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? ? ? ? ? ? ? ? ? > ' : European Parliament
2014-2019
{ECON}Committee on Economic and Monetary Affairs
2015/0226(COD)
{27/07/2016}27.7.2016
AMENDMENTS
109 - 316
Draft report
Paul Tang
(PE583.961v01-00)
on the proposal for a regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012
Proposal for a regulation
(COM(2015)0472 C80228/2015 2015/0226(COD))
AM_Com_LegReport
Amendment 109
Miguel Viegas, Rina Ronja Kari, Marisa Matias, Paloma Lpez Bermejo, Matt Carthy
Proposal for a regulation
-
AmendmentThe European Parliament rejects the Commissions proposal.Or. {PT}pt
Justification
Whereas: i) securitisation has never affected the funding of SMEs, as consumption generates the need for the majority of securitised loans (house purchases, car purchases, higher education, etc.); ii) by securitising non-performing loans, securitisation has served, above all, to clean up the balance sheets of the financial institutions; iii) the so-called financial products created as a result of securitisation are by their very nature highly complex and opaque, as they are still subject to all manner of default and can entail wide-ranging and serious risks; iv) the real objective of the Commission proposal is to revive the European securitisation markets, which, owing to the fact that they were one of the most responsible for the 2007/2008 financial crisis, have recorded moderate growth since then; v) securitisation will never be the solution to job creation or fostering sustainable growth, but rather will serve as a profit lever for financial institutions and to stimulate financial speculation.
Amendment 110
Notis Marias
Proposal for a regulation
Recital 1
Text proposed by the CommissionAmendment(1) Securitisation involves transactions that enable a lender typically a credit institution to refinance a set of loans or exposures such as loans for immovable property, auto leases, consumer loans or credit cards, by transforming them into tradable securities. The lender pools and repackages a portfolio of its loans, and organises them into different risk categories for different investors, thus giving investors access to investments in loans and other exposures to which they normally would not have direct access. Returns to investors are generated from the cash flows of the underlying loans.(1) Securitisation involves transactions that enable a lender typically a credit institution to refinance a set of loans or exposures such as loans for immovable property, auto leases, consumer loans or credit cards, by transforming them into tradable securities. The lender pools and repackages a portfolio of its loans, and organises them into different risk categories for different investors, thus giving investors access to investments in loans and other exposures to which they normally would not have direct access. Returns to investors are generated from the cash flows of the underlying loans. At the same time, the lender strengthens its liquidity level through the securitisation procedure.Or. {EL}el
Amendment 111
Marco Zanni, Marco Valli
Proposal for a regulation
Recital 2
Text proposed by the CommissionAmendment(2) In the Investment Plan for Europe presented on 26 November 2014, the Commission announced its intention to restart high-quality securitisation markets, without repeating the mistakes made before the 2008 financial crisis. The development of a simple, transparent and standardised securitisation market constitutes a building block of the Capital Markets Union (CMU) and contributes to the Commission's priority objective to support job creation and a return to sustainable growth.deletedOr. {IT}it
Amendment 112
Notis Marias
Proposal for a regulation
Recital 2
Text proposed by the CommissionAmendment(2) In the Investment Plan for Europe presented on 26 November 2014, the Commission announced its intention to restart high quality securitisation markets, without repeating the mistakes made before the 2008 financial crisis. The development of a simple, transparent and standardised securitisation market constitutes a building block of the Capital Markets Union (CMU) and contributes to the Commission's priority objective to support job creation and a return to sustainable growth.(2) In the Investment Plan for Europe presented on 26 November 2014, the Commission announced its intention to restart high quality securitisation markets, without repeating the mistakes made before the 2008 financial crisis. The development of a simple, transparent and standardised securitisation market constitutes a building block of the Capital Markets Union (CMU) and must contribute to supporting job creation and a return to sustainable growth.Or. {EL}el
Amendment 113
Molly Scott Cato
{Verts/ALE}on behalf of the Verts/ALE Group
Proposal for a regulation
Recital 2
Text proposed by the CommissionAmendment(2) In the Investment Plan for Europe presented on 26 November 2014, the Commission announced its intention to restart high quality securitisation markets, without repeating the mistakes made before the 2008 financial crisis. The development of a simple, transparent and standardised securitisation market constitutes a building block of the Capital Markets Union (CMU) and contributes to the Commission's priority objective to support job creation and a return to sustainable growth.(2) In the Investment Plan for Europe presented on 26 November 2014, the Commission announced its intention to restart high quality securitisation markets, without repeating the mistakes made before the 2008 financial crisis. The development of a simple, transparent and standardised securitisation market constitutes a building block of the Capital Markets Union (CMU).Or. {EN}en
Justification
there is no evidence that the current economic under performance can be addressed by supply side measures and plenty of evidence that it can be addressed by more enlightened fiscal stimulus. The inability of the EU to act in a coordinated way to stimulate the real economy should not be used as an excuse to stimulate the already bloated virtual economy
Amendment 114
Marco Zanni, Marco Valli
Proposal for a regulation
Recital 3
Text proposed by the CommissionAmendment(3) The European Union does not intent to weaken the legislative framework implemented after the financial crisis to address the risks inherent in highly complex, opaque and risky securitisation. It is essential to ensure that rules are adopted to better differentiate simple, transparent and standardised products from complex, opaque and risky instruments and apply a more risk-sensitive prudential framework.(3) The European Union must strengthen the legislative framework implemented after the financial crisis to address the risks inherent in securitisation. It is essential to ensure that rules are adopted to apply a more risk-sensitive prudential framework; it is equally important to ban re-securitisation and to exclude synthetic securitisation from this Regulation.Or. {IT}it
Amendment 115
Notis Marias
Proposal for a regulation
Recital 3
Text proposed by the CommissionAmendment(3) The European Union does not intent to weaken the legislative framework implemented after the financial crisis to address the risks inherent in highly complex, opaque and risky securitisation. It is essential to ensure that rules are adopted to better differentiate simple, transparent and standardised products from complex, opaque and risky instruments and apply a more risk-sensitive prudential framework.(3) The European Union does not intent to weaken the legislative framework implemented after the financial crisis to address the risks inherent in highly complex, opaque and risky securitisation. It is essential to ensure that rules are adopted to better differentiate simple, transparent and standardised products from complex, opaque and risky financial instruments and apply a more risk-sensitive prudential framework.Or. {EL}el
Amendment 116
Antonio Tajani
Proposal for a regulation
Recital 3
Text proposed by the CommissionAmendment(3) The European Union does not intend to weaken the legislative framework implemented after the financial crisis to address the risks inherent in highly complex, opaque and risky securitisation. It is essential to ensure that rules are adopted to better differentiate simple, transparent and standardised products from complex, opaque and risky instruments and apply a more risk-sensitive prudential framework.(3) The European Union aims to strengthen the legislative framework implemented after the financial crisis to address the risks inherent in highly complex, opaque and risky securitisation. It is essential to ensure that rules are adopted to better differentiate simple, transparent and standardised products from complex, opaque and risky instruments and apply a more risk-sensitive prudential framework.Or. {EN}en
Amendment 117
Marco Zanni, Marco Valli
Proposal for a regulation
Recital 4
Text proposed by the CommissionAmendment(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originators balance sheets to allow for further lending to the economy. Overall, it can improveefficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans, business financing, credits for immovable property and credit cards).(4) It should be recalled that in the years prior to the financial crisis of 2008, an excessive and reckless use of securitised assets changed the business model of banks, thus encouraging the use of leverage that enabled banks to make high profits in a short period of time but with risks of significant losses: these were the preconditions for the outbreak of the 2008 financial crisis, which began in the US economy and then spread to others.Or. {IT}it
Amendment 118
Molly Scott Cato
{Verts/ALE}on behalf of the Verts/ALE Group
Proposal for a regulation
Recital 4
Text proposed by the CommissionAmendment(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).(4) Soundly structured securitisation is a channel for diversifying funding sources and allocating risk more widely within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets.Or. {EN}en
Amendment 119
Neena Gill
Proposal for a regulation
Recital 4
Text proposed by the CommissionAmendment(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards). Securitisation may also allow individual credit institutions to lower their balance sheet rigidities, to better manage their portfolio risk concentrations and to create simpler, long term financial instruments for investors. Those capabilities may collectively improve financial sector flexibility and encourage broader, long term investment in the real economy. At the same time, securitisation can raise the risks of increased interconnectedness and of excessive leverage. It also has the potential to encourage speculative, short term investment and for regulatory arbitrage. This Regulation therefore encourages the strict monitoring by competent authorities of a financial institution's participation in the market.Or. {EN}en
Amendment 120
Notis Marias
Proposal for a regulation
Recital 4
Text proposed by the CommissionAmendment(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).(4) Securitisation is an important element of well-functioning financial markets and helps to improve the financing of the economy. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).Or. {EL}el
Amendment 121
Jons Fernndez
Proposal for a regulation
Recital 4
Text proposed by the CommissionAmendment(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the real economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).Or. {ES}es
Amendment 122
Pervenche Bers
Proposal for a regulation
Recital 5
Text proposed by the CommissionAmendment(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage.(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations as well as securitisations that include and support projects that contribute to the achievement of the UN's climate conference agreement COP 21 ("Sustainable STS") requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage.Or. {EN}en
Amendment 123
Jons Fernndez
Proposal for a regulation
Recital 5
Text proposed by the CommissionAmendment(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage.(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage, and it is important to ensure that Europe has a STS single market to simplify cross-border transactions.Or. {ES}es
Amendment 124
Notis Marias
Proposal for a regulation
Recital 5
Text proposed by the CommissionAmendment(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage.(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage. Otherwise, many securitisations would not be sufficiently risk-sensitive, owing to the lack of suitable risk drivers across approaches in determining risk weights.Or. {EL}el
Amendment 125
Fabio De Masi, Rina Ronja Kari
Proposal for a regulation
Recital 6
Text proposed by the CommissionAmendment(6) It is appropriate to provide, in line with the existing definitions in Union sectoral legislation, definitions of all the key concepts of securitisation. In particular, a clear and encompassing definition of securitisation is needed to capture any transaction or scheme whereby the credit risk associated with an exposure or pool of exposures is tranched. An exposure that creates a direct payment obligation for a transaction or scheme used to finance or operate physical assets should not be considered an exposure to a securitisation, even if the transaction or scheme has payment obligations of different seniority.(6) It is appropriate to provide, in line with the existing definitions in Union sectoral legislation, definitions of all the key concepts of securitisation. In particular, a clear and encompassing definition of securitisation is needed to capture any transaction or scheme whereby the payments in the transaction or scheme are dependent on the performance of the exposures or pool of exposures. The economic transfer of the exposures being securitised should be achieved by the transfer of ownership of the securitised exposures from the originator institution to an SSPE or through sub-participation by an SSPE. An exposure that creates a direct payment obligation for a transaction or scheme used to finance or operate physical assets should not be considered an exposure to a securitisation, even if the transaction or scheme has payment obligations of different seniority.Or. {EN}en
Amendment 126
Marco Zanni, Marco Valli
Proposal for a regulation
Recital 6
Text proposed by the CommissionAmendment(6) It is appropriate to provide, in line with the existing definitions in Union sectoral legislation, definitions of all the key concepts of securitisation. In particular, a clear and encompassing definition of securitisation is needed to capture any transaction or scheme whereby the credit risk associated with an exposure or pool of exposures is tranched. An exposure that creates a direct payment obligation for a transaction or scheme used to finance or operate physical assets should not be considered an exposure to a securitisation, even if the transaction or scheme has payment obligations of different seniority.
(6) It is appropriate to provide, in line with the existing definitions in Union sectoral legislation, definitions of all the key concepts of securitisation. In particular, a clear and encompassing definition of securitisation is needed to capture any transaction or scheme. An exposure that creates a direct payment obligation for a transaction or scheme used to finance or operate physical assets should not be considered an exposure to a securitisation, even if the transaction or scheme has payment obligations of different seniority.Or. {IT}it
Amendment 127
Morten Messerschmidt
{ECR}on behalf of the ECR Group
Proposal for a regulation
Recital 6 a (new)
Text proposed by the CommissionAmendment(6 a) A sponsor should be able to delegate tasks to a servicer, but should remain responsible for all its obligations under this Regulation.Or. {EN}en
Amendment 128
Notis Marias
Proposal for a regulation
Recital 7
Text proposed by the CommissionAmendment(7) At both the international and European level, much work has already been done to identify STS securitisation and in Commission Delegated Regulations (EU) 2015/6122 and (EU) 2015/3523, criteria have already been set out for simple, transparent and standardised securitisation for specific purposes, to which a more risk sensitive prudential treatment is attached.(7) At both the international and European level, more work must be done to identify STS securitisation , just as in Commission Delegated Regulations (EU) 2015/6122 and (EU) 2015/3523, criteria have already been set out for simple, transparent and standardised securitisation for specific purposes, to which a more risk sensitive prudential treatment is attached.____________________________________22 Commission Delegated Regulation of 10 October 2014 to supplement Regulation (EU) No 575/2013 with regard to liquidity coverage requirement for Credit Institutions (OJ L 11, 17.1.2015, p. 1).22 Commission Delegated Regulation of 10 October 2014 to supplement Regulation (EU) No 575/2013 with regard to liquidity coverage requirement for Credit Institutions (OJ L 11, 17.1.2015, p. 1).23 Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 12, 17.1.2015, p. 1).23 Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 12, 17.1.2015, p. 1).Or. {EL}el
Amendment 129
Notis Marias
Proposal for a regulation
Recital 8
Text proposed by the CommissionAmendment(8) Based on the existing criteria, on the BCBS-IOSCO criteria adopted on 23 July 2015 for identifying simple, transparent and comparable securitisations and in particular the EBA Advice on qualifying securitisation published on 7 July 2015, it is essential to establish a general and cross-sectorally applicable definition of STS securitisation.(8) Based on the existing criteria, on the BCBS-IOSCO criteria adopted on 23 July 2015 for identifying simple, transparent and comparable securitisations, in the framework of capital sufficiency for securitisations, and in particular the EBA Advice on qualifying securitisation published on 7 July 2015, it is essential to establish a general and cross-sectorally applicable definition of STS securitisation.Or. {EL}el
Amendment 130
Notis Marias
Proposal for a regulation
Recital 9
Text proposed by the CommissionAmendment(9) Implementation of the "STS criteria throughout the EU should not lead to divergent approaches. Those approaches would create potential barriers for cross-border investors by constraining them to enter into the details of the Member State frameworks and thus undermining investor confidence in the STS criteria.(9) Implementation of the "STS criteria throughout the EU should not lead to divergent approaches but, instead, to the development of a safe securitisation market. Those approaches would create potential barriers for cross-border investors by constraining them to enter into the details of the Member State frameworks and thus undermining investor confidence in the STS criteria.Or. {EL}el
Amendment 131
Cora van Nieuwenhuizen
Proposal for a regulation
Recital 10
Text proposed by the CommissionAmendment(10) It is essential that competent authorities work closely together to ensure a common and consistent understanding of the STS requirements throughout the Union and to address potential interpretation issues. In the light of this objective the three ESAs should, in the framework of the Joint Committee of the European Supervisory Authorities, coordinate their work and that of the competent authorities to ensure cross-sectoral consistency and assess practical issues which may arise with regards to STS securitisations. In doing so, the views of market participants should also be requested and taken into account to the extent possible. The outcome of these discussions should be made public on the websites of the ESAs so as to help originators, sponsors, SSPEs and investors assess STS securitisations before issuing or investing in such positions. Such a coordination mechanism would be particularly important in the period leading to the implementation of this Regulation.(10) It is essential that a European supervisory body operates a third-party certification system in order to ensure a common and consistent understanding of the STS requirements throughout the Union and to address potential interpretation issues. In the light of this objective, the assigned regulatory body, along with the two other ESAs should, in the framework of the Joint Committee of the European Supervisory Authorities, coordinate their work and that of the competent authorities to ensure cross-sectoral consistency and assess practical issues which may arise with regards to STS securitisations. In doing so, the views of market participants should also be requested and taken into account to the extent possible. The outcome of these discussions should be made public on the websites of the ESAs so as to help originators, sponsors, SSPEs and investors assess STS securitisations before issuing or investing in such positions. Such a coordination mechanism would be particularly important in the period leading to the implementation of this Regulation.Or. {EN}en
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