulebook for financial services for", "the Single Market as a whole and", "composed of a single supervisory", "mechanism, and a common deposit", "insurance and resolution framework. . In", "view of the close links and interactions", "between Member States participating in the", "common currency, the banking union", "should apply at least to all Euro area", "Member States. With a view to", "maintaining and deepening the internal", "market, and to the extent that this is", "institutionally possible, the banking union", "should also be open to the participation of", "other Member States." ], "reference": "2012/0242(CNS)", "seq": 119, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Ramon Tremosa i Balcells, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(9) A European banking union should", "therefore be set up, underpinned by a true", "single rulebook for financial services for", "the Single Market as a whole and", "composed of a single supervisory", "mechanism, and a common deposit", "insurance and resolution framework. In", "view of the close links and interactions", "between Member States participating in the", "common currency, the banking union", "should apply at least to all Euro area", "Member States. Nevertheless, maintaining", "the unity of the internal market is of", "crucial importance, and the banking", "union must therefore be open to the", "participation of other Member States as", "well. The institutional and legal", "modalities to allow for this must strike a", "balance between equal status for all", "participating Member States and offering", "incentives for non-Euro area Member", "States to join the common currency." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "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": [ "(9) A European banking union should", "therefore be set up, underpinned by a true", "single rulebook for financial services for", "the Single Market as a whole and", "composed of a single supervisory", "mechanism, and a common deposit", "insurance and resolution framework. . In", "view of the close links and interactions", "between Member States participating in the", "common currency, the banking union", "should apply at least to all Euro area", "Member States. With a view to maintaining", "and deepening the internal market, and to", "the extent that this is institutionally", "possible, the banking union should also be", "open to the participation of other Member", "States." ], "reference": "2012/0242(CNS)", "seq": 124, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(9) A European banking union should", "therefore be set up, underpinned by a true", "single rulebook for financial services for", "the Single Market as a whole and", "composed of a single supervisory", "mechanism for prudential supervision of", "banks, and a common deposit insurance", "and resolution framework. . In view of the", "close links and interactions between", "Member States participating in the", "common currency, the banking union", "should apply at least to all Euro area", "Member States. With a view to maintaining", "and deepening the internal market, and to", "the extent that this is institutionally", "possible, the banking union should also be", "open to the participation of other Member", "States providing that there is no resulting", "discrimination." ], "location": [ [ "Proposal for a regulation", "Recital 9" ] ] }, { "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": 146, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "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 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, on a temporary", "basis and until a permanent supervisory", "structure has been put in place, conferred", "specific tasks concerning policies relating", "to the supervision of credit institutions", "within the Euro area. This permanent", "structure should be in place by the end of", "2015 at the latest, building on the existing", "European supervisory authorities while", "drawing upon the expertise and", "experience of the ECB, particularly for", "the execution of supervisory tasks. For", "this reason, all tasks conferred on the", "ECB in this regulation shall be regarded", "as temporary, even where not explicitly", "stated." ], "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": [ "(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": 151, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "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 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", "prudential supervision of credit institutions", "within the Euro area." ], "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": 159, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(12) The ECB should be conferred those", "specific prudential 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 and may include varying macro-", "prudential provisions under Union", "legislation relating to prudential", "supervision differently for individual", "Member States to address local", "circumstances. This should not exclude", "Member States also having the ability to", "vary macro-prudential controls in", "accordance with Union legislation." ], "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": 172, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "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 prudential supervisory tasks in", "relation to all banks of participating", "Member States." ], "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", "justification": "According to the ESRB/2011/3 and standard No. 138 of Basel III, national authorities should\nbe empowered to use macroprudential instruments (i.e. to set countercyclical capital buffer\nrate) for macroprudential purposes. The current proposal to centralize this responsibility on\nthe ECB level appears to be inconsistent with the above principles.", "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." ], "seq": 213, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "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": [ "(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": 214, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "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": [ "(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": 249, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(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 Treaties and single", "rulebook for financial services in the", "Union. In particular the ECB shall", "comply with all aspects of equality and", "non-discrimination on the basis of", "gender, nationality or between Member", "States and with any Union legislative", "measures intended to redress imbalances." ], "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", "justification": "Such power of ECB appears to be too far reaching and contradicts Article 42 of the\nRegulation No 1093/2010 establishing the European Banking Authority. All embers states,\nregardless the participation in the SSM, should be independent when exercising voting rights\nin the EBA.", "old": [ "(25) In order to ensure consistency", "between supervisory responsibilities", "conferred on the ECB and decision", "making within the EBA, the ECB should", "coordinate a common position amongst", "representatives of the national authorities", "of the participating Member States in", "relation to matters falling within its", "competence." ], "seq": 264, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 25" ] ] }, { "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": [ "(25) In order to ensure consistency", "between supervisory responsibilities", "conferred on the ECB and decision", "making within the EBA, the ECB should", "coordinate a common position amongst", "representatives of the national authorities", "of the participating Member States in", "relation to matters falling within its", "competence." ], "reference": "2012/0242(CNS)", "seq": 265, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 25" ] ] }, { "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": [ "(25) In order to ensure consistency", "between supervisory responsibilities", "conferred on the ECB and decision", "making within the EBA, the ECB should", "coordinate a common position amongst", "representatives of the national authorities", "of the participating Member States in", "relation to matters falling within its", "competence." ], "reference": "2012/0242(CNS)", "seq": 266, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(25) Article 42 of the EBA Regulation", "1093/2010 requires that the voting", "members of the Board of Supervisors", "shall act independently and objectively in", "the sole interest of the Union as a whole", "and shall neither seek nor take", "instructions from Union institutions or", "bodies, or from any government of a", "member State or from any other public or", "private body. It further requires that", "neither Member States, the Union", "institutions or bodies, nor any other", "public or private body should seek to", "influence the members of the Board of", "Supervisors in the performance of their", "tasks. Accordingly this should not be", "undermined by the ECB supervisory", "board nor governing council." ], "location": [ [ "Proposal for a regulation", "Recital 25" ] ] }, { "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": [ "(26) The ECB should carry out its tasks", "subject to and in compliance with any", "Union law rule including the whole of", "primary and secondary Union law,", "Commission decisions in the area of State", "aids, competition rules and merger control", "and the single rulebook applying to all", "Member States. The EBA is entrusted with", "developing draft technical standards and", "guidelines and recommendations ensuring", "supervisory convergence and consistency", "of supervisory outcomes within the Union.", "The ECB should not replace the exercise of", "these tasks by the EBA, and should", "therefore exercise powers to adopt", "regulations in accordance with Article 132", "TFEU only where Union acts adopted by", "the European Commission upon drafts", "developed by the EBA or guidelines and", "recommendations issued by the EBA do", "not deal with certain aspects necessary for", "the proper exercise of the ECB's tasks or", "do not deal with them in sufficient detail." ], "reference": "2012/0242(CNS)", "seq": 274, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(26) The ECB should carry out its tasks", "subject to and in compliance with any", "Union law rule including the whole of", "primary and secondary Union law,", "Commission decisions in the area of State", "aids, competition rules and merger control", "and the single rulebook applying to all", "Member States. The EBA is entrusted with", "developing draft technical standards and", "guidelines and recommendations ensuring", "supervisory convergence and consistency", "of supervisory outcomes within the Union.", "The ECB should not replace the exercise of", "these tasks by the EBA, and should", "therefore exercise powers to adopt", "regulations in accordance with Article 132", "TFEU only where Union acts adopted by", "the European Commission upon drafts", "developed by the EBA or guidelines and", "recommendations issued by the EBA do", "not deal with certain aspects necessary for", "the proper exercise of the ECB's tasks or", "do not deal with them in sufficient detail", "and providing there is no detrimental", "impact on the single market or", "assumption of responsibilities assigned to", "the EBA." ], "location": [ [ "Proposal for a regulation", "Recital 26" ] ] }, { "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": 284, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(29) 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 ensure", "equal treatment of all participating", "Member States taking into account the", "limits following from the Statute of ESCB", "and of the ECB." ], "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", "justification": "The current shape of rules relating to the mechanism of close cooperation is asymmetric.\nTransferring supervisory powers, without having any influence on decision making process,\nmight discourage the EU countries outside the euro area from joining the SSM.", "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." ], "seq": 291, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "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 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 ensure equal treatment of", "all participating Member States taking", "into account the limits following from the", "Statute of ESCB and of the ECB." ], "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": [ "(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": 314, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "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.", "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. The ECB should", "also be accountable to national", "parliaments for any actions imposed at", "least until such time as common financial", "backstops available to all participating", "Member States replace direct national", "taxpayer liability." ], "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", "justification": "Given to the fact that SSM is open also to non- eurozone countries, the accountability towards\nthe Eurogroup does not appear to be a sensible solution.", "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." ], "seq": 318, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "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.", "The ECB should therefore be accountable", "for the exercise of these tasks towards the", "European Parliament and the Council of", "Ministers 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", "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": 319, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(34) The conferral of supervisory tasks", "implies a significant responsibility for the", "ECB and its successor to safeguard", "financial stability in the Union, and to use", "its supervisory powers in the most effective", "and proportionate way. The ECB and its", "successor must therefore be accountable", "for the exercise of these tasks towards the", "European Parliament and the Council of", "Ministers 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", "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": 320, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "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.", "The ECB should therefore be accountable", "for the exercise of these tasks towards the", "European Parliament and the Council of", "Ministers 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-498.139%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": 341, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(36) In particular, a temporary supervisory", "board responsible for preparing decisions", "on supervisory matters should be set up as", "a separate entity within the ECB", "encompassing the specific expertise of", "national supervisors. The board should", "have a Chair appointed by the ECB", "Governing Council after an open", "selection procedure and after approval by", "the European Parliament. It should", "appoint a Vice-Chair amongst itself and it", "should be composed of representatives", "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 until a", "permanent supervisory structure has been", "put in place, 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." ], "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": [ "(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": 342, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "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 therefore be chaired by a", "Chair and a Vice-Chair elected by the", "supervisory board and composed, in", "addition, of representatives from the ECB", "and from national authorities. There", "should be a 50-50 gender balance on the", "supervisory board, including for the roles", "of Chair and Vice Chair. The Chair and", "Vice-Chair should only be appointed", "following confirmation by the European", "Parliament. 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", "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." ], "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", "reference": "2012/0242(CNS)", "seq": 348, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(36a) The minutes of the supervisory", "board including decisions relating to", "prudential supervision and voting records", "should be published, subject to any", "necessary professionally secrecy. The", "minutes of the Governing Council with", "regard to supervisory matters should be", "published." ], "location": [ [ "Proposal for a regulation", "Recital 36 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", "justification": "Based on 18 October 2012 Council conclusions.", "reference": "2012/0242(CNS)", "seq": 373, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(41a) The ECB should operate in a", "framework of openness, transparency and", "non-discrimination towards all Member", "States which do not use the single", "currency and with a duty of care towards", "the single market." ], "location": [ [ "Proposal for a regulation", "Recital 41 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", "reference": "2012/0242(CNS)", "seq": 374, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(41b) The ECB should enter into", "memorandums of understanding with the", "supervisors of Member States not", "participating in the supervisory", "mechanism. Where a Member State has a", "systemic interest with regard to branches", "or subsidiaries, the competent authority of", "those Member State should be present as", "an observer in the supervisory board." ], "location": [ [ "Proposal for a regulation", "Recital 41 b (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", "reference": "2012/0242(CNS)", "seq": 375, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "(43a) It is critical that the banking union", "contains democratic accountability", "mechanisms. There should be", "consideration of the function of national", "parliaments." ], "location": [ [ "Proposal for a regulation", "Recital 43 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": [ "(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": 389, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(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, with the ECB", "accepting the relevant national legal", "responsibility and democratic", "accountability." ], "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", "reference": "2012/0242(CNS)", "seq": 395, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(47a) Whereas the pending financial", "crisis contributed immensely to the", "fragmentation of European financial", "markets, it is indispensable to enhance the", "common integrated financial framework.", "However, it should be borne in mind that", "the deepening of integration in the EMU", "cannot give rise to new, not outlined in", "the Treaties, convergence criteria, which", "can create additional barriers to entry for", "countries under a temporary derogation." ], "location": [ [ "Proposal for a regulation", "Recital 47 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", "reference": "2012/0242(CNS)", "seq": 396, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(47b) Whereas, efforts to secure financial", "stability within the EU require a", "diversified approach to distinctive types of", "risks in different markets and considering", "that the economies of the Member States,", "including those in the EMU, remain", "heterogeneous and that economic cycles", "are not synchronized, it should be borne", "in mind that according to the ESRB", "Recommendation (ESRB/2011/3) and", "standard no. 138 of Basel III, effective", "response to the problems of", "macroeconomic imbalances necessitates", "the use of discretionary instruments at", "local level. Moreover, the scope to", "customize macroprudential instruments is", "of the utmost significance to the Member", "States remaining in the EMU, due to their", "inability to use macroeconomic automatic", "stabilizers, such as interest rate or", "exchange rate." ], "location": [ [ "Proposal for a regulation", "Recital 47 b (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", "justification": "Article 119 paragraphs (1) and (2) of the TFEU state that Member States' economic policies\nshall be based on the principle of \"an open market economy with free competition\". The role\nof the ECB with regard to prudential supervision should not undermine this treaty provision.\nArticle 1 (5) (d) of the EBA regulation states that the Authority should contribute to\n\"preventing regulatory arbitrage and promoting equal conditions of competition\".", "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." ], "seq": 400, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "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 full regard and duty of care for the", "unity and integrity of the internal market", "and respecting equality of Member States,", "freedom of establishment and non-", "discrimination on any basis including that", "of currency and location. In the carrying", "out of tasks conferred to it by this", "Regulation the ECB shall at no time", "undermine Article 119 paragraphs (1) and", "(2) of the Treaty of the Functioning of the", "European Union nor the tasks of the", "EBA, in particular with regard to Article", "1 (5)(d) of Regulation 1093/2010." ], "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": [ "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": 403, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "This Regulation confers, on a temporary", "basis and until a permanent supervisory", "structure has been put in place, 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." ], "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", "justification": "It should by clearly stated that the ECB\u2019s objective of promoting financial stability does not\nonly focus on EU-level but also on each Member State level.", "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." ], "seq": 406, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "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", "within the EU and each Member State,", "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": [ "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": 409, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "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", "within the EU and each Member State,", "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": [ "(1) \u2018participating Member State\u2019 means a", "Member State whose currency is the euro;" ], "reference": "2012/0242(CNS)", "seq": 413, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(1) 'participating Member State' means a", "Member State whose currency is the euro", "or a Member State whose currency is not", "the euro, which has entered into a close", "cooperation in accordance with Article 6." ], "location": [ [ "Proposal for a regulation", "Article 2 \u2013 paragraph 1 \u2013 point 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": [ "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": 432, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "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 and", "national competent authorities of both", "participating and non-participating", "Member States. Where necessary the ECB", "shall enter into memorandums of", "understanding with competent authorities", "responsible for markets in financial", "instruments. Such memorandums shall be", "non-discriminatory and shall be made", "available to the European Parliament, the", "European Council and competent", "authorities of all Member States." ], "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", "justification": "Stating that the ECB should \"cooperate closely\" with EBA, ESMA, EIOPA and the ESRB is\ncoming across as a vague formulation, not least because the ECB will participate in EBA's\nwork - but not in the work of ESMA and EIOPA - as regulator. It should be specified in more\ndetail in what form the ECB shall cooperate with the ESRB, ESMA and EIOPA, and how this\ncollaboration differs from the ECB's role in the EBA.", "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." ], "seq": 433, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "The ECB shall cooperate closely with", "EBA, ESMA, EIOPA and the European", "Systemic Risk Board, which form part of", "the ESFS established by Article 2 of", "Regulations (EU) No 1093/2010, (EU) No", "1094/2010, and (EU) No 1095/2010, which", "ensure an adequate level of regulation", "and supervision in the Union." ], "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", "reference": "2012/0242(CNS)", "seq": 441, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "In accordance with the principle of", "sincere cooperation pursuant to Article", "4(3) of the Treaty on European Union,", "the ECB shall cooperate with parties", "within the ESFS with trust and full", "mutual respect, in particular in ensuring", "the flow of appropriate and reliable", "information between them. For the", "purposes of the tasks and responsibilities", "set out in Regulation 1093/2010(EU) the", "ECB shall be considered a competent", "authority." ], "location": [ [ "Proposal for a regulation", "Article 3 \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": [ "Tasks conferred on the ECB" ], "reference": "2012/0242(CNS)", "seq": 447, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "Tasks temporarily conferred on the ECB" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 title" ] ] }, { "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": 453, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB shall, in accordance with the", "relevant provisions of Union law, be", "exclusively competent to carry out, for", "prudential supervisory purposes, on a", "temporary basis, until a permanent", "supervisory structure has been put in", "place, the following tasks in relation to all", "credit institutions established in the", "participating Member States:" ], "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": [ "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": 460, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB shall, in accordance with the", "relevant provisions of Union law, be", "competent to carry out, for prudential", "supervisory purposes, the following tasks", "in relation to all credit institutions", "established in the participating Member", "States:" ], "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": [ "(e) To impose capital buffers to be held by", "credit institutions in addition to own", "funds requirements referred to in (c),", "including setting countercyclical buffer", "rates and any other measures aimed at", "addressing systemic or macro-prudential", "risks in the cases specifically set out in", "Union acts;" ], "reference": "2012/0242(CNS)", "seq": 473, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point e" ] ] }, { "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": [ "(e) To impose capital buffers to be held by", "credit institutions in addition to own", "funds requirements referred to in (c),", "including setting countercyclical buffer", "rates and any other measures aimed at", "addressing systemic or macro-prudential", "risks in the cases specifically set out in", "Union acts;" ], "reference": "2012/0242(CNS)", "seq": 474, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point e" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is suggested to delete the detailed provisions as they relate to issues being still under\ndiscussion concerning the BRR (Bank Recovery and Resolution) Directive.", "old": [ "(k) To carry out supervisory tasks in", "relation to early intervention where a credit", "institution does not meet or is likely to", "breach the applicable prudential", "requirements, including recovery plans", "and intra group financial support", "arrangements, in coordination with the", "relevant resolution authorities;" ], "seq": 495, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "(k) To carry out supervisory tasks in", "relation to early intervention where a credit", "institution does not meet or is likely to", "breach the applicable prudential", "requirements." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point k" ] ] }, { "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": [ "(k) To carry out supervisory tasks in", "relation to early intervention where a credit", "institution does not meet or is likely to", "breach the applicable prudential", "requirements, including recovery plans", "and intra group financial support", "arrangements, in coordination with the", "relevant resolution authorities;" ], "reference": "2012/0242(CNS)", "seq": 496, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "(k) To carry out supervisory tasks in", "relation to early intervention where a credit", "institution does not meet or is likely to", "breach the applicable prudential", "requirements;" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point k" ] ] }, { "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": [ "(l) To coordinate and express a common", "position of representatives from", "competent authorities of the participating", "Member States when participating in the", "Board of Supervisors and the", "Management Board of the European", "Banking Authority, for issues relating to", "the tasks conferred on the ECB by this", "Regulation." ], "reference": "2012/0242(CNS)", "seq": 503, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point l" ] ] }, { "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": [ "(l) To coordinate and express a common", "position of representatives from", "competent authorities of the participating", "Member States when participating in the", "Board of Supervisors and the", "Management Board of the European", "Banking Authority, for issues relating to", "the tasks conferred on the ECB by this", "Regulation." ], "reference": "2012/0242(CNS)", "seq": 504, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point l" ] ] }, { "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": [ "(l) To coordinate and express a common", "position of representatives from", "competent authorities of the participating", "Member States when participating in the", "Board of Supervisors and the", "Management Board of the European", "Banking Authority, for issues relating to", "the tasks conferred on the ECB by this", "Regulation." ], "reference": "2012/0242(CNS)", "seq": 505, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "(l) To abide by Article 42 of the EBA", "Regulation (EU) No 1093/2010 which", "requires that the voting members of the", "Board of Supervisors of the EBA shall act", "independently and objectively in the sole", "interest of the Union as a whole and shall", "neither seek nor take instructions from", "Union institutions or bodies, or from any", "government of a member State or from", "any other public or private body and that", "neither Member States, the Union", "Institutions or bodies, nor any other", "public or private body shall seek to", "influence the members of the Board of", "Supervisors in the performance of their", "tasks. Accordingly this shall not be", "undermined by the SSM, ECB, ECB", "supervisory board or Governing Council." ], "location": [ [ "Proposal for a regulation", "Article 4 \u2013 paragraph 1 \u2013 point l" ] ] }, { "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": 523, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "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 carry out the temporary", "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": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act, the", "ECB may adopt regulations and", "recommendations and take decisions to", "implement or apply Union law, to the", "extent necessary to carry out the tasks", "conferred upon it by this Regulation." ], "reference": "2012/0242(CNS)", "seq": 525, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act", "including technical standards developed", "by EBA and adopted by the Commission,", "the ECB may adopt regulations and", "recommendations and take decisions to", "implement or apply Union law, to the", "extent necessary to carry out the tasks", "conferred upon it by this Regulation, and", "only where those Union acts, do not deal", "with certain aspects necessary for the", "proper exercise of the ECB's tasks or do", "not deal with them in sufficient detail.", "Before adopting a regulation, the ECB", "shall conduct open public consultations,", "including EBA and the Commission, and", "analyse the potential related costs and", "benefits." ], "location": [ [ "Proposal for a regulation", "Article 4 \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": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act, the", "ECB may adopt regulations and", "recommendations and take decisions to", "implement or apply Union law, to the", "extent necessary to carry out the tasks", "conferred upon it by this Regulation." ], "reference": "2012/0242(CNS)", "seq": 527, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act, the", "ECB may adopt regulations and", "recommendations and take decisions to", "implement or apply Union law, to the", "extent necessary to carry out the tasks", "temporarily conferred upon it by this", "Regulation." ], "location": [ [ "Proposal for a regulation", "Article 4 \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": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act, the", "ECB may adopt regulations and", "recommendations and take decisions to", "implement or apply Union law, to the", "extent necessary to carry out the tasks", "conferred upon it by this Regulation." ], "reference": "2012/0242(CNS)", "seq": 529, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "3. Subject to and in compliance with any", "relevant Union law rule and in particular", "any legislative and non-legislative act", "including technical standards developed", "by EBA and adopted by the Commission,", "the ECB may adopt regulations and", "recommendations and take decisions to set", "out the modalities of implementation or", "application of Union law, to the extent", "necessary to carry out the tasks conferred", "upon it by this Regulation." ], "location": [ [ "Proposal for a regulation", "Article 4 \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": [ "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": 545, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB shall carry out its tasks within", "a single supervisory mechanism composed", "of the ECB and national competent", "authorities until a permanent supervisory", "structure has been put in place which", "effectively takes over the task. This", "permanent structure shall be in place by", "the end of 2015 at the latest, building on", "the existing European Supervisory", "Authorities while drawing upon the", "expertise and experience of the ECB with", "regards to the execution of supervisory", "tasks." ], "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", "reference": "2012/0242(CNS)", "seq": 580, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "3a. Without prejudice to the competencies", "within national law and other Union acts", "not covered by this Regulation, national", "competent authorities shall, to the extent", "necessary to comply with this Regulation,", "follow instructions given by the ECB." ], "location": [ [ "Proposal for a regulation", "Article 5 \u2013 paragraph 3 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", "justification": "The provision of Article 5 paragraph 4 should clearly state that voting instructions for the\nEBA are impossible, as they will contradict Article 42 of the Regulation No 1093/2010\nestablishing the European Banking Authority. All members states, regardless the\nparticipation in the SSM, should be independent when exercising voting rights in the EBA.", "old": [ "4. National competent authorities shall", "follow the instructions given by the ECB." ], "seq": 587, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "4. National competent authorities shall", "follow the instructions given by the ECB", "for the purposes of the tasks mentioned in", "Article 4(1).", "Instructions given by the ECB shall not", "interfere with the exercise of voting rights", "by competent authorities of participating", "Member States within the Board of", "Supervisors and the Management Board", "of the European Banking Authority." ], "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-498.139%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. National competent authorities shall", "follow the instructions given by the ECB." ], "reference": "2012/0242(CNS)", "seq": 588, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "4. National competent authorities shall", "follow the instructions given by the ECB", "for the purposes of the tasks mentioned in", "Article 4(1). Instructions given by the", "ECB shall not interfere with the exercise", "of voting rights by competent authorities", "of participating Member States within the", "Board of Supervisors and the", "Management Board of the European", "Banking Authority." ], "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": 615, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "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 participating 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": [ "To that end, the ECB may address", "guidelines or requests to the national", "competent authority of the non", "participating Member State." ], "reference": "2012/0242(CNS)", "seq": 620, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "To that end, the ECB may address", "guidelines or requests to the national", "competent authority of the participating", "Member State, whose currency is not the", "euro." ], "location": [ [ "Proposal for a regulation", "Article 6 \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. The close cooperation between the ECB", "and the national competent authority of a", "non participating Member State shall be", "established, by a decision adopted by the", "ECB, where the following conditions are", "met:" ], "reference": "2012/0242(CNS)", "seq": 627, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "2. The close cooperation between the ECB", "and the national competent authority of a", "participating Member State, whose", "currency is not the euro, shall be", "established, by a decision adopted by the", "ECB, where the following conditions are", "met:" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 2 \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", "justification": "This provision should be deleted as a consequence of changes proposed by the Rapporteur in\nthe definition of \u201cparticipating Member State\u201d and in Article 19 paragraph 3, as well as\nchanges proposed further in Article 19 paragraph 7. In any event, in order to better ensure\nthe legal certainty and the level playing field for all countries that entered into close\ncooperation, the solution according to which modalities of participation in the SSM are each\ntime defined by the decision of the ECB, should be avoided.", "old": [ "3. The decision referred to in paragraph 2", "shall determine, in compliance with the", "Statute of ESCB and of the ECB, the", "conditions under which representatives of", "the competent authorities of the Member", "States which established a close", "cooperation in accordance with this", "Article shall take part to the activities of", "the Supervisory Board." ], "seq": 637, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 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": [ "3. The decision referred to in paragraph 2", "shall determine, in compliance with the", "Statute of ESCB and of the ECB, the", "conditions under which representatives of", "the competent authorities of the Member", "States which established a close", "cooperation in accordance with this", "Article shall take part to the activities of", "the Supervisory Board." ], "reference": "2012/0242(CNS)", "seq": 639, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 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", "reference": "2012/0242(CNS)", "seq": 650, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "5a. The Member State that has established", "a close cooperation with ECB may request", "the ECB to terminate the close", "cooperation at any time. In this case, the", "ECB shall immediately proceed to adopt a", "decision terminating the close", "cooperation. The decision shall be", "published in the Official Journal of the", "European Union and shall specify the", "date from which it is legally valid." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 5 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", "justification": "A country that has established a close cooperation with the ECB should have the right to\nterminate it. In such case ECB must be obliged to adopt a decision terminating the close\ncooperation.", "reference": "2012/0242(CNS)", "seq": 651, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "5a. The Member State that has established", "a close cooperation with the ECB may", "request the ECB to terminate the close", "cooperation at any time. In this case, the", "ECB shall immediately proceed to adopt a", "decision terminating the close", "cooperation." ], "location": [ [ "Proposal for a regulation", "Article 6 \u2013 paragraph 5 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. 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": 686, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "1. The ECB may by simple request or by", "decision require the following legal or", "natural persons of participating Member", "States 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", "justification": "This amendment strives to make the distinction between the ECB and the Supervisory board\nas clear and absolute as possible in order to guarantee that the supervisory functions do not\ncompromise the independence of the bank's monetary functions or that the different functions\ndo not influence each other negatively in any other way.", "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)." ], "seq": 808, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "1. The planning and execution of the tasks", "conferred upon the ECB, shall be", "undertaken by an internal body composed", "of 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-498.140%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": 811, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Danuta Maria H\u00fcbner, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "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). The supervisory board shall be", "required to have a 50-50 gender balance", "including for the roles of Chair and Vice-", "Chair." ], "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-498.140%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": 812, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "1. The drafting of decisions to be taken by", "the ECB with regards to supervisory tasks", "conferred upon it by 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", "'Supervisory Board')." ], "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-498.140%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. In addition, the supervisory board shall", "include a Chair elected by the members of", "the Governing Council from the members,", "with the exception of the President, of the", "Executive Board, and a Vice-Chair elected", "by and from the members of the Governing", "Council of the ECB." ], "reference": "2012/0242(CNS)", "seq": 825, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "2. In addition, the supervisory board shall", "include a Chair appointed by the", "Governing Council after an open selection", "procedure and after approval by the", "European Parliament, and a Vice-Chair", "elected by and from the members of the", "supervisory board." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "2. In addition, the supervisory board shall", "include a Chair elected by the members of", "the Governing Council from the members,", "with the exception of the President, of the", "Executive Board, and a Vice-Chair", "elected by and from the members of the", "Governing Council of the ECB." ], "reference": "2012/0242(CNS)", "seq": 828, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "2. In addition, the supervisory board shall", "include a Chair elected by the members of", "the supervisory board, from the members,", "and a Vice-Chair elected by the members", "of the supervisory board of the ECB on", "the basis of merit, skills and knowledge of", "prudential supervision following an open", "selection procedure.", "The Chair and Vice-Chair shall only be", "appointed after confirmation by the", "European Parliament." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "2. In addition, the supervisory board shall", "include a Chair elected by the members of", "the Governing Council from the members,", "with the exception of the President, of the", "Executive Board, and a Vice-Chair", "elected by and from the members of the", "Governing Council of the ECB." ], "reference": "2012/0242(CNS)", "seq": 829, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "2. In addition, the supervisory board shall", "include a Chairperson. Appointment shall", "be made on the basis of merit, skills,", "knowledge of financial institutions and", "markets, and of experience relevant to", "financial supervision and regulation,", "following an open selection procedure.", "The Chairperson shall be appointed by", "common accord of the governments of the", "Member States at the level of Heads of", "State or Government, on a", "recommendation from the supervisory", "board, after it has consulted the Council", "and the European Parliament. The", "Supervisory Board elects from among its", "members two Vice-Chairmen." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "3. The Governing Council of the ECB may", "delegate clearly defined supervisory tasks", "and related decisions regarding individual", "or a set of identifiable credit institutions,", "financial holding companies or mixed", "financial holding companies to the", "supervisory board, subject to the oversight", "and responsibility of the Governing", "Council." ], "reference": "2012/0242(CNS)", "seq": 837, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "3. Until a permanent supervisory", "structure has been put in place to take", "over its supervisory responsibilities, the", "Governing Council of the ECB may", "delegate clearly defined supervisory tasks", "and related decisions regarding individual", "or a set of identifiable credit institutions,", "financial holding companies or mixed", "financial holding companies to the", "supervisory board, subject to the oversight", "and responsibility of the Governing", "Council." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 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": [ "3. The Governing Council of the ECB may", "delegate clearly defined supervisory tasks", "and related decisions regarding individual", "or a set of identifiable credit institutions,", "financial holding companies or mixed", "financial holding companies to the", "supervisory board, subject to the oversight", "and responsibility of the Governing", "Council." ], "reference": "2012/0242(CNS)", "seq": 839, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "3. For the purpose of paragraph 1 the", "Governing Council of the ECB authorises", "the Supervisory Board to draft decisions", "regarding individual or a set of identifiable", "credit institutions, financial holding", "companies or mixed financial holding", "companies to the supervisory board. The", "Supervisory Board proposes a decision for", "final adoption by the Governing Council.", "The decision proposed by the Supervisory", "Board shall be considered as adopted", "unless it is rejected by the Governing", "Council. The Governing Council can only", "accept or reject the proposed decision. If", "the Governing Council rejects the", "proposed decision, it shall be returned to", "the Supervisory Board for a review." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 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", "reference": "2012/0242(CNS)", "seq": 841, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Olle Schmidt, Lena Kolarska-Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "3a. There shall be a clear division of", "competences between the supervisory", "board and the governing council of the", "ECB." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 3 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", "justification": "To address home/host supervisory issues and ensure the level playing field for all entities\noperating in the banking sector across Europe, competent authorities of non-participating\ncountries should have the right to participate as observers in the meetings of the Supervisory\nBoard. Given to the fact that banking sector is significantly integrated across EU, it is\nnecessary to ensure that the position of the non-participating countries would not deteriorate\nafter setting up the BSM, and the competence of the authorities from those countries would\nnot be limited in any way.", "old": [ "6. The Chair of the European Banking", "Authority and a member of the European", "Commission may participate as observers", "in the meetings of the supervisory board." ], "seq": 858, "reference": "2012/0242(CNS)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "6. The Chair of the European Banking", "Authority and a member of the European", "Commission may participate as observers", "in the meetings of the supervisory board.", "The same right shall be ensured for non-", "participating Member States, when the", "supervisory board takes decisions relating", "to credit institutions operating within", "jurisdictions of the Member States", "concerned, or when the supervisory board", "takes decisions on broader matters of", "policy, such as structure or decision-", "making process of the Single Supervisory", "Mechanism." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "6. The Chair of the European Banking", "Authority and a member of the European", "Commission may participate as observers", "in the meetings of the supervisory board." ], "reference": "2012/0242(CNS)", "seq": 860, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "6. The Chair of the European Banking", "Authority, a member of the European", "Commission and chairmen of national", "competent authorities from Member", "States remaining outside the SSM may", "participate as observers in the meetings of", "the supervisory board on condition that", "their request has been accepted by the", "supervisory board by simple majority. The", "Supervisory board may, if appropriately", "justified, restrict observers' access to", "confidential data." ], "location": [ [ "Proposal for a regulation", "Article 19 \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. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "including rules on the term of office of the", "Chair and the Vice-Chair. The term of", "office shall not exceed five years and shall", "not be renewable." ], "reference": "2012/0242(CNS)", "seq": 863, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Danuta Maria H\u00fcbner, Jolanta Emilia Hibner, Arkadiusz Tomasz Bratkowski, Kri\u0161j\u0101nis Kari\u0126\u0161, Joanna Katarzyna Skrzydlewska, Bogdan Kazimierz Marcinkiewicz, El\u015cbieta Katarzyna \u0141ukacijewska, Sharon Bowles, Olle Schmidt, Lena Kolarska- Bobi\u0144ska", "date": "2012-10-30T00:00:00", "new": [ "7. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "and shall make them public. They shall", "ensure equal treatment of all participating", "Member States, including voting rights.", "They shall also include rules on the term", "of office of the Chair and the Vice-Chair,", "which shall not exceed five years and shall", "not be renewable." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "7. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "including rules on the term of office of the", "Chair and the Vice-Chair. The term of", "office shall not exceed five years and shall", "not be renewable." ], "reference": "2012/0242(CNS)", "seq": 864, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "S\u0142awomir Witold Nitras, Jacek Saryusz-Wolski, Artur Zasada, Danuta Jaz\u0142owiecka, Piotr Borys, Sidonia El\u015cbieta J\u0119drzejewska, Bogus\u0142aw Sonik, El\u015cbieta Katarzyna \u0141ukacijewska, Jan Koz\u0142owski, Joanna Katarzyna Skrzydlewska, Rafa\u0142 Trzaskowski, Olle Schmidt, Ildik\u00f3 G\u00e1ll-Pelcz, Theodor Dumitru Stolojan", "date": "2012-10-30T00:00:00", "new": [ "7. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "and shall make them public. They shall", "ensure equal treatment of all participating", "Member States, including voting rights.", "They shall also include rules on the term", "of office of the Chair and the Vice-Chair,", "which shall not exceed five years and shall", "not be renewable." ], "location": [ [ "Proposal for a regulation", "Article 19 \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": [ "7. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "including rules on the term of office of the", "Chair and the Vice-Chair. The term of", "office shall not exceed five years and shall", "not be renewable." ], "reference": "2012/0242(CNS)", "seq": 867, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "7. The Governing Council shall adopt the", "rules of procedure of the supervisory board", "including rules on the term of office of the", "Chair and the Vice-Chair and the", "modalities for observers on the Governing", "Council from non-euro participants in the", "supervisory mechanism when discussing", "prudential supervision. The term of office", "shall not exceed five years and shall not be", "renewable. These rules of procedure shall", "be made public." ], "location": [ [ "Proposal for a regulation", "Article 19 \u2013 paragraph 7" ] ] }, { "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 31 December 2015, the Commission", "shall publish a report on the application of", "this Regulation. That report shall evaluate,", "inter alia:" ], "reference": "2012/0242(CNS)", "seq": 934, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "By 31 December 2015, a permanent", "supervisory structure shall be in place to", "take over all tasks conferred to the ECB", "through this Regulation. By 31 December", "2013, the Commission shall publish a", "report on the application of this Regulation.", "That report shall evaluate, inter alia:" ], "location": [ [ "Proposal for a regulation", "Article 26 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "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": [ "The report shall be forwarded to the", "European Parliament and to the Council.", "The Commission shall make", "accompanying proposals, as appropriate." ], "reference": "2012/0242(CNS)", "seq": 953, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Ramon Tremosa i Balcells, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "The report shall be forwarded to the", "European Parliament and to the Council.", "The Commission shall make", "accompanying proposals to the report to", "establish, by 1 January 2016, a single", "European Supervisory Authority built on", "the European System for Financial", "Supervision and competent for all aspects", "of prudential supervision in the Union." ], "location": [ [ "Proposal for a regulation", "Article 26 \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", "justification": "At present the only scope for appeals over ECB supervisory decisions is via the ECJ, which is\ntime consuming and not efficient. Most supervisory authorities around the EU have an\ninternal appeals body to facilitate rapid resolution of issues with supervisory decisions. This\nproposal creates an internal appeals body within the ECB to achieve that objective.", "reference": "2012/0242(CNS)", "seq": 959, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-30T00:00:00", "new": [ "Article 26a", "Board of Appeal", "1. The ECB shall establish a Board of", "Appeal for the purposes of discharge of its", "responsibilities under this Regulation.", "The Board of Appeal shall be composed of", "individuals of high repute, with a proven", "record of relevant knowledge and", "professional experience, including", "supervisory experience, to a sufficiently", "high level in the fields of banking or other", "financial services, excluding current staff", "of the ECB, competent authorities or", "other national or Union institutions. The", "Board of Appeal shall have access to", "sufficient legal expertise to provide expert", "legal advice on the legality of the", "Authority's exercise of its powers.", "2. Members of the Board of Appeal and", "two alternates shall be appointed by the", "ECB for a non renewable term of five", "years, following a public call for", "expressions of interest published in the", "Official Journal of the European Union.", "The Board of Appeal shall establish and", "make public the modalities for decision", "making. The members of the Board of", "Appeal shall be independent in making", "their decisions. They shall not be bound", "by any instructions. They shall not", "perform any other duties in relation to the", "ECB.", "3. Members of the Board of Appeal shall", "not take part in any appeal proceedings in", "which they have any personal interest, if", "they have previously been involved as", "representatives of one of the parties to the", "proceedings, or if they have participated", "in the decision under appeal. The", "members of the Board of Appeal shall", "undertake to act independently and in the", "public interest. For that purpose, they", "shall make a declaration of commitments", "and a public declaration of interests", "indicating any direct or indirect interest", "which might be considered prejudicial to", "their independence.", "4. Any natural or legal person, including", "competent authorities, may appeal against", "a decision of the ECB under this", "Regulation. The Board of Appeal shall", "decide upon the appeal within 2 months", "after the appeal has been lodged. An", "appeal lodged pursuant to paragraph 1", "shall not have suspensive effect. However,", "the Board of Appeal may, if it considers", "that circumstances so require, suspend", "the application of the contested decision.", "The Board of Appeal may confirm the", "decision taken by the ECB, or remit the", "case to the ECB who shall comply with", "the decision or explain the reasons for not", "complying." ], "location": [ [ "Proposal for a regulation", "Article 26 a (new)" ] ] }, { "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 1 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": 969, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "1. From 1 July 2013 until 31 December", "2015, 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." ], "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": [ "Entry into force" ], "reference": "2012/0242(CNS)", "seq": 983, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "Entry into force and duration" ], "location": [ [ "Proposal for a regulation", "Article 28 \u2013 title" ] ] }, { "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": [ "This Regulation shall enter into force on 1", "January 2013." ], "reference": "2012/0242(CNS)", "seq": 986, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Sophia in 't Veld, Olle Schmidt", "date": "2012-10-30T00:00:00", "new": [ "This Regulation shall enter into force on 1", "January 2013 and it shall come to an end", "on December 31st 2015 at the latest." ], "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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An EU Regulation is not a suitable format of regulation, in particular in view of the highly\ndetailed and intervening nature of the Commission\u2019s proposal. It represents an \u201cone-size-fits-\nall\u201d approach that is not taken the nature of different corporate governance systems\nthroughout the EU into account. It would lead to decreased corporate governance standards\nin some Member States.", "old": [ "Proposal for a", "REGULATION OF THE EUROPEAN", "PARLIAMENT AND OF THE COUNCIL", "on specific requirements regarding", "statutory audit of public-interest entities", "(Text with EEA relevance)" ], "seq": 111, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "Proposal for a", "DIRECTIVE OF THE EUROPEAN", "PARLIAMENT AND OF THE COUNCIL", "on specific requirements regarding", "statutory audit of public-interest entities", "(Text with EEA relevance)", "'this amendment applies throughout the", "text'" ], "location": [ [ "Proposal for a regulation", "Title 0" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) The financial sector is evolving and", "new categories of financial institutions are", "created by Union law. The importance of", "new entities and activities outside the", "regular banking system is growing and", "their impact on financial stability has", "become greater. Therefore, it is appropriate", "that the definition of public-interest entity", "also encompasses other financial", "institutions and entities such as investment", "firms, payment institutions, undertakings", "for collective investments in transferable", "securities (UCITS), electronic money", "institutions and alternative investment", "funds." ], "reference": "2011/0359(COD)", "seq": 113, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(6) The financial sector is evolving and", "new categories of financial institutions are", "created by Union law. The importance of", "new entities and activities outside the", "regular banking system is growing and", "their impact on financial stability has", "become greater. Therefore, it is appropriate", "that the definition of public-interest entity", "may also encompass other financial", "institutions. Member States may therefore", "designate other entities as public-interest", "entities, for instance entities that are of", "significant public relevance because of", "the nature of their business, their size or", "the number of their employees;" ], "location": [ [ "Proposal for a regulation", "Recital 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(23) Audit committees, or bodies", "performing an equivalent function within", "the audited entity, have a decisive role in", "contributing to high-quality statutory audit.", "It is particularly important to reinforce the", "independence and technical competence of", "the audit committee by requiring that a", "majority of its members is independent and", "that at least one member of the committee", "has competence in auditing and another", "one in auditing and/or accounting. The", "Commission Recommendation of 15", "February 2005 on the role of non-executive", "or supervisory directors of listed", "companies and on the committees of the", "(supervisory) board26 sets out how audit", "committees should be established and", "function. Considering, however, the", "dimension of boards in companies with", "reduced market capitalisation and in small", "and medium-sized public-interest entities,", "it would be appropriate that the functions", "assigned to the audit committee for those", "entities, or to a body performing equivalent", "functions within the audited entity, may be", "performed by the administrative or", "supervisory body as a whole. Public-", "interest entities which are UCITS or", "alternative investment funds should also", "be exempted from the obligation to have", "an audit committee. This exemption takes", "into account the fact that where those", "funds function merely for the purpose of", "pooling assets, the employment of an", "audit committee is not appropriate.", "UCITS and alternative investments funds,", "as well as their management companies,", "operate in a strictly defined regulatory", "environment and are subject to specific", "governance mechanisms such as controls", "exercised by their depositary." ], "reference": "2011/0359(COD)", "seq": 119, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "(23) Audit committees, or bodies", "performing an equivalent function within", "the audited entity, have a decisive role in", "contributing to high-quality statutory audit.", "It is particularly important to reinforce the", "independence and technical competence of", "the audit committee by requiring that a", "majority of its members is independent and", "that at least one member of the committee", "has competence in auditing and another", "one in auditing and/or accounting.", "Members of the audit committee should", "take part in skill enhancement", "programmes to ensure an appropriate", "level of technical knowledge to fulfil their", "roles. The Commission Recommendation", "of 15 February 2005 on the role of non-", "executive or supervisory directors of listed", "companies and on the committees of the", "(supervisory) board sets out how audit", "committees should be established and", "function. Considering, however, the", "dimension of boards in companies with", "reduced market capitalisation and in small", "and medium-sized public-interest entities,", "it would be appropriate that the functions", "assigned to the audit committee for those", "entities, or to a body performing equivalent", "functions within the audited entity, may be", "performed by the administrative or", "supervisory body as a whole." ], "location": [ [ "Proposal for a regulation", "Recital 23" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(24) It is also important that the role of the", "audit committee in the selection of a new", "statutory auditor or audit firm be", "reinforced, for the benefit of a more", "informed decision of the general meeting", "of shareholders or members of the audited", "entity. Hence, when making a proposal to", "the general meeting, the board should", "explain whether it follows the", "recommendation of the audit committee", "and, if not, why. The recommendation of", "the audit committee should include at least", "two possible choices for the audit", "engagement and a duly justified preference", "for one of them, so that the general meeting", "can make a real choice. In order to provide", "a fair and proper justification in its", "recommendation, the audit committee", "should use the results of a mandatory", "selection procedure organised by the", "audited entity, under the responsibility of", "the audit committee. In such selection", "procedure, the audited entity should invite", "statutory auditors or audit firms, including", "smaller ones, to present proposals for the", "audit engagement. Tender documents", "should contain transparent and non-", "discriminatory selection criteria to be used", "for the evaluation of proposals.", "Considering, however, that this selection", "procedure could entail disproportionate", "costs for companies with reduced market", "capitalisation or small and medium-sized", "public-interest entities having regard to", "their dimension, it is appropriate to relieve", "such entities from this obligation." ], "reference": "2011/0359(COD)", "seq": 122, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(24) It is also important that the role of the", "audit committee in the selection of a new", "statutory auditor or audit firm be", "reinforced, for the benefit of a more", "informed decision of the general meeting", "of shareholders or members of the audited", "entity. Hence, when making a proposal to", "the general meeting, the board should", "explain whether it follows the", "recommendation of the audit committee", "and, if not, why. It should equally provide", "reasons if it proposes to renew an audit", "engagement following a tender procedure.", "The recommendation of the audit", "committee should include at least two", "possible choices for the audit engagement,", "a comprehensive assessment of both", "proposals, and a duly justified preference", "for one of them, so that the general meeting", "can make a real choice. In order to provide", "a fair and proper justification in its", "recommendation, the audit committee", "should use the results of a mandatory", "selection procedure organised by the", "audited entity, under the responsibility of", "the audit committee. In such selection", "procedure, the audited entity should invite", "statutory auditors or audit firms, including", "smaller ones, to present proposals for the", "audit engagement. Tender documents", "should contain transparent and non-", "discriminatory selection criteria to be used", "for the evaluation of proposals.", "Considering, however, that this selection", "procedure could entail disproportionate", "costs for companies with reduced market", "capitalisation or small and medium-sized", "public- interest entities having regard to", "their dimension, it is appropriate to relieve", "such entities from this obligation." ], "location": [ [ "Proposal for a regulation", "Recital 24" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 124, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(24a) When it concerns the renewal of an", "audit engagement the audit committee", "shall base its recommendation", "periodically on a comprehensive", "assessment of the audit quality of the", "statutory auditor or audit firm. The", "comprehensive assessment shall include", "the consideration of professional", "competencies of the statutory auditor or", "audit firm (i.e. industry knowledge,", "infrastructure, technical know-how, IT", "competence), which may vary according", "to the size and complexity of the audited", "entity. The audit committee shall also", "consider adherence to relevant rules and", "regulations as well as to professional", "standards. The competent authority shall", "issue guidelines on the criteria of", "professional competencies to facilitate the", "selection procedure." ], "location": [ [ "Proposal for a regulation", "Recital 24 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Joint audits do not contribute to audit quality and will cause increased costs for companies\ndirectly and in terms of internal effort spent to assist two audit firms. Mandatory joint audit\nwould put European industry in a disadvantageous situation. Joint audits are currently only\nused in one Member State in Europe. Denmark recently abolished mandatory joint audits\nsince it did not contribute to audit quality and did not increase competition in the audit\nmarket.", "old": [ "(26) The appointment of more than one", "statutory auditor or audit firm by the", "public-interest entities would reinforce the", "professional scepticism and contribute to", "increasing audit quality. Also, this", "measure combined with the presence of", "smaller audit firms would facilitate the", "development of the capacity of such firms,", "thus contributing to increasing the choice", "of statutory auditors and audit firms for", "public-interest entities. Therefore, the", "latter should be encouraged and", "incentivised to appoint more than one", "statutory auditor or audit firm to carry out", "the statutory audit." ], "seq": 126, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 26" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(27) In order to address the familiarity", "threat and therefore reinforce the", "independence of auditors and audit firms, it", "is important to establish a maximum", "duration of the audit engagement of a", "statutory auditor or audit firm in a", "particular audited entity. An appropriate", "gradual rotation mechanism should also", "be established with regard to the most", "senior personnel involved in the statutory", "audit, including the key audit partners", "carrying out the statutory audit on behalf", "of the audit firm. It is also important to", "provide for an appropriate period within", "which such statutory auditor or audit firm", "may not carry out the statutory audit of", "the same entity. In order to ensure a", "smooth transition, the former auditor", "should transfer a handover file with", "relevant information to the incoming", "auditor." ], "reference": "2011/0359(COD)", "seq": 128, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(27) In order to address the familiarity", "threat and therefore reinforce the", "independence of auditors and audit firms, it", "is important to establish a maximum", "duration of the audit engagement of a", "statutory auditor or audit firm in a", "particular audited entity. Furthermore, a", "comprehensive, transparent and", "independent evaluation of audit quality", "should be regularly and appropriately", "documented. This comprehensive", "assessment should form the basis for the", "auditor selection by the general assembly,", "which follows a tender procedure at least", "every 14 years. Furthermore, an", "appropriate gradual rotation mechanism", "for financial companies defined in this", "Regulation should be established with", "regard to the most senior personnel", "involved in the statutory audit, including", "the key audit partners carrying out the", "statutory audit on behalf of the audit firm." ], "location": [ [ "Proposal for a regulation", "Recital 27" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The serious consequences of a failure of a financial institution need to be taken into account.\nThe proposals will cause substantial additional burdens for companies should not be decisive\nfor measures taken in the financial sector. I welcome some of the proposals with regard to\nfinancial institutions on account of the auditor\u2019s independence in appearance. It is crucial for\nfinancial stability that there is public confidence in the financial sector.", "reference": "2011/0359(COD)", "seq": 133, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(27a) The maximum duration of an audit", "engagement of a public-interest entity", "which is a financial company shall not", "exceed 14 years." ], "location": [ [ "Proposal for a regulation", "Recital 27 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(33) The market for the provision of", "statutory audit services to public-interest", "entities evolves over time. It is therefore", "necessary that competent authorities", "monitor the developments in the market,", "particularly as regards possible limited", "choice of auditor and the risks that arise", "from high market concentration." ], "reference": "2011/0359(COD)", "seq": 135, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(33) The market for the provision of", "statutory audit services to public-interest", "entities evolves over time. It is therefore", "necessary that competent authorities and", "ESMA monitor the developments in the", "market, particularly as regards possible", "limited choice of auditor and the risks that", "arise from high market concentration." ], "location": [ [ "Proposal for a regulation", "Recital 33" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 136, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(36a) The Proposal for a Regulation of", "the European Parliament and of the", "Council on specific requirements", "regarding statutory audit of public-", "interest entities envisages that the EU-", "wide cooperation between competent", "authorities in respect of the activities of", "statutory auditors and audit firms that", "audit the financial statements of public-", "interest entities would take place within", "ESMA. Thus ESMA would take over the", "EU-wide cooperation mechanism that", "currently takes place under the aegis of", "the European Group of Auditors'", "Oversight Bodies (EGAOB), an expert", "group established and chaired by the", "European Commission.", "According to the proposal, ESMA would", "create a permanent internal committee", "composed of the competent authorities", "designated for carrying out the tasks", "provided for in the draft Regulation.", "However, auditor public oversight would", "continue to be carried out at national", "level.", "ESMA would be best placed to fulfil the", "new tasks according to this Regulation in", "order to ensure an effective and", "operational cooperation at EU level. The", "current structure, the EGAOB, cannot", "ensure supervisory convergence across", "the Union in respect of auditors", "conducting audits of public-interest", "entities that are organised within", "networks. The EGAOB does not have the", "power to issue guidelines or even", "technical standards. The same applies to a", "Level-3-Lamfalussy-Committee structure", "where also necessary powers and", "resources are lacking.", "An EU-wide cooperation on auditor", "oversight within ESMA would benefit", "from the experience and resources of", "ESMA as ESMA is already working in the", "field of auditing regarding public-interest", "entities. ESMA was created on 1 January", "2011 and is fully operational. The", "integration of EU-wide cooperation into", "ESMA would avoid unnecessary", "additional costs. Member States would be", "sufficiently represented and would be part", "of the decision-making process with", "ESMA.", "The Commission shall after a transitional", "period of X years come back to the", "European Parliament and the Council", "with a report where it has ESMA's work", "and the future role for ESMA. The", "Commission shall evaluate ESMA has", "enough resources to fulfil its tasks laid", "down in this Regulation and propose", "budget increases if necessary." ], "location": [ [ "Proposal for a regulation", "Recital 36 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(37) The scope of cooperation between the", "competent authorities of Member States", "should include exchange of information,", "cooperation with regard to quality", "assurance assurance reviews, assistance to", "investigations related to the carrying out of", "statutory audits of public-interest entities,", "including in cases where the conduct under", "investigation does not constitute an", "infringement of any legislative or", "regulatory provision in force in the", "Member States concerned and contingency", "planning. The modalities of cooperation", "between the competent authorities of the", "Member States may include the creation of", "colleges of competent authorities and the", "delegation of tasks among themselves. The", "concept of network in which auditors and", "firms operate should be taken into account", "in such cooperation. Competent authorities", "and the European Supervisory Authorities", "should respect appropriate confidentiality", "and professional secrecy rules." ], "reference": "2011/0359(COD)", "seq": 138, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(37) The scope of cooperation between the", "competent authorities of Member States", "should include exchange of information,", "cooperation with regard to quality", "assurance assurance reviews, assistance to", "investigations related to the carrying out of", "statutory audits of public-interest entities,", "including in cases where the conduct under", "investigation does not constitute an", "infringement of any legislative or", "regulatory provision in force in the", "Member States concerned and contingency", "planning. The modalities of cooperation", "between the competent authorities of the", "Member States may include the creation of", "colleges of competent authorities and the", "delegation of tasks among themselves. The", "concept of network in which auditors and", "firms operate should be taken into account", "in such cooperation. Competent authorities,", "ESMA and the European Supervisory", "Authorities should respect appropriate", "confidentiality and professional secrecy", "rules." ], "location": [ [ "Proposal for a regulation", "Recital 37" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(39) The interrelation of capital markets", "calls for empowering national competent", "authorities and the European Supervisory", "Authorities to cooperate with supervisory", "authorities and bodies of third countries", "regarding the exchange of information or", "quality assurance reviews. However, where", "the cooperation with third country", "authorities is related to audit working", "papers or other documents held by", "statutory auditors or audit firms, the", "procedures of Directive 2006/43/EC should", "apply." ], "reference": "2011/0359(COD)", "seq": 139, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(39) The interrelation of capital markets", "calls for empowering national competent", "authorities, ESMA and the European", "Supervisory Authorities to cooperate with", "supervisory authorities and bodies of third", "countries regarding the exchange of", "information or quality assurance reviews.", "However, where the cooperation with third", "country authorities is related to audit", "working papers or other documents held by", "statutory auditors or audit firms, the", "procedures of Directive 2006/43/EC should", "apply." ], "location": [ [ "Proposal for a regulation", "Recital 39" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(43) In order to take account of", "developments in auditing and the audit", "market, the Commission should be", "empowered to specify technical", "requirements on the content of the", "handover file that the new statutory", "auditor or audit firm should receive and", "on the establishment of a European quality", "certificate for statutory auditors and audit", "firms carrying out statutory audits of", "public-interest entities." ], "reference": "2011/0359(COD)", "seq": 140, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "(43) In order to take account of", "developments in auditing and the audit", "market, the Commission should be", "empowered to specify technical", "requirements on the establishment of a", "European quality certificate for statutory", "auditors and audit firms carrying out", "statutory audits of public-interest entities." ], "location": [ [ "Proposal for a regulation", "Recital 43" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(44) In order to take account of the", "technical developments in the financial", "markets, in auditing and the audit", "profession and to specify the requirements", "laid down in this Regulation, the", "Commission should be empowered to", "adopt delegated acts in accordance with", "Article 290 of the Treaty on the", "Functioning of the European Union. In", "particular, the use of delegated acts is", "necessary to adapt the list of related audit", "services and of non-audit services as well", "as to set out the level of fees that ESMA", "could charge for delivering the European", "Quality Certificate to statutory auditors and", "audit firms. It is of particular importance", "that the Commission carries out", "appropriate consultations during its", "preparatory work, including at expert level.", "The Commission, when preparing and", "drawing up delegated acts, should ensure a", "simultaneous, timely and appropriate", "transmission of relevant documents to the", "European Parliament and to the Council." ], "reference": "2011/0359(COD)", "seq": 142, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(44) In order to take account of the", "technical developments in the financial", "markets, in auditing and the audit", "profession and to specify the requirements", "laid down in this Regulation, the", "Commission should be empowered to", "adopt delegated acts in accordance with", "Article 290 of the Treaty on the", "Functioning of the European Union. In", "particular, the use of delegated acts is", "necessary to adapt the list of related audit", "services and of prohibited non-audit", "services as well as to set out the level of", "fees that ESMA concerned could charge", "for delivering the European Quality", "Certificate to statutory auditors and audit", "firms. It is of particular importance that the", "Commission carries out appropriate", "consultations during its preparatory work,", "including at expert level and with ESMA.", "The Commission, when preparing and", "drawing up delegated acts, should ensure a", "simultaneous, timely and appropriate", "transmission of relevant documents to the", "ESMA, European Parliament and to the", "Council." ], "location": [ [ "Proposal for a regulation", "Recital 44" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(45) In order to ensure legal certainty and", "the smooth transition to the regime", "introduced by this Regulation, it is", "important to introduce a transitional", "regime regarding the entry into force of", "the obligation to rotate audit firms, the", "obligation to organise a selection", "procedure for the choice of audit firm and", "the conversion of audit firms into firms", "that only provide audit services." ], "reference": "2011/0359(COD)", "seq": 143, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Recital 45" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "For the purposes of this Regulation, the", "definitions laid down in Article 2 of", "Directive 2006/43/EC shall apply, except", "for the definitions of \u2018audit report\u2019 and", "\u2018competent authority\u2019.", "(b) credit institutions as defined in point 1", "of Article 4 of Directive 2006/48/EC of the", "European Parliament and of the", "Council*;", "(c) insurance undertakings within the", "meaning of Article 13 of Directive", "2009/138/EC of the European Parliament", "and of the Council**;", "(d) entities governed by the law of a", "Member State which are payment", "institutions as defined in point 4 of Article", "4 of Directive 2007/64/EC of the", "European Parliament and of the", "Council***, unless Article 15(2) of that", "Directive applies;", "(e) entities governed by the law of a", "Member State which are electronic money", "institutions as defined in point 1 of Article", "2 of Directive 2009/110/EC of the", "European Parliament and of the", "Council****, unless Article 15(2) of", "Directive 2007/64/EC applies;", "(f) investment firms as defined in point 1", "of Article 4(1) of Directive 2004/39/EC;", "(g) entities governed by the law of a", "Member State which are central securities", "depositories;", "(h) central counterparties as defined in", "Article 2(1) of Regulation X/XXXX of the", "European Parliament and of the", "Council*****[see proposal for a", "Regulation on OTC derivatives, central", "counterparties and trade repositories,", "COM(2010)484)];", "_________________", "* OJ L 177, 30.6.2006, p. 1", "** OJ L 335, 17.12.2009, p. 1", "*** OJ L 187, 18.7.2009, p. 5", "**** OJ L 267, 10.10.2009, p. 7" ], "reference": "2011/0359(COD)", "seq": 150, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "For the purposes of this Regulation, the", "definitions laid down in Article 2 of", "Directive 2006/43/EC shall apply, except", "for the definitions of 'audit report',", "'competent authority' and 'public-interest", "entities'.", "For the purpose of this Regulation", "'public-interest entities' shall cover:", "(a) entities governed by the law of a", "Member State whose transferable", "securities are admitted to trading on a", "regulated market of any Member State", "within the meaning of point 14 of Article", "4(1) of Directive 2004/39/EC;" ], "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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There is no need to have a definition of large PIEs.", "old": [ "Article 4", "Large public interest entities", "For the purposes of this Regulation,", "\u2018large public-interest entities\u2019 shall cover", "the following", "(a) in relation to entities defined in point", "13(a) of Article 2 of Directive 2006/43/EC,", "the largest 10 issuers of shares in each", "Member State measured by the market", "capitalisation on the basis of the end-year", "quotes and in any case all issuers of", "shares that had an average market", "capitalisation of more than EUR 1 000", "000 000 on the basis of end-year quotes", "for the previous three calendar years;", "(b) in relation to entities defined in points", "13(b) to (f) of Article 2 of Directive", "2006/43/EC, any entity which on their", "balance sheet date has a balance sheet", "total exceeding EUR 1 000 000 000;", "(c) in relation to entities defined in points", "13(g) and (h) of Article 2 of Directive", "2006/43/EC, any entity which on their", "balance sheet date has total assets under", "management exceeding EUR 1 000 000", "000." ], "seq": 152, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This proposed wording reflects better the nature of the relationship of the statutory auditor or\naudit firm to the audited entity and captures in a more comprehensive way potential threats\nfor independence. This is furthermore more aligned to existing international ethics standards\nand would ensure an international level playing field.", "old": [ "A statutory auditor or audit firm shall take", "all necessary steps to ensure that the", "carrying out of a statutory audit of a", "public-interest entity is not affected by any", "existing or potential conflict of interest or", "business or other relationship involving", "the statutory auditor or audit firm carrying", "out the statutory audit and, where", "appropriate, its network, managers,", "auditors, employees, any other natural", "persons whose services are placed at the", "disposal or under the control of the", "statutory auditor or audit firm, or any", "person directly or indirectly linked to the", "statutory auditor or audit firm by control." ], "seq": 153, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "A statutory auditor or audit firm shall take", "all necessary steps to ensure that the", "independence of the statutory auditor or", "audit firm carrying out the statutory audit is", "not compromised by financial, personal,", "business, employment or other", "relationships involving the statutory", "auditor, the audit firm, its affiliate firms", "and network, and any natural person in a", "position to influence the outcome of the", "statutory audit." ], "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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Any fixed cap on related financial audit services is bound to create problems in cases where it\nmay be fully legitimate for the audited firm to buy considerable amounts of services of this\nkind from its auditing firm, e.g. due diligence services in connection with mergers or\nacquisitions. A better solution would be to require the audit committee, to approve all related\nservices above a certain level or to require such approval for all services in addition to the\nstatutory audit.", "old": [ "2. When the statutory auditor or audit", "firm provides to the audited entity related", "financial audit services, as referred to in", "Article 10(2), the fees for such services", "shall be limited to no more than 10 % of", "the fees paid by the audited entity for the", "statutory audit." ], "seq": 161, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 9 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Article 22 of the Directive deals with the auditor\u2019s independence and objectivity. It is founded\non a principle based evaluation when it comes to the independence. It is our firm belief that\nthis approach should also be the starting point when it comes to the audit of public interest\nentities. Consequently, it is therefore sufficient to, as a complement in the regulation, only\nregulate the catalogue of prohibitions which should be applicable at audit assignments to\npublic interest entities.", "old": [ "A statutory auditor or an audit firm", "carrying out statutory audit of public-", "interest entities may provide to the audited", "entity, to its parent undertaking and to its", "controlled undertakings statutory audit", "services and related financial audit", "services." ], "seq": 178, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "A statutory auditor or an audit firm", "carrying out statutory audit of public-", "interest entities shall not directly or", "indirectly provide to the audited entity, to", "its parent undertaking and to its controlled", "undertakings any non-audit services that", "are prohibited by this Article." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Article 22 of the Directive deals with the auditor\u2019s independence and objectivity. It is founded\non a principle based evaluation when it comes to the independence. It is our firm belief that\nthis approach should also be the starting point when it comes to the audit of public interest\nentities. Consequently, it is therefore sufficient to, as a complement in the regulation, only\nregulate the catalogue of prohibitions which should be applicable at audit assignments to\npublic interest entities.", "old": [ "Where the statutory auditor belongs to a", "network, a member of such network may", "provide to the audited entity, to its parent", "undertaking and to its controlled", "undertakings within the Union statutory", "audit services or related financial audit", "services." ], "seq": 184, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "Where the statutory auditor belongs to a", "network, no member of such network shall", "provide to the audited entity, to its parent", "undertaking and to its controlled", "undertakings within the Union any non-", "audit services that are prohibited by this", "Article." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "No longer necessary under new approach.", "old": [ "2. For the purposes of this Article, related", "financial audit services shall mean:", "(a) the audit or review of interim financial", "statements;", "(b) providing assurance on corporate", "governance statements;", "(c) providing assurance on corporate", "social responsibility matters;", "(d) providing assurance on or attestation", "of regulatory reporting to regulators of", "financial institutions beyond the scope of", "the statutory audit and designed to assist", "regulators in fulfilling their role, such as", "on capital requirements or specific", "solvency rations determining how likely", "an undertaking will be to continue", "meeting its debt obligations;", "(e) providing certification on compliance", "with tax requirements where such", "attestation is required by national law;", "(f) any other statutory duty related to", "audit work imposed by Union legislation", "to the statutory auditor or audit firm." ], "seq": 188, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Article 10.3 states prohibited non-audit related services entailing a conflict of interest in all\ncases. It is common practice to prohibit these services. We therefore appreciate the European\nCommission\u2019s proposal in this matter. However the proposal lacks proportionality and\ncaptures a too broad range of services without proper differentiation. We suggest aligning the\nproposal with IESBA Code of Ethics.", "old": [ "For the purposes of this Article, non-audit", "services shall mean:" ], "seq": 211, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "For the purposes of this Article, prohibited", "non-audit services shall mean:" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The provision of many tax services does not compromise independence. This amendment\nprohibits those tax services which do create a threat to independence as recognised by\ninternational Code of Ethics. Expert services, general management and advisory services do\nnot pose a threat to independence unless the statutory auditor i put in a position of taking\ndecisions on behalf of management", "reference": "2011/0359(COD)", "seq": 216, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(ia) Providing tax services involving", "acting as an advocate before a public", "tribunal or court in the resolution of a tax", "matter and the amounts involved are", "material to the financial statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point i a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The provision of many tax services does not compromise independence. This amendment\nprohibits those tax services which do create a threat to independence as recognised by\ninternational Code of Ethics. Expert services, general management and advisory services do\nnot pose a threat to independence unless the statutory auditor i put in a position of taking\ndecisions on behalf of management", "reference": "2011/0359(COD)", "seq": 217, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(ib) Preparing tax calculations of current", "and deferred tax liabilities or assets for", "the purpose of preparing accounting", "entries that are material to the financial", "statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point i b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This amendment introduces another prohibition of specific tax services in order to bring\ncloser alignment with international Code of Ethics.", "reference": "2011/0359(COD)", "seq": 218, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(ic) Providing tax or corporate finance", "advice when the effectiveness of the", "advice depends upon a particular", "accounting treatment or presentation in", "the financial statements and when there is", "reasonable doubt about the", "appropriateness of the accounting", "treatment and the outcome or", "consequences of the advice would", "materially affect such financial", "statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point i c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Minor changes which introduces a more rigorous restriction based on the Code of Ethics as\nwell as improving the language.", "old": [ "(ii) bookkeeping and preparing accounting", "records and financial statements;" ], "seq": 221, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(ii) bookkeeping, payroll services and the", "preparation of accounting records and", "financial statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point ii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Minor changes which introduces a more rigorous restriction based on the Code of Ethics as\nwell as improving the language.", "old": [ "(iii) designing and implementing internal", "control or risk management procedure", "related to the preparation and/or control of", "financing information included in the", "financial statements and advice on risk;" ], "seq": 225, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(iii) designing or implementing internal", "control, risk management or financial", "information technology systems related to", "the preparation and/or control of financial", "information included in the financial", "statements that;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point iii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amended wording is based on the international Code of Ethics. It also includes what the\nCommission had regulated in 3 b (iii).", "reference": "2011/0359(COD)", "seq": 227, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "a) form a significant part of the internal", "control over financial reporting of the", "audited entity, or" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point iii \u2013 point a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amended wording is based on the international Code of Ethics. It also includes what the\nCommission had regulated in 3 b (iii).", "reference": "2011/0359(COD)", "seq": 228, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "b) generate information that is significant", "to the accounting records of financial", "statements that are subject to the statutory", "audit;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point iii \u2013 point b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Contribution in kind reports should not be prohibited since the law in a number of Member\nStates requires these to be performed by the statutory auditor. Fairness Opinions are\nexplicitly permitted by the international Code of Ethics. The other changes are to make the\nrestriction on valuation services consistent with the Code.", "old": [ "(iv) valuation services, providing fairness", "opinions or contribution-in-kind reports;" ], "seq": 231, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(iv) valuation services or litigation support", "services, where the valuation would have", "a material effect separately or in the", "aggregate on the financial statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point iv" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The provision of actuarial services by an auditor is permitted under international Code of\nEthics. The revised prohibition on legal services is to prevent auditors from providing those\nlegal services that can threaten an auditor's independence. This specific prohibition is to\naddress concerns about the appearance of independence which can arise when a statutory\nauditor or audit firm acts as an advocate in court for a company that he, she or it audits.", "old": [ "(v) actuarial and legal services, including", "the resolution of litigation;" ], "seq": 235, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(v) legal services consisting of acting as", "an advocate in the resolution of disputes", "and litigation where the advocacy services", "can only be provided by a person admitted", "to practice law before the courts of a", "Member State and the amounts involved", "are material to the financial statements;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point v" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "No necessary since in it is included in Schmidt amendment 10 3a iii).", "old": [ "(vi) designing and implementing financial", "information technology systems for", "public-interest entities as referred to in", "Article 2(13)(b) to (j) of Directive", "2006/43/EC;" ], "seq": 240, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point vi" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amended wording is based on the international Code of Ethics and should be better\nunderstood in a European context since the Commission text appears to be inspired by the US\nSEC rules which have a different context.", "old": [ "(viii) broker or dealer, investment adviser,", "or investment banking services." ], "seq": 243, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(viii) providing corporate finance services", "involving promoting, dealing in, or", "underwriting shares of the audited entity;" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point viii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 244, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(viiia) human resources services with", "respect to senior management in a", "position to exert significant influences", "over the preparation of the accounting", "records or financial statement subject to", "the statutory audit, where such services", "involve." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point a \u2013 point viii a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "I propose that article 3b) should be deleted. The main principle should be that, with exception\nfrom the catalogue of prohibition the auditor\u2019s independence should be assessed from a\nprinciple based analysis. Regarding the provision of other non-audit services they should be\napproved by the audit committee and furthermore shall not be \u201dblack-listed\u201d by the proper\nauthority.", "old": [ "(b) services which may entail conflict of", "interest:", "(i) human resources services, including", "recruiting senior management;", "(ii) providing comfort letters for investors", "in the context of the issuance of an", "undertaking's securities;", "(iii) designing and implementing financial", "information technology systems for", "public-interest entities as referred to in", "Article 2(13)(a) of Directive 2006/43/EC;", "(iv) due diligence services to the vendor or", "the buy side on potential mergers and", "acquisitions and providing assurance on", "the audited entity to other parties at a", "financial or corporate transaction." ], "seq": 255, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 3 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In the amended, restricted list, all non-audit services are prohibited and a derogation is no\nlonger needed.", "old": [ "By derogation from the first and second", "subparagraphs, the services mentioned in", "point (b)(iii) and (iv) may be provided by", "the statutory auditor or the audit firm,", "subject to prior approval by the competent", "authority referred to in Article 35(1)." ], "seq": 268, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In the amended, restricted list, all non-audit services are prohibited and a derogation is no\nlonger needed.", "old": [ "By derogation from the first and second", "subparagraphs, the services mentioned in", "point (b)(i) and (ii) may be provided by the", "statutory auditor or the audit firm, subject", "to prior approval by the audit committee", "as referred to in Article 31 of this", "Regulation." ], "seq": 272, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 3 \u2013 subparagraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The main principle should be that, with exception from the catalogue of prohibition the\nauditor's independence should be assessed from a principle based analysis. Regarding the\nprovision of other non-audit services they should be approved by the audit committee and\nfurthermore shall not be \"black-listed\" by the proper authority.", "reference": "2011/0359(COD)", "seq": 273, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(3a) A statutory auditor or audit firm may", "provide non-audit services other than", "prohibited non-audit services where:", "a. the provision of those services has been", "approved by the audit committee, in the", "light of its obligation under Article 31 to", "satisfy itself as to the auditor's likely", "ability to mitigate any threats to its", "independence in its conduct as statutory", "auditor; and", "b. the competent authority has not", "exercised its power under Article 38 \u2013", "paragraph 6 a (new), to prohibit the", "provision of those services." ], "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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "As a system of permitted audit-related and other assurance services on the one hand and non-\naudit services on the other is provided for, the latter should always be considered to affect\nindependence.", "old": [ "Being involved in the decision-taking of", "the audited entity and the provision of the", "services referred to in points (ii) and (iii)", "of paragraph 3(a) shall be considered as", "affecting such independence in all cases." ], "seq": 278, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "Being involved in the decision-taking of", "the audited entity and the provision of non-", "audit services shall be considered as", "affecting such independence in all cases." ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The provision of the services referred to in", "points (i) and (iv) to (viii) of paragraph", "3(a) shall be presumed to affect such", "independence." ], "reference": "2011/0359(COD)", "seq": 280, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 4 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "We propose to delete this article as a whole. A split of large audit firms will result in poorer\nadvice and audit quality as well as through cost increases. The concept of \u201caudit-only\nauditors\u201d is badly conceived and would lead to great difficulties for major audit firms to\nmaintain expert resources in a variety of highly specialised fields, which would in turn lead to\ndecreased audit quality.", "old": [ "5. Where an audit firm generates more", "than one third of its annual audit", "revenues from large public-interest", "entities and belongs to a network whose", "members have combined annual audit", "revenues which exceed EUR 1 500 million", "within the European Union, it shall", "comply with the following conditions:", "(a) it shall not directly or indirectly", "provide to any public interest entity non-", "audit services;", "(b) it shall not belong to a network which", "provides non-audit services within the", "Union;", "(c) any entity which provides the services", "listed in paragraph 3 shall not directly or", "indirectly hold more than 5 % of the", "capital or of the voting rights in the audit", "firm;", "(d) the entities which provide the services", "listed in paragraph 3shall not directly or", "indirectly hold together more than 10 %", "of the capital or of the voting rights in the", "audit firm;", "(e) such audit firm shall not directly or", "indirectly hold more than 5 % of the", "capital or of the voting rights in any entity", "which provides the services listed in", "paragraph 3." ], "seq": 287, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The list should be decided on national level.", "old": [ "6. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 68 for the purpose of adapting the", "list of related financial audit services", "referred to in paragraph 2 and the list of", "non-audit services referred to in", "paragraph 3 of this Article. When using", "such powers, the Commission shall take", "into account developments in auditing", "and the audit profession." ], "seq": 292, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 10 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(c) request permission from the audit", "committee to provide the non-audit", "services referred to in Article 10(3)(b)(i)", "and (ii) to the audited entity;" ], "reference": "2011/0359(COD)", "seq": 301, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(c) request permission from the audit", "committee to provide any non-audit", "services to the audited entity;" ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 4 \u2013 subparagraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(d) request permission from the competent", "authority referred to in Article 35(1) to", "provide the non-audit services referred to", "in Article 10(3)(b)(iii) and (iv) to the", "audited entity;" ], "reference": "2011/0359(COD)", "seq": 304, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 11 \u2013 paragraph 4 \u2013 subparagraph 1 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(r) indicate the non-audit services referred", "to in Article 10(3)(b)(i) and (ii) that the", "audit committee allowed the statutory", "auditor or the audit firm to provide to the", "audited entity;" ], "reference": "2011/0359(COD)", "seq": 318, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(r) indicate the non-audit services referred", "to in Article 10 that the audit committee", "allowed the statutory auditor or the audit", "firm to provide to the audited entity;" ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 \u2013 point r" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(s) indicate the non-audit services referred", "to in Article 10(3)(b)(iii) and (iv) that the", "competent authority referred to in Article", "35(1) allowed the statutory auditor or the", "audit firm to provide to the audited entity;" ], "reference": "2011/0359(COD)", "seq": 319, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 22 \u2013 paragraph 2 \u2013 point s" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In general, it is more appropriate to channel via those in charge of the governance of the\naudited entity. A direct and un-coordinated communication of the statutory auditor or audit\nfirm with the supervisory authority may result in overlapping and confusing communication\non incidents.", "old": [ "Without prejudice to Article 55 of", "Directive 2004/39/EC, Article 53 of", "Directive 2006/48/EC of the European", "Parliament and of the Council34 , Article", "15(4) of Directive 2007/64/EC, Article 106", "of Directive 2009/65/EC, the first", "paragraph of Article 3 of Directive", "2009/110/EC and Article 72 of Directive", "2009/138/EC of the European Parliament", "and of the Council35 , the statutory auditor", "or audit firm carrying out the statutory", "audit of a public-interest entity shall have a", "duty to report promptly to the competent", "authorities supervising public-interest", "entities any fact or decision concerning", "that public-interest entity of which he, she", "or it has become aware while carrying out", "that statutory audit and which is liable to", "bring about any of the following:" ], "seq": 347, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "The statutory auditor or audit firm carrying", "out the statutory audit of a public-interest", "entity shall report promptly to the audit", "committee, the administrative and", "supervisory body any fact or decision", "concerning that public-interest entity of", "which he, she or it has become aware while", "carrying out that statutory audit. The", "reporting is to bring about any of the", "following:" ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Clarification of the requirement.", "old": [ "(c) a refusal to certify the financial", "statements or the expression of", "reservations." ], "seq": 348, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "(c) a refusal to issue an audit report or the", "issuance of an adverse or a qualified audit", "opinion." ], "location": [ [ "Proposal for a regulation", "Article 25 \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-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The added wording sets a requirement for those in charge of the governance of the audited\nentity to seek an appropriate way to immediately report the decisions and facts to their\nsupervisory authority.", "old": [ "The statutory auditor or the audit firm shall", "also have a duty to report any facts and", "decisions of which he, she or it becomes", "aware in the course of carrying out the", "statutory audit of an undertaking having", "close links with the public-interest entity", "for which he, she or it is also carrying out", "the statutory audit." ], "seq": 349, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "The statutory auditor or the audit firm shall", "also have a duty to report any facts and", "decisions according to paragraph 1 (a),", "(b) or (c) of which he, she or it becomes", "aware in the course of carrying out a", "statutory audit of an undertaking controlled", "by the public-interest entity for which he,", "she or it is also carrying out the statutory", "audit.", "The audit committee, administrative and", "supervisory body will undertake", "appropriate steps to immediately inform", "the competent authorities supervising", "public interest entities about these", "reported facts and decisions." ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The requirement of a regular dialogue in article 25.2 should apply to all financial institutions\ncovered by the definition of public-interest entities.", "old": [ "Competent authorities supervising credit", "institutions and insurance undertakings", "shall establish regular a dialogue with the", "statutory auditors and audit firms carrying", "out the statutory audit of those institutions", "and undertakings." ], "seq": 350, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "Competent authorities supervising", "financial companies within the definition", "of public-interest entities in Directive", "2006/43/EC shall establish a regular", "dialogue with the statutory auditors and", "audit firms carrying out the statutory audit", "of those institutions and undertakings." ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "In order to facilitate the exercise of the", "tasks referred to in the first subparagraph,", "EBA and EIOPA shall issue guidelines", "addressed to the competent authorities", "supervising credit institutions and", "insurance undertakings, in accordance", "with Article 16 of Regulation (EU) No", "1093/2010 and of Regulation (EU) No", "1094/2010, respectively." ], "reference": "2011/0359(COD)", "seq": 352, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Regarding the prohibition of contractual clauses, it is not appropriate that in this context\nregulate what individuals can or cannot agree upon. The matters covered in the proposal\nshould be dealt with by national law.", "old": [ "3. The disclosure in good faith to the", "competent authorities, by the statutory", "auditor or audit firm, of any fact or", "decision referred to in paragraph 1 or of", "any fact during the dialogue foreseen in", "paragraph 2 shall not constitute a breach", "of any contractual or legal restriction on", "disclosure of information and shall not", "involve such persons in liability of any", "kind." ], "seq": 354, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 25 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Change following deletion of article 10 (2)", "old": [ "The annual financial report and the annual", "income statement shall show the total", "turnover divided into fees from the", "statutory audit of annual and consolidated", "financial statements of public-interest", "entities and entities belonging to a group of", "undertakings whose parent undertaking is a", "public-interest entity, fees from the", "statutory audit of annual and consolidated", "financial statements of other entities and", "fees charged for related financial audit", "services as defined in Article 10(2)." ], "seq": 357, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "The annual financial report and the annual", "income statement shall show the total", "turnover divided into fees from the", "statutory audit of annual and consolidated", "financial statements of public-interest", "entities and entities belonging to a group of", "undertakings whose parent undertaking is a", "public-interest entity, fees from the", "statutory audit of annual and consolidated", "financial statements of other entities and", "fees charged for audit-related and other", "assurance audit services as defined in", "Article 10." ], "location": [ [ "Proposal for a regulation", "Article 26 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Statutory auditors and audit firms shall", "communicate to ESMA and to the", "competent authorities that the", "transparency report has been published on", "the website of the statutory auditor or audit", "firm or, as appropriate, that it has been", "updated." ], "reference": "2011/0359(COD)", "seq": 358, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "Statutory auditors and audit firms shall", "communicate to the competent authorities", "and to ESMA, EGAOB and if necessary to", "EBA and EIOPA, that the transparency", "report has been published on the website of", "the statutory auditor or audit firm or, as", "appropriate, that it has been updated." ], "location": [ [ "Proposal for a regulation", "Article 27 \u2013 paragraph 1 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "At least in Nordic corporate governance a board committee can only consist of members of\nthe board, who are in turn appointed by the general meeting of shareholders. Hence the text\n\u201cand/or members appointed by the general meeting of shareholders of the audited body\u201d is\nnot viable in such contexts.", "old": [ "Each public-interest entity shall have an", "audit committee. The audit committee shall", "be composed of non-executive members of", "the administrative body and/or members of", "the supervisory body of the audited entity", "and/or members appointed by the general", "meeting of shareholders of the audited", "entity or, for entities without shareholders,", "by an equivalent body." ], "seq": 363, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "Each public-interest entity shall have an", "audit committee. The audit committee shall", "be composed of non-executive members of", "the administrative body and/or members of", "the supervisory body of the audited entity", "or, for entities without shareholders, by an", "equivalent body." ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The words \u201cand another member in accounting and/or auditing\u201d should be deleted. The\nremaining competence requirements on the committee in this paragraph are sufficient.\nAdditional requirements on individual members only serve to further complicate the\nrecruitment problems to boards, especially for companies in small markets and/or small\nboards.", "old": [ "At least one member of the audit", "committee shall have competence in", "auditing and another member in", "accounting and/or auditing. The", "committee members as a whole shall have", "competence relevant to the sector in which", "the audited entity is operating." ], "seq": 365, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "At least one member of the audit", "committee shall have competence in", "auditing. The committee members as a", "whole shall have competence relevant to", "the sector in which the audited entity is", "operating." ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 367, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "(3a) Members of the audit committee shall", "take part in skill enhancement", "programmes in order to ensure an", "adequate technical knowledge level to", "fulfil their tasks." ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 1 \u2013 subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "If the definition of PIEs in not widened, there is no need for this paragraph.", "old": [ "3. By derogation from paragraph 1, the", "following public-interest entities may", "decide not to have an audit committee:", "(a) any public-interest entity which is a", "subsidiary undertaking within the", "meaning of Article 1 of Directive", "83/349/EEC if the entity complies with the", "requirements in paragraphs 1 to 4 of that", "Article at group level;", "(b) any public-interest entity which is an", "undertaking for collective investment in", "transferable securities (UCITS) as defined", "in Article 1(2) of Directive 2009/65/EC or", "an alternative investment fund (AIF) as", "defined in Article 4(1)(a) of Directive", "2011/61/EU;", "(c) any public-interest entity the sole", "business of which is to act as issuer of", "asset backed securities as defined in", "Article 2(5) of Commission Regulation", "(EC) No 809/200437 ;", "(d) any credit institution within the", "meaning of Article 1(1) of Directive", "2006/48/EC whose shares are not", "admitted to trading on a regulated market", "of any Member State within the meaning", "of point 14 of Article 4(1) of Directive", "2004/39/EC and which has, in a", "continuous or repeated manner, issued", "only debt securities admitted to trading in", "a regulated market, provided that the total", "nominal amount of all such debt", "securities remains below EUR 100 000", "000 and that it has not published a", "prospectus under Directive 2003/71/EC.", "The public-interest entities referred to in", "points (b) and (c) shall explain to the", "public the reasons for which it considers it", "not appropriate to have either an audit", "committee or an administrative or", "supervisory body entrusted to carry out", "the functions of an audit committee." ], "seq": 369, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "According to the proposal, the audit committee shall monitor the audit of the company. Since\nboard members can be appointed to the committee, it means that the persons being audited\nwill have the power to monitor the auditing procedure. This is not appropriate, since the work\nof the board falls within the scope of the audit, and it could also threaten the auditor's\nindependence.", "old": [ "(c) monitor the statutory audit of the", "annual and consolidated financial", "statements and supervise the completeness", "and integrity of the draft audit reports in", "accordance with Articles 22 to 23;" ], "seq": 370, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 5 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(e) be responsible for the procedure on the", "selection of statutory auditor(s) or audit", "firm(s) and recommend the statutory", "auditor(s) or audit firm(s) to be appointed", "in accordance with Articles 32;" ], "reference": "2011/0359(COD)", "seq": 372, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(e) be responsible for the procedure on the", "selection of statutory auditor(s) or audit", "firm(s) and recommend the statutory", "auditor(s) or audit firm(s) to be appointed", "by the audited companies Annual General", "Meeting in accordance with Articles 32;" ], "location": [ [ "Proposal for a regulation", "Article 31 \u2013 paragraph 5 \u2013 point e" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "After a period of three years, the audit committee should evaluate the audit quality. The\ntiming can be adjusted, since the appointment period varies throughout Europe. Mandatory\nre-assessment of the quality of the auditor or audit firm will - in connection with reporting to\nthe shareholders meeting and to the competent authority and the competent authority's veto\nright - increase transparency about the decision making process.", "old": [ "When it concerns the renewal of an audit", "engagement in accordance with the second", "subparagraph of Article 33(1), the audit", "committee shall, for the preparation of its", "recommendation, take into consideration", "any findings and conclusions on the", "recommended statutory auditor or audit", "firm referred to in Article 40(6) and", "published by the competent authority", "pursuant to Article 44(d)." ], "seq": 380, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzman, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "When it concerns the renewal of an audit", "engagement in accordance with the second", "subparagraph of Article 33(1), the audit", "committee shall base its recommendation", "on a comprehensive assessment of the", "audit quality of the statutory auditor or", "audit firm after a period of three", "consecutive years. The competent", "authority referred to in Article 35 may", "adjust the timing in accordance with the", "national appointment period." ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 2 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This sets out the content of the assessment of audit quality.", "old": [ "In its recommendation, the audit committee", "shall state that its recommendation is free", "from influence by a third party and that no", "contractual clause as referred to in", "paragraph 7 has been imposed upon it." ], "seq": 383, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "The comprehensive assessment shall be", "performed in a transparent and systematic", "approach, and shall include the", "consideration of professional", "competencies of the auditor or audit firm", "which are necessary to perform the", "statutory audit in compliance with", "relevant ethical requirements and", "international standards on auditing", "referred to in Article 20. It shall take into", "consideration any findings and", "conclusions on the recommended", "statutory auditor or audit firm referred to", "in Article 40(6) and published by the", "competent authority pursuant to Article", "44(d).", "In its recommendation, the audit committee", "shall state that its recommendation is free", "from influence by a third party and that no", "contractual clause as referred to in", "paragraph 7 has been imposed upon it." ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 2 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Professional competencies of the auditor or audit firm which are necessary to perform the\nstatutory audit in compliance with relevant ethical requirements and international standards\non auditing referred to in Article 20 should already be considered in the tendering process.", "old": [ "(f) the audited entity shall evaluate the", "proposals made by the statutory auditors or", "audit firms in accordance with the selection", "criteria predefined in the tender documents.", "The audited entity shall prepare a report on", "the conclusions of the selection procedure,", "which shall be validated by the audit", "committee. The audited entity and the", "audit committee shall take into", "consideration any inspection report on the", "applicant statutory auditor or audit firm", "referred to in Article 40(6) and published", "by the competent authority pursuant to", "Article 44(d);" ], "seq": 394, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "(f) the audited entity shall evaluate the", "proposals made by the statutory auditors or", "audit firms in accordance with the selection", "criteria predefined in the tender documents.", "The audited entity shall prepare a report on", "the conclusions of the selection procedure,", "which shall be validated by the audit", "committee. The audit committee shall", "perform a comprehensive assessment of", "the proposals made by the statutory", "auditors or audit firms in a transparent", "and systematic approach that shall include", "the consideration of professional", "competencies of the auditor or audit firm", "which are necessary to perform the", "statutory audit in compliance with", "relevant ethical requirements and", "international standards on auditing", "referred to in Article 20. The competent", "authority shall issue guidelines on the", "criteria of professional competencies. The", "audited entity and the audit committee", "shall take into consideration any", "inspection report on the applicant statutory", "auditor or audit firm referred to in Article", "40(6) and published by the competent", "authority pursuant to Article 44(d);" ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point f" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Similar to the comply or explain principle, reasons should be justified in case, despite a\ntender, the incumbent auditor is proposed for renewal. This again underlines that available\nalternatives should be thoroughly considered.", "old": [ "If the proposal of the administrative or", "supervisory board departs from the", "recommendation of the audit committee,", "the proposal shall justify the reasons for", "not following the recommendation of the", "audit committee." ], "seq": 400, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "If the proposal of the administrative or", "supervisory board departs from the", "recommendation of the audit committee,", "the proposal shall justify the reasons for", "not following the recommendation of the", "audit committee. It shall equally justify the", "reasons if, following a tender procedure", "referred to in paragraph 3, the renewal of", "an audit engagement is proposed." ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 5 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The assessment should be made available to the competent authority. I not support the\nproposed veto power of the competent authority. It is difficult to see how the authority could\nuse the veto, without a general meeting of the company. There is no compelling reason to\nlimit the owners\u00b4 right to appoint auditors.", "old": [ "In the case of a credit institution or", "insurance undertaking, the administrative", "or supervisory board shall submit its draft", "proposal to the competent authority", "referred to in Article 35(2). The competent", "authority referred to in Article 35(2) shall", "have the right to veto the choice proposed", "in the recommendation. Any such", "opposition shall be duly justified." ], "seq": 401, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "The administrative or supervisory board", "shall submit its draft proposal to the", "competent authority referred to in Article", "35(2) prior to the selection of the statutory", "auditor or audit firm by the relevant body", "or organ. The draft proposal to the", "competent authority referred to in Article", "35(2) shall be accompanied by the results", "of the comprehensive assessment referred", "to in Article 32 (2) and (3)." ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 6 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "I not support the proposed veto power of the competent authority. It is difficult to see how the\nauthority could use the veto, without a general meeting of the company. There is no\ncompelling reason to limit the owners\u00b4 right to appoint auditors. It also raises questions\nabout the situation that the authority\u2019s decision is subject to an appeal.", "old": [ "The absence of a reply by the competent", "authority within the prescribed time-limit", "following submission of the audit", "committee's recommendation shall be", "considered as constituting an implied", "consent to the recommendation." ], "seq": 404, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 32 \u2013 paragraph 6 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.134%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The public-interest entity shall appoint a", "statutory auditor or audit firm for an initial", "engagement that shall not be shorter than", "two years." ], "reference": "2011/0359(COD)", "seq": 417, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "The public-interest entity shall appoint a", "statutory auditor or audit firm for an initial", "engagement that shall not be shorter than", "three years." ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 1 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "The public-interest entity may renew this", "engagement only once." ], "reference": "2011/0359(COD)", "seq": 423, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 1 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Financial companies within the definition of public-interest entities in Directive 2006/43/EC\u201d", "old": [ "The maximum duration of the combined", "two engagements shall not exceed 6 years." ], "seq": 435, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "The maximum duration of an audit", "engagement of a public-interest entity", "which is a financial company shall not", "exceed 14 years." ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 1 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Where throughout a continuous", "engagement of 6 years two statutory", "auditors or audit firms have been", "appointed, the maximum duration of the", "engagement of each statutory auditor or", "audit firm shall not exceed 9 years." ], "reference": "2011/0359(COD)", "seq": 443, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 1 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Such an obligation poses a disproportionate administrative burden on the audit firms that can\nnot be justified.", "old": [ "The statutory auditor or audit firm shall", "establish an appropriate gradual rotation", "mechanism with regard to the most senior", "personnel involved in the statutory audit,", "including at least the persons who are", "registered as statutory auditors. The", "gradual rotation mechanism shall be", "undertaken in phases on the basis of", "individuals rather than of a complete", "team. It shall be proportionate in view of", "the scale and the dimension of the activity", "of the statutory auditor or audit firm." ], "seq": 460, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 4 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Such an obligation poses a disproportionate administrative burden on the audit firms that can\nnot be justified.", "old": [ "The statutory auditor or audit firm shall", "be able to demonstrate to the competent", "authority that such mechanism is", "effectively applied and adapted to the", "scale and the dimension of the activity of", "the statutory auditor or audit firm." ], "seq": 466, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 4 \u2013 subparagraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text of article 23 paragraph 3 is more comprehensive and has proven to work in practice.\nThe responsibilities of incoming successor auditors with respect to the work of predecessor\nauditors are already addressed in international standards.", "old": [ "Where a statutory auditor or audit firm is", "replaced by another statutory auditor or", "audit firm, the former statutory auditor or", "audit firm shall provide the incoming", "statutory auditor or audit firm with a", "handover file. Such file shall include", "relevant information concerning the", "audited entity as may reasonably be", "necessary to understand the nature of the", "business and the internal organisation of", "the audited entity and to ensure the", "continuity of the statutory audit and the", "comparability with the audits carried out", "in previous years." ], "seq": 467, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-29T00:00:00", "new": [ "Where a statutory auditor or audit firm is", "replaced by another statutory auditor or", "audit firm, the former statutory auditor or", "audit firm shall comply with the", "requirements contained in Article 23(3) of", "Directive 2006/43/EC." ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 5 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To provide a reasonable timeframe for the provision of this information and to reflect that the\nformer auditor may not have been in that role for the previous three years.", "old": [ "The former statutory auditor or audit firm", "shall also grant access to the incoming", "statutory auditor or audit firm to the", "additional reports to the audit committee", "referred to in Article 23 of previous years", "and to any information transmitted to", "competent authorities pursuant to Articles", "25 and 27." ], "seq": 469, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "The former statutory auditor or audit firm", "shall also grant access to the incoming", "statutory auditors or audit firms to the", "additional reports to the audit committee", "referred to in Article 23 for the previous", "three years and to any information", "transmitted to competent authorities", "pursuant to Articles 25 and 27." ], "location": [ [ "Proposal for a regulation", "Article 33 \u2013 paragraph 5 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Opposes that Member States are obligated to introduce supervision of the activities of non-\nfinancial companies. There is no need to supervise corporate governance, e.g. election of\nauditors, in non-financial companies. The proposal involves unnecessary costs. It should be\nmore clearly stated that the Member States allocate responsibilities between authorities, for\nexample one authority for the supervision of auditors and another authority for supervision of\nfinancial companies.", "old": [ "2. By derogation from paragraph 1,", "Member States may decide that the", "responsibility for ensuring that all or part", "of the provisions of Title III of this", "Regulation are applied shall be entrusted", "to, as appropriate, the competent", "authorities referred to in:", "(a) Article 24(1) of Directive", "2004/109/EC;", "(b) Article 24(4)(h) of Directive", "2004/109/EC;", "(c) Article 40 of Directive 2006/48/EC;", "(d) Article 30 of Directive 2009/138/EC;", "(e) Article 20 of Directive 2007/64/EC;", "(f) Article 3(1) of Directive 2009/110/EC;", "(g) Article 48 of Directive 2004/39/EC;", "(h) Article 97 of Directive 2009/110/EC;", "(h) Article 44 of Directive 2011/61/EU." ], "seq": 478, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 35 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 479, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(6a) A competent authority may, on the", "basis of clear evidence, add to the list of", "prohibited non-audit services for statutory", "auditors and audit firms where it", "concludes that the provision of such", "services represents a threat to auditor", "independence." ], "location": [ [ "Proposal for a regulation", "Article 38 \u2013 paragraph 6 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposal regarding market monitoring is too far-reaching and is incompatible with the\nprinciple of subsidiarity. Audit firms do not pose a systemic risk to financial markets in the\nsame way as financial institutions. Potential or actual failure of an audit firm is best dealt\nwith at Member State level. The proposal does not add any value. Therefore, this article\nshould be deleted.", "old": [ "Article 42", "Market monitoring", "1.", "The competent authorities referred to in", "Article 35(1) shall regularly monitor the", "developments in the market for providing", "statutory audit services to public-interest", "entities.", "The competent authorities shall in", "particular assess the following:", "(a) the risks arising from high", "concentration, including the demise of", "audit firms with significant market share,", "the disruption in the provision of statutory", "audit services whether in a specific sector", "or across sectors, the further", "accumulation of risk in the market and", "the impact on the overall stability of the", "financial sector;", "(b) the need to adopt measures to mitigate", "those risks.", "2.", "By X X 20XX [2 years after the entry into", "force of the Regulation], and at least on a", "two-year basis thereafter, each competent", "authority shall draw up a report on this", "issue and submit it to ESMA, EBA and", "EIOPA.", "ESMA, EBA and EIOPA shall use those", "reports to draw up a joint report on the", "situation at Union level. The report shall", "be submitted to the Commission, the", "European Central Bank and the", "European Systemic Risk Board." ], "seq": 482, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 42" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "ESMA, EBA and EIOPA shall use those", "reports to draw up a joint report on the", "situation at Union level. The report shall be", "submitted to the Commission, the", "European Central Bank and the European", "Systemic Risk Board." ], "reference": "2011/0359(COD)", "seq": 488, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "ESMA, EBA and EIOPA shall use those", "reports to draw up a joint report on the", "situation at Union level. The report shall be", "submitted to the Member States and their", "parliaments, European Parliament, the", "European Central Bank and the European", "Systemic Risk Board." ], "location": [ [ "Proposal for a regulation", "Article 42 \u2013 paragraph 2 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "New regulation should aim at regulating where there is a need to do so while keeping costs to\na minimum. It will increase administrative burden and costs. Therefore, this article 43 should\nbe deleted.", "old": [ "[...]" ], "seq": 489, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 43" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is crucial to the development of the profession that international standards related to the\ncarrying out of statutory audits are as harmonised as possible not only in Europe but globally\nand that all stakeholders are involved in their development. ESMA is the suitable for this task.", "reference": "2011/0359(COD)", "seq": 495, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "(3a) ESMA shall cooperate with the", "international bodies involved in the", "developing of the international standards", "and practices related to the carrying out", "of statutory audits." ], "location": [ [ "Proposal for a regulation", "Article 46 \u2013 paragraph 1 \u2013 subparagraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Article 43 on contingency planning should be deleted. ESMA as a consequence should be not\ngiven this task. Therefore, this article 52 should be deleted.", "old": [ "Article 52", "Cooperation with regard to contingency", "planning", "Where the audit firms concerned by the", "requirement in Article 43 belong to", "networks of at least Union dimension,", "competent authorities shall cooperate", "within ESMA with a view to ensuring that", "the different national requirements take", "account of the network dimension.", "The competent authorities shall make", "available to ESMA and the other", "competent authorities the contingency", "plans received pursuant to Article 43(4).", "ESMA shall not formally approve or", "endorse the contingency plans, but may", "provide an opinion on them." ], "seq": 499, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 52" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is sufficient that article 61 states that the administrative sanctions and measures shall be\neffective, proportionate and dissuasive. Article 62 and 63 are incompatible with the principle\nof subsidiarity. Articles 62 and 63 should be deleted.", "old": [ "3. This Article and Articles 62 to 66 are", "without prejudice to provisions of national", "criminal law." ], "seq": 502, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "3. This Article is without prejudice to", "provisions of national criminal law." ], "location": [ [ "Proposal for a regulation", "Article 61 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is sufficient that article 61 states that the administrative sanctions and measures shall be\neffective, proportionate and dissuasive. Article 62 and 63 are incompatible with the principle\nof subsidiarity. Articles 62 and 63 should be deleted.", "old": [ "[...]" ], "seq": 503, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 62" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is sufficient that article 61 states that the administrative sanctions and measures shall be\neffective, proportionate and dissuasive. Article 62 and 63 are incompatible with the principle\nof subsidiarity. Articles 62 and 63 should be deleted.", "old": [ "Article 63", "Effective application of sanctions", "1.", "When determining the type of", "administrative sanctions and measures,", "competent authorities shall take into", "account all relevant circumstances,", "including:", "(a) the gravity and the duration of the", "violation;", "(b) the degree of responsibility of the", "responsible person;", "(c) the financial strength of the", "responsible person, as indicated by the", "total turnover of the responsible", "undertaking or the annual income of the", "responsible natural person;", "(d) the importance of the profits gained or", "losses avoided by the responsible person,", "insofar as they can be determined;", "(e) the level of cooperation of the", "responsible person with the competent", "authority, without prejudice to the need to", "ensure disgorgements of profits gained or", "losses avoided by that person;", "(f) previous violations by the responsible", "person.", "Additional factors may be taken into", "account by competent authorities, if such", "factors are specified in national law.", "2. EBA, EIOPA and ESMA shall jointly", "issue guidelines addressed to competent", "authorities in accordance with Article 16", "of Regulation No (EU) 1093/2010,", "Regulation No (EU) 1094/2010 and", "Regulation No (EU) 1095/2010 on types", "of administrative measures and sanctions", "and level of administrative pecuniary", "sanctions to be applied in individual cases", "within the national legal framework." ], "seq": 505, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Nils Torvalds", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 63" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The publication of the decisions by the competent authority should not be seen as a sanction\nin itself. The purpose of the publication should be to inform interested parties about what is\nnot regarded as good practice. The identity of the persons responsible does not add any\nvalue.", "old": [ "Every administrative measure or sanction", "imposed for breach of this Regulation shall", "be published without undue delay,", "including at least information on the type", "and nature of the breach and the identity of", "the persons responsible for it, unless such", "publication would seriously jeopardise the", "stability of financial markets. Where", "publication would cause disproportionate", "damage to the parties involved, competent", "authorities shall publish the measures and", "sanctions on an anonymous basis." ], "seq": 506, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "Every administrative measure or sanction", "imposed for breach of this Regulation shall", "be published without undue delay,", "including at least information on the type", "and nature of the breach, unless such", "publication would seriously jeopardise the", "stability of financial markets. Where", "publication would cause disproportionate", "damage to the parties involved, competent", "authorities shall publish the measures and", "sanctions on an anonymous basis." ], "location": [ [ "Proposal for a regulation", "Article 64 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Competent authorities shall inform", "ESMA, without undue delay, of any", "sanction or measure adopted for breach", "of this Regulation." ], "reference": "2011/0359(COD)", "seq": 507, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 64 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Competent and judicial authorities shall", "provide ESMA annually with aggregated", "information regarding all administrative", "measures, sanctions and fines imposed in", "accordance with Articles 61, 62, 63, 64, 65", "and 66. ESMA shall publish this", "information in an annual report." ], "reference": "2011/0359(COD)", "seq": 508, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "1. Competent and judicial authorities shall", "provide ESMA annually with aggregated", "information regarding all administrative", "measures, sanctions and fines imposed in", "accordance with Articles 63, 64, 65 and 66.", "ESMA shall publish this information in an", "annual report." ], "location": [ [ "Proposal for a regulation", "Article 67 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "2. Where the competent authority has", "disclosed administrative measures,", "sanctions and fines to the public, it shall", "simultaneously report that fact to ESMA." ], "reference": "2011/0359(COD)", "seq": 509, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 67 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0359(COD)", "seq": 510, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Sharon Bowles", "date": "2012-10-29T00:00:00", "new": [ "Article 69a", "Report about ESMA", "The Commission shall by X X ( five years", "after the end of the transitional period)", "prepare a report on ESMA\u2019s current and", "future role. The Commission shall assess", "whether ESMA has enough resources to", "fulfil its tasks according to this", "Regulation." ], "location": [ [ "Proposal for a regulation", "Article 69 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "By X X 20XX [five years after the end of", "the transitional period] the Commission", "shall prepare a report on the application of", "this Regulation. The report shall take due", "account of the report prepared by ESMA", "referred to in the fourth subparagraph of", "Article 46(4)." ], "reference": "2011/0359(COD)", "seq": 512, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "By X X 20XX [five years after the end of", "the transitional period] the Commission", "shall prepare a report on the application of", "this Directive. The report shall take due", "account of the report prepared by ESMA", "referred to in the fourth subparagraph of", "Article 46(4)." ], "location": [ [ "Proposal for a regulation", "Article 69 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "By derogation from Articles 32and 33, the", "following requirements shall apply to", "contracts for the provision of statutory", "audit to public-interest entities which are in", "force at [date of entry into force of this", "Regulation]:" ], "reference": "2011/0359(COD)", "seq": 514, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "By derogation from Articles 32and 33, the", "following requirements shall apply to", "contracts for the provision of statutory", "audit to public-interest entities which are in", "force at [date of entry into force of this", "Directive]:" ], "location": [ [ "Proposal for a regulation", "Article 70 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(a) any audit contract entered into before", "XX/XX/XXXX [the date of adoption of the", "Commission proposal] which is still in", "force on [the date of entry into force of this", "Regulation] shall remain applicable for a", "maximum period of four accounting years", "after [the date of entry into force of this", "Regulation];" ], "reference": "2011/0359(COD)", "seq": 515, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(a) any audit contract entered into before", "XX/XX/XXXX [the date of adoption of the", "Commission proposal] which is still in", "force on [the date of entry into force of this", "Directive] shall remain applicable for a", "maximum period of four accounting years", "after [the date of entry into force of this", "Directive];" ], "location": [ [ "Proposal for a regulation", "Article 70 \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-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(b) any audit contract entered into after", "XX/XX/XXX [the adoption of the", "Commission proposal] but before", "XX/XX/XXXX [the date of entry into", "force of this Regulation] and which is still", "in force shall remain applicable for a", "maximum period of five accounting years", "after XX/XX/XXXX [the date of entry into", "force of this Regulation];" ], "reference": "2011/0359(COD)", "seq": 516, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "(b) any audit contract entered into after", "XX/XX/XXX [the adoption of the", "Commission proposal] but before", "XX/XX/XXXX [the date of entry into", "force of this Directive] and which is still in", "force shall remain applicable for a", "maximum period of five accounting years", "after XX/XX/XXXX [the date of entry into", "force of this Directive];" ], "location": [ [ "Proposal for a regulation", "Article 70 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "By derogation from the criteria set out in", "point (c), the audit contract may remain", "applicable until the end of the first", "accounting year ending after [2 years after", "the entry into force of this Regulation]." ], "reference": "2011/0359(COD)", "seq": 517, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "By derogation from the criteria set out in", "point (c), the audit contract may remain", "applicable until the end of the first", "accounting year ending after [2 years after", "the entry into force of this Directive]." ], "location": [ [ "Proposal for a regulation", "Article 70 \u2013 paragraph 1 \u2013 subparagraph 1 \u2013 point c \u2013 point vi \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Article 33 shall apply to any audit contract", "entered into after [\u2026] [the date of the entry", "into force of this Regulation] but before", "[\u2026] [[2 years after the entry into force of", "this Regulation]." ], "reference": "2011/0359(COD)", "seq": 518, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "Article 33 shall apply to any audit contract", "entered into after [\u2026] [the date of the entry", "into force of this Regulation] but before", "[\u2026] [[2 years after the entry into force of", "this Directive]." ], "location": [ [ "Proposal for a regulation", "Article 70 \u2013 paragraph 2 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An EU Regulation is not a suitable format of regulation, in particular in view of the highly\ndetailed and intervening nature of the Commission\u2019s proposal. It represents an \u201cone-size-fits-\nall\u201d approach that is not taken the nature of different corporate governance systems\nthroughout the EU into account. It would lead to decreased corporate governance standards\nin some Member States.", "old": [ "The Member States shall make such", "provision as is appropriate to ensure the", "effective application of this Regulation." ], "seq": 519, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "The Member States shall make such", "provision as is appropriate to ensure the", "effective application of this Directive." ], "location": [ [ "Proposal for a regulation", "Article 71 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An EU Regulation is not a suitable format of regulation, in particular in view of the highly\ndetailed and intervening nature of the Commission\u2019s proposal. It represents an \u201cone-size-fits-\nall\u201d approach that is not taken the nature of different corporate governance systems\nthroughout the EU into account. It would lead to decreased corporate governance standards\nin some Member States.", "old": [ "This Regulation shall enter into force on", "the twentieth day following that of its", "publication in the Official Journal of the", "European Union." ], "seq": 520, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "This Directive shall enter into force on the", "twentieth day following that of its", "publication in the Official Journal of the", "European Union." ], "location": [ [ "Proposal for a regulation", "Article 72 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "However, Article 32(7) shall apply from", "[\u2026] [the date of the entry into force of the", "Regulation] and Article 10(5) shall apply", "from [\u2026] [3 years after the entry into force", "of the Regulation]." ], "reference": "2011/0359(COD)", "seq": 521, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "However, Article 32(7) shall apply from", "[\u2026] [the date of the entry into force of the", "Directive] and Article 10(5) shall apply", "from [\u2026] [3 years after the entry into force", "of the Directive]." ], "location": [ [ "Proposal for a regulation", "Article 72 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.135%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An EU Regulation is not a suitable format of regulation, in particular in view of the highly\ndetailed and intervening nature of the Commission\u2019s proposal. It represents an \u201cone-size-fits-\nall\u201d approach that is not taken the nature of different corporate governance systems\nthroughout the EU into account. It would lead to decreased corporate governance standards\nin some Member States.", "old": [ "This Regulation shall be binding in its", "entirety and directly applicable in all", "Member States." ], "seq": 522, "reference": "2011/0359(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-29T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a regulation", "Article 72 \u2013 paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.119%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "An EU Regulation is not a suitable format of regulation, in particular in view of the highly\ndetailed and intervening nature of the Commission\u2019s proposal. It represents an \u201cone-size-fits-\nall\u201d approach that is not taken the nature of different corporate governance systems\nthroughout the EU into account. It would lead to decreased corporate governance standards\nin some Member States.", "old": [ "(2) Because of the significant public", "relevance of public-interest entities, which", "arises from the scale and dimension of", "their business or from the nature of their", "business, the credibility of the audited", "financial statements of public-interest", "entities needs to be reinforced. Therefore,", "the special provisions for the statutory", "audits of public-interest entities set out in", "Directive 2006/43/EC have been further", "developed in Regulation (EU) No [XXX]", "of [XXX] on specific requirements for the", "audit of public interest entities. As a", "consequence, the provisions on the", "statutory audits of public-interest entities", "of Directive 2006/43/EC should be deleted", "from that Directive and statutory audits of", "public-interest entities should be", "regulated by Regulation (EU) No [XXX]", "of [XXX]." ], "seq": 13, "reference": "2011/0389(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-10-26T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Recital 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.119%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "These entities are no ordinary companies but investment vehicles which are held by custodian\nbanks (which should remain PIES according to letter f) and i)) and should therefore not be\nclassified as PIES. Moreover the public interest in audits of these entities is rather limited,\nnot least since there is strict national regulation of these, which is why the added value of PIE\naudits is limited and disproportionate with a view to the costs and administrative burden this\nwould entail.", "old": [ "(g) EU alternative investment funds as", "defined in Article 4(1)(k) of Directive", "2011/61/EC of the European Parliament", "and of the Council(*****);" ], "seq": 23, "reference": "2011/0389(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-26T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point d" ], [ "Directive 2006/43/EC", "Article 2 \u2013 point 13 \u2013 point g" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.119%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "These entities are no ordinary companies but investment vehicles which are held by custodian\nbanks (which should remain PIES according to letter f) and i)) and should therefore not be\nclassified as PIES. Moreover the public interest in audits of these entities is rather limited,\nnot least since there is strict national regulation of these, which is why the added value of PIE\naudits is limited and disproportionate with a view to the costs and administrative burden this\nwould entail.", "old": [ "(h) undertakings for collective investment", "in transferable securities (UCITS) as", "defined in Article 1(2) of Directive", "2009/65/EC of the European Parliament", "and of the Council(******);" ], "seq": 24, "reference": "2011/0389(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-26T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 1 \u2013 paragraph 1 \u2013 point 2 \u2013 point d" ], [ "Directive 2006/43/EC", "Article 2 \u2013 point 13 \u2013 point h" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-498.119%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Although requirements for statutory audits of public interest entities are more extensive, the\nbasic standards for independence should be the same. The amendment therefore aligns the\nindependence article in the Directive with the amended corresponding article in the PIE\nRegulation.", "old": [ "1. Member States shall ensure that when", "carrying out a statutory audit, the statutory", "auditor and/or the audit firm and any", "holder of voting rights in the audit firm is", "independent of the audited entity and is", "not involved in the decision-taking of the", "audited entity." ], "seq": 26, "reference": "2011/0389(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, J\u00fcrgen Creutzmann", "date": "2012-10-26T00:00:00", "new": [ "1. Member States shall ensure that when", "carrying out a statutory audit, the statutory", "auditor and/or the audit firm takes all", "necessary steps to ensure that the", "independence is not compromised by", "financial, personal, business, employment", "or other relationships involving the", "statutory auditor, the audit firm, its", "affiliate firms and network, and any", "natural person in a position to influence", "the outcome of the statutory audit." ], "location": [ [ "Proposal for a directive", "Article 1 \u2013 paragraph 1 \u2013 point 11 \u2013 point a" ], [ "Directive 2006/43/EC", "Article 22 \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", "reference": "2012/2151(INI)", "seq": 677, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "\u2013 in the event of inaction by relevant", "national authorities, take the necessary", "measures to restructure or wind down", "financial institutions that are failing or", "whose failure would create concerns as", "regards the general public interest." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 1 \u2013 point 1.1 \u2013 paragraph 9 \u2013 indent 5 a (new)" ] ] }, { "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": 728, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "A body at European level should be", "established or designated to exercise the", "full range of 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", "reference": "2012/2151(INI)", "seq": 755, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "\u2013 establishing a European redemption", "fund in order to secure a durable", "correction of excessive debt." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 2 \u2013 point 2.1 \u2013 paragraph 1 \u2013 indent 7 a" ] ] }, { "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": [ "Enhanced cooperation should be used more", "frequently in the field of taxation (such as", "for establishment of a CCCTB or a", "financial transaction tax) since", "harmonised frameworks for taxation will", "enhance budgetary policy integration." ], "reference": "2012/2151(INI)", "seq": 772, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "Enhanced cooperation should be used more", "frequently in the field of taxation (such as", "for establishment of a CCCTB or a tax on", "the financial sector) since harmonised", "frameworks for taxation will enhance", "budgetary policy integration." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 2 \u2013 point 2.3 \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": [ "Recommendation 2.4: A central European", "budget raised by own taxes" ], "reference": "2012/2151(INI)", "seq": 774, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "Recommendation 2.4: A central European", "budget funded by own resources" ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 2 \u2013 point 2.4 \u2013 title" ] ] }, { "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": [ "When formulating policy options, the", "Commission should be required to take", "into account the positions of the European", "Parliament on the multi-annual financial", "framework and own resources." ], "reference": "2012/2151(INI)", "seq": 775, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "When formulating future policy options", "and funding models, the Commission and", "the Council should be required to take into", "account the positions of the European", "Parliament on the multi-annual financial", "framework." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 2 \u2013 point 2.4 \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", "reference": "2012/2151(INI)", "seq": 776, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "The European Parliament has repeatedly", "expressed the urgent need for a reform of", "the own resource system and a return to", "the spirit and letter of the Treaty, stating", "that the Union budget shall be funded", "solely by own resources." ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 2 \u2013 point 2.4 \u2013 paragraph 1 a (new)" ] ] }, { "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 Member States and their regions", "should involve national and regional", "parliaments, social partners, public", "authorities and civil society more closely in", "the formulation of national reform,", "development and cohesion programmes,", "and consult them regularly;" ], "reference": "2012/2151(INI)", "seq": 813, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "The Member States and their regions", "should involve, in particular, national and", "regional parliaments, as well as social", "partners, public authorities and civil", "society more closely in the formulation of", "national reform, development and cohesion", "programmes, and consult them regularly;" ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 3 \u2013 Point 3.2 \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": [ "- The European Parliament should", "express its view on vote before the Spring", "Council on the Annual Growth Survey", "with proposals for amendments to be", "submitted to the European Council; the", "President of the European Parliament shall", "present at the European Spring Council the", "Parliament\u2019s views on the Annual Growth", "Survey;" ], "reference": "2012/2151(INI)", "seq": 821, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt on behalf of the ALDE Group", "date": "2012-02-10T00:00:00", "new": [ "- The President of the European Parliament", "shall present at the European Spring", "Council the Parliament\u2019s views on the", "Annual Growth Survey;" ], "location": [ [ "Motion for a resolution", "Annex \u2013 part 4 \u2013 Point 4.3 \u2013 indent 1" ] ] }, { "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": 20, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Peter Simon", "date": "2012-09-26T00:00:00", "new": [ "- having regard to the European", "Parliament position of 5 July 2011 on the", "proposal for a directive of the European", "Parliament and of the Council amending", "Directive 97/9/EC of the European", "Parliament and of the Council on", "investor-compensation schemes", "(COM(2010)0371 \u2013 C7-0174/2010 \u2013", "2010/0199(COD))- Schmidt report)," ], "location": [ [ "Motion for a resolution", "Citation 21 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", "reference": "2012/2151(INI)", "seq": 197, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "AEa. whereas the single supervisory", "mechanism has to preserve the unity and", "integrity of the internal market as a", "whole;" ], "location": [ [ "Motion for a resolution", "Recital AE a (new)" ] ] }, { "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": [ "AX. whereas the ECB will need", "appropriate budgetary and human", "resources to ensure an objective and", "integrated oversight of the European", "banking system;" ], "reference": "2012/2151(INI)", "seq": 298, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "AX. whereas the ECB and EBA will need", "appropriate budgetary and human", "resources to ensure an objective and", "integrated oversight of the European", "banking system;" ], "location": [ [ "Motion for a resolution", "Recital AX" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 339, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Peter Simon", "date": "2012-09-26T00:00:00", "new": [ "BFa. whereas in order to implement the", "new financial architecture it is essential to", "urgently unblock the negotiations on the", "Deposit Guarantee Schemes and the", "Investor Compensation Scheme Directive,", "on which negotiations between the", "European Parliament and the Council", "are suspended, despite their crucial", "importance in providing common", "mechanisms to resolve banks and", "guarantee customer deposits;" ], "location": [ [ "Motion for a resolution", "Recital BF a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 340, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt, Peter Simon", "date": "2012-09-26T00:00:00", "new": [ "BFb. whereas for the achievement of a", "genuine Economic and Monetary Union,", "which will include concrete proposals on", "preserving the unity and integrity of the", "internal market for financial services,", "progress on these two key pieces of", "European legislation is urgently needed;" ], "location": [ [ "Motion for a resolution", "Recital BF b (new)" ] ] }, { "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": [ "CH. whereas the instrument of enhanced", "cooperation should be used more", "frequently in the field of taxation; whereas", "reference can be made to the European", "Parliament's position on the common", "consolidated corporate tax base (CCCTB)", "and the financial transactions tax (FTT);" ], "reference": "2012/2151(INI)", "seq": 534, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "CH. whereas the instrument of enhanced", "cooperation should be used more", "frequently in the field of taxation; whereas", "reference can be made to the European", "Parliament's position on the common", "consolidated corporate tax base (CCCTB)", "and a tax on the financial sector;" ], "location": [ [ "Motion for a resolution", "Recital CH" ] ] }, { "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": 565, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "CM. whereas due to the ongoing crisis the", "debate has grown not only on the", "governance of EMU but also on the", "shortcomings in 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-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 581, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "COa. whereas it is regrettable that the", "'Treaty on stability, coordination and", "governance in the EMU' was concluded", "as an intergovernmental agreement", "outside the scope of the Treaties due to", "the resistance of certain Member States;" ], "location": [ [ "Motion for a resolution", "Recital CO a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 604, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "CTa. whereas no intergovernmental", "agreements between Member States may", "create parallel structures to those of the", "Union; all agreements establishing inter-", "or supranational regimes must be", "subjected to the full democratic scrutiny", "of the European Parliament;" ], "location": [ [ "Motion for a resolution", "Recital CT a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-496.545%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2151(INI)", "seq": 619, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Nils Torvalds, Olle Schmidt", "date": "2012-09-26T00:00:00", "new": [ "3a. Stresses the paramount importance of", "eliminating the democratic shortcomings", "of the decision making processes within", "the Union and particularly the EMU by", "guaranteeing that all decisions are made", "within the scope of a direct political", "mandate and with due political", "accountability;" ], "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-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 81, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "4a. Notes that the mutualisation of public", "debt violates provisions of the", "constitutional law in some Member States." ], "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-492.874%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2028(INI)", "seq": 121, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "7a. Reiterates that as a necessary", "precondition for any common issuance of", "bonds, enhanced economic governance in", "the euro area surveying and enforcing", "fiscal policies needs to be in place." ], "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", "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": 149, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "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": [ "10. Calls on the Commission to prepare", "contingency plans allowing a rapid", "implementation of these schemes;" ], "reference": "2012/2028(INI)", "seq": 167, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "10. Calls on the Commission to prepare", "contingency plans allowing a rapid", "implementation of this scheme;" ], "location": [ [ "Motion for a resolution", "Paragraph 10" ] ] }, { "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": 179, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "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 complete the single", "market for financial services in the EU;", "calls on the Commission to put forward", "proposals for a single financial supervisory", "authority to oversee financial institutions, a", "banking resolution regime and eventually", "harmonised deposit guarantee schemes in", "all Member States;" ], "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": 194, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "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-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": 204, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "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": [ "14. Advocates, following the", "implementation of short-term measures to", "exit the crisis, the setting-up of a", "committee inspired by the Delors", "Committee of 1988, including", "representatives from Member States, the", "Commission and the ECB; believes that", "this committee should evaluate progress", "and make recommendations for further", "steps with regard to post-crisis phases, to", "be discussed in Parliament; takes the view", "that this committee should also look at the", "possibility of issuing genuine federal", "bonds;" ], "reference": "2012/2028(INI)", "seq": 220, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Wolf Klinz, Olle Schmidt", "date": "2012-12-07T00:00:00", "new": [ "14. Advocates, following the", "implementation of short-term measures to", "exit the crisis, the setting-up of a", "committee inspired by the Delors", "Committee of 1988, including", "representatives from Member States, the", "Commission and the ECB; believes that", "this committee should evaluate progress", "and make recommendations for further", "steps with regard to post-crisis phases, to", "be discussed in Parliament." ], "location": [ [ "Motion for a resolution", "Paragraph 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 1, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "- having regard to the European Data", "Protection Supervisor's (EDPS) response", "of 11 April 2012 to the Commission public", "consultation on the Green Paper", "\"Towards an integrated European market", "for card, internet and mobile payments\"1;" ], "location": [ [ "Motion for a resolution", "Citation 8 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 7, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "Ca. whereas due to technical progress", "cards payment systems may progressively", "be replaced by other electronic and mobile", "means of payment;" ], "location": [ [ "Motion for a resolution", "Recital C a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 13, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "Da. whereas the current level of MIFs", "seems to exceed the actual cost of", "financing the system and constitutes a", "major barrier for competition in", "payments' market;" ], "location": [ [ "Motion for a resolution", "Recital D a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "4. Stresses that standardisation should not", "impose barriers to competition and", "innovation, but should instead remove", "obstacles to ensure a level-playing field for", "all parties;" ], "reference": "2012/2040(INI)", "seq": 43, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "4. Stresses that standardisation should not", "impose barriers to competition and", "innovation, but should instead remove", "obstacles to ensure a level-playing field for", "all parties; notes, however, the", "Commission's antitrust investigation into", "the standardization process for payments", "over the internet (e-payments) undertaken", "by the EPC;" ], "location": [ [ "Motion for a resolution", "Paragraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 47, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "4a. Points out that according to the", "Commission's feedback statement of the", "public consultation on the Green Paper,", "the implementation of the developed", "standards often represents a major", "challenge; calls on the Commission to", "look into possibility of enforcement", "mechanisms, such as setting of migration", "end dates;" ], "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-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "5. Supports the involvement of all the", "parties concerned in the further", "development of common technical and", "security standards for payment schemes;", "notes that these parties may include \u2013 but", "are not necessarily restricted to \u2013 the", "European Payments Council (EPC),", "consumer organisations, the European", "Banking Authority, the Single Euro", "Payments Area (SEPA) Council, the", "Commission, experts in various fields,", "non-banking payment service providers", "and representatives of mobile, internet", "and card payment providers;" ], "reference": "2012/2040(INI)", "seq": 49, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "5. Supports the involvement of all the", "parties concerned in the further", "development of common technical and", "security standards for payment schemes;", "urges the Commission to answer previous", "calls of the European Parliament for", "thorough reform of SEPA governance so", "as to ensure better representation of", "payment services users in decision-", "making and standard-setting process;", "recalls the Commission's commitment in", "the declaration on SEPA governance to", "the Regulation (EU) No 260/2012, to", "come up with proposal before the end of", "2012;" ], "location": [ [ "Motion for a resolution", "Paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "10. Considers that MIFs can currently be", "justified as a means to finance the four-", "party card payment systems; notes that the", "level of MIFs is sometimes higher than", "what the financing of the four-party", "payment system requires;" ], "reference": "2012/2040(INI)", "seq": 72, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 10" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 79, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "10a. Stresses the lack of transparency and", "the anticompetitive nature of MIFs; urges", "the Commission to come up with", "legislation, enforcing fair and transparent", "business model for card payments, which", "doesn't distort competition by creating", "barriers to new market entrants and", "innovation;" ], "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-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "11. Believes that a maximum level for", "MIFs should not be imposed by", "regulation at EU level as this could cause", "the currently low MIFs available in some", "Member States to rise closer to the", "maximum level allowed;" ], "reference": "2012/2040(INI)", "seq": 86, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "deleted" ], "location": [ [ "Motion for a resolution", "Paragraph 11" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 91, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "11a. Points out that if this new legislative", "proposal provides for fees, these should be", "cost based and full transparency should", "be ensured on the elements that constitute", "their rates;" ], "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-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "14. Considers that there are crucial", "differences between the three-party and", "four-party payment schemes and that each", "scheme should be treated according to its", "specificities, though ultimately in an equal", "manner;" ], "reference": "2012/2040(INI)", "seq": 100, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "14. Considers that the business model for", "three party payment schemes may raise", "competition concerns similar to those for", "four party schemes; believes therefore,", "both schemes should be treated in an equal", "manner;" ], "location": [ [ "Motion for a resolution", "Paragraph 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 112, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "16a. Calls on the Commission to propose", "solutions that will encourage the co-", "badging of more than one SEPA-", "compliant scheme; believes that thorough", "consideration should be given to issues,", "such as the compatibility of management", "procedures, technical interoperability, and", "liability of security;" ], "location": [ [ "Motion for a resolution", "Paragraph 16 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "17. Welcomes the ban on surcharges for", "the use of card payments in some Member", "States; calls on other Member States to", "consider requiring more transparency on", "surcharges in order to ensure that the", "customer knows how much of the", "surcharge comes from, for example, the", "MIF and how much is further imposed by", "the merchant;" ], "reference": "2012/2040(INI)", "seq": 115, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "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-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "18. Considers that limiting surcharges to", "the direct cost of using a payment", "instrument can be beneficial; stresses,", "however, that allowing or banning", "surcharging should ultimately be left to", "the Member States to decide;" ], "reference": "2012/2040(INI)", "seq": 124, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "18. Notes that limiting surcharges to the", "direct cost of using a payment instrument", "might be beneficial; stresses, however the", "difficulties to establish cost categories", "clearly related to a single payment", "transaction; therefore, urges the", "Commission to propose a Europe-wide", "ban on surcharging;" ], "location": [ [ "Motion for a resolution", "Paragraph 18" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 131, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "19a. Calls on the Commission when", "developing a strategy and instruments for", "the integration of payment markets by", "card, internet and mobile phone, to take", "into account the standards and", "recommendations of EDPS regarding", "transparency, identification of the", "controller/ processor, proportionality and", "rights of the data subject;" ], "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-492.906%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2012/2040(INI)", "seq": 133, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sophia in 't Veld, Olle Schmidt, Sylvie Goulard", "date": "2012-12-07T00:00:00", "new": [ "19b. Asks the Commission to extend the", "concept of privacy by design beyond", "authentication mechanisms and security", "safeguards so as to ensure data", "minimization, to implement privacy by", "default settings, to limit the access to", "individual's information to what is strictly", "needed to provide the service and to", "implement tools enabling users to better", "protect their personal data;" ], "location": [ [ "Motion for a resolution", "Paragraph 19 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Requires the Commission to act \u2013 otherwise the provisions in the article will be impossible to\nimplement.", "old": [ "5. The Commission may adopt, by means", "of delegated acts in accordance with", "Article 34, measures clarifying what", "constitutes a reasonable commercial basis", "to report information as referred to in", "paragraph 1." ], "seq": 1212, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "5. The Commission shall adopt, by means", "of delegated acts in accordance with", "Article 94, measures clarifying what", "constitutes a reasonable commercial basis", "to report information as referred to in", "paragraph 1." ], "location": [ [ "Proposal for a directive", "Article 68 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The power to require existing telephone and existing data traffic records held by investment\nfirms is vital for the competent authorities when exercising their functions in accordance with\nMiFID.", "old": [ "(d) require existing telephone and existing", "data traffic records held by investment", "firms where a reasonable suspicion exists", "that such records related to the subject-", "matter of the inspection may be relevant", "to prove a breach by the investment firm", "of its obligations under this Directive;", "these records shall however not concern", "the content of the communication to", "which they relate;" ], "seq": 1217, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(d) require existing telephone and existing", "data traffic records held by investment", "firms;" ], "location": [ [ "Proposal for a directive", "Article 71 \u2013 paragraph 2 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The power to request the freezing and/or the sequestration of assets is far-reaching and\nshould remain in this article. It is appropriate that competent authorities may exercise this\npower under paragraph 1.", "reference": "2011/0298(COD)", "seq": 1221, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(da) request the freezing and/or the", "sequestration of assets;" ], "location": [ [ "Proposal for a directive", "Article 71 \u2013 paragraph 2 \u2013 point d a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The powers in sub-paragraph (i) should be available regarding positions in commodity\nderivatives, see Recital 84 (\u201cderivatives contracts related to commodities\u201d) and compare with\nRecital 85 and Article 72[(1)](g).", "old": [ "(i) demand information including all", "relevant documentation from any person", "regarding the size and purpose of a position", "or exposure entered into via a derivative,", "and any assets or liabilities in the", "underlying market." ], "seq": 1222, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(i) demand information including all", "relevant documentation from any person", "regarding the size and purpose of a position", "or exposure entered into via a commodity", "derivative, and any assets or liabilities in", "the underlying market." ], "location": [ [ "Proposal for a directive", "Article 71 \u2013 paragraph 2 \u2013 point i" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There is only one paragraph in Article 72. The second sentence of the chapeau and the\nfollowing points (a) to (h) do not work when read together (\u201c\u2026exercise such\nremedies\u2026require the cessation \u2026\u201d). Re-drafting is therefore necessary.", "old": [ "1. Competent authorities shall be given all", "supervisory remedies that are necessary for", "the exercise of their functions. Within the", "limits provided for in their national legal", "frameworks they shall exercise such", "remedies:" ], "seq": 1224, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Competent authorities shall be given all", "supervisory remedies that are necessary for", "the exercise of their functions. The", "remedies shall be exercised in conformity", "with national law and shall include, at", "least, the rights to:" ], "location": [ [ "Proposal for a directive", "Article 72 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The power to request the freezing and/or the sequestration of assets is far-reaching and\nshould remain in article 71.", "old": [ "(b) request the freezing and/or the", "sequestration of assets;" ], "seq": 1225, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 72 \u2013 paragraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A threshold should not refer to the number of contracts a person can enter into. If a threshold\nshould apply for commodity derivatives, it should refer to the open positions (in both Article\n59 and in Article 72[(1)](g)).", "old": [ "(g) limit the ability of any person or class", "of persons from entering into a commodity", "derivative , including by introducing non-", "discriminatory limits on positions or the", "number of such derivative contracts per", "underlying which any given class of", "persons can enter into over a specified", "period of time, when necessary to ensure", "the integrity and orderly functioning of the", "affected markets;" ], "seq": 1228, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(g) limit the ability of any person or class", "of persons from entering into a commodity", "derivative , including by introducing non-", "discriminatory limits on positions when", "necessary to ensure the integrity and", "orderly functioning of the affected markets;" ], "location": [ [ "Proposal for a directive", "Article 72 \u2013 paragraph 1 \u2013 point g" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This article mentions investment firms and market operators. According to article 1.3 article\n69 to 80 shall also apply to credit institutions. For clarification purposes it may be proper to\nalso mention credit institutions in article 73.", "old": [ "2. Member States shall ensure that where", "obligations apply to investment firms and", "market operators, in case of a breach,", "administrative sanctions and measures can", "be applied to the members of the", "investment firms' and market operators'", "management body, and any other natural or", "legal persons who, under national law, are", "responsible for a violation." ], "seq": 1229, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "2. Member States shall ensure that where", "obligations apply to investment firms and", "market operators, in case of a breach,", "administrative sanctions and measures can", "be applied, subject to the conditions laid", "down in national law, to the members of", "the investment firms' and market operators'", "management body, and any other natural or", "legal persons who, under national law, are", "responsible for a violation." ], "location": [ [ "Proposal for a directive", "Article 73 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It could be questioned if a requirement to \u201cautomatically\u201d publish any sanction is in line with\nthe European Convention on Human Rights (see the Opinion of the European Data Protection\nSupervisor from 10 February 2012).", "old": [ "Member States shall provide that the", "competent authority publishes any sanction", "or measure that has been imposed for", "breaches of the provisions of Regulation", "(EU) No \u2026/\u2026 (MiFIR) or of the national", "provisions adopted in the implementation", "of this Directive without undue delay", "including information on the type and", "nature of the breach and the identity of", "persons responsible for it, unless such", "disclosure would seriously jeopardise the", "financial markets. Where the publication", "would cause a disproportionate damage to", "the parties involved, competent authorities", "shall publish the sanctions on an", "anonymous basis." ], "seq": 1231, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Member States shall provide that the", "competent authority may publish any", "sanction or measure that has been imposed", "for breaches of the provisions of", "Regulation (EU) No \u2026/\u2026 (MiFIR) or of", "the national provisions adopted in the", "implementation of this Directive without", "undue delay including information on the", "type and nature of the breach and the", "identity of persons responsible for it, unless", "such disclosure would seriously jeopardise", "the financial markets. Where the", "publication would cause a disproportionate", "damage to the parties involved, competent", "authorities shall publish the sanctions on an", "anonymous basis." ], "location": [ [ "Proposal for a directive", "Article 74" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The introduction of the article is peculiar and incomplete.", "old": [ "1. This Article shall apply to the following:" ], "seq": 1233, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall ensure that their", "laws, regulations or administrative", "provisions provide for sanctions in respect", "of:" ], "location": [ [ "Proposal for a directive", "Article 75 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "Member States shall ensure that in the", "cases referred to in paragraph 1, the", "administrative sanctions and measures that", "can be applied include at least the", "following:" ], "reference": "2011/0298(COD)", "seq": 1239, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Member States shall ensure that in the", "cases referred to in paragraph 1, their laws,", "regulations or administrative provisions", "provide for administrative sanctions and", "measures that can be applied including at", "least the following:" ], "location": [ [ "Proposal for a directive", "Article 75 \u2013 paragraph 2 \u2013 subparagraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A \"public\" statement should have the same meaning and field of application as a \u201cwarning\u201d.", "old": [ "(a) a public statement, which indicates the", "natural or legal person and the nature of the", "breach;" ], "seq": 1240, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(a) a public statement or warning, which", "indicates the natural or legal person and the", "nature of the breach;" ], "location": [ [ "Proposal for a directive", "Article 75 \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-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The scope of the sanction is too wide. The sanction shall apply to persons who are formally\nappointed as members of the management board from exercising management functions in\ninvestment firms. It is not proportionate to ban members of the management board from\nexercising any function in investment firms. A ban goes beyond the purpose and scope of\narticle 9 which only lay down requirements on members of the management board not on any\nperson who exercise any functions in investment firms.", "old": [ "(d) a temporary ban against any member of", "the investment firm's management body or", "any other natural person, who is held", "responsible, to exercise functions in", "investment firms;" ], "seq": 1241, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(d) a temporary ban against any member of", "the investment firm's management body or", "any other natural person, who is held", "responsible, to exercise management", "functions in investment firms;" ], "location": [ [ "Proposal for a directive", "Article 75 \u2013 paragraph 2 \u2013 subparagraph 1 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The sum of EUR 5 000 000 exceeds the means of most natural persons, also those engaged in\nmanagement of investment firms. Question if there are any breaches of MiFID that could\njustify a fine of EUR 5 million for natural person. Many of the most severe breaches are also\nsanctioned by criminal law. In such cases Members States should be free to choice a criminal\nsanction instead of an administrative sanction.", "old": [ "(f) in case of a natural person,", "administrative pecuniary sanctions of up to", "5 000 000 EUR, or in the Member States", "where the Euro is not the official currency,", "the corresponding value in the national", "currency on the date of entry into force of", "this Directive;" ], "seq": 1246, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(f) in case of a natural person,", "administrative pecuniary sanctions of up to", "1 000 000 EUR, or in the Member States", "where the Euro is not the official currency,", "the corresponding value in the national", "currency on the date of entry into force of", "this Directive;" ], "location": [ [ "Proposal for a directive", "Article 75 \u2013 paragraph 2 \u2013 subparagraph 1 \u2013 point f" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A differentiation concerning types and level of sanctions must be possible to do in national\nlaw; it should not be left to competent authorities to specify the levels. Principle of\nproportionality applies both on a formal and actual level. The sanction should fit the breach\nboth in law and application.", "reference": "2011/0298(COD)", "seq": 1249, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "For the purpose of this Article, the types", "of administrative measures and sanctions", "and the level of administrative pecuniary", "sanctions shall be subject to conditions", "laid down in national law." ], "location": [ [ "Proposal for a directive", "Article 75 \u2013 paragraph 2 \u2013 subparagraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "1. Member States shall ensure that when", "determining the type of administrative", "sanctions or measures and the level of", "administrative pecuniary sanctions, the", "competent authorities shall take into", "account all relevant circumstances,", "including:" ], "reference": "2011/0298(COD)", "seq": 1250, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall ensure that when", "determining the type of administrative", "sanctions or measures and the level of", "administrative pecuniary sanctions, the", "competent authorities shall take into", "account all relevant circumstances,", "including where appropriate:" ], "location": [ [ "Proposal for a directive", "Article 76 \u2013 paragraph 1 \u2013 introductory part" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Development of procedures and forms should not be a priority for ESMA.", "old": [ "3. ESMA shall develop draft", "implementing technical standards", "concerning the procedures and forms for", "submitting information as referred to in", "this Article.", "Power is conferred on the Commission to", "adopt the implementing technical", "standards referred to in the first", "subparagraph in accordance with Article", "15 of Regulation (EU) No 1095/2010.", "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [XX]." ], "seq": 1257, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 78 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Member States should be allowed to continue to make use of existing bodies for out-of-court\nsettlement of consumer disputes also for disputes concerning services provided by investment\nfirms. There are existing national systems in Member States where investment firms do not\nneed to or cannot adhere to the body in question. Within such systems, a consumer complaint\nwill be dealt with even if the investment firm do not participate.", "old": [ "1. Member States shall ensure the setting-", "up of efficient and effective complaints and", "redress procedures for the out-of-court", "settlement of consumer disputes", "concerning the provision of investment and", "ancillary services provided by investment", "firms, using existing bodies where", "appropriate. Member States shall further", "ensure that all investment firms adhere to", "one or more such bodies implementing", "such complaint and redress procedures." ], "seq": 1260, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall ensure the setting-", "up of efficient and effective complaints and", "redress procedures for the out-of-court", "settlement of consumer disputes", "concerning the provision of investment and", "ancillary services provided by investment", "firms, using existing bodies where", "appropriate." ], "location": [ [ "Proposal for a directive", "Article 80 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "See justification on amendment to Article 72.", "old": [ "(a) any requests to reduce the size of a", "position or exposure pursuant to Article", "72(1) (f);" ], "seq": 1262, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(a) any requests to reduce the size of a", "position or exposure pursuant to Article 72", "(f);" ], "location": [ [ "Proposal for a directive", "Article 83 \u2013 paragraph 5 \u2013 subparagraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "See justification on amendment to Article 72.", "old": [ "(b) any limits on the ability of persons to", "enter into an instrument pursuant to Article", "72(1)(g)." ], "seq": 1263, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(b) any limits on the ability of persons to", "enter into an instrument pursuant to Article", "72 (g)." ], "location": [ [ "Proposal for a directive", "Article 83 \u2013 paragraph 5 \u2013 subparagraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "See justification on amendment to Article 72.", "old": [ "The notification shall include, where", "relevant, the details of the request pursuant", "to Article 72(1)(f) including the identity of", "the person or persons to whom it was", "addressed and the reasons thereof, as well", "as the scope of the limits introduced", "pursuant to Article 72(1)(g) including the", "person or class of persons concerned, the", "applicable financial instruments, any", "quantitative measures or thresholds such as", "the maximum number of contracts persons", "can enter into before a limit is reached, any", "exemptions thereto, and the reasons", "thereof." ], "seq": 1264, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "The notification shall include, where", "relevant, the details of the request pursuant", "to Article 72 (f) including the identity of", "the person or persons to whom it was", "addressed and the reasons thereof, as well", "as the scope of the limits introduced", "pursuant to Article 72 (g) including the", "person or class of persons concerned, the", "applicable financial instruments, any", "quantitative measures or thresholds such as", "the maximum number of contracts persons", "can enter into before a limit is reached, any", "exemptions thereto, and the reasons", "thereof." ], "location": [ [ "Proposal for a directive", "Article 83 \u2013 paragraph 5 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "See justification on amendment to Article 72.", "old": [ "A competent authority of a Member State", "that receives notification under this", "paragraph may take measures in", "accordance with Article 72(1)(f) or (g)", "where it is satisfied that the measure is", "necessary to achieve the objective of the", "other competent authority. The competent", "authority shall also give notice in", "accordance with this paragraph where it", "proposes to take measures." ], "seq": 1266, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "A competent authority of a Member State", "that receives notification under this", "paragraph may take measures in", "accordance with Article 72 (f) or (g) where", "it is satisfied that the measure is necessary", "to achieve the objective of the other", "competent authority. The competent", "authority shall also give notice in", "accordance with this paragraph where it", "proposes to take measures." ], "location": [ [ "Proposal for a directive", "Article 83 \u2013 paragraph 5 \u2013 subparagraph 4" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Adds the requirement for the Commission to consult ESMA before acting.", "old": [ "7. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning measures to establish", "the criteria under which the operations of a", "regulated market in a host Member State", "could be considered as of substantial", "importance for the functioning of the", "securities markets and the protection of the", "investors in that host Member State. 2" ], "seq": 1267, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "7. The Commission shall in consultation", "with ESMA, be empowered to adopt", "delegated acts in accordance with Article", "94 concerning measures to establish the", "criteria under which the operations of a", "regulated market in a host Member State", "could be considered as of substantial", "importance for the functioning of the", "securities markets and the protection of the", "investors in that host Member State. 2" ], "location": [ [ "Proposal for a directive", "Article 83 \u2013 paragraph 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Aligns with other changes in the text.", "old": [ "The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning Articles 2(3), 4(1),", "4(2), 13(1), 16(12), 17(6), 23(3), 24(8),", "25(6), 27(7), 28(3), 30(5), 32(3), 35(8),", "44(4), 51(7), 52(6), 53(4), 59(3), 60(5) ,", "66(6), 66(7), 67(3), 67(7), 67(8), 68(5),", "83(7) and 99(2)." ], "seq": 1279, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning Articles 13(1), 35(8),", "44(4), 66(7), 67(3), 67(7), 67(8), 68(5),", "83(7) and 99(2)." ], "location": [ [ "Proposal for a directive", "Article 93 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "old": [ "(6) Options, futures, swaps, and any other", "derivative contract relating to commodities", "that can be physically settled provided that", "they are traded on a regulated market ,", "OTF, or an MTF;" ], "reference": "2011/0298(COD)", "seq": 1307, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(6) Options, futures, swaps, and any other", "derivative contract relating to commodities", "that are not intended to be physically", "settled provided that they are traded on a", "regulated market , OTF, or an MTF;" ], "location": [ [ "Proposal for a directive", "Annex 1 \u2013 Section C \u2013 point 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.423%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This proposal would align the EU legislation with the definition of Swaps under the Dodd-\nFrank Act in the U.S., where the intentionality element to deliver the commodity underlying a\nforward contract is the basis to exclude commodities physically delivered in the future.\nPhysical forwards that would be excluded from the definition of financial instruments are\nautomatically covered by REMIT for gas and power commodities.", "old": [ "(7) Options, futures, swaps, forwards and", "any other derivative contracts relating to", "commodities, that can be physically settled", "not otherwise mentioned in C.6 and not", "being for commercial purposes, which", "have the characteristics of other derivative", "financial instruments, having regards to", "whether, inter alia, they are cleared and", "settled through recognised clearing houses", "or are subject to regular margin calls;" ], "seq": 1310, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(7) Options, futures, swaps, forwards and", "any other derivative contracts relating to", "commodities, that are not intended to be", "physically settled not otherwise mentioned", "in C.6 and not being for commercial", "purposes, which have the characteristics of", "other derivative financial instruments,", "having regards to whether, inter alia, they", "are cleared and settled through recognised", "clearing houses or are subject to regular", "margin calls;" ], "location": [ [ "Proposal for a directive", "Annex 1 \u2013 Section C \u2013 point 7" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The users of venues, RMs, MTFs and OTFs, should be given the flexibility to determine the\ntype of flow that their orders should interact with. This would allow them to choose to trade\nwith pension funds but not high frequency traders, or to choose their counterparty based on\ntheir credit worthiness. This will enable firms to have greater control over managing the risk\nand type of liquidity that they are exposed to. This choice should not allow clients to\ndiscriminate between counterparties.", "old": [ "(12) All trading venues, namely regulated", "markets, MTFs, and OTFs, should lay", "down transparent rules governing access to", "the facility. However, while regulated", "markets and MTFs should continue to be", "subject to highly similar requirements", "regarding whom they may admit as", "members or participants, OTFs should be", "able to determine and restrict access based", "inter alia on the role and obligations which", "their operators have in relation to their", "clients." ], "seq": 229, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(12) All trading venues, namely regulated", "markets, MTFs, and OTFs, should lay", "down transparent rules governing access to", "the facility. However, while regulated", "markets and MTFs should continue to be", "subject to highly similar requirements", "regarding whom they may admit as", "members or participants, OTFs should be", "able to determine and restrict access based", "inter alia on the role and obligations which", "their operators have in relation to their", "clients. In order to provide investors with", "greater choice and flexibility, operators of", "regulated markets, MTFs and OTFs may", "provide for users to be able to specify the", "type of order flow that their orders", "interact with prior to their orders entering", "the system (based on the credit worthiness", "of the counterparty or other factors)." ], "location": [ [ "Proposal for a directive", "Recital 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "MiFID/R should be future proofed to ensure that any future organised multilateral trading\nthat is or is functionally similar to trading venues is regulated as such.", "old": [ "(13) 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." ], "seq": 235, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(13) 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 trading", "venues are facilities 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 in functionally the same way as a", "trading venue." ], "location": [ [ "Proposal for a directive", "Recital 13" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This amendment ensures appropriate and proportionate treatment of ancillary activities in\nMiFID, focusing on the size and related risk of the activity in comparison to the size and risk\nof the main business.", "old": [ "(14) Persons administering their own assets", "and undertakings, who do not provide", "investment services and/or perform", "investment activities other than dealing on", "own account should not be covered by the", "scope of this Directive unless they are", "market makers , members or participants of", "a regulated market or MTF or they execute", "orders from clients by dealing on own", "account. By way of exception, persons who", "deal on own account in financial", "instruments as members or participants of a", "regulated market or MTF, including as", "market makers in relation to commodity", "derivatives, emission allowances, or", "derivatives thereof, as an ancillary activity", "to their main business, which on a group", "basis is neither the provision of investment", "services within the meaning of this", "Directive nor of banking services within", "the meaning of Directive 2006/48/EC,", "should not be covered by the scope of this", "Directive. Technical criteria for when an", "activity is ancillary to such a main business", "should be clarified in delegated acts.", "Dealing on own account by executing", "client orders should include firms", "executing orders from different clients by", "matching them on a matched principal", "basis (back to back trading), which should", "be regarded as acting as principals and", "should be subject to the provisions of this", "Directive covering both the execution of", "orders on behalf of clients and dealing on", "own account. The execution of orders in", "financial instruments as an ancillary", "activity between two persons whose main", "business, on a group basis, is neither the", "provision of investment services within the", "meaning of this Directive nor of banking", "services within the meaning of Directive", "2006/48/EC should not be considered as", "dealing on own account by executing client", "orders." ], "seq": 240, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(14) Persons administering their own assets", "and undertakings, who do not provide", "investment services and/or perform", "investment activities other than dealing on", "own account should not be covered by the", "scope of this Directive unless they are", "market makers, members or participants of", "a regulated market or MTF or they execute", "orders from clients by dealing on own", "account. By way of exception, persons who", "deal on own account in financial", "instruments as members or participants of a", "regulated market or MTF, including as", "market makers in relation to commodity", "derivatives, emission allowances, or", "derivatives thereof, as an ancillary activity", "to their main business, which on a group", "basis is neither the provision of investment", "services within the meaning of this", "Directive nor of banking services within", "the meaning 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 not be covered", "by the scope of this Directive. Technical", "criteria for when an activity is ancillary to", "such a main business should be clarified in", "regulatory technical standards, taking", "into account the criteria specified in this", "Directive. These criteria should represent", "the ancillary character looking at the size", "and related risk of the activity in", "comparison to the size and risk of the", "main business. These criteria should also", "ensure that ancillary activities for the", "purpose of Article 2(1)(i) only include", "financial instruments used in relation to", "the main business, and not for purposes", "that have no link to the main business. By", "defining whether these activities are", "carried out on an ancillary basis, it has to", "be kept in mind that firms trading in OTC", "derivatives are subject to regulatory", "oversight by virtue of Regulation [ ]", "(EMIR), with the aim to make the trading", "in OTC derivatives more transparent and", "secure. Firms executing orders from", "different clients by matching them on a", "matched principal basis (back to back", "trading), should be regarded as acting as", "principals and should be subject to the", "provisions of this Directive covering both", "the execution of orders on behalf of clients", "and dealing on own account. The execution", "of orders in financial instruments as an", "ancillary activity between two persons", "whose main business, on a group basis, is", "neither the provision of investment services", "within the meaning of this Directive nor of", "banking services within the meaning of", "Directive 2006/48/EC should not be", "considered as dealing on own account by", "executing client orders." ], "location": [ [ "Proposal for a directive", "Recital 14" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Further specification on high frequency trading.", "old": [ "(44) The use of trading technology has", "evolved significantly in the past decade", "and is now extensively used by market", "participants. Many market participants now", "make use of algorithmic trading where a", "computer algorithm automatically", "determines aspects of an order with", "minimal or no human intervention. A", "specific subset of algorithmic trading is", "high frequency trading where a trading", "system analyses data or signals from the", "market at high speed and then sends or", "updates large numbers of orders within a", "very short time period in response to that", "analysis. High frequency trading is", "typically done by the traders using their", "own capital to trade and rather than being a", "strategy in itself is usually the use of", "sophisticated technology to implement", "more traditional trading strategies such as", "market making or arbitrage." ], "seq": 256, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(44) The use of trading technology has", "evolved significantly in the past decade", "and is now extensively used by market", "participants. Many market participants now", "make use of algorithmic trading where a", "computer algorithm automatically", "determines aspects of an order with", "minimal or no human intervention. A", "specific subset of algorithmic trading is", "high frequency trading where a trading", "system analyses data or signals from the", "market at high speed, typically in", "milliseconds or microseconds, and then", "sends or updates large numbers of orders", "within a very short time period in response", "to that analysis. High frequency trading is", "typically done by the traders using their", "own capital to trade and rather than being a", "strategy in itself is usually the use of", "sophisticated technology to implement", "more traditional trading strategies such as", "market making or arbitrage." ], "location": [ [ "Proposal for a directive", "Recital 44" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The technological developments, as laid down by the EU Commission, bring favourable and\nunfavourable effects to markets. However, it should not be the case that market abusive\nbehaviour is associated only to participants using advanced technological software in their\ninteraction with markets. Market abuse can occur at any level. Hence, it is necessary to refer\nto the Market Abuse Directive, in order to provide a holistic overview and needs to be\naddressed on its own at all levels.", "old": [ "(46) The use of trading technology has", "increased the speed, capacity and", "complexity of how investors trade. It has", "also enabled market participants to", "facilitate direct access by their clients to", "markets through the use of their trading", "facilities, through direct electronic access", "or sponsored and direct market access.", "Trading technology has provided benefits", "to the market and market participants", "generally such as wider participation in", "markets, increased liquidity, narrower", "spreads, reduced short term volatility and", "the means to obtain better execution of", "orders for clients. Yet, this trading", "technology also gives rise to a number of", "potential risks such as an increased risk of", "the overloading of the systems of trading", "venues due to large volumes of orders,", "risks of algorithmic trading generating", "duplicative or erroneous orders or", "otherwise malfunctioning in a way that", "may create a disorderly market. In addition", "there is the risk of algorithmic trading", "systems overreacting to other market", "events which can exacerbate volatility if", "there is a pre-existing market problem.", "Finally, algorithmic trading or high", "frequency can lend itself to certain forms", "of abusive behaviour if misused." ], "seq": 259, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(46) The use of trading technology has", "increased the speed, capacity and", "complexity of how investors trade. It has", "also enabled market participants to", "facilitate direct access by their clients to", "markets through the use of their trading", "facilities, through direct electronic access", "or sponsored and direct market access.", "Trading technology has provided benefits", "to the market and market participants", "generally such as wider participation in", "markets, increased liquidity, narrower", "spreads, reduced short term volatility and", "the means to obtain better execution of", "orders for clients. Yet, this trading", "technology also gives rise to a number of", "potential risks such as an increased risk of", "the overloading of the systems of trading", "venues due to large volumes of orders,", "risks of algorithmic trading generating", "duplicative or erroneous orders or", "otherwise malfunctioning in a way that", "may create a disorderly market. In addition", "there is the risk of algorithmic trading", "systems overreacting to other market", "events which can exacerbate volatility if", "there is a pre-existing market problem.", "Independently of the above abusive", "behaviour is not allowed, regardless of the", "method used to participate in a market.", "Market abusive behaviour is dealt with in", "the Market Abuse Directive", "(2004/109/EC)." ], "location": [ [ "Proposal for a directive", "Recital 46" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "MiFID addresses the need to increase safeguards and controls for regulated markets, MTFs,\nOTFs, but it is absolutely crucial that risk control is already prevalent at the source of the\norder. It is not sufficient to have controls at the trading or clearing venue only. The goal\nshould be to have gates at each step of the trading and clearing life-cycle. Hence, it is\nimportant to emphasize the necessity to have adequate controls. The ESMA guidelines on\nsystems and controls address this fact.", "reference": "2011/0298(COD)", "seq": 263, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(46a) In order to cope with the", "technological developments, regulated", "markets and MTFs have set up system", "safeguards and controls. In an effort to", "address the aforementioned risks", "associated with technologically advanced", "trading, ESMA has proposed guidelines to", "harmonise on a European level the", "requirements for organised markets and", "investment firms (ESMA/2011/456).", "Although the requirements are outlined", "for regulated markets, MTFs, OTFs and", "investment firms operating markets, it", "needs to be clarified that risk control is", "vital at the source of the order, since a", "substantial part of the risk responsibility", "is resumed at this stage." ], "location": [ [ "Proposal for a directive", "Recital 46 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Direct electronic access is a key part of modern trading environments of many regulated\nmarkets and MTFs in the EU and beyond. Properly controlled, these offer investors and\nparticipants a choice of how and where they trade financial instruments. ESMA has worked\nwith the market participants to produce clear and useful guidelines that offer a practical way\nin which trading venues can accept direct electronic access.", "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." ], "seq": 275, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(49) While recognising the role that direct", "electronic access plays in facilitating", "investor activity in EU financial markets,", "and 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. It is for the express purpose of", "delivering the above controls that ESMA", "has, in consultation with the market,", "established the Guidelines on systems and", "controls in an automated trading", "environment for trading platforms,", "investment firms and competent", "authorities (ESMA/2011/456) and this is a", "welcome development." ], "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", "justification": "As the opportunities to abuse and manipulate markets with the use of cross-market strategies\nhave increased with fragmentation of markets, the surveillance functions of these markets\nneed to cooperate to ensure that also such cross-market strategies can be detected. The\nprimary listing venue has the best opportunities to take the overall responsibility, due to it\nbeing closer to the information flow of the issuer. This will close the detection gap in a\nfragmented trading environment.", "old": [ "(50) There is a multitude of trading venues", "currently operating in the EU , among", "which a number are trading identical", "instruments. In order to address potential", "risks to the interests of investors it is", "necessary to formalise and further", "harmonise the processes on the", "consequences for trading on other venues if", "one trading venue decides to suspend or", "remove a financial instrument from", "trading. In the interest of legal certainty", "and to adequately address conflicts of", "interests when deciding to suspend or to", "remove instruments from trading, it should", "be ensured that if one regulated market or", "MTF stops trading due to non disclosure of", "information about an issuer or financial", "instrument, the others follow that decision", "unless continuing trading may be justified", "due to exceptional circumstances. In", "addition, it is necessary to formalise and", "improve the exchange of information and", "the cooperation of trading venues in cases", "of exceptional conditions in relation to a", "particular instrument that is traded on", "various venues." ], "seq": 279, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(50) There is a multitude of trading venues", "currently operating in the EU, among", "which a number are trading identical", "instruments. In order to address potential", "risks to the interests of investors it is", "necessary to formalise and further", "harmonise the processes on the", "consequences for trading on other venues if", "one trading venue decides to suspend or", "remove a financial instrument from", "trading. In the interest of legal certainty", "and to adequately address conflicts of", "interests when deciding to suspend or to", "remove instruments from trading, it should", "be ensured that if one regulated market or", "MTF stops trading due to non disclosure of", "information about an issuer or financial", "instrument, the others follow that decision", "unless continuing trading may be justified", "due to exceptional circumstances. In", "addition, it is necessary to further", "formalise and improve the exchange of", "information and the cooperation of trading", "venues in relation to a particular instrument", "that is traded on various venues.", "Therefore, the primary listing venue", "should be designated to take the overall", "responsibility for real-time surveillance", "and the primary and secondary venues", "should be required to cooperate. The", "primary listing venue should not be", "allowed to use information from the", "secondary venue for business purposes.", "There should be in place \"Chinese walls\",", "or ethical barriers between the business", "and surveillance departments of the", "primary listing venue in order to avoid", "conflict of interest or market", "manipulation. The secondary market", "should be allowed to use any surveillance", "technology that enables it to comply with", "its obligations in accordance with this", "Directive and Regulation \u2026 [MAR],", "irrespective of which surveillance", "technology the primary listing venue uses." ], "location": [ [ "Proposal for a directive", "Recital 50" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0298(COD)", "seq": 284, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-05-15T00:00:00", "new": [ "(51a) There are many ways in which the", "return on investments to investors is", "reduced, including fees, costs and other", "deductions. These can be embedded in", "multiple layers so that they are not", "obvious or even become restated as", "investment in a subsequent layer or", "envelope, making it difficult for investors", "to understand the cumulative level of", "deductions. Therefore is necessary for all", "deductions to be elaborated at a", "cumulative level and for investors to be", "given an illustration of the long term", "effect on returns by way of a direct", "comparison of return to the investor", "compared with total deduction. This", "should be given in advance of investment", "on the basis of a reasonable projection", "and at least once a year for each actual", "investment. ESMA should issue", "guidelines concerning appropriate", "formats of projections and presentations." ], "location": [ [ "Proposal for a directive", "Recital 51 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Monetary inducements should not be banned as long as they do not impair the ability of\ninvestment firms to pursue the best interest of their clients, as further clarified in Art. 26 of\nDirective 2006/73/EC. Non-monetary benefits provide important assistance for asset\nmanagers in the process of taking investment decisions and are subject to MiFID Level 2\nrequirement that they enhance the quality of the service. The use of inducements should\nallways be subject to the clients express consent.", "old": [ "(52) In order to give all relevant", "information to investors, it is appropriate to", "require investment firms providing", "investment advice to clarify the basis of the", "advice they provide, notably the range of", "products they consider in providing", "personal recommendations to clients,", "whether they provide investment advice on", "an independent basis and whether they", "provide the clients with the on-going", "assessment of the suitability of the", "financial instruments recommended to", "them. It is also appropriate to require", "investment firms to explain their clients the", "reasons of the advice provided to them. In", "order to further define the regulatory", "framework for the provision of investment", "advice, while at the same time leaving", "choice to investment firms and clients, it is", "appropriate to establish the conditions for", "the provisions of this service when firms", "inform clients that the service is provided", "on an independent basis. In order to", "strengthen the protection of investors and", "increase clarity to clients as to the service", "they receive, it is appropriate to further", "restrict the possibility for firms to accept", "or receive inducements from third parties,", "and particularly from issuers or product", "providers, when providing the service of", "investment advice on an independent", "basis and the service of portfolio", "management. In such cases, only limited", "non-monetary benefits as training on the", "features of the products should be allowed", "subject to the condition that they do not", "impair the ability of investment firms to", "pursue the best interest of their clients, as", "further clarified in Directive 2006/73/EC." ], "seq": 286, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "(52) In order to give all relevant", "information to investors, it is appropriate to", "require investment firms providing", "investment advice to clarify the basis of the", "advice they provide, notably the range of", "products they consider in providing", "personal recommendations to clients,", "whether they provide investment advice", "and whether the investment firms will", "provide the clients with a periodic", "assessment of the suitability of the", "financial instruments recommended to", "them. It is also appropriate to require", "investment firms to explain their clients the", "reasons of the advice provided to them. In", "order to further define the regulatory", "framework for the provision of investment", "advice, while at the same time leaving", "choice to investment firms and clients, it is", "appropriate to establish the conditions for", "the provisions of this service when firms", "inform clients of the acceptance or receipt", "of third party inducement. 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, except if the client", "has been duly informed of such fees,", "commissions or monetary benefits before", "the provision of the relevant service or", "these fees, commissions or monetary", "benefits are to the ultimate benefit of the", "client." ], "location": [ [ "Proposal for a directive", "Recital 52" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The clients must be informed of the total cost of investment advice, including both fees paid\ndirectly by the client to the investment adviser as well as any fees, commissions and monetary\nbenefits paid by a third party (\u201cinducements\u201d). This disclosure must be provided to the client\nmanner prior to the provision of the investment advice. This disclosure should apply whether\nthe advice is to be provided on an independent basis or not.", "reference": "2011/0298(COD)", "seq": 294, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(52a) When investment advise is provided", "from the investment firm to the client", "disclosure of services and costs of advice", "should be provided in a key services", "document not exceeding [2 pages] setting", "out the principal services to be provided to", "the client, details of the qualification of", "the adviser as set out in [Article 24(9)]", "and the aggregate cost of the advice to be", "provided to the client. ESMA should", "prepare binding technical standards", "setting out the mandatory contents of the", "key services document. Where the cost of", "fees and inducements cannot be", "ascertained prior to the provision of the", "advice, then the manner of calculation", "should be disclosed in a comprehensive,", "accurate and understandable manner in", "the key services documents with the total", "aggregate cost and its impact on return of", "the advice being disclosed to the client as", "soon as practically possible thereafter.", "Where investment advice is provided on", "an ongoing basis disclosure as to the cost", "of investment advice, including", "inducements, should be provided on a", "periodic basis and at least annually. The", "periodic report should disclose all", "inducements paid or received in the", "preceding period." ], "location": [ [ "Proposal for a directive", "Recital 52 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Member states to take action on remuneration practices within firms to prevent the risks of\nbias in advice and sales of financial instruments to clients. Remuneration schemes, such as\nsignificant sales bonuses attached to a specific financial instrument, should not be permitted\nwhere they risk an investment firm inappropriately recommending or selling products or\nservices to clients.", "reference": "2011/0298(COD)", "seq": 297, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(52b) For those employees who advise on", "or sell financial products and instruments", "to retail clients, Member States should", "ensure that their remuneration by the", "firm will not affect employees' impartiality", "in making a suitable recommendation or", "appropriate sale or presenting", "information in a form that is fair, clear", "and not misleading. Remuneration in", "such situations should not be solely", "dependent on sales targets or the profit to", "the firm from a specific financial", "instrument." ], "location": [ [ "Proposal for a directive", "Recital 52 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Employees of investment firms must possess an appropriate level of knowledge and\ncompetence in relation to the products offered.", "reference": "2011/0298(COD)", "seq": 298, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "(52c) For those employees who advise on", "or sell financial instruments to retail", "clients Member States should ensure that", "they possess an appropriate level of", "knowledge and competence in relation to", "the products offered. This is particularly", "important given the increased complexity", "and the continuous innovation in the", "design of investment products. Buying an", "investment product implies a risk and", "investors must be able to rely on the", "information and quality of assessments", "provided. It is furthermore necessary that", "employees are given adequate time and", "resources to be able to provide all relevant", "information to clients about the", "products/instruments they provide." ], "location": [ [ "Proposal for a directive", "Recital 52 c (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The successful UCITS brand could suffer damage in the eyes of non-EU regulators and\ninvestors if some UCITS were no longer considered automatically non-complex, as they may\nbe seen as unsuitable for retail investors. European investors\u2019 confidence in UCITS might\nalso be affected. Complexity is not equal to risk. On the contrary, many of the UCITS features\nreduce risks for investors which are high in \u201cplain vanilla\u201d financial instruments such as\nstocks and bonds.", "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." ], "seq": 302, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "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.", "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 which embed a", "derivative or incorporate a structure which", "makes it difficult for the client to", "understand the risk involved." ], "location": [ [ "Proposal for a directive", "Recital 53" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Many investment services and activities are provided in the context of continuing\nrelationships between the firm and the client. It would unduly limit the access of EU investors\nand counterparties to the services provided by third country firms if third country firms were\neffectively prohibited from providing information and research to their existing clients. A\nthird country firm can provide information or marketing materials to a person in the EU at\nthe request of that person.", "old": [ "(72) The provision of services by third", "country firms in the Union is subject to", "national regimes and requirements. These", "regimes are highly differentiated and the", "firms authorised in accordance with them", "do not enjoy the freedom to provide", "services and the right of establishment in", "Member States other than the one where", "they are established. It is appropriate to", "introduce a common regulatory framework", "at Union level. The regime should", "harmonize the existing fragmented", "framework, ensure certainty and uniform", "treatment of third country firms accessing", "the Union, ensure that and equivalence", "assessment has been carried out by the", "Commission in relation to the regulatory", "and supervisory framework of third", "countries and should provide for a", "comparable level of protections to", "investors in the EU receiving services by", "third country firms." ], "seq": 316, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(72) The provision of services by third", "country firms in the Union is subject to", "national regimes and requirements. These", "regimes are highly differentiated and the", "firms authorised in accordance with them", "do not enjoy the freedom to provide", "services and the right of establishment in", "Member States other than the one where", "they are established. While Member States", "should be able to retain those regimes and", "requirements, it is appropriate to introduce", "a common regulatory framework at Union", "level to allow third country firms that", "establish a branch in the Union to provide", "services and activities across the Union", "through the branch, where the branch has", "been authorised by the competent", "authorities in the Member State and,", "among other things, an equivalence", "assessment has been carried out by the", "Commission in relation to the regulatory", "and supervisory framework of the third", "country. It is also appropriate for the", "common framework to allow a third", "country firm to provide services or", "activities to eligible counterparties that", "are established in a Member State", "otherwise than through a branch in that", "Member State without requiring", "authorisation in that Member State or", "registration by ESMA. Third country", "firms that wish to be able to provide", "services or activities to \"per se\"", "professional clients across the Union", "should be able to do so, if they register", "with ESMA and (among other things) an", "equivalence assessment has been carried", "out by the Commission in relation to the", "regulatory and supervisory framework of", "the third country." ], "location": [ [ "Proposal for a directive", "Recital 72" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Where dealing with professional clients, the position under AIFMD should be followed \u2013 it\nshould be sufficient to appoint a legal representative. A physical presence in the form of a\nbranch is not necessary.", "old": [ "(73) The provision of services to retail", "clients should always require the", "establishment of a branch in the Union.", "The establishment of the branch shall be", "subject to authorisation and supervision in", "the Union. Proper cooperation", "arrangements should be in place between", "the competent authority concerned and the", "competent authority in the third country.", "Sufficient initial capital should be at free", "disposal of the branch. Once authorised the", "branch should be subject to supervision in", "the Member State where the branch is", "established; the third country firm should", "be able to provide services in other", "Member States through the authorised", "and supervised branch, subject to a", "notification procedure. The provision of", "services without branches should be", "limited to eligible counterparties. It should", "be subject to registration by ESMA and to", "supervision in the third country. Proper", "cooperation arrangements should be in", "place between ESMA and the competent", "authorities in the third country." ], "seq": 319, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(73) Third country firms that establish a", "branch in the Union under the common", "Union framework for branches should be", "able to provide service and activities", "across the Union to retail clients from the", "branch but this should not prevent a retail", "client receiving services from a third", "country firm at the client's own exclusive", "initiative or otherwise receiving services", "outside the Union (or in accordance with", "a national regime). The establishment of", "the branch shall be subject to authorisation", "and supervision in the Union. Proper", "cooperation arrangements should be in", "place between the competent authority", "concerned and the competent authority in", "the third country. Sufficient initial capital", "should be at free disposal of the branch.", "Once authorised the branch should be", "subject to supervision in the Member State", "where the branch is established; the third", "country firm should be able to provide", "services in other Member States, subject to", "a notification procedure. Once authorized,", "the provision of services into the Union by", "a third country firm without branches", "should be limited to eligible counterparties", "and to professional clients. It should be", "subject to registration by ESMA and to", "supervision in the third country. Proper", "cooperation arrangements should be in", "place between ESMA and the competent", "authorities in the third country." ], "location": [ [ "Proposal for a directive", "Recital 73" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Providing cross-border services to a MiFID authorised firm should not trigger a licensing\nrequirement. In addition, in many cases, an authorised EU firm will be mediating the\ntransaction concerned, e.g. where an EU client is instructing an EU firm to act as its agent to\nexecute transactions on a third country market through a third country firm. In these\ncircumstances the indirect provision of services to the EU client should not be regarded as\ntaking place in the EU.", "old": [ "(73) The provision of services to retail", "clients should always require the", "establishment of a branch in the Union.", "The establishment of the branch shall be", "subject to authorisation and supervision in", "the Union. Proper cooperation", "arrangements should be in place between", "the competent authority concerned and the", "competent authority in the third country.", "Sufficient initial capital should be at free", "disposal of the branch. Once authorised", "the branch should be subject to supervision", "in the Member State where the branch is", "established; the third country firm should", "be able to provide services in other", "Member States through the authorised and", "supervised branch, subject to a notification", "procedure. The provision of services", "without branches should be limited to", "eligible counterparties. It should be", "subject to registration by ESMA and to", "supervision in the third country. Proper", "cooperation arrangements should be in", "place between ESMA and the competent", "authorities in the third country." ], "seq": 320, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(73) Third country firms that establish a", "branch in the Union under the common", "Union framework for branches should be", "able to provide service and activities", "across the Union to retail clients from the", "branch but this should not prevent a retail", "client receiving services from a third", "country firm at the client's own exclusive", "initiative or otherwise receiving services", "outside the Union (or in accordance with", "a national regime). The establishment of", "the branch shall be subject to authorisation", "and supervision in the Union. Proper", "cooperation arrangements should be in", "place between the competent authority", "concerned and the competent authority in", "the third country. Once authorised the", "branch should be subject to supervision in", "the Member State where the branch is", "established; the third country firm should", "be able to provide services in other", "Member States through the authorised and", "supervised branch, subject to a notification", "procedure." ], "location": [ [ "Proposal for a directive", "Recital 73" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It would unduly limit the access of EU investors and counterparties to the services provided\nby third country firms if third country firms were, for example, effectively prohibited from\nproviding information and research to their existing clients. In addition, it should be made\nclear that a third country firm can provide information or marketing materials to a person in\nthe EU at the request of that person.", "old": [ "(74) The provision of this directive", "regulating the provision of services by", "third country firms in the Union should not", "affect the possibility for persons", "established in the Union to receive", "investment services by a third country firm", "at their own exclusive initiative. When a", "third country firm provides services at own", "exclusive initiative of a person established", "in the Union, the services should not be", "deemed as provided in the territory of the", "Union. In case a third country firm solicits", "clients or potential clients in the Union or", "promotes or advertises investment services", "or activities together with ancillary services", "in the Union, it should not be deemed as a", "service provided at the own exclusive", "initiative of the client." ], "seq": 327, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(74) The provision of this directive", "regulating the provision of services or", "activities by third country firms in the", "Union should not affect the possibility for", "persons established in the Union to receive", "investment services or activities from a", "third country firm at their own exclusive", "initiative, for investment firms authorised", "under this Directive or credit institutions", "authorised under Directive 2006/48/EC", "providing investment services or activities", "to receive investment services or activities", "from a third country firm or for clients of", "such an investment firm or credit", "institution to receive investment services", "or activities from a third country firm", "through the mediation of the investment", "firm or credit institution or for persons", "established in the Union to receive", "investment services or activities from a", "third country firm where those services or", "activities are provided outside the Union.", "When a third country firm provides", "services or activities at the own exclusive", "initiative of a person established in the", "Union, the services or activities should not", "be deemed as provided in the territory of", "the Union. In case a third country firm", "solicits clients or potential clients in the", "Union or promotes or advertises", "investment services or activities together", "with ancillary services in the Union", "(otherwise than in the context of a", "continuing relationship between the third", "country firm and that person relating to", "the provision of those services or", "activities), it should not be deemed as a", "service or activity provided at the own", "exclusive initiative of the client. When a", "third country firm provides services or", "activities to or through the mediation of", "an investment firm authorised under this", "Directive or a credit institution authorised", "under Directive 2006/48/EC providing", "investment services or activities, the", "services or activities of the third country", "firm should not be deemed as provided in", "the territory of the Union. The investment", "firm acting as intermediary will remain", "responsible for providing the client with", "the protections under this Directive", "applicable to the service it has provided to", "the client. When a person established in", "the Union moves outside the Union to", "receive services or activities provided by a", "third country firm or the characteristic", "performance of the third country firm", "takes place outside the Union, the services", "or activities should not be deemed as", "provided in the Union." ], "location": [ [ "Proposal for a directive", "Recital 74" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Many investment services and activities are provided in the context of already existing\nrelationships between the firm and the client. It would unduly limit the access of EU investors\nand counterparties to the services provided by third country firms if third country firms were,\nfor example, effectively prohibited from providing information and research to their existing\nclients.", "old": [ "(74) The provision of this directive", "regulating the provision of services by", "third country firms in the Union should not", "affect the possibility for persons", "established in the Union to receive", "investment services by a third country firm", "at their own exclusive initiative. When a", "third country firm provides services at own", "exclusive initiative of a person established", "in the Union, the services should not be", "deemed as provided in the territory of the", "Union. In case a third country firm solicits", "clients or potential clients in the Union or", "promotes or advertises investment services", "or activities together with ancillary services", "in the Union, it should not be deemed as a", "service provided at the own exclusive", "initiative of the client." ], "seq": 328, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(74) The provision of this directive", "regulating the provision of services by", "third country firms in the Union should not", "affect the possibility for persons", "established in the Union to make use of", "investment services by a third country firm", "at their own initiative. When a third", "country firm provides services at own", "initiative of a person established in the", "Union, the services should not be deemed", "as provided in the territory of the Union. In", "case a third country firm solicits clients or", "potential clients in the Union or promotes", "or advertises investment services or", "activities together with ancillary services in", "the Union otherwise than in the course of", "an existing relationship requiring a", "continuing service provided by the firm to", "its client, it should not be deemed as a", "service provided at the own initiative of the", "client." ], "location": [ [ "Proposal for a directive", "Recital 74" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposed commercial solution for market data will deliver accurate and affordable\nconsolidated data only if ESMA issues common European data standards and if data quality\nand consistency are then assured by the regulated approved publication arrangements (APAs)\nwho make the market data public.", "old": [ "(78) The introduction of a commercial", "solution for a consolidated tape for equities", "should contribute to creating a more", "integrated European market and make it", "easier for market participants to gain", "access to a consolidated view of trade", "transparency information that is", "available. The envisaged solution is based", "on an authorisation of providers working", "along pre-defined and supervised", "parameters which are in competition with", "each other in order to achieve technically", "highly sophisticated and innovative", "solutions, serving the market to the greatest", "extent possible." ], "seq": 334, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(78) The introduction of a commercial", "solution for a consolidated tape for equities", "should contribute to creating a more", "integrated European market and make it", "easier for market participants to gain", "access to a consolidated view of market", "data. The envisaged solution is based on an", "authorisation of approved publication", "arrangements (APAs) to ensure consistent", "and accurate market data is made", "available by regulated markets, MTFs,", "OTFs, SIs and firms trading OTC to end", "users and commercial data providers, who", "could then compete commercially with", "each other to deliver technically highly", "sophisticated and innovative solutions,", "serving the market to the greatest extent", "possible." ], "location": [ [ "Proposal for a directive", "Recital 78" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "As commodities markets are to certain degrees globally interconnected, it is relevant to take\ninto account work conducted and recommendations published by IOSCO. This report includes\nrecommendations to help to ensure that the physical commodity derivatives markets serve\ntheir fundamental price discovery and hedging functions, while operating free from\nmanipulation and abusive trading. The principle assists authorities in constructing an\nappropriate regulatory and supervisory approach.", "old": [ "(83) The G20 summit in Pittsburgh on 25", "September 2009 agreed to improve the", "regulation, functioning and transparency of", "financial and commodity markets to", "address excessive commodity price", "volatility. The Commission", "Communications of 28 October 2009 on A", "Better Functioning Food Supply Chain in", "Europe, and of 2 February 2011 on", "Tackling the Challenges in Commodity", "Markets and Raw Materials outlined", "measures that fall to be taken in the context", "of the review of Directive 2004/39/EC." ], "seq": 339, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(83) The G20 summit in Pittsburgh on 25", "September 2009 agreed to improve the", "regulation, functioning and transparency of", "financial and commodity markets to", "address excessive commodity price", "volatility. The Commission", "Communications of 28 October 2009 on A", "Better Functioning Food Supply Chain in", "Europe, and of 2 February 2011 on", "Tackling the Challenges in Commodity", "Markets and Raw Materials outlined", "measures that fall to be taken in the context", "of the review of Directive 2004/39/EC.", "The IOSCO Report of September 2011 on", "Principles for the Regulation and", "Supervision of Commodity Derivatives", "Markets set out to help to ensure that the", "physical commodity derivatives markets", "serve their fundamental price discovery", "and hedging functions, while operating", "free from manipulation and abusive", "trading schemes, and IOSCO emphasizes", "the key importance of transparency." ], "location": [ [ "Proposal for a directive", "Recital 83" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "ESMA should be given powers to mitigate commodity market volatility and prevent market\ndisorders.", "old": [ "(85) Explicit powers should be granted to", "competent authorities to limit the ability of", "any person or class of persons from", "entering into a derivative contract in", "relation to a commodity. The application of", "a limit should be possible both in the case", "of individual transactions and positions", "built up over time. In the latter case in", "particular, the competent authority should", "ensure that these position limits are non-", "discriminatory, clearly spelled out, take", "due account of the specificity of the market", "in question, and are necessary to secure the", "integrity and orderly functioning of the", "market." ], "seq": 346, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(85) Explicit powers should be granted to", "competent authorities to limit the ability of", "any person or class of persons from", "entering into a derivative contract in", "relation to a commodity. The application of", "a limit should be possible both in the case", "of individual transactions and positions", "built up over time. In the latter case in", "particular, the competent authority should", "ensure that these position limits are non-", "discriminatory, clearly spelled out, take", "due account of the specificity of the market", "in question, and are necessary to secure the", "integrity and orderly functioning of the", "market justified by a situation defined by", "ESMA through regulatory technical", "standards." ], "location": [ [ "Proposal for a directive", "Recital 85" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.463%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It should be clarified that MiFID II proposes powers for the competent authorities to impose\nposition limits as well as some measures to be taken by trading venues. These measures\nshould be complementary, not duplicating. There are numerous ways trading venues can, and\ndo, take measures to ensure orderly markets. This should be recognised and position limits\nshould be examples of measures that the trading venues shall put in place, but should not be\nmandatory.", "old": [ "(86) All venues which offer trading in", "commodity derivatives should have in", "place appropriate limits or suitable", "alternative arrangements designed to", "support liquidity, prevent market abuse,", "and ensure the orderly pricing and", "settlement conditions. ESMA should", "maintain and publish a list containing", "summaries of all such measures in force.", "These limits or arrangements should be", "applied in a consistent manner and take", "account of the specific characteristics of", "the market in question. They should be", "clearly spelled out as regards to whom they", "apply and any exemptions thereto, as well", "as to the relevant quantitative thresholds", "which constitute the limits or which may", "trigger other obligations. The Commission", "should be empowered to adopt delegated", "acts, including with a view to avoiding any", "divergent effects of the limits or", "arrangements applicable to comparable", "contracts on different venues." ], "seq": 348, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(86) In addition to the powers made", "available to competent authorities to", "impose position limits, all venues which", "offer trading in commodity derivatives", "should have in place appropriate position", "management arrangements designed to", "support liquidity, prevent market abuse,", "and ensure the orderly pricing and", "settlement conditions. Such arrangements", "may include for instance identification of", "build-up of large position concentrations", "especially close to settlement, position", "limits, price movement limits, ordering", "liquidation or transfer of open positions,", "suspension of trading, altering delivery", "terms or conditions, cancelling trades and", "requiring delivery intentions. It must", "however be recognised that one trading", "venue is not able to view the aggregate", "positions taken by its members or", "participants in relation to the overall", "market. ESMA should define the key", "features of a harmonised position", "management regime through regulatory", "technical standards and maintain and", "publish a list containing summaries of all", "such measures in force. These", "arrangements should be applied in a", "consistent manner and take account of the", "specific characteristics of the market in", "question. They should be clearly spelled", "out as regards to whom they apply and any", "exemptions thereto, as well as to the", "relevant quantitative thresholds which", "constitute the limits or which may trigger", "other obligations. The Commission should", "be empowered to adopt delegated acts,", "including with a view to avoiding any", "divergent effects of the arrangements", "applicable to comparable contracts on", "different venues." ], "location": [ [ "Proposal for a directive", "Recital 86" ] ] }, { "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": [ "(109) The Commission should adopt the", "draft regulatory technical standards", "developed by ESMA in Article 7 regarding", "procedures for granting and refusing", "requests for authorisation of investment", "firms, Articles 9 and 48 regarding", "requirements for management bodies,", "Article 12 regarding acquisition of", "qualifying holding, Article 27 regarding", "obligation to execute orders on terms most", "favourable to clients, Articles 34 and 54", "regarding cooperation and exchange of", "information, Article 36 regarding freedom", "to provide investment services and", "activities, Article 37 regarding", "establishment of a branch, Article 44", "regarding provision of services by third", "country firms, Article 63 regarding", "procedures for granting and refusing", "requests for authorisation of data reporting", "services providers, Articles 66 and 67", "regarding organisational requirements for", "APAs and CTPs and Article 84 regarding", "cooperation among competent authorities.", "The Commission should adopt these draft", "regulatory technical standards by means of", "delegated acts pursuant to Article 290", "TFEU and in accordance with Articles 10", "to 14 of Regulation (EU) No 1093/2010." ], "reference": "2011/0298(COD)", "seq": 361, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(109) The Commission should adopt the", "draft regulatory technical standards", "developed by ESMA in Article 7 regarding", "procedures for granting and refusing", "requests for authorisation of investment", "firms, Articles 9 and 48 regarding", "requirements for management bodies,", "Article 12 regarding acquisition of", "qualifying holding, Article 27 regarding", "obligation to execute orders on terms most", "favourable to clients, Articles 34 and 54", "regarding cooperation and exchange of", "information, Article 36 regarding freedom", "to provide investment services and", "activities, Article 37 regarding", "establishment of a branch, Article 44", "regarding provision of services by third", "country firms, Article 59 regarding", "application of position management in", "commodity derivatives markets, Article 63", "regarding procedures for granting and", "refusing requests for authorisation of data", "reporting services providers, Articles 66", "and 67 regarding organisational", "requirements for APAs and CTPs and", "Article 84 regarding cooperation among", "competent authorities. The Commission", "should adopt these draft regulatory", "technical standards by means of delegated", "acts pursuant to Article 290 TFEU and in", "accordance with Articles 10 to 14 of", "Regulation (EU) No 1093/2010." ], "location": [ [ "Proposal for a directive", "Recital 109" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The relation between the exemptions under (d) and (i) should be clarified.", "old": [ "This exemption does not apply to persons", "exempt under Article 2(1)(i) who deal on", "own account in financial instruments as", "members or participants of a regulated", "market or MTF, including as market", "makers in relation to commodity", "derivatives, emission allowances, or", "derivatives thereof;" ], "seq": 394, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Persons exempt under Article 2(1)(i) who", "deal on own account in financial", "instruments as members or participants of a", "regulated market or MTF, including as", "market makers in relation to commodity", "derivatives, emission allowances, or", "derivatives thereof do not also need to", "meet the terms of this exemption;" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 1 \u2013 point d \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", "justification": "During the financial crisis employees and their families lost savings due to the dramatic loss\nof value of their employer\u2019s shares. Concentrating investment risk and the risk to lose his\nsalary on the same company are not reasonable. Offering shares by the employer should be\nassimilated to an investment advice.", "old": [ "(e) persons which provide investment", "services consisting exclusively in the", "administration of employee-participation", "schemes;" ], "seq": 397, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 1 \u2013 point e" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Consumers should not be less protected when the employer is involved than when the\ninvestment advice is issued by an investment firm.", "old": [ "(f) persons which provide investment", "services which only involve both", "administration of employee-participation", "schemes and the provision of investment", "services exclusively for their parent", "undertakings, for their subsidiaries or for", "other subsidiaries of their parent", "undertakings;" ], "seq": 399, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(f) persons which provide investment", "services which only involve the provision", "of investment services exclusively for their", "parent undertakings, for their subsidiaries", "or for other subsidiaries of their parent", "undertakings;" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 1 \u2013 point f" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Delegated acts clarifying specific exemptions and clarifying when an activity is to be\nconsidered as ancillary or provided in an incidental manner are not necessary since such\nvariations may differ from Member State to Member State and therefore should be dealt with\nthrough national implementation.", "old": [ "The Commission shall adopt delegated", "acts in accordance with Article 94", "concerning measures in respect of", "exemptions (c) and (i), to clarifying when", "an activity is to be considered as ancillary", "to the main business on a group level as", "well as for determining when an activity is", "provided in an incidental manner." ], "seq": 420, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 3 \u2013 subparagraph 1" ] ] }, { "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 the extent to which the activity is", "objectively measurable as reducing risks", "directly related to the commercial activity", "or treasury financing activity," ], "reference": "2011/0298(COD)", "seq": 427, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(a) the extent to which the activity is", "objectively measurable as reducing risks", "directly related to the commercial activity", "or treasury financing activity," ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 3 \u2013 subparagraph 2 \u2013 indent 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It is necessary to provide a clear exemption for activities by non-financial firms \u201cinvolving\nthe hedging of production-related and other risks\u201d. The definition of ancillary activity should\ntherefore not only include a) the extent to which the ancillary activity reduces risk, but b) the\nancillary character also needs to be justified by comparing the size of the activity (by means\nof capital or risk employed) to the size of the main business.", "old": [ "\u2013 the capital employed for carrying out the", "activity." ], "seq": 428, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "(b) the capital employed for and the risk", "related to carrying out the activity as a", "proportion to the activities of the group;" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 3 \u2013 subparagraph 2 \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", "justification": "As third criterion c), it should be ensured that commercial firms are only dealing in financial\ninstruments related to the main business of the group of companies to which the entity/ person\nbelongs.", "reference": "2011/0298(COD)", "seq": 433, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "c) the extent to which the activity is used", "for managing the commercial risks or", "treasury financing risks of the main", "business;" ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 3 \u2013 subparagraph 2 \u2013 indent 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A fourth criterion d) ensures that the EMIR exemption for non-financials with no systemic\nrelevance stays valid with MiFID II. By including this criterion it is to be avoided that non-\nfinancial firms that are not systemically importance, and therefore stay below the clearing\nthreshold in EMIR.", "reference": "2011/0298(COD)", "seq": 437, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Wolf Klinz", "date": "2012-05-15T00:00:00", "new": [ "d) systemic relevance of the sum of net", "positions and exposures of a firm as", "referred to in Article 10 of Regulation", "(EU) No \u2026/\u2026[EMIR]." ], "location": [ [ "Proposal for a directive", "Article 2 \u2013 paragraph 3 \u2013 subparagraph 2 \u2013 indent 2 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Should be ESMA \u2013 technical", "old": [ "The Commission shall adopt by means of", "delegated acts in accordance with Article", "94 measures specifying:" ], "seq": 453, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA may develop draft regulatory", "technical standards to specify:" ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 1 \u2013 paragraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "reference": "2011/0298(COD)", "seq": 454, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[...]*.", "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 1095/2010.", "________________", "*OJ please insert the date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 1 \u2013 paragraph 2 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To the extent that high frequency trading is being defined, it is important to set the minimum\ncriteria of a strategy involving HFT so as to ensure it can be identified, as well as applied in\nthe context of Art 17.3; ESMA should review on a regular basis the appropriateness of those\ncriteria to ensure they stand the test of time as markets evolve\u201d.", "reference": "2011/0298(COD)", "seq": 472, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "30 a) 'High-frequency trading' means", "algorithmic trading having the following", "features:", "1) Very high number of orders compared", "to the average of number of orders placed", "by participants active on the venue", "concerned;", "2) Rapid order cancellation/replacement;", "3) Proprietary trading;", "5) No significant net position at end of", "day (flat position);", "6) Taking positions for very short holding", "periods;", "7) Extracting very low margins per trade;", "8) Using order handling systems with", "speeds close to minimal latency of a trade;", "9) Use of co-location/proximity services", "and individual data feeds;", "10) Focus on highly liquid instruments;", "11) Use of computer programs or", "algorithms for automated decision", "making for order initiation, generation,", "routing, and execution.", "ESMA shall, on an annual basis, review", "the appropriateness of the defintion above", "to ensure that it is consistent with market", "developments, appropriate for the range", "of securities concerned, and properly", "monitored by regulated markets, MTFs", "and OTFs and report to the European", "Parliament, the Council and the", "Commission." ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 30 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To the extent that high frequency trading is being defined, it is important to set the minimum\ncriteria of a strategy involving HFT so as to ensure it can be identified, as well as applied in\nthe context of Art 17.3; ESMA should review on a regular basis the appropriateness of those\ncriteria to ensure they stand the test of time as markets evolve\u201d.", "reference": "2011/0298(COD)", "seq": 478, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "30b) 'High-frequency trading strategy'", "means a trading strategy for dealing on", "own-account in a financial instrument", "which involves high-frequency trading", "and has the following characteristics:", "(i) it uses co-location facilities;", "(ii) it relates to a daily portfolio turnover", "of at least 50 %;", "(iii) the ratio of orders to trades exceeds", "250:1 intraday;", "(iv) the proportion of orders cancelled", "exceeds 20 %;", "(v) the majority of positions taken are", "unwound within the same day.", "ESMA shall, on an annual basis, review", "the appropriateness of the criteria listed", "above to ensure that they are consistent", "with market developments, appropriate for", "the range of securities concerned, and", "properly monitored by Regulated markets,", "MTFs and OTFs and shall report to the", "European Parliament, the Council and", "the Commission." ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 30 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The purpose of this suggested amendment is to highlight the different methods which market\nparticipants can access a trading platform. This wording is taken from the ESMA guidelines\non systems and controls that were issued on 22nd December 2011, ref: ESMA/2011/456.", "reference": "2011/0298(COD)", "seq": 480, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-05-15T00:00:00", "new": [ "30d) 'Sponsored access' means an", "arrangement through which an", "investment firm that is a member or", "participant or user of a trading platform", "permits clients to transmit orders", "electronically and directly to a specified", "trading platform under the investment", "firm's trading identification without the", "orders being transmitted through the", "investment firm's internal electronic", "trading systems." ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 30 d (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The purpose of this suggested amendment is to highlight the different methods which market\nparticipants can access a trading platform. This wording is taken from the ESMA guidelines\non systems and controls that were issued on 22nd December 2011, ref: ESMA/2011/456.", "reference": "2011/0298(COD)", "seq": 481, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "30e) 'Naked' or 'unfiltered' access to a", "regulated market or MTF, where a", "client's orders do not pass through pre-", "trade controls before being sent to a", "regulated market or MTF, is prohibited", "under MiFID. Therefore, an SA client", "should never be able to send an order to a", "trading platform without the order", "passing through pre-trade controls of the", "investment firm." ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 30 e (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The purpose of this suggested amendment is to highlight the different methods which market\nparticipants can access a trading platform. This wording is taken from the ESMA guidelines\non systems and controls that were issued on 22nd December 2011, ref: ESMA/2011/456.", "old": [ "31) \"Direct electronic access\" in relation to", "a trading venue, means an arrangement", "where a member or participant of a", "trading venue permits a person to use its", "trading code so the person can", "electronically transmit orders relating to a", "financial instrument directly to the", "trading venue. This definition includes", "such an arrangement whether or not it", "also involves the use by the person of the", "infrastructure of the member or", "participant, or any connecting system", "provided by the member or participant, to", "transmit the orders;" ], "seq": 483, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "31) \"Direct Electronic Access\" means an", "arrangement through which an", "investment firm that is a member or a", "participant or user of a trading platform", "permits clients to transmit orders", "electronically to the investment firm's", "internal electronic trading systems for", "automatic on-ward transmission under", "the investment firm's trading", "identification to a specified trading", "platform;" ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 31" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a definition of matched principal trading, which is different from proprietary trading.\nMatched principal trading describes a transaction where the firm/operator sits in the middle\nof the trade and becomes the buyer to the seller and the seller to the buyer. This may occur to\nfacilitate client trades and/or so that trades can be anonymised.", "reference": "2011/0298(COD)", "seq": 488, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "33a) 'Matched principal trading' means a", "transaction composed of two or more legs,", "where an investment firm or market", "operator is interposed as a party to each", "leg, entered into for the purpose of", "facilitating one or more client orders and", "which does not result in the investment", "firm accepting market risk;" ], "location": [ [ "Proposal for a directive", "Article 4 \u2013 paragraph 2 \u2013 point 33 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The ability to specify technical elements of the definitions pursuant to MiFID is effectively a\npower to change the scope of the directive. If the power is purely a technical one, designed to\nadjust definitions in line with market developments, then it is a technical power which ESMA\nis more qualified to judge.", "old": [ "3. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning measures to specify", "some technical elements of the definitions", "laid down in paragraph 1 of this Article, to", "adjust them to market developments." ], "seq": 499, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. ESMA may develop draft regulatory", "technical standards to specify technical", "elements of the definitions laid down in", "paragraph 1 of this Article, to adjust them", "to market developments.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[\u2026]*.", "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 1095/2010.", "__________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 4 \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", "justification": "The standard seems unnecessary.", "old": [ "4. ESMA shall develop draft regulatory", "technical standards to specify:", "(a) the information to be provided to the", "competent authorities under Article 7(2)", "including the programme of operations;", "(b) the tasks of nomination committees", "required under Article 9 (2)", "(c) the requirements applicable to the", "management of investment firms under", "Article 9(8) and the information for the", "notifications under Article 9(5);", "(d) the requirements applicable to", "shareholders and members with", "qualifying holdings, as well as obstacles", "which may prevent effective exercise of", "the supervisory functions of the competent", "authority, under Article 10(1) and (2).", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[31 December 2016].", "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." ], "seq": 506, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 7 \u2013 paragraph 4" ] ] }, { "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": [ "ESMA shall develop draft implementing", "technical standards to determine standard", "forms, templates and procedures for the", "notification or provision of information", "provided for in Article 7(2) and Article", "9(5) ." ], "reference": "2011/0298(COD)", "seq": 507, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA may develop draft implementing", "technical standards to determine standard", "forms, templates and procedures for the", "notification or provision of information", "provided for in Article 7(2) and Article", "9(5)." ], "location": [ [ "Proposal for a directive", "Article 7 \u2013 paragraph 5 \u2013 subparagraph 1" ] ] }, { "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": [ "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [31 December 2016]." ], "reference": "2011/0298(COD)", "seq": 508, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall submit those draft", "implementing technical standards to the", "Commission." ], "location": [ [ "Proposal for a directive", "Article 7 \u2013 paragraph 5 \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": [ "1. Member States shall require that all", "members of the management body of any", "investment firm shall at all times be of", "sufficiently good repute, possess sufficient", "knowledge, skills and experience and", "commit sufficient time to perform their", "duties. Member States shall ensure that", "members of the management body shall, in", "particular, fulfil the following", "requirements:" ], "reference": "2011/0298(COD)", "seq": 511, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall require that all", "members of the management body of any", "investment firm shall at all times be of", "sufficiently good repute, possess sufficient", "knowledge, skills and experience and", "commit sufficient time to perform their", "duties. Members of the management body", "shall, in particular, fulfil the following", "requirements:" ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 1 \u2013 introductory 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", "justification": "The quantitative constraints will lead to serious problems of recruitment of qualified and\nsufficiently skilful persons. In smaller countries material problems in fulfilling the\nrequirements of management body compositions presented in the proposal may arise as a\nconsequence. Directorships in, for instance housing cooperatives or private limited\ncompanies, should not be counted as directorships in this article. \"Public interest entities\"\nshould therefore be added in the text.", "old": [ "(a) Members of the management body shall", "commit sufficient time to perform their", "functions in the investment firm. They", "shall not combine at the same time more", "than one of the following combinations:" ], "seq": 514, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(a) Members of the management body shall", "commit sufficient time to perform their", "functions in the investment firm. They", "shall not combine at the same time more", "than one of the following combinations in", "public interest entities:" ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 1 \u2013 point a \u2013 subparagraph 1 and subparagraph 2 \u2013 introductory 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", "justification": "The number of directorships a member of the management body can hold at the same time\nshall take into account individual circumstances and the nature, scale and complexity of the\ninstitution's activities. A too strict wording in this regard might cause difficulties in smaller\nmarkets, particularly for smaller institutions.", "old": [ "(i) one executive directorship with two", "non-executive directorships" ], "seq": 515, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(i) one executive directorship with three", "non-executive directorships" ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 1 \u2013 point a \u2013 point i" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a clarification that not only consolidated groups are subject to this exception but also\ngroups of companies held by the same industrial holding companies. This is to make sure that\nthe business model of this type of long term industrial owners is not jeopardized by the\nlimitation on directorships. The business model of industrial holding companies is to be long\nterm engaged owners with board representation in their long term investments.", "old": [ "Executive or non-executive directorships", "held within the same group shall be", "considered as one single directorship." ], "seq": 519, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Executive or non-executive directorships", "held within (i) the same consolidated", "group or (ii) a group of companies being", "subsidiaries, associated companies or", "participations of the same industrial", "holding company shall be considered as", "one single directorship." ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 1 \u2013 point a \u2013 subparagraph 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", "justification": "Diversity in boards ensure broader competence and wider perspectives. Recruiting only men\nor only women means a more narrow selection and the risk of missing out on potentially\nexcellent candidates. There are a systematic failure in the process to select women. The banks\nshould also be encouraged o implement a middle-term plan to promote women into influential\npositions in order to increase the number of women in these positions.", "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." ], "seq": 525, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. Member States shall require investment", "firms and their respective nomination", "committees 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; as well as take concrete steps", "towards a more balanced representation", "on boards. Such concrete measures may", "for example include training of", "nomination committees, the creation of", "rosters of competent candidates, and the", "introduction of a nomination process", "where at least one candidate of each sex is", "presented." ], "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", "justification": "The principle of proportionality should be applied to allow companies at different stages of\ntheir corporate cycle to determine the most appropriate governance for their needs. Focus\nshould be on board governance and in particular on the role of the chairman in the selection\nand monitoring of directors to achieve the objectives in the MiFID Review of ensuring sound\nand prudent management of firms.", "reference": "2011/0298(COD)", "seq": 536, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall also consider the nature,", "scale and complexity of activities of the", "investment firm which competent", "authorities must take into account when", "they authorise a member of the", "management body to combine more", "directorships than permitted as referred to", "in paragraph 1(a)." ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 4 \u2013 subparagraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The management body should not define but merely approve and oversee the strategic\nobjectives based on defined proposals of the senior management.", "old": [ "(a) define, approve and oversee the", "strategic objectives of the firm," ], "seq": 539, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(a) approve and oversee the strategic", "objectives of the firm," ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The management body should not define but merely approve and oversee the strategic\nobjectives based on defined proposals of the senior management.", "old": [ "(b) define, approve and oversee the", "organization of the firm, including the", "skills, knowledge and expertise required to", "personnel, the resources, the procedures", "and the arrangements for the provision of", "services and activities by the firm, taking", "into account the nature, scale and", "complexity of its business and all the", "requirements the firm has to comply with," ], "seq": 540, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(b) approve and oversee the organization of", "the firm, including the skills, knowledge", "and expertise required to personnel, the", "resources, the procedures and the", "arrangements for the provision of services", "and activities by the firm, taking into", "account the nature, scale and complexity of", "its business and all the requirements the", "firm has to comply with," ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The management body should not define but merely approve and oversee the strategic\nobjectives based on defined proposals of the senior management.", "old": [ "(c) define, approve and oversee a policy as", "to services, activities, products and", "operations offered or provided by the firm,", "in accordance with the risk tolerance of the", "firm and the characteristics and needs of", "the clients to whom they will be offered or", "provided, including carrying out", "appropriate stress testing, where", "appropriate;" ], "seq": 541, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(c) approve and oversee a policy as to", "services, activities, products and operations", "offered or provided by the firm, in", "accordance with the risk tolerance of the", "firm and the characteristics and needs of", "the clients to whom they will be offered or", "provided, including carrying out", "appropriate stress testing, where", "appropriate;" ], "location": [ [ "Proposal for a directive", "Article 9 \u2013 paragraph 6 \u2013 subparagraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Misselling should be avoided through strict internal code of conflict rules.", "old": [ "2. An investment firm shall establish", "adequate policies and procedures sufficient", "to ensure compliance of the firm including", "its managers, employees and tied agents", "with its obligations under the provisions of", "this Directive as well as appropriate rules", "governing personal transactions by such", "persons." ], "seq": 550, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "2. An investment firm shall establish", "adequate policies and procedures sufficient", "to ensure compliance of the firm including", "its managers, employees and tied agents", "with its obligations under the provisions of", "this Directive as well as appropriate rules", "governing personal transactions by such", "persons. The investment firm shall have a", "policy and code of conduct rules in place", "to make an assessments of the", "compatibility of the product, service or", "operation with the characteristics and", "needs of the clients to whom these", "products would be offered." ], "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-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "To avoid conflict of interest should be a top priority. Consumer confidence is important to\nhandle and text needs to be stricter.", "old": [ "3. An investment firm shall maintain and", "operate effective organisational and", "administrative arrangements with a view to", "taking all reasonable steps designed to", "prevent conflicts of interest as defined in", "Article 23 from adversely affecting the", "interests of its clients." ], "seq": 552, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. An investment firm shall maintain and", "operate effective organisational and", "administrative arrangements with a view to", "taking all appropriate steps designed to", "prevent conflicts of interest as defined in", "Article 23 from adversely affecting the", "interests of its clients." ], "location": [ [ "Proposal for a directive", "Article 16 \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", "justification": "To better protect consumers, there is a need both to extend the obligation of recording\ncommunications and increase the shelf life of records.", "old": [ "Records shall include the recording of", "telephone conversations or electronic", "communications involving, at least,", "transactions concluded when dealing on", "own account and client orders when the", "services of reception and transmission of", "orders and execution of orders on behalf of", "clients are provided." ], "seq": 553, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "Records shall include the recording of", "telephone conversations or electronic", "communications involving all investment", "advice services including advice of", "products, transactions concluded when", "dealing on own account and client orders", "when the services of reception and", "transmission of orders and execution of", "orders on behalf of clients are provided." ], "location": [ [ "Proposal for a directive", "Article 16 \u2013 paragraph 7 \u2013 subparagraph 1" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The records and documents should be stored at least as long as the consumer cannot face the\nreal consequences of the investment he has been advised.", "old": [ "Records of telephone conversation or", "electronic communications recorded in", "accordance with sub-paragraph 1 shall be", "provided to the clients involved upon", "request and shall be kept for a period of", "three years." ], "seq": 562, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "Records of telephone conversation or", "electronic communications recorded in", "accordance with sub-paragraph 1 shall be", "provided to the clients involved upon", "request and shall be kept for a period of", "one year after the investment has ended." ], "location": [ [ "Proposal for a directive", "Article 16 \u2013 paragraph 7 \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", "justification": "The organisational requirements imposed on third country firms should be part of the\nequivalence assessment undertaken by the Commission.", "old": [ "12. The Commission shall be empowered", "to adopt delegated acts in accordance with", "Article 94 concerning measures to specify", "the concrete organisational requirements", "laid down in paragraphs 2 to 9 to be", "imposed on investment firms and on", "branches of third country firms", "authorised in accordance with article 43", "performing different investment services", "and/or activities and ancillary services or", "combinations thereof." ], "seq": 571, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 16 \u2013 paragraph 12" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment is a technical clarification regarding the sending of erroneous orders and the\napplication of the MAR legislation (it is not possible to guarantee the prevention of the\nsending of erroneous orders or market abuse). The amendment clarifies that systems and\ncontrols should be designed to detect and prevent the sending of erroneous orders and market\nabuse, where it is possible to do so.", "old": [ "1. An investment firm that engages in", "algorithmic trading shall have in place", "effective systems and risk controls to", "ensure that its trading systems are resilient", "and have sufficient capacity, are subject to", "appropriate trading thresholds and limits", "and prevent the sending of erroneous", "orders or the system otherwise functioning", "in a way that may create or contribute to a", "disorderly market. Such a firm shall also", "have in place effective systems and risk", "controls to ensure the trading systems", "cannot be used for any purpose that is", "contrary to Regulation (EU) No [MAR] or", "to the rules of a trading venue to which it is", "connected. The firm shall have in place", "effective continuity business arrangements", "to deal with any unforeseen failure of its", "trading systems and shall ensure its", "systems are fully tested and properly", "monitored to ensure they meet the", "requirements in this paragraph." ], "seq": 575, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. An investment firm that engages in", "algorithmic trading shall have in place", "effective systems and risk controls to", "ensure that its trading systems are resilient", "and have sufficient capacity, are subject to", "appropriate trading thresholds and limits", "and take appropriate steps to prevent the", "sending of erroneous orders or the system", "otherwise functioning in a way that may", "create or contribute to a disorderly market.", "Such a firm shall also have in place", "effective systems and risk controls to", "ensure the trading systems function in", "accordance with Regulation (EU) No", "[MAR] and the rules of a trading venue to", "which it is connected. The firm shall have", "in place effective continuity business", "arrangements to deal with any unforeseen", "failure of its trading systems and shall", "ensure its systems are fully tested and", "properly monitored to ensure they meet the", "requirements in this paragraph." ], "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-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The requirement should be to annually provide a report on algorithms to its home Competent\nAuthority and on request.", "old": [ "2. An investment firm that engages in", "algorithmic trading shall at least annually", "provide to its home Competent Authority a", "description of the nature of its algorithmic", "trading strategies, details of the trading", "parameters or limits to which the system is", "subject, the key compliance and risk", "controls that it has in place to ensure the", "conditions in paragraph 1 are satisfied and", "details of the testing of its systems. A", "competent authority may at any time", "request further information from an", "investment firm about its algorithmic", "trading and the systems used for that", "trading." ], "seq": 581, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "2. An investment firm that engages in a", "high frequency trading strategy shall at", "least annually and at any time on request", "provide to its home Competent Authority a", "description of the nature of its strategies,", "details of the trading parameters or limits", "to which the system is subject, the key", "compliance and risk controls that it has in", "place to ensure the conditions in paragraph", "1 are satisfied and details of the testing of", "its systems. A competent authority may at", "any time request further information from", "an investment firm about its algorithmic", "trading and the systems used for that", "trading." ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 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", "justification": "Only those investment firms having a market-making strategy can be asked to provide a\nmarket-making service. The ESMA guidelines on systems and controls in an automated\ntrading environment relating to this issue should be taken into account through technical\nstandards. This text allows ESMA/trading venues to properly calibrate the application of the\nrequirements in article 17(3) both in terms of which HFT strategies the requirements are\napplied to, and the severity of such requirements.", "old": [ "3. An algorithmic trading strategy shall be", "in continuous operation during the trading", "hours of the trading venue to which it", "sends orders or through the systems of", "which it executes transactions. The trading", "parameters or limits of an algorithmic", "trading strategy shall ensure that the", "strategy posts firm quotes at competitive", "prices with the result of providing", "liquidity on a regular and ongoing basis to", "these trading venues at all times,", "regardless of prevailing market", "conditions." ], "seq": 594, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. High-frequency trading strategies", "which meet the conditions of Article", "4(30b) shall, to the extent specified by", "ESMA and necessary to ensure the", "orderly functioning of markets, have the", "ability to continuously operate during the", "trading hours of the trading venue to which", "it sends orders or through the systems of", "which it executes transactions. Firms that", "are using market making strategies shall", "comply with specific requirements", "determined by trading venues in", "consultation with competent authorities", "with a view to liquidity on the trading", "venue concerned and safeguarding", "investors trust in the market place." ], "location": [ [ "Proposal for a directive", "Article 17 \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", "justification": "The ESMA guidelines on systems and controls in an automated trading environment relating\nto article 17.3, and the extent and severity of the obligations applied to certain HFT\nstrategies, should be taken into account through technical standards.", "reference": "2011/0298(COD)", "seq": 597, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3a. ESMA shall develop draft", "implementing technical standards on the", "requirements referred to in paragraph 3,", "in particular in case of market stress.", "Power is conferred on the Commission to", "adopt the implementing technical", "standards referred to in the first", "subparagraph in accordance with Article", "15 of Regulation (EU) No 1095/2010.", "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [\u2026]*.", "________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 3 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Additional charges have proved effective to maintain the transaction to order ratio to a level\nensuring the orderly functioning of the market concerned.", "reference": "2011/0298(COD)", "seq": 599, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3b. Trading venues shall have the ability", "to impose charges to its members or", "participants in order to keep the", "transaction to order ratio to a level", "avoiding the risk of undermining the", "orderly functioning of the market place." ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 3 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This wording is suggested to ensure that there any investment firm offering DEA or sponsored\naccess has appropriate pre-trade controls and organisational requirements to promote fair\nand orderly trading in an automated trading environment, including in-built and automatic\nrejection of orders outside of certain parameters. This is in line with the ESMA guidelines on\nsystems and controls, issued on 22nd December 2011, ref: ESMA/2011/456.", "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." ], "seq": 600, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "4. An investment firm that provides direct", "electronic access or sponsored 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 are applied in", "accordance with 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 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 is clear. Investment", "firms shall not provide 'naked' or", "'unfiltered' sponsored access to a 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-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a technical question and an area related to which ESMA has already issued guidance,\ntherefore it is more appropriate that the power be given to ESMA.", "old": [ "6. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning measures to specify", "the detailed organisational requirements", "laid down in paragraphs 1 to 5 to be", "imposed on investment firms performing", "different investment services and/or", "activities and ancillary services or", "combinations thereof." ], "seq": 611, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "6. ESMA shall develop draft regulatory", "technical standards to specify the detailed", "organisational requirements laid down in", "paragraphs 1 to 5 to be imposed on", "investment firms performing different", "investment services and/or activities and", "ancillary services or combinations thereof.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[...]*.", "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 1095/2010.", "_________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 17 \u2013 paragraph 6" ] ] }, { "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 that", "investment firms or market operators", "operating an MTF or an OTF establish,", "publish and maintain transparent rules,", "based on objective criteria, governing", "access to its facility." ], "reference": "2011/0298(COD)", "seq": 619, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. Member States shall require that", "investment firms or market operators", "operating an MTF or an OTF establish,", "publish and maintain transparent and non-", "discriminatory rules, based on objective", "criteria, governing access to its facility." ], "location": [ [ "Proposal for a directive", "Article 18 \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", "justification": "This article gives effect to recital 12 for MTFs and OTFs, allowing investors greater choice\nover the sort of counterparties they will interact with.", "reference": "2011/0298(COD)", "seq": 621, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3a. Member States shall require", "investment firms or market operators", "operating an MTF or an OTF to have", "arrangements to identify clearly and", "manage the potential adverse", "consequences, for the operation of the", "MTF or the OTF or its participants, of", "any conflict of interest between the", "interest of the MTF, the OTF, its owners", "or its operator and the sound functioning", "of the MTF or the OTF." ], "location": [ [ "Proposal for a directive", "Article 18 \u2013 paragraph 3 a (new)" ] ] }, { "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": [ "6. Member States shall require that any", "investment firm or market operator", "operating an MTF or an OTF comply", "immediately with any instruction from its", "competent authority pursuant to Article", "72(1) to suspend or remove a financial", "instrument from trading." ], "reference": "2011/0298(COD)", "seq": 624, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "6. Member States shall require that any", "investment firm or market operator", "operating an MTF or an OTF comply", "immediately with any instruction from its", "competent authority pursuant to Article 72", "(d) and (e) to suspend or remove a", "financial instrument from trading." ], "location": [ [ "Proposal for a directive", "Article 18 \u2013 paragraph 6" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Compound transaction services should also be distinguished from the provision of traditional\ntrading execution activities and requirements on e.g. best execution, trading venue rules,\naccess to the OTF or suspension of trading are neither relevant nor appropriate to this type of\nservice. Imposing these rules on compound transaction services may make them impossible to\ndeliver. Therefore should ESMA draft implementing technical standards for clarification.", "reference": "2011/0298(COD)", "seq": 629, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "9a. ESMA shall develop draft", "implementing technical standards to", "specify the extent to which compound", "transaction services (as defined in Article", "2 of Regulation (EU) No....[MiFIR]) shall", "be subject to Article 18(1)-18(3) and", "Article 20(3).", "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [\u2026]*.", "Power is conferred to the Commission to", "adopt the implementing technical", "standards in accordance with Article 15 of", "Regulation (EU) No 1095/2010.", "___________________", "* OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 18 \u2013 paragraph 9 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.464%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This paragraph is appropriate for both MTFs and OTFs, and therefore should be re-inserted\ninto Article 18.", "old": [ "3. Member States shall require that", "investment firms or market operators", "operating an MTF to have arrangements", "to identify clearly and manage the", "potential adverse consequences, for the", "operation of the MTF or for its", "participants, of any conflict of interest", "between the interest of the MTF, its", "owners or its operator and the sound", "functioning of the MTF." ], "seq": 634, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 19 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment ensures a level playing field between RMs, MTFs and OTFs in terms of\nconflicts of interest, through the ability of the client to opt in. The operator of an OTF should\nbe allowed to execute orders against proprietary capital on a 'matched principal basis'.\nBanning proprietary trading could reduce liquidity in a market which is used by end investors\nfor their risk management. The text also requires OTFs to publish to clients data showing\nexecution quality.", "old": [ "1. Member States shall require that", "investment firms and market operators", "operating an OTFs establish arrangements", "preventing the execution of client orders in", "an OTF against the proprietary capital of", "the investment firm or market operator", "operating the OTF. The investment firm", "shall not act as a systematic internaliser in", "an OTF operated by itself. An OTF shall", "not connect with another OTF in a way", "which enables orders in different OTFs to", "interact." ], "seq": 644, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall require that", "investment firms and market operators", "operating an OTF in shares, depositary", "receipts, exchange traded funds,", "certificates and other similar financial", "instruments establish arrangements", "preventing the execution of client orders in", "an OTF against the proprietary capital of", "the investment firm or market operator", "operating the OTF, except where this is", "undertaken on a matched principal basis", "or with the consent of the client. The", "operator of the OTF shall publish on a", "regular basis data in accordance with", "Article 27(2) disaggregated by orders", "executed against the proprietary capital of", "the operator and orders between third", "party buying and selling interests. An", "OTF shall not connect with another OTF in", "a way which enables orders in different", "OTFs to interact unless the operator of the", "OTF can demonstrate compliance with", "the requirements in this Directive and", "Regulation (EU) No \u2026/\u2026 [MiFIR] and", "that such an operational arrangement", "supports the requirements in Article 27." ], "location": [ [ "Proposal for a directive", "Article 20 \u2013 paragraph 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", "justification": "The amendment clarifies the nature of the discretion afforded to OTFs.", "reference": "2011/0298(COD)", "seq": 652, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1 a. Investment firms or market operators", "operating an OTF shall have discretion", "over how a transaction is to be executed", "and how clients interact." ], "location": [ [ "Proposal for a directive", "Article 20 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A sufficient level of investor protection is needed in the whole EU. Best practices should be\nshared between the Member States.", "reference": "2011/0298(COD)", "seq": 654, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1 b. Member States shall require that", "investment firms and market operators", "operating an OTF for bonds, structured", "finance products, emission allowances", "and derivatives, establish arrangements to", "identify clearly and manage the potential", "adverse consequences, for the operation", "of the OTF or for its participants, of any", "conflict of interest between the interest of", "the OTF, its owners or its operator and", "the sound functioning of the OTF." ], "location": [ [ "Proposal for a directive", "Article 20 \u2013 paragraph 1 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A sufficient level of investor protection is needed in the whole EU. Best practises should be\nshared between the Member States.", "reference": "2011/0298(COD)", "seq": 666, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1 a. ESMA shall conduct peer reviews to", "identify best practices concerning on-", "going supervision in the Member States", "and shall advise the Commission by[\u2026]*", "at the latest on measures that could", "ensure a stronger supervision among the", "Member States.", "__________________", "*OJ please insert date: two years after the", "entry into force of this Directive" ], "location": [ [ "Proposal for a directive", "Article 22 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Conflict of interests between service providers and investors must be avoided.", "old": [ "2. Where organisational or administrative", "arrangements made by the investment firm", "in accordance with Article 16(3) to manage", "conflicts of interest are not sufficient to", "ensure, with reasonable confidence, that", "risks of damage to client interests will be", "prevented, the investment firm shall clearly", "disclose the general nature and/or sources", "of conflicts of interest to the client before", "undertaking business on its behalf." ], "seq": 669, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "2. Where organisational or administrative", "arrangements made by the investment firm", "in accordance with Article 16(3) to manage", "and avoid conflicts of interest are not", "sufficient to ensure, with reasonable", "confidence, that risks of damage to client", "interests will be prevented, the investment", "firm shall clearly disclose the general", "nature and/or sources of conflicts of", "interest to the client before undertaking", "business on its behalf." ], "location": [ [ "Proposal for a directive", "Article 23 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a technical question and an area on which ESMA has already issued guidance,\ntherefore it is more appropriate that the power be given to ESMA.", "old": [ "3. The Commission shall be empowered to", "adopt by means of delegated acts in", "accordance with Article 94 measures to:" ], "seq": 674, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. ESMA shall develop draft regulatory", "technical standards to:" ], "location": [ [ "Proposal for a directive", "Article 23 \u2013 paragraph 3 \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", "justification": "Employees who want to act in accordance with legal rules and his or her own professionalism\nand competence sometimes end up in situations where the demand for good advice are\nconflicting with sales targets. Sales targets are not bad in themselves, but they should be\nadequate and proportional and not conflict in any way with the provision of quality advice.", "old": [ "(b) establish appropriate criteria for", "determining the types of conflict of interest", "whose existence may damage the interests", "of the clients or potential clients of the", "investment firm." ], "seq": 676, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "(b) establish appropriate criteria for", "determining the types of conflict of interest", "whose existence may damage the interests", "of the clients or potential clients of the", "investment firm. This includes", "disproportionate use of sales targets for", "investment products, which is potentially", "damaging to the quality and objectiveness", "of the provision of investment services." ], "location": [ [ "Proposal for a directive", "Article 23 \u2013 paragraph 3 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a technical question and an area on which ESMA has already issued guidance,\ntherefore it is more appropriate that the power be given to ESMA.", "reference": "2011/0298(COD)", "seq": 678, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[\u2026]*.", "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 1095/2010.", "_______________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 23 \u2013 paragraph 3 \u2013 subparagraph 1 a and 1 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The wording needs to be expanded to take account that product manufacturers distribute their\nproduct using a number of different channels, over which they cannot always exercise legal or\ncontractual control. For example, advisers are appointed and can often be paid for by the end\nclient and do not belong to the same group of companies as the product manufacturer. The\ninvestment firm manufacturing the product cannot then contractually enforce the sales\nprocess of a third party entity.", "reference": "2011/0298(COD)", "seq": 681, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group Ramon Tremosa i Balcells", "date": "2012-05-15T00:00:00", "new": [ "1 a. Member States shall ensure that", "where investment firms design investment", "products or structured deposits for sale to", "professional or retail clients those", "products are designed to meet the needs of", "an identified target market within the", "relevant category of clients and that the", "investment firm takes reasonable steps to", "ensure that (i) when an investment firm or", "its affiliates conduct direct marketing to", "retail investors, the investment product is", "marketed and distributed to clients within", "the target group and/or, (ii) materials", "appropriate for the target market are", "prepared and made available by the", "investment firm to any third party", "distributing the investment product or", "structured deposit to retail clients." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The amendment removes the term \u2018independent\u2019, due to the different interpretations between\nMember States. It should be an obligation also for \u201cnon-independent\u201d advisers to inform that\nthe investment advice is not provided on an independent basis. The amendment focuses on\nensuring a client is informed whether advice is based on a consideration of instruments from\nacross the market or a more limited range of products.", "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," ], "seq": 691, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "\u2013 the investment firm and its services;", "when investment advice is provided,", "information shall specify in advance the", "basis on which the advice is provided", "including whether it is based on a broad or", "on a more restricted analysis of the market", "and shall indicate whether or not the", "investment firm will provide the client with", "a periodic assessment of the suitability of", "the financial instruments recommended to", "clients and inform its client as to the total", "cost of investment advice as a single", "monetary amount including both fees paid", "directly by the client to the investment", "adviser as well as any inducements paid", "by a third party. This disclosure shall be", "provided to the client prior to the", "provision of the investment advice." ], "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", "justification": "Costs and associated charges shall relate to both services and products.", "old": [ "\u2013 costs and associated charges." ], "seq": 708, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "\u2013 costs and associated charges related both", "to the investment services and the", "financial instruments recommended to", "clients." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 indent 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", "justification": "The amendment will ensure that the cost of advice is made clear to clients. This will allow\nconsumers to judge the value of the services they receive, and improve competition by\nallowing them to compare firms\u2019 costs.", "old": [ "\u2013 costs and associated charges." ], "seq": 709, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "\u2013 costs and associated charges, including", "the cost of advice and how the client may", "pay for it." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 indent 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": [ "5. When the investment firm informs the", "client that investment advice is provided", "on an independent basis, the firm:" ], "reference": "2011/0298(COD)", "seq": 722, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "5. When the investment firm provides", "investment advice, the firm shall:" ], "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", "justification": "It is better to use the word \u201cshall\u201d instead of \u201cshould\u201d in this sentence.", "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," ], "seq": 733, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(i) shall assess a sufficiently large number", "of financial instruments available on the", "market. The financial instruments", "considered shall be diversified with regard", "to their type and issuers or product", "providers and shall not 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 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", "justification": "Is against the introduction of a ban on any kind of inducements when providing investment\nadvice on an independent basis.", "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." ], "seq": 739, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "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", "justification": "The investment firm shall always act in the interest of the client.", "reference": "2011/0298(COD)", "seq": 753, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "5 a. When the investment firm provides", "investment advice, the firm:", "(i) shall consider a sufficiently large", "number of financial instruments within", "the firm's product range and", "(ii) recommend one or several suitable", "financial instruments according to the", "client's preferences, needs, financial", "situation and personal circumstances." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The level of cumulative deductions on some investments means the effective rate of return is\nvery poor. This is hidden in layers of investment or not realised when stated in small\npercentage terms, hence the effect on returns needs to be shown.", "reference": "2011/0298(COD)", "seq": 756, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Sharon Bowles, Olle Schmidt", "date": "2012-05-15T00:00:00", "new": [ "5 a. The investor shall be provided with", "details of all deductions, including fees", "and costs, elaborated at a cumulative", "level. This shall include an illustration of", "the long term effect on returns by way of a", "direct comparison of return to the investor", "compared with total deductions. This shall", "be given in advance of investment on the", "basis of a reasonable projection and at", "least once a year for each actual", "investment. ESMA shall issue guidelines", "concerning appropriate formats of", "projections and presentations." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There should be an expectation that firms should avoid receiving third party payments or\nbenefits in situations where this might prejudice the firm\u2019s duty to act in the best interests of\ntheir client. However, this allows flexibility for member states to consider the best way to\nsafeguard client\u2019s interests, based on the specificities of their national market.", "reference": "2011/0298(COD)", "seq": 758, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "5 b. Where an investment firm is", "providing advice, portfolio management", "or other services where the client may", "reasonably depend upon the firm to act in", "their best interests, Member States shall", "ensure that firms do not accept fees,", "commissions or monetary benefits where", "these could influence or bias advice or", "decisions made on behalf of the client." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 5 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Monetary inducements in the case of portfolio management should not be banned entirely.\nNon-monetary benefits such as soft commissions (broker research, financial analysis or\npricing information systems) provide important assistance for asset managers in the process\nof taking investment decisions or transmitting orders for execution and are subject to MiFID\nLevel 2 requirement that they enhance the quality of the service. Soft commissions should be\nallowed in relation to portfolio management, as they help to reduce fees to clients, and assist\ninvestment managers in providing a better service to their clients.", "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." ], "seq": 761, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "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, except if:", "a) the client has been duly informed of", "such fees, commissions or monetary", "benefits before the provision of the", "relevant service;", "b) these fees, commissions or monetary", "benefits are to the ultimate benefit of the", "client." ], "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", "justification": "This new paragraph allows member states to take action on remuneration practices within\nfirms to prevent the risks of bias in advice and sales of financial instruments to clients.\nRemuneration schemes, such as significant sales bonuses attached to a specific financial\ninstrument, should not be permitted where they risk an investment firm inappropriately\nrecommending or selling products or services to clients.", "reference": "2011/0298(COD)", "seq": 772, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "6 a. Member States shall ensure that an", "investment firm's remuneration policies", "in relation to its employees,", "representatives or other associated", "investment firms do not impair its ability", "to act in the best interests of clients. For", "those employees who advise on or sell", "financial instruments to retail clients,", "Member States shall ensure that their", "remuneration by the firm will not affect", "employees' impartiality in making a", "suitable recommendation or appropriate", "sale or presenting information in a form", "that is fair, clear and not misleading.", "Remuneration in such situations shall not", "be solely dependent on sales targets or the", "profit to the firm from a specific financial", "instrument." ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 6 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "Given the diversity of investment services provided across the EU, it is more appropriate that\nflexibility is given to Member States to cater for differences in their implementation of the\nDirective. Therefore this measure is not necessary.", "old": [ "8. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning measures to ensure", "that investment firms comply with the", "principles set out therein when providing", "investment or ancillary services to their", "clients. Those delegated acts shall take", "into account:", "(a) the nature of the service(s) offered or", "provided to the client or potential client,", "taking into account the type, object, size", "and frequency of the transactions;", "(b) the nature of the products being", "offered or considered including different", "types of financial instruments and", "deposits referred to in Article 1 (2) ;", "(c) the retail or professional nature of the", "client or potential clients or, in the case of", "paragraph 3, their classification as", "eligible counterparties." ], "seq": 783, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 24 \u2013 paragraph 8" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This amendment seeks to achieve the objective to ensure a level playing field for the granting\nof loans or credits. Under the original proposal, 3rd parties would be able to grant such\ncredits to clients without applying the obligations included in this article.", "old": [ "Member States shall allow investment", "firms when providing investment services", "that only consist of execution or the", "reception and transmission of client orders", "with or without ancillary services , with the", "exclusion of the ancillary service specified", "in Section B (1) of Annex 1 , to provide", "those investment services to their clients", "without the need to obtain the information", "or make the determination provided for in", "paragraph 2 where all the following", "conditions are met:" ], "seq": 799, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Member States shall allow investment", "firms when providing investment services", "that only consist of execution or the", "reception and transmission of client orders", "with or without ancillary services to", "provide those investment services to their", "clients without the need to obtain the", "information or make the determination", "provided for in paragraph 2 where all the", "following conditions are met:" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 3 \u2013 subparagraph 1 \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", "justification": "This amendment seeks to achieve the objective ensuring that derivative does not increase risk\nto the end investor.", "old": [ "(i) shares admitted to trading on a regulated", "market or on an equivalent third-country", "market or on a MTF, where these are", "shares in companies, and excluding shares", "in non-UCITS collective investment", "undertakings and shares that embed a", "derivative;" ], "seq": 805, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(i) shares admitted to trading on a regulated", "market or on an equivalent third-country", "market or on a MTF, where these are", "shares in companies, and excluding shares", "in non-UCITS collective investment", "undertakings and shares that embed a", "derivative unless the derivative does not", "increase risk to the investor;" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point a \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", "justification": "This amendment seeks to achieve the objective ensuring that derivative does not increase risk\nto the end investor.", "old": [ "(ii) bonds or other forms of securitised", "debt, admitted to trading on a regulated", "market or on an equivalent third country", "market or on a MTF, excluding those that", "embed a derivative or incorporate a", "structure which makes it difficult for the", "client to understand the risk involved;" ], "seq": 809, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(ii) bonds or other forms of securitised", "debt, admitted to trading on a regulated", "market or on an equivalent third country", "market or on a MTF, excluding those that", "embed a derivative or incorporate a", "structure which would make it difficult for", "a client to understand the risk involved or", "the derivative does not increase risk to the", "investor;" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point a \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", "justification": "This amendment seeks to achieve the objective ensuring that derivative does not increase risk\nto the end investor.", "old": [ "(iii) money market instruments, excluding", "those that embed a derivative or", "incorporate a structure which makes it", "difficult for the client to understand the", "risk involved;" ], "seq": 813, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(iii) money market instruments, excluding", "those that embed a derivative or", "incorporate a structure which would make", "it difficult for a client to understand the", "risk involved or the derivative does not", "increase the risk to the investor;" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 3 \u2013 subparagraph 1 \u2013 point a \u2013 point iii" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The very successful UCITS brand could suffer damage in the eyes of non-EU regulators and\ninvestors if some UCITS were no longer considered automatically non-complex, as they may\nbe seen as unsuitable for retail investors. European investors\u2019 confidence in UCITS might\nalso be affected. Complexity is not equal to risk. On the contrary, many of the UCITS features\nreduce risks for investors which are high in \u201cplain vanilla\u201d financial instruments such as\nstocks and bonds.", "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;" ], "seq": 818, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "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", "justification": "This text makes it clear that this service has to be provided in case of portfolio management\nor in case of investment advice if offered by the investment firm to its clients and expressly\nagreed upon with them. Supports that investment firms, when providing investment advice,\nshall specify how the advice given meets the characteristics of the client. A clarification\nshould be done to also include preferences and needs of the client.", "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." ], "seq": 830, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "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. In case of", "portfolio management or under the", "condition that an investment firm offers", "and concludes such a service with its", "clients these reports shall include periodic", "communications to clients about the", "performance of the relevant financial", "instruments and periodic assessment of the", "suitability of the recommended financial", "instruments. These reports shall include,", "where applicable, the costs associated with", "the transactions and services undertaken on", "behalf of the client. When providing", "investment advice in accordance with", "Article 24(3), the investment firm shall", "specify how the advice given meets the", "preferences, needs and other 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-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "This is a technical issue which should therefore be undertaken by ESMA.", "old": [ "6. The Commission shall be empowered to", "adopt by means of delegated acts in", "accordance with Article 94 measures to", "ensure that investment firms comply with", "the principles set out therein when", "providing investment or ancillary services", "to their clients." ], "seq": 835, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "6. ESMA shall develop draft regulatory", "technical standards to specify the", "measures to ensure that investment firms", "comply with the principles set out therein", "when providing investment or ancillary", "services to their clients.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[\u2026]*.", "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 1095/2010.", "___________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 25 \u2013 paragraph 6 \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", "justification": "A sufficient level of qualifications must be ensured for staff providing investment services.\nContinuous training and competence development must be the responsibility of the company.\nIn the Commission proposal for Directive on Credit Agreements Relating to Residential\nProperty 2011/0062(COD), a similar formulation is suggested. Given the complexity of\ninvestment products, the introduction of qualification requirements is even more relevant in\nthe MiFID directive.", "reference": "2011/0298(COD)", "seq": 843, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Article 26 a", "Minimum competence requirements", "1. Member States shall ensure that the", "staff of investment firms possess an", "appropriate level of knowledge and", "competence in relation to investment", "services or, where appropriate, ancillary", "services in order to satisfy the", "requirements of Article 24 of this", "Directive.", "2. Member States shall ensure that the", "appropriate level of knowledge and", "competence is determined on the basis of", "qualifications they recognise or", "experience.", "3. Member States shall ensure that", "investment firms provide sufficient and", "appropriate training to their staff to", "ensure that these provisions are complied", "with.", "4. Member States shall make public the", "criteria they have established in order for", "investment firms' staff to meet their", "competence requirements. Such criteria", "shall include a list of any qualifications", "they recognise.", "5. The Commission shall be empowered to", "adopt by means of delegated acts in", "accordance with Article 94 measures to", "specify the requirements provided in", "paragraphs 1 and 2, and in particular, the", "necessary requirements for appropriate", "knowledge and competence." ], "location": [ [ "Proposal for a directive", "Article 26 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There is a need to carefully consider the costs against the benefits for the clients to publish\ndata. The venue must be able to charge those who want the data on request.", "old": [ "2. Member States shall require that each", "execution venue makes available to the", "public, without any charges, data relating", "to the quality of execution of transactions", "on that venue on at least an annual basis.", "Periodic reports shall include details about", "price, speed of execution and likelihood of", "execution for individual financial", "instruments." ], "seq": 846, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "2. Member States shall require that each", "execution venue makes available to the", "public on request data relating to the", "quality of execution of transactions on that", "venue on at least an annual basis. Periodic", "reports shall include details about price,", "speed of execution and likelihood of", "execution for individual financial", "instruments." ], "location": [ [ "Proposal for a directive", "Article 27 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "There is a need to carefully consider the costs against the benefits for the clients to publish\ndata. The investment firm must be able to charge those who want the data on request.", "old": [ "Member States shall require investment", "firms to summarize and make public on an", "annual basis, for each class of financial", "instruments, the top five execution venues", "where they executed client orders in the", "preceding year." ], "seq": 854, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Member States shall require investment", "firms to summarize and make public on", "request, for each class of financial", "instruments, the top five execution venues", "where they executed client orders in the", "preceding year." ], "location": [ [ "Proposal for a directive", "Article 27 \u2013 paragraph 5 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "It seems unnecessary for both the Commission and ESMA to work on similar issues. Since\nthis issue is more technical than political, ESMA should undertake the work.", "old": [ "7. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning:" ], "seq": 856, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "7. ESMA shall develop draft regulatory", "technical standards to specify:" ], "location": [ [ "Proposal for a directive", "Article 27 \u2013 paragraph 7 \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", "justification": "This is a technical question, therefore ESMA is best placed to make proposals on this issue.", "old": [ "3. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 concerning measures which", "define:" ], "seq": 859, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. ESMA shall develop draft regulatory", "technical standards to specify:" ], "location": [ [ "Proposal for a directive", "Article 28 \u2013 paragraph 3 \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", "reference": "2011/0298(COD)", "seq": 860, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[\u2026]*.", "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 1095/2010.", "________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 28 \u2013 paragraph 3 \u2013 subparagraph 1 a and 1 b (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposal extends the scope of information that must be provided to eligible\ncounterparties (Articles 24(3) and 25(5)). Retail clients should enjoy the highest level of\nprotection, while eligible counterparties are capable to take care of their own interests, for\nexample be able to decide what information etc. they desire, and the references to Articles 24\nand 25 should therefore be excluded in Article 30 (which means that deletions should be made\nalso in Article 25(6)(c)).", "old": [ "Member States shall ensure that investment", "firms authorised to execute orders on", "behalf of clients and/or to deal on own", "account and/or to receive and transmit", "orders, may bring about or enter into", "transactions with eligible counterparties", "without being obliged to comply with the", "obligations under Articles 24 (with the", "exception of paragraph 3), 25 (with the", "exception of paragraph 5) , 27 and 28(1)", "in respect of those transactions or in", "respect of any ancillary service directly", "related to those transactions." ], "seq": 870, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Member States shall ensure that investment", "firms authorised to execute orders on", "behalf of clients and/or to deal on own", "account and/or to receive and transmit", "orders, may bring about or enter into", "transactions with eligible counterparties", "without being obliged to comply with the", "obligations under Articles 24, 25, 27 and", "28(1) in respect of those transactions or in", "respect of any ancillary service directly", "related to those transactions." ], "location": [ [ "Proposal for a directive", "Article 30 \u2013 paragraph 1 \u2013 subparagraph 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", "justification": "It is not necessary to specify procedures for meeting obligations provided for in EU law and\nscope should be allowed in implementation for Member States to cater for national\nidiosyncrasies.", "old": [ "5. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 to specify measures which", "define:", "(a) the procedures for requesting", "treatment as clients under paragraph 2;", "(b) the procedures for obtaining the", "express confirmation from prospective", "counterparties under paragraph 3;", "(c) the predetermined proportionate", "requirements, including quantitative", "thresholds that would allow an", "undertaking to be considered as an", "eligible counterparty under paragraph 3." ], "seq": 876, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 30 \u2013 paragraph 5" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "With regard to the balanced provisions of the ''Transparency Directive', MiFID II should not\nforesee implicit extended reporting duties at the expense of issuers which are also traded on\nMTFs or OTFs. Given the provisions of the 'Transparency Directive' the \"non-disclosure of\ninformation about the issuer\" can not be assessed by MTFs or OTFs as they are not aimed to\nbe receivers of the corporate disclosure.", "old": [ "1. Member States shall require that an", "investment firm or a market operator", "operating an MTF that suspends or", "removes from trading a financial", "instrument makes public this decision,", "communicates it to regulated markets,", "other MTFs and OTFs trading the same", "financial instrument and communicates", "relevant information to the competent", "authority. The competent authority shall", "inform the competent authorities of the", "other Member States. Member States shall", "require that other regulated markets, MTFs", "and OTFs trading the same financial", "instrument shall also suspend or remove", "that financial instrument from trading", "where the suspension or removal is due to", "the non-disclosure of information about", "the issuer or financial instrument except", "where this could cause significant damage", "to the investors' interests or the orderly", "functioning of the market. Member States", "shall require the other regulated markets,", "MTFs and OTFs to communicate their", "decision to their competent authority and", "all regulated markets, MTFs and OTFs", "trading the same financial instrument,", "including an explanation if the decision", "was not to suspend or remove the financial", "instrument from trading." ], "seq": 886, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall require that an", "investment firm or a market operator", "operating an MTF to suspend or remove", "from trading a financial instrument", "following the decision of the regulated", "market where the instrument was", "primarily admitted to trading and when", "the reason for the suspension is of global", "nature, makes public this decision,", "communicates it to regulated markets,", "other MTFs and OTFs trading the same", "financial instrument and communicates", "relevant information to the competent", "authority. The competent authority shall", "inform the competent authorities of the", "other Member States. Member States shall", "require the other regulated markets, MTFs", "and OTFs to communicate their decision", "not to suspend or remove the financial", "instrument from trading to their competent", "authority and all regulated markets, MTFs", "and OTFs trading the same financial", "instrument, including an explanation why", "the decision was not to suspend or remove", "the financial instrument from trading." ], "location": [ [ "Proposal for a directive", "Article 32 \u2013 paragraph 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", "justification": "In view of the workload of ESMA, a degree of prioritisation should be provided. Standards\non the format and timing of a communication do not seem necessary.", "old": [ "2. ESMA shall develop draft", "implementing technical standards to", "determine format and timing of the", "communications and the publication", "referred to in paragraph 1.", "Power is conferred on the Commission to", "adopt the implementing technical", "standards referred to in the first", "subparagraph in accordance with Article", "15 of Regulation (EU) No 1095/2010.", "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [XXX]." ], "seq": 889, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 32 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The question of the specific situations which might cause harm to an investor\u2019s interests is\nlargely a technical one, therefore ESMA is best placed to make proposals on this issue.", "old": [ "3. The Commission shall be empowered to", "adopt delegated acts in accordance with", "Article 94 to list the specific situations", "constituting significant damage to the", "investors' interests and the orderly", "functioning of the internal market referred", "to in paragraphs 1 and 2 and to determine", "issues relating to the non-disclosure of", "information about the issuer or financial", "instrument as referred to in paragraph 1." ], "seq": 891, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "3. ESMA shall develop draft regulatory", "technical standards to list the specific", "situations constituting significant damage", "to the investors' interests and the orderly", "functioning of the internal market referred", "to in paragraphs 1 and 2 and to determine", "issues relating to the non-disclosure of", "information about the issuer or financial", "instrument as referred to in paragraph 1.", "ESMA shall submit those draft regulatory", "technical standards to the Commission by", "[\u2026]*.", "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 1095/2010.", "__________________", "*OJ please insert date: \u2026" ], "location": [ [ "Proposal for a directive", "Article 32 \u2013 paragraph 3" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "In view of the workload of ESMA, a degree of prioritisation should be provided. Standards\non the format and timing of a communication do not seem necessary.", "old": [ "2. ESMA shall develop draft", "implementing technical standards", "determining format and timing of the", "communications and the publication", "referred to in paragraph 1.", "Power is conferred on the Commission to", "adopt the implementing technical", "standards referred to in the first", "subparagraph in accordance with Article", "15 of Regulation (EU) No 1095/2010.", "ESMA shall submit those draft", "implementing technical standards to the", "Commission by [XXX]." ], "seq": 894, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 33 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "As the opportunities to abuse and manipulate markets with the use of cross-market strategies\nhave increased with fragmentation of markets, the surveillance functions of these markets\nneed to cooperate to ensure that also such cross-market strategies can be detected. The\nprimary listing venue has the best opportunities to take the overall responsibility, due to it\nbeing closer to the information flow of the issuer. The secondary markets need to be required\nto cooperate", "reference": "2011/0298(COD)", "seq": 897, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1 a. Member States shall require that an", "investment firm or a market operator", "operating a regulated market, an MTF or", "an OTF cooperates with the regulated", "market where a security is admitted to", "trading and which is designated to carry", "out cross-market surveillance in", "accordance with Article 11 [MAR]." ], "location": [ [ "Proposal for a directive", "Article 34 \u2013 paragraph 1 a (new)" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "ESMA should develop guidelines for implementing rules on surveillance cooperation between\ndifferent trading venues.", "old": [ "ESMA shall develop draft regulatory", "technical standards to determine the", "specific circumstances that trigger an", "information requirement as referred to in", "paragraph 1." ], "seq": 900, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "ESMA shall develop draft regulatory", "technical standards to determine the", "specific circumstances that trigger an", "information requirement as referred to in", "paragraph 1 and the specific requirements", "and conditions for the cooperation", "between primary and secondary listing", "venues referred to in paragraph 1a." ], "location": [ [ "Proposal for a directive", "Article 34 \u2013 paragraph 2 \u2013 subparagraph 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", "justification": "To allow new, more detailed requirements on knowledge and qualification to be introduced,\nas set out in the previous amendment on article 26, responsibilities must be placed on host\nmember states in this regard.", "old": [ "The competent authority of the Member", "State in which the branch is located shall", "assume responsibility for ensuring that the", "services provided by the branch within its", "territory comply with the obligations laid", "down in Articles 24, 25, 27, 28, of this", "Directive and Articles 13 to 23 of", "Regulation (EU) No \u2026/\u2026 [MiFIR] and in", "measures adopted pursuant thereto." ], "seq": 906, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "The competent authority of the Member", "State in which the branch is located shall", "assume responsibility for ensuring that the", "services provided by the branch within its", "territory comply with the obligations laid", "down in Articles 24, 25, 26a, 27, 28 of this", "Directive and Articles 13 to 23 of", "Regulation (EU) No .../... [MiFIR] and in", "measures adopted pursuant thereto." ], "location": [ [ "Proposal for a directive", "Article 37 \u2013 paragraph 8 \u2013 subparagraph 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", "justification": "To allow new, more detailed requirements on knowledge and qualification to be introduced,\nas set out in the previous amendment, responsibilities must be placed on host member states\nin this regard.", "old": [ "The competent authority of the Member", "State in which the branch is located shall", "have the right to examine branch", "arrangements and to request such changes", "as are strictly needed to enable the", "competent authority to enforce the", "obligations under Articles 24, 25, 27, 28, of", "this Directive and Articles 13 to 23 of", "Regulation (EU) No \u2026/\u2026 [MiFIR] and", "measures adopted pursuant thereto with", "respect to the services and/or activities", "provided by the branch within its territory." ], "seq": 907, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "The competent authority of the Member", "State in which the branch is located shall", "have the right to examine branch", "arrangements and to request such changes", "as are strictly needed to enable the", "competent authority to enforce the", "obligations under Articles 24, 25, 26a, 27,", "28 of this Directive and Articles 13 to 23 of", "Regulation (EU) No .../... [MiFIR] and", "measures adopted pursuant thereto with", "respect to the services and/or activities", "provided by the branch within its territory." ], "location": [ [ "Proposal for a directive", "Article 37 \u2013 paragraph 8 \u2013 subparagraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The proposed Recital 74 of MiFID allows eligible counterparties to receive investment\nservices by a third country firm only at their own initiative. It should be made clear that such\npassive marketing regime applies to all European clients and allows them to benefit from\ninvestment services provided by third country firms. Inclusion of Recital 74 of the proposed\nMiFID into an Article 40a (new) to make this provision clearly binding.", "reference": "2011/0298(COD)", "seq": 911, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1 a. The provision of this Directive", "regulating the provision of services by", "third country firms in the Union should", "not affect the possibility for persons", "established in the Union to make use of", "investment services provided by a third", "country firm at their own initiative. When", "a third country firm provides services at", "the own initiative of a person established", "in the Union, the services should not be", "deemed as provided in the territory of the", "Union. In case a third country firm", "solicits clients or potential clients in the", "Union or promotes or advertises", "investment services or activities together", "with ancillary services in the Union,", "otherwise than in the course of an", "existing relationship requiring a", "continuing service provided by the firm to", "its client, it should not be deemed as a", "service provided at the own initiative of", "the client." ], "location": [ [ "Proposal for a directive", "Article 40 \u2013 paragraph 1 a (new)" ] ] }, { "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": [ "Provision of services by third country firms" ], "reference": "2011/0298(COD)", "seq": 915, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Provision of services or activities by third", "country firms" ], "location": [ [ "Proposal for a directive", "Chapter 4 \u2013 title" ] ] }, { "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": [ "Provision of services with establishment of", "a branch" ], "reference": "2011/0298(COD)", "seq": 916, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Provision of services or activities by", "establishment of a branch with a passport" ], "location": [ [ "Proposal for a directive", "Chapter 4 \u2013 section 1 \u2013 title" ] ] }, { "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": [ "Establishment of a branch" ], "reference": "2011/0298(COD)", "seq": 917, "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "Establishment of a branch with a passport" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 title" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "1. Member States shall require that a third", "country firm intending to provide", "investment services or activities together", "with any ancillary services in their territory", "through a branch acquire a prior", "authorisation by the competent authorities", "of those Member States in accordance with", "the following provisions:" ], "seq": 918, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "1. Member States shall ensure that a third", "country firm may provide investment", "services or perform investment activities", "together with any ancillary services in their", "territory through a branch established in", "their territory or in another Member", "State, where the branch has been", "authorised by the competent authorities in", "the Member State in which the branch is", "established in accordance with the", "following provisions:" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \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", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(a) the Commission has adopted a decision", "in accordance with paragraph 3;" ], "seq": 922, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(a) the Commission has adopted a decision", "in accordance with paragraph 3", "recognising that the prudential", "framework of the third country is", "equivalent;" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point a" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(b) the provision of services for which the", "third country firm requests authorisation is", "subject to authorisation and supervision in", "the third country where the firm is", "established and the requesting firm is", "properly authorised. The third country", "where the third country firm is established", "shall not be listed as Non-Cooperative", "Country and Territory by the Financial", "Action Task Force on anti-money", "laundering and terrorist financing;" ], "seq": 924, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(b) the provision of services for which the", "third country firm requests authorisation is", "subject to authorisation and supervision in", "the third country where the head office of", "the firm is established and the third", "country firm is properly authorised in that", "country. The third country where the head", "office of the third country firm is", "established shall not be listed as Non-", "Cooperative Country and Territory by the", "Financial Action Task Force on anti-money", "laundering and terrorist financing;" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point b" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(c) cooperation arrangements, that include", "provisions regulating the exchange of", "information for the purpose of preserving", "the integrity of the market and protecting", "investors, are in place between the", "competent authorities in the Member State", "concerned and competent supervisory", "authorities of the third country where the", "firm is established;" ], "seq": 925, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(c) cooperation arrangements, that include", "provisions regulating the exchange of", "information for the purpose of preserving", "the integrity of the market and protecting", "investors, are in place between the", "competent authorities in the Member State", "where the branch is established and the", "competent supervisory authorities of the", "third country where the head office of the", "third country firm is established;" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point c" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(d) sufficient initial capital is at free", "disposal of the branch;" ], "seq": 926, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "deleted" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point d" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(f) the third country where the third", "country firm is established has signed an", "agreement with the Member State where", "the branch should be established, which", "fully comply with the standards laid down", "in Article 26 of the OECD Model Tax", "Convention on Income and on Capital and", "ensures an effective exchange of", "information in tax matters, including, if", "any, multilateral tax agreements;" ], "seq": 927, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(f) the third country where the head office", "of the third country firm is established has", "signed an agreement with the Member", "State where the branch is established,", "which fully complies with the standards", "laid down in Article 26 of the OECD", "Model Tax Convention on Income and on", "Capital and ensures an effective exchange", "of information in tax matters, including, if", "any, multilateral tax agreements;" ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point f" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The text sets the conditions on which a third country firm can establish a branch in one\nMember State which benefits from a passport to do business in other Member States. This\nshould not preclude Member States from continuing to authorise branches of third country\nfirms that do not benefit from a passport. The arrangements should not mandate a\nrequirement for branch capital.", "old": [ "(g) the firm has requested membership of", "an investor-compensation scheme", "authorised or recognised in accordance", "with Directive 97/9/EC of the European", "Parliament and of the Council of 3 March", "1997 on Investor-Compensation Schemes." ], "seq": 929, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "(g) the firm has requested membership of", "an investor-compensation scheme", "authorised or recognised in the Member", "State in which the branch is established in", "accordance with Directive 97/9/EC of the", "European Parliament and of the Council of", "3 March 1997 on Investor-Compensation", "Schemes unless the firm is not conducting", "investment business with investors", "covered by any such scheme." ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 1 \u2013 point g" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "The restriction on third country firms providing services to retail clients is inconsistent with\nthe freedom of Member States to continue their current arrangements for the authorisation of\nthird country firms that do not wish to have access to a passport. It is also inconsistent with\nRecital 74 as it would appear to preclude retail investors accessing third country firms on\ntheir own exclusive initiative (or e.g. if they receive investment services while travelling\noutside the EU).", "old": [ "2. Member States shall require that a third", "country firm intending to provide", "investment services or activities together", "with any ancillary services to retail clients", "in those Member States' territory shall", "establish a branch in the Union." ], "seq": 930, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "2. Without prejudice to Articles 46a and", "46b, Member States shall require that a", "third country firm intending to provide", "investment services or activities together", "with any ancillary services to retail clients", "in those Member States' territory shall", "establish a branch in the Union except", "where those services are provided at the", "exclusive initiative of the person to whom", "the service is provided or are otherwise", "provided outside the Union." ], "location": [ [ "Proposal for a directive", "Article 41 \u2013 paragraph 2" ] ] }, { "src": "http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-%2f%2fEP%2f%2fNONSGML%2bCOMPARL%2bPE-489.465%2b01%2bDOC%2bPDF%2bV0%2f%2fEN", "justification": "A requirement for \"equivalent reciprocal recognition\" of the prudential framework could\npotentially be used against EU firms. The wording should be aligned with EMIR. In the\ncorresponding provisions in EMIR, there are no explicit references to \u201creciprocity\u201d, see\nArticle 23(3) (\u201deffective \u2026 equivalent recognition\u201d) and Articles 3(2) and 23(2).", "old": [ "The Commission may adopt a decision in", "accordance with the procedure referred to", "in Article 95 in relation to a third country if", "the legal and supervisory arrangements of", "that third country ensure that firms", "authorised in that third comply with legally", "binding requirements which have", "equivalent effect to the requirements set", "out in this Directive, in Regulation (EU)", "No \u2026/\u2026 [MiFIR] and in Directive", "2006/49/EC [Capital Adequacy Directive]", "and their implementing measures and that", "third country provides for equivalent", "reciprocal recognition of the prudential", "framework applicable to investment firms", "authorised in accordance with this", "directive." ], "seq": 933, "reference": "2011/0298(COD)", "orig_lang": "en", "meps": [], "committee": [ "ECON" ], "authors": "Olle Schmidt on behalf of the ALDE Group", "date": "2012-05-15T00:00:00", "new": [ "The Commission may adopt a decision in", "accordance with the procedure referred to", "in Article 95 in relation to a third country if", "the legal and supervisory arrangements of", "that third country ensure that firms", "authorised in that third country comply", "with legally binding requirements with", "respect to prudential matters which have", "equivalent effect to the requirements with", "respect to the prudential matters set out in", "this Directive, in Regulation (EU) No", "\u2026/\u2026 [MiFIR] and in Directive", "2006/49/EC [Capital Adequacy Directive]", "and their implementing measures and that", "third country provides for effective", "equivalent recognition of the prudential", "framework applicable to investment firms", "authorised in accordance with this", "dire