REPORT on the proposal for a directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority

18.5.2010 - (COM(2009)0576 – C7‑0251/2009 – 2009/0161(COD)) - ***I

Committee on Economic and Monetary Affairs
Rapporteur: Antolín Sánchez Presedo


DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the proposal for a directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority

(COM(2009)0576 – C7‑0251/2009 – 2009/0161(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

–   having regard to the Commission proposal to Parliament and the Council (COM(2009)0576),

–   having regard to Article 251(2) and Article 44, Article 47(2) and Articles 55 and 95 of the EC Treaty, pursuant to which the Commission submitted the proposal to Parliament (C7‑0251/2009),

–   having regard to the Commission Communication entitled "Consequences of the entry into force of the Treaty of Lisbon for ongoing interinstitutional decision-making procedures" (COM(2009)0665),

–   having regard to Article 294(3) and Article 50, Article 53(1) and Articles 62 and 114 of the Treaty on the Functioning of the European Union,

–   having regard to the opinion of the Economic and Social Committee,

–   having regard to Rule 55 of its Rules of Procedure,

–   having regard to the report of the Committee on Economic and Monetary Affairs and the opinion of the Committee on Legal Affairs (A7‑0163/2010),

1.  Adopts its position at first reading hereinafter set out;

2.  Calls on the Commission to refer the matter to Parliament again if it intends to amend its proposal substantially or replace it with another text;

3.  Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment  1

Proposal for a directive – amending act

Recital 1

Text proposed by the Commission

Amendment

(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. National supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders and offer financial services to businesses and consumers. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of Community law and trust between national supervisors.

(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of Union law and trust between national supervisors.

Amendment  2

Proposal for a directive – amending act

Recital 1 a (new)

Text proposed by the Commission

Amendment

 

(1a) Long before the financial crisis the European Parliament was already calling regularly for the reinforcement of a true level playing-field for all actors at the European level while pointing out important failures in the Union's supervision of ever more integrated financial markets (in its resolutions of 13 April 2000 on the Commission communication on implementing the framework for financial markets: Action Plan1, of 25 November 2002 on prudential supervision rules in the European Union2, of 11 July 2007 on financial services policy (2005-2010) White Paper3, of 23 September 2008 with recommendations to the Commission on hedge funds and private equity4, of 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: future structure of supervision5, of 22 April 2009 on the amended proposal for a directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)6 and of 23 April 2009 on the proposal for a regulation of the European parliament and of the Council on Credit Rating Agencies7).

 

________________________________

1 OJ C 40, 7.2.2001, p. 453.

2 OJ C 25 E, 29.1.2004, p. 394.

3 OJ C 175 E, 10.7.2008, p. xx.

4 OJ C 8 E, 14.1.2010, p. 26.

5 OJ C 9 E, 15.1.2010, p. 48.

6 Texts adopted, P6_TA(2009)0251.

7 Texts adopted, P6_TA(2009)0279.

Amendment  3

Proposal for a directive – amending act

Recital 4

Text proposed by the Commission

Amendment

(4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups and establishing a European single rule book applicable to all financial institutions in the Internal Market. It emphasised that the European Supervisory Authorities should also have supervisory powers for credit rating agencies and invited the Commission to prepare concrete proposals on how the European System of Financial Supervisors could play a strong role in crisis situations.

(4) The European Council, in its conclusions of 19 June 2009, recommended that a European System of Financial Supervisors, comprising three new European Supervisory Authorities, be established. The system should be aimed at upgrading the quality and consistency of national supervision, strengthening oversight of cross border groups, establishing a European single rule book applicable to all financial institutions in the internal market and ensuring adequate harmonisation of criteria and methodology to be applicable by the competent authorities to assess the risk of credit institutions. It emphasised that the European Supervisory Authorities (ESA) should also have supervisory powers for credit rating agencies and invited the Commission to prepare concrete proposals on how the European System of Financial Supervisors (ESFS) could play a strong role in crisis situations.

Justification

Technical standards should be proposed to ensuring a uniform application of the supervisors’ review process and a common risk assessment through an adequate harmonisation of criteria and methodology to be applicable by the national supervisors to assess the risk of credit institutions.

Amendment  4

Proposal for a directive – amending act

Recital 6

Text proposed by the Commission

Amendment

(6) In order for the European System of Financial Supervisors to work effectively, changes to Community legislation in the field of operation of the three Authorities are necessary. These changes concern the definition of the scope of certain powers of the European Supervisory Authorities, the integration of certain powers in existing processes established in relevant Community legislation and amendments to ensure a smooth and effective functioning in the context of the European System of Financial Supervisors.

(6) In order for the ESFS to work effectively, changes to Union legislation in the field of operation of the three Authorities are necessary. These changes concern the definition of the scope of certain powers of the ESA, the integration of certain powers established in Union legislation and amendments to ensure a smooth and effective functioning in the context of the ESFS.

Amendment  5

Proposal for a directive – amending act

Recital 7

Text proposed by the Commission

Amendment

(7) The establishment of the three European Supervisory Authorities (ESA) should be accompanied by the development of a single set of harmonised rules so as to ensure uniform application and thus contribute to a more effective functioning of the Internal Market. The Regulations establishing the ESFS provide that the European Supervisory Authorities may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption by means of Regulations or Decisions. The relevant legislation should define those areas where the European Supervisory Authorities are empowered to develop draft technical standards.

(7) The establishment of the three ESA should be accompanied, inter alia, by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to a more effective functioning of the internal market.

Amendment  6

Proposal for a directive – amending act

Recital 7 a (new)

Text proposed by the Commission

Amendment

 

(7a) The Regulations establishing the ESFS provide that, in the areas specifically set out in the relevant legislation, the ESA may develop draft technical standards, to be submitted to the Commission for adoption in accordance with Articles 290 and 291 of the Treaty on the Functioning of the European Union by means of delegated or implementing acts.

Amendment  7

Proposal for a directive – amending act

Recital 7 b (new)

Text proposed by the Commission

Amendment

 

(7b) The relevant legislation should define those areas where the ESA are empowered to develop draft technical standards and how should they be adopted. While the relevant legislation should lay down the elements, conditions and specifications as detailed in Article 290 of the Treaty on the Functioning of the European Union in the case of delegated acts, the rules and general principles concerning mechanisms for control should be defined in advance in accordance with Article 291 of the Treaty on the Functioning of the European Union in the case of implementing acts.

Amendment  8

Proposal for a directive – amending act

Recital 8

Text proposed by the Commission

Amendment

(8) The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules, without unduly complicating regulation. Only those areas should be selected where consistent technical rules will contribute significantly to financial stability, depositor, policy holder and investor protection, market efficiency and integrity, and eliminate distortions of competition and risks of regulatory arbitrage.

(8) The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules, without unduly complicating regulation and enforcement. Only those areas should be selected where consistent technical rules will contribute significantly and effectively to the achievement of the objectives of the relevant legislation, while ensuring that policy decisions are taken by the European Parliament, the Council and the Commission in accordance with their usual procedures.

Amendment  9

Proposal for a directive

Recital 9

Text proposed by the Commission

Amendment

(9) Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards should determine the conditions of application of the rules included in basic instruments adopted by the European Parliament and the Council and, where applicable, in Commission implementing measures without amending non-essential elements of those acts, inter alia by deleting some of those elements or by supplementing the act by the addition of new non-essential elements. Technical standards should not therefore involve policy choices. In cases where the technical standards are designed to determine the conditions of application of a Commission implementing measure, they should only be developed once the Commission implementing measure has been adopted. In certain cases where at present the Commission is empowered to adopt implementing measures in accordance with committee procedures pursuant to Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission, and the content of those implementing measures is limited to determining the conditions of application of rules included in the basic instruments, which do not require further supplementing, it is appropriate for the sake of consistency to introduce the procedure for adoption of technical standards provided for in Article 7 of Regulations (EC) No. …/…[EBA], No. …/… [ESMA], and No. …/… [EIOPA].

(9) Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards adopted as delegated acts (Level 2 measures) should further develop, specify and determine the conditions for consistent harmonisation and uniform application of the rules included in basic instruments adopted by the European Parliament and the Council, supplementing or amending certain non-essential elements of the legislative act. On the other hand, technical standards adopted as implementing acts should not amend any element of legally binding Union acts. Technical standards should not involve policy choices.

Amendment  10

Proposal for a directive – amending act

Recital 9 a (new)

Text proposed by the Commission

Amendment

 

(9a) In the case of delegated acts it is appropriate, for the sake of consistency, to introduce the procedure for adoption of technical standards provided for in Article 7 of Regulation (EC) No …/2010 [EBA], Regulation (EC) No …/2010 [ESMA], and Regulation (EC) No …/2010 [EIOPA]. In cases where the technical standards are designed to determine the conditions of application of a Level 2 measure, they should be developed only once the Level 2 measure has been adopted.

Amendment  11

Proposal for a directive – amending act

Recital 9 b (new)

Text proposed by the Commission

Amendment

 

(9b) In accordance with the precautionary principle on supervision, binding technical standards should not prevent Member States' competent authorities from requiring additional information or imposing additional or more stringent requirements than those specified in the relevant legislative acts which they develop, when they allow for such prudential discretion.

Amendment  12

Proposal for a directive – amending act

Recital 11

Text proposed by the Commission

Amendment

(11) The Regulations establishing the ESFS provide for a mechanism to settle disagreements between competent national authorities. Where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the relevant legislation requires cooperation, coordination or joint decision making by competent national authorities from more than one Member State, the European Supervisory Authorities, at the request of one of the competent authorities concerned, may assist the authorities in reaching an agreement within the time limit set by the European Supervisory Authority which takes into account any relevant time limits in the relevant legislation, and the urgency and complexity of the disagreement. In the event that such disagreement persists, the European Supervisory Authorities may settle the matter.

(11) The Regulations establishing the ESFS provide for a mechanism to settle disagreements between competent national authorities. Where a competent authority disagrees with the procedure or content of an action or inaction by another competent authority in areas specified in Union legislation in accordance with Regulation (EC) No .../ 2010 [EBA], Regulation (EC) No .../ 2010 [ESMA] and Regulation (EC) No .../ 2010 [EIOPA], where the relevant legislation requires cooperation, coordination or joint decision making by competent national authorities from more than one Member State, the ESA, at the request of one of the competent authorities concerned, should be able to assist the authorities in reaching an agreement within the time limit set by the ESA which takes into account any relevant time limits in the relevant legislation, and the urgency and complexity of the disagreement. In the event that such disagreement persists, the ESA should be able to settle the matter.

Amendment  13

Proposal for a directive – amending act

Recital 12

Text proposed by the Commission

Amendment

(12) In general, the provision that provides the possibility for disputes to be resolved in the Regulations establishing the ESFS does not require consequential changes to the relevant legislation. However, in those areas where some form of non-binding mediation is already established in the relevant legislation, or where there are time limits for joint decisions to be taken by one or more competent national authorities, amendments are needed to ensure clarity and minimum disruption to the process for reaching a joint decision, but also that where necessary, the European Supervisory Authorities are able to resolve disagreements.

(12) In general, Article 11(1) of Regulation (EC) No .../ 2010 [EBA], Regulation (EC) No .../ 2010 [ESMA] and Regulation (EC) No .../ 2010 [EIOPA] that provides the possibility for disputes to be resolved in the Regulations establishing the ESFS does not require consequential changes to the relevant legislation. However, in those areas where some form of non-binding mediation is already established in the relevant legislation, or where there are time limits for joint decisions to be taken by one or more competent national authorities, amendments are needed to ensure clarity and minimum disruption to the process for reaching a joint decision, but also that where necessary, the ESA are able to resolve disagreements. The binding procedure for the settlement of disagreements is designed to solve situations where competent supervisors cannot resolve among themselves procedural or substantive issues relating to compliance with Union law.

Amendment  14

Proposal for a directive – amending act

Recital 12 a (new)

Text proposed by the Commission

Amendment

 

(12a) This Directive should therefore identify situations where a procedural or a substantive issue of compliance with Union law may need to be resolved and the supervisors may not be able to resolve the matter on their own. In such a situation, one of the supervisors involved should be able to raise the issue with the competent European Supervisory Authority. That European Supervisory Authority should act in accordance with the procedure set out in this Directive. It should be able to require the competent authorities concerned to take specific action or to refrain from action in order to settle the matter and to ensure compliance with Union law, with binding effects on the competent authorities concerned.

 

In cases where the relevant Union legislation confers discretion on Member States, decisions taken by the European Supervisory Authority should not replace the exercise of discretion by the competent authorities in compliance with Union law.

Justification

In order for there to be compliance with ECJ case-law (C -9/56 and 10/56, Meroni v High Authority, [1958] E.C.R. 133 and 157), it is important that decisions taken by ESAs do not replace the lawful exercise of judgement by national supervisors. Under Meroni, an institution may not delegate powers that it does not itself possess.

Amendment  15

Proposal for a directive – amending act

Recital 13

Text proposed by the Commission

Amendment

(13) 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 provides for mediation or joint decisions as regards the determination of significant branches for the purposes of supervisory college membership, model validation and group risk assessment. In all of these areas, an amendment should clearly state that in the event of disagreement during the specified time period, the European Banking Authority may resolve the disagreement using the process outlined in Regulation …/… [EBA]. This approach makes it clear that disagreements can be resolved and cooperation strengthened before a final decision is made or issued to an institution.

(13) 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 provides for mediation or joint decisions as regards the determination of significant branches for the purposes of supervisory college membership, model validation and group risk assessment. In all of these areas, an amendment should clearly state that in the event of disagreement during the specified time period, the European Banking Authority may resolve the disagreement using the process outlined in Regulation (EC) No ../2010 [EBA]. This approach makes it clear that, while it should not be possible for the European Banking Authority to replace the discretionary judgment of the competent authorities, disagreements can be resolved and cooperation strengthened before a final decision is made or issued to an institution.

Justification

In areas of disagreement between national financial supervisors, the ability of the ESAs to assist in reaching an agreement should not extend to being able to replace national supervisors' discretionary judgements, to ensure compliance with ECJ case-law.

Amendment  16

Proposal for a directive – amending act

Recital 14 a (new)

Text proposed by the Commission

Amendment

 

(14a) The alignment of comitology procedures to the Treaty on the Functioning of the European Union and, in particular, Articles 290 and 291 thereof, should be effected step by step. This Directive should adapt to Articles 290 and 291 only to those provisions of the amended directives referred to in Recital 20 in so far as the ESA are concerned and in so far as they are related to technical standards. That alignment, as well as further alignments of other comitology provisions contained in the amended directives, should not be limited to those measures previously dealt with under the regulatory procedure with scrutiny, but should cover all appropriate measures of general scope independently of the decision-making procedure of the comitology procedure applicable to them prior to the entry into force of the Treaty on the Functioning of the European Union. In order to ensure consistency, further alignment of other comitology procedures to Articles 290 or 291 contained in the amended directives referred to in Recital 20 should be effeted in accordance with the provisions of this Directive.

Amendment  17

Proposal for a directive – amending act

Recital 15 a (new)

Text proposed by the Commission

Amendment

 

(15a) Confidential information transmitted to or exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board should be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

Amendment  18

Proposal for a directive – amending act

Recital 18

Text proposed by the Commission

Amendment

(18) In those areas where the Authorities are under an obligation to develop draft technical standards, those draft technical standards should be submitted to the Commission within three years of the creation of the Authorities.

(18) In those areas where the ESA are under an obligation to develop draft technical standards, those draft technical standards should be submitted to the Commission within three years of the creation of the ESA unless another deadline is established by the relevant regulation.

Amendment  19

Proposal for a directive – amending act

Recital 19

Text proposed by the Commission

Amendment

(19) Since the objectives of this Directive, namely improving the functioning of the Internal Market by means of ensuring a high, effective and consistent level of prudential regulation and supervision, protecting depositors, investors and beneficiaries and thereby businesses and consumers, protecting the integrity, efficiency and orderly functioning of financial markets, maintaining the stability of the financial system, and strengthening international supervisory coordination, cannot be sufficiently achieved by the Member States and can, therefore, by reason of scale of the action, be better achieved at Community level, the Community may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.

(19) Since the objectives of this Directive, namely improving the functioning of the internal market by means of ensuring a high, effective and consistent level of prudential regulation and supervision, protecting depositors, investors and beneficiaries and thereby businesses and consumers, protecting the integrity, efficiency and orderly functioning of financial markets, maintaining the stability and sustainability of the financial system, preserving the real economy, safeguarding public finances and strengthening international supervisory coordination, cannot be sufficiently achieved by the Member States and can, therefore, by reason of scale of the action, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty. In accordance with the principle of proportionality, as set out in that Article, this Directive does not go beyond what is necessary in order to achieve those objectives.

Amendment  20

Proposal for a directive – amending act

Article 1 – point 1

Directive 1998/26/EC

Article 6 – paragraph 3

 

Text proposed by the Commission

Amendment

3. The Member State referred to in paragraph 2 shall immediately notify other Member States and the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council and shall communicate to the latter all information essential to achieve its tasks.

3. The Member State referred to in paragraph 2 shall immediately notify the European Central Bank, the European Systemic Risk Board, other Member States and the European Securities and Markets Authority established by Regulation (EC) No …/2010 of the European Parliament and of the Council and shall communicate to the latter all information essential to achieve its tasks.

Amendment  21

Proposal for a directive – amending act

Article 1 – point 2 a (new)

Directive 1998/26/EC

Article 10 a (new)

 

Text proposed by the Commission

Amendment

 

(2a) The following article is inserted after Article 10:

 

"Article 10a

 

The competent authorities shall cooperate with the European Securities and Markets Authority where necessary for the purposes of this Directive."

Amendment  22

Proposal for a directive – amending act

Article 1 – point 2 b (new)

Directive 1998/26/EC

Article 10 b (new)

 

Text proposed by the Commission

Amendment

 

(2b) The following article is inserted after Article 10a:

 

"Article 10b

 

The competent authorities shall, without delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  23

Proposal for a directive – amending act

Article 2 – point -1 (new)

Directive 2002/87/EC

Article 2 – point 17 – point a a (new)

 

Text proposed by the Commission

Amendment

 

(-1) In point 17 of Article 2, the following point is inserted:

 

"(aa) the Joint Committee of European Supervisory Authorities (JCESA);"

Amendment  24

Proposal for a directive – amending act

Article 2 – point 1 – point b

Directive 2002/87/EC

Article 4 – paragraph 3

 

Text proposed by the Commission

Amendment

3. The Joint Committee shall publish the list of identified financial conglomerates and keep the list up-to-date.

3. The JCESA shall publish on its website the list of identified financial conglomerates and keep the list up-to-date. That information shall be available by hyperlink on each of the European Supervisory Authority's websites.

Amendment  25

Proposal for a directive – amending act

Article 2 – point 1 a (new)

Directive 2002/87/EC

Article 9 – paragraph 2 – point c a (new)

 

Text proposed by the Commission

Amendment

 

(1a) In Article 9(2), the following point is added:

 

"(ca) the development of a detailed resolution regime, to be updated regularly and reviewed at least annually, comprising a structured early intervention mechanism, prompt corrective actions and a bankruptcy contingency plan."

Amendment  26

Proposal for a directive – amending act

Article 2 – point 1 b (new)

Directive 2002/87/EC

Section 3 – title

 

Text proposed by the Commission

Amendment

 

(1b) The title of Section III is replaced by the following:

 

"MEASURES TO FACILITATE SUPPLEMENTARY AND EUROPEAN SUPERVISION"

Amendment  27

Proposal for a directive – amending act

Article 2 – point 1 c (new)

Directive 2002/87/EC

Article -10

 

Text proposed by the Commission

Amendment

 

(1c) The following article is inserted in Section 3 before Article 10:

 

"Article -10

 

1. Financial conglomerates shall be subject to supplementary and European supervision by the JCESA and the national competent authorities.

 

2. The JCESA shall exercise the European supervision of financial conglomerates, in order to ensure coherent cross-sectoral and cross-border compliance in accordance with European Union legislation.

 

The JCESA shall act through a coordinator appointed by the national competent authorities for the supplementary supervision, who shall also act on behalf of the JCESA.

 

3. The coordinators of EU financial conglomerates shall be subject to general and cross-border coordination by the JCESA."

Amendment  28

Proposal for a directive – amending act

Article 2 – point 1 d (new)

Directive 2002/87/EC

Article 10 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(1d) Article 10 (1) is replaced by the following:

 

"1. In order to ensure proper supplementary supervision of the regulated entities in a financial conglomerate, a single coordinator, responsible for coordination and exercise of supplementary supervision, shall be appointed from among the competent authorities of the Member States concerned, including those of the Member State in which the mixed financial holding company has its head office. The appointment of the coordinator shall be published on the website of the JCESA."

Amendment  29

Proposal for a directive – amending act

Article 2 – point 1 e (new)

Directive 2002/87/EC

Article 11 – paragraph 1 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(1e) In Article 11(1), the second subparagraph is replaced by the following:

 

"In order to facilitate and establish supplementary and European supervision on a broad legal basis, the coordinator, and the other relevant competent authorities, and where necessary other competent authorities concerned, shall have coordination arrangements in place. The coordination arrangements may entrust additional tasks to the coordinator and may specify the procedures for the decision-making process among the relevant competent authorities as referred to in Articles 3, 4, 5(4), 6, 12(2), 16 and 18, and for cooperation with other competent authorities. The JCESA shall develop guidelines for the coordination arrangements."

Amendment  30

Proposal for a directive – amending act

Article 2 – point 1 f (new)

Directive 2002/87/EC

Article 12 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(1f) In Article 12(1), the first subparagraph is replaced by the following:

 

"1. The competent authorities responsible for the supervision of regulated entities in a financial conglomerate, [...] the competent authority appointed as the coordinator for that financial conglomerate and the JCESA shall cooperate closely with each other. Without prejudice to their respective responsibilities as defined under relevant sectoral rules, these authorities, whether or not established in the same Member State, shall provide one another with any information which is essential or relevant for the exercise of the other authorities' supervisory tasks under the sectoral rules and this Directive. In this regard, the competent authorities, [...] the coordinator and the JCESA shall communicate on request all relevant information and shall communicate on their own initiative all essential information."

Amendment  31

Proposal for a directive – amending act

Article 2 – point 1 g (new)

Directive 2002/87/EC

Article 12 – paragraph 1 – subparagraph 3

 

Text proposed by the Commission

Amendment

 

(1g) In Article 12(1), the third subparagraph is replaced by the following:

 

"The competent authorities may also exchange with the following authorities such information as may be needed for the performance of their respective tasks, regarding regulated entities in a financial conglomerate, in line with the provisions laid down in the sectoral rules: central banks, the European System of Central Banks, the European Central Bank and the European Systemic Risk Board."

Amendment  32

Proposal for a directive – amending act

Article 2 – point 1 h (new)

Directive 2002/87/EC

Article 12 a (new)

 

Text proposed by the Commission

Amendment

 

(1h) The following article is inserted after Article 12:

 

"Article 12a

 

Competent authorities shall cooperate with the JCESA where necessary for the purposes of this Directive."

Amendment  33

Proposal for a directive – amending act

Article 2 – point 1 i (new)

Directive 2002/87/EC

Article 12 b (new)

 

Text proposed by the Commission

Amendment

 

(1i) The following article is inserted after Article 12a:

 

"Article 12b

 

Competent authorities shall, without any delay, provide the JCESA and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  34

Proposal for a directive – amending act

Article 2 – point 1 j (new)

Directive 2002/87/EC

Article 14 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(1j) Article 14(1) is replaced by the following:

 

"1. Member States shall ensure that there are no legal impediments within their jurisdiction preventing the natural and legal persons included within the scope of supplementary and European supervision, whether or not a regulated entity, from exchanging amongst themselves and with the JCESA any information which would be relevant for the purposes of supplementary and European supervision."

Amendment  35

Proposal for a directive – amending act

Article 2 – point 1 k (new)

Directive 2002/87/EC

Article 16 –paragraph 2

 

Text proposed by the Commission

Amendment

 

(1k) The second paragraph of Article 16 is replaced by the following:

 

"Without prejudice to Article 17(2), the JCESA and Member States may determine what measures may be taken by the competent authorities with respect to mixed financial holding companies."

Amendment  36

Proposal for a directive – amending act

Article 2 – point 1 l (new)

Directive 2002/87/EC

Article 16 –paragraph 3

 

Text proposed by the Commission

Amendment

 

(1l) The third paragraph of Article 16 is replaced by the following:

 

"The competent authorities involved, including the coordinator and the JCESA shall where appropriate coordinate their supervisory actions."

Amendment  37

Proposal for a directive – amending act

Article 2 – point 2

Directive 2002/87/EC

Article 18 – paragraph 1

 

Text proposed by the Commission

Amendment

Without prejudice to the sectoral rules, in the case referred to in Article 5(3), competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office outside the Community, are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of this Directive on the supplementary supervision of regulated entities referred to in Article 5(2). The verification shall be carried out by the competent authority which would be the coordinator if the criteria set out in Article 10(2) were to apply, on the request of the parent undertaking or of any of the regulated entities authorised in the Community or on its own initiative. That competent authority shall consult the other relevant competent authorities, and shall take into account any applicable guidance prepared through the Joint Committee in accordance with Article 21a(2). For this purpose the competent authority shall consult the Joint Committee before taking a decision.

Without prejudice to the sectoral rules, in the case referred to in Article 5(3), competent authorities shall verify whether the regulated entities, the parent undertaking of which has its head office outside the Union, are subject to supervision by a third-country competent authority, which is equivalent to that provided for by the provisions of this Directive on the supplementary supervision of regulated entities referred to in Article 5(2). The verification shall be carried out by the competent authority which would be the coordinator if the criteria set out in Article 10(2) were to apply, on the request of the parent undertaking or of any of the regulated entities authorised in the Union or on its own initiative. That competent authority shall consult the other relevant competent authorities, and shall follow any applicable guidance prepared through the JCESA in accordance with Article 21a(2). For this purpose the competent authority shall consult the JCESA before taking a decision.

Amendment  38

Proposal for a directive – amending act

Article 2 – point 2 a (new)

Directive 2002/87/EC

Article 18 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(2a) In Article 18 the following paragraph is inserted:

 

"1a. Where a competent authority decides that a third-country has equivalent supervision contrary to the opinion of another relevant competent authority, the JCESA may revoke the decision where the decision of the competent authority responsible was based on false assumptions or the standard of supervision in the third country has decreased since the decision was made."

Amendment  39

Proposal for a directive – amending act

Article 2 – point 2 b (new)

Directive 2002/87/EC

Article 19 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(2b) Article 19(2) is replaced by the following:

 

"2. Without prejudice to Article 218(1) and (2) of the Treaty on the Functioning of the European Union, the Commission shall, with the assistance of the JCESA, the European Banking Committee, the European Insurance and Occupational Pensions Committee and the Financial Conglomerates Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation."

Amendment  40

Proposal for a directive – amending act

Article 2 – point 3

Directive 2002/87/EC

Chapter III – Title

 

Text proposed by the Commission

Amendment

CONFERRED POWERS AND COMMITTEE PROCEDURES

DELEGATED POWERS

Amendment  41

Proposal for a directive – amending act

Article 2 – point 3 a (new)

Directive 2002/87/EC

Article 20 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(3a) The first subparagraph of Article 20(1) is replaced by the following:

 

"1. The Commission shall adopt by means of delegated acts the [...] adaptations to be made to this Directive in the following areas:

 

(a) a more precise formulation of the definitions referred to in Article 2 in order to take account of developments in financial markets in the application of this Directive;

 

(b) a more precise formulation of the definitions referred to in Article 2 in order to ensure consistent harmonisation and uniform application of this Directive in the Union;

 

(c) the alignment of terminology and the framing of definitions in the Directive in accordance with subsequent Union acts on regulated entities and related matters;

 

(d) a more precise definition of the calculation methods set out in Annex I in order to take account of developments on financial markets and prudential techniques;

 

(e) coordination of the provisions adopted pursuant to Articles 7 and 8 and Annex II with a view to encouraging consistent harmonisation and uniform application within the Union.

 

The draft delegated acts shall be drawn up by the JCESA."

Amendment  42

Proposal for a directive – amending act

Article 2 – point 4

Directive 2002/87/EC

Article 20 – paragraph 1

 

Text proposed by the Commission

Amendment

(4) In Article 20(1) the following sentence is added:

deleted

"Those measures shall not include the determination of the conditions of application of the provisions which are the subject matter of the items listed in Article 21a."

 

Amendment  43

Proposal for a directive – amending act

Article 2 – point 4 a (new)

Directive 2002/87/EC

Article 21 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(4a) Article 21(2) is replaced by the following:

 

"2. The power to adopt delegated acts as referred to in Article 20(1) shall be conferred on the Commission for an indeterminate period of time."

Amendment  44

Proposal for a directive – amending act

Article 2 – point 4 b (new)

Directive 2002/87/EC

Article 21 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(4b) In Article 21, the following paragraph is inserted:

 

"2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Amendment  45

Proposal for a directive – amending act

Article 2 – point 4 c (new)

Directive 2002/87/EC

Article 21 – paragraph 2 b (new)

 

Text proposed by the Commission

Amendment

 

(4c) In Article 21, the following paragraph is inserted:

 

"2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Article 21a and 21b."

Amendment  46

Proposal for a directive – amending act

Article 2 – point 4 d (new)

Directive 2002/87/EC

Article 21 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(4d) Article 21(3) is deleted.

Amendment  47

Proposal for a directive – amending act

Article 2 – point 4 e (new)

Directive 2002/87/EC

Article 21 – paragraph 4

 

Text proposed by the Commission

Amendment

 

(4e) Article 21(4) is replaced by the following:

 

"4. The JCESA [...] shall [...] give general guidance as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as defined in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office outside the Union. The JCESA [...] shall keep any such guidance under review and take into account any changes to the supplementary supervision carried out by such competent authorities."

Amendment  48

Proposal for a directive – amending act

Article 2 – point 5 a (new)

Directive 2002/87/EC

Article 21 a (new)

 

Text proposed by the Commission

Amendment

 

(5a) The following article is inserted after Article 21:

 

"Article 21a

 

Revocation of the delegation

 

1. The delegation of powers referred to in Article 20(1) may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission.

 

3. The revocation decision shall put an end to the delegation of powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  49

Proposal for a directive – amending act

Article 2 – point 5 b (new)

Directive 2002/87/EC

Article 21 b (new)

 

Text proposed by the Commission

Amendment

 

(5b) The following Article is inserted after Article 21a:

 

"Article 21b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  50

Proposal for a directive – amending act

Article 2 – point 6

Directive 2002/87/EC

Article 21a – paragraph 1 – introductory part

 

Text proposed by the Commission

Amendment

1. In order to ensure uniform application of this Directive, the European Supervisory Authorities, in accordance with Articles 42 of Regulation …/… [EBA], Regulation …/… [EIOPA], and Regulation …/… [ESMA] may develop draft technical standards, with regard to:

1. In order to ensure consistent harmonisation and uniform application of this Directive, the European Supervisory Authorities, in accordance with Articles 42 of Regulation (EC) No …/2010 [EBA], Regulation (EC) No …/2010 [EIOPA], and Regulation (EC) No …/2010 [ESMA] shall develop draft technical standards, with regard to:

Amendment  51

Proposal for a directive – amending act

Article 2 – point 6

Directive 2002/87/EC

Article 21a – paragraph 2 –subparagraph 1

 

Text proposed by the Commission

Amendment

2. The Joint Committee may provide general guidance as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as provided for in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office outside the Community.

2. The JCESA shall provide general guidance as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as provided for in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office outside the Union.

Amendment  52

Proposal for a directive – amending act

Article 3 – point -1 (new)

Directive 2003/6/EC

Article 1 – point 5

 

Text proposed by the Commission

Amendment

 

(-1) In Article 1, point 5 is replaced by the following:

 

"5. ‘Accepted market practices’ shall mean practices that are reasonably expected in one or more financial markets and are accepted by the competent authority in accordance with standards adopted by the Commission in accordance with the delegated acts procedure [...] laid down in Articles 17, 17 a and 17b."

Amendment  53

Proposal for a directive – amending act

Article 3 – point -1 a (new)

Directive 2003/6/EC

Article 1 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(-1a) In Article 1, the second paragraph, is replaced by the following:

 

"In order to take account of developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive in the Union, the Commission shall lay down, by means of delegated acts, measures concerning points 1, 2 and 3 of this Article. Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  54

Proposal for a directive – amending act

Article 3 – point -1 b (new)

Directive 2003/6/EC

Article 6 – paragraph 10 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(-1b) In Article 6(10), the second subparagraph is replaced by the following:

 

"Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  55

Proposal for a directive – amending act

Article 3 – point -1 c (new)

Directive 2003/6/EC

Article 8

 

Text proposed by the Commission

Amendment

 

(-1c) Article 8 is replaced by the following:

 

"The prohibitions provided for in this Directive shall not apply to trading in own shares in ‘buy-back’ programmes or to the stabilisation of a financial instrument provided such trading is carried out in accordance with delegated acts. Those measures [...] shall be adopted in accordance with the delegated acts procedure referred to in Articles 17, 17a and 17b.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  56

Proposal for a directive – amending act

Article 3 – point -1 d (new)

Directive 2003/6/EC

Article 12 – paragraph 2 – points h a to h d (new)

 

Text proposed by the Commission

Amendment

 

(-1d) In Article 12(2) the following points are added:

 

(ha) forbid the financial instrument concerned;

 

(hb) limit the size of a commitment to buy or sell a given amount of financial asset;

 

(hc) request the holding of underlying assets as a precondition for trading; and

 

(hd) set qualitative limits.

Amendment  57

Proposal for a directive – amending act

Article 3 – point -1 e (new)

Directive 2003/6/EC

Article 14 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(-1e) Article 14(2) is replaced by the following:

 

"2. In accordance with the procedure laid down in Articles 17, 17a and 17b, the Commission shall, for information, draw up a list of the administrative measures and sanctions referred to in paragraph 1. The European Securities and Markets Authority shall produce guidelines to enable the Commission to draw up the list.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  58

Proposal for a directive – amending act

Article 3 – point -1 f (new)

Directive 2003/6/EC

Article 14 – paragraph 4

 

Text proposed by the Commission

Amendment

 

(-1f) Article 14(4) is replaced by the following:

 

"4. Member States shall provide that the competent authority disclose to the public every measure or sanction that will be imposed for infringement of the provisions adopted in the implementation of this Directive, unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. The competent authorities shall report all measures or sanctions to the European Securities and Market Authority at the same time. The European Securities and Market Authority shall attach that information to the respective data records in the relevant European databases of registered market participants."

Amendment  59

Proposal for a directive – amending act

Article 3 – point -1 g (new)

Directive 2003/6/EC

Article 16 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(-1g) Article 16(1) is replaced by the following:

 

"1. Competent authorities shall cooperate with each other and with the European Securities and Markets Authority whenever necessary for the purpose of carrying out their duties, making use of their powers whether set out in this Directive or in national law. Competent authorities shall render assistance to competent authorities of other Member States and to the European Securities and Markets Authority. In particular, they shall exchange information and cooperate in investigation activities."

Amendment  60

Proposal for a directive – amending act

Article 3 – point 1

Directive 2003/6/EC

Article 16 – paragraph 2 –subparagraph 4

 

Text proposed by the Commission

Amendment

Without prejudice to Article 226 of the Treaty, a competent authority whose request for information is not acted upon within a reasonable time or whose request for information is rejected may bring that non-compliance to the attention of the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council, which may act in accordance with the powers conferred on it by that Regulation.

Without prejudice to Article 258 of the Treaty on the Functioning of the European Union, a competent authority whose request for information is not acted upon within a reasonable time or whose request for information is rejected shall bring that non-compliance to the attention of the European Securities and Markets Authority established by Regulation (EC) No …/2010 of the European Parliament and of the Council, which shall act in accordance with the powers conferred on it by that Regulation.

Amendment  61

Proposal for a directive – amending act

Article 3 – point 1 a (new)

Directive 2003/6/EC

Article 16 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(1a) In Article 16, the following paragraph is inserted:

 

"2a. The European Securities and Markets Authority established by Regulation (EC) No .../2010 of the European Parliament and the Council may request, on its own initiative, any information required for the purpose referred to in paragraph 1."

Amendment  62

Proposal for a directive – amending act

Article 3 – point 2

Directive 2003/6/EC

Article 16 – paragraph 4 – subparagraph 5

 

Text proposed by the Commission

Amendment

Without prejudice to the provisions of Article 226 of the Treaty, a competent authority whose application to open an inquiry or whose request for authorisation for its officials to accompany those of the other Member State's competent authority is not acted upon within a reasonable time or is rejected may bring that non-compliance to the attention of the European Securities and Markets Authority, which may act in accordance with the powers conferred on it by Regulation .../... [ESMA].

Without prejudice to the provisions of Article 258 of the Treaty on the Functioning of the European Union, a competent authority whose application to open an inquiry or whose request for authorisation for its officials to accompany those of the other Member State's competent authority is not acted upon within a reasonable time or is rejected shall bring that non-compliance to the attention of the European Securities and Markets Authority, which shall act in accordance with the powers conferred on it by Regulation (EC) No .../2010 [ESMA].

Amendment  63

Proposal for a directive – amending act

Article 3 – point 3 – subparagraph 1

Directive 2003/6/EC

Article 16 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraphs 2 and 4, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the conduct of requests for exchange of information and cross border inspections.

5. In order to ensure consistent harmonisation and uniform application of paragraphs 2 and 4, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the conduct of requests for exchange of information and cross border inspections.

Amendment  64

Proposal for a directive – amending act

Article 3 – point 3 a (new)

Directive 2003/6/EC

Article 17 – paragraph 2a

 

Text proposed by the Commission

Amendment

 

(3a) Article 17(2a) is replaced by the following:

 

"2a. The power to adopt delegated acts referred to in Articles 1, Article 6(10), Article 8, Article 14(2) and Article 16(5) shall be conferred on the Commission for an indeterminate period of time."

Amendment  65

Proposal for a directive – amending act

Article 3 – point 3 b (new)

Directive 2003/6/EC

Article 17 – paragraph 2a a (new)

 

Text proposed by the Commission

Amendment

 

(3b) In Article 17, the following paragraph is inserted:

 

"2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Amendment  66

Proposal for a directive – amending act

Article 3 – point 3 c (new)

Directive 2003/6/EC

Article 17 – paragraph 2a b (new)

 

Text proposed by the Commission

Amendment

 

(3c) In Article 17, the following paragraph is inserted:

 

"2ab. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 17a and 17b."

Amendment  67

Proposal for a directive – amending act

Article 3 – point 3 d (new)

Directive 2003/6/EC

Article 17 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(3d) Article 17(3) is deleted.

Amendment  68

Proposal for a directive – amending act

Article 3 – point 3 e (new)

Directive 2003/6/EC

Article 17 a (new)

 

Text proposed by the Commission

Amendment

 

(3e) The following article is inserted after Article 17:

 

"Article 17a

 

Revocation of the delegation

 

1. The delegation of powers referred to in Article 1, Article 6(10), Article 8, Article 14(2) and Article 16(5) may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission.

 

3. The revocation decision shall put an end to the delegation of powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  69

Proposal for a directive – amending act

Article 3 – point 3 f (new)

Directive 2003/6/EC

Article 17 b (new)

 

Text proposed by the Commission

Amendment

 

(3f) The following Article is inserted after Article 17a:

 

"Article 17b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. On the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  70

Proposal for a directive – amending act

Article 4 – point -1 (new)

Directive 2003/41/EC

Article 9 – paragraph 1 – point a

 

Text proposed by the Commission

Amendment

 

(-1) In Article 9(1), point (a) is replaced by the following:

 

"(a) the institution is registered in a national register by the competent supervisory authority or authorised; in the case of cross-border activities referred to in Article 20, the register shall also indicate the Member States in which the institution is operating; that information shall be communicated to the European Insurance and Occupational Pension Authority, which shall publish it on its website;"

Amendment  71

Proposal for a directive – amending act

Article 4 – point -1 a (new)

Directive 2003/41/EC

Article 9 – paragraph 5

 

Text proposed by the Commission

Amendment

 

(-1a) Article 9(5) is replaced by the following:

 

"5. In the case of cross-border activity as referred to in Article 20, the conditions of operation of the institution shall be subject to a prior authorisation by the competent authorities of the home Member State. When giving such authorisation, Member States shall immediately inform the European Insurance and Occupational Pension Authority."

Amendment  72

Proposal for a directive – amending act

Article 4 – point 1 – point (b)

Directive 2003/41/EC

Article 13 – paragraph 2 – subparagraph 1

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of the directive, the European Insurance and Occupational Pension Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards concerning information provided to the competent authorities. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

2. In order to ensure consistent harmonisation and uniform application of the directive, the European Insurance and Occupational Pension Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards concerning information provided to the competent authorities. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  73

Proposal for a directive – amending act

Article 4 – point 1 a (new)

Directive 2003/41/EC

Article 14 – paragraph 4 – subparagraph 2

 

Text proposed by the Commission

Amendment

 

(1a) In Article 14(4), the second subparagraph is replaced by the following:

 

"Any decision to prohibit the activities of an institution shall be supported by precise reasons and notified to the institution in question. It shall also be notified to the European Insurance and Occupational Pensions Authority."

Amendment  74

Proposal for a directive – amending act

Article 4 – point 1 b (new)

Directive 2003/41/EC

Article 15 – paragraph 6 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(1b) In Article 15(6), the first subparagraph is replaced by the following:

 

"6. With a view to further harmonisation of the rules regarding the calculation of technical provisions which may be justified — in particular the interest rates and other assumptions influencing the level of technical provisions — the European Insurance and Occupational Pensions Authority shall, every two years or at the request of the Commission or a Member State, issue a report on the situation concerning the development in cross-border activities."

Amendment  75

Proposal for a directive – amending act

Article 4 – point 1 c (new)

Directive 2003/41/EC

Article 15 – paragraph 6 a (new)

 

Text proposed by the Commission

Amendment

 

(1c) In Article 15, the following paragraph is added:

 

"6a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning the calculation of technical provisions. The Authority shall submit those draft technical standards and reports to the Commission by 1 June 2011.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No .../2010 [EIOPA]."

Justification

According to Article 15 para. 6 IORP-Directive, there is already agreement on the objective of further harmonisation, particularly in the field of the calculation of technical provisions, in order to better protect the consumers. As the IORP-Directive harmonises the different national rules on a low degree only, binding technical standards will be of particular importance.

Amendment  76

Proposal for a directive – amending act

Article 4 – point 1 d (new)

Directive 2003/41/EC

Article 20 – paragraph 10 a (new)

 

Text proposed by the Commission

Amendment

 

(1d) In Article 20, the following paragraph is added:

 

"10a. In order to ensure consistent harmonisation and uniform application of this Article, the European Insurance and Occupational Pensions Authority shall develop draft technical standards concerning authorisation and notification procedures, methods for calculating technical provisions and information and disclosure procedures.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No .../2010 [EIOPA]."

Justification

In Article 15(6) of the pension fund directive, in order to protect consumers against the effects of cross-border regulatory arbitrage the objective of further harmonisation of methods to calculate technical provisions is already explicitly stated. Given that to date the pension fund directive contains only minimally harmonised provisions, common technical standards are particularly important here.

Amendment  77

Proposal for a directive – amending act

Article 4 – point 2

Directive 2003/41/EC

Article 20 – paragraph 11 – subparagraph 1

 

Text proposed by the Commission

Amendment

11. In order to ensure uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards listing for each Member State provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

11. In order to ensure consistent harmonisation and uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards regarding the methods for calculating technical provisions and shall prepare reports listing for each Member State other provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1. The Authority shall submit those draft technical standards by 1 January 2014 and those reports by 1 June 2011 to the Commission.

Amendment  78

Proposal for a directive – amending act

Article 4 – point 2 a (new)

Directive 2003/41/EC

Article 21 – title

 

Text proposed by the Commission

Amendment

 

(2a) The title of Article 21 is replaced by the following:

 

"Cooperation between Member States, the European Insurance and Occupational Pensions Authority and the Commission"

Amendment  79

Proposal for a directive – amending act

Article 4 – point 2 b (new)

Directive 2003/41/EC

Article 21 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(2b) Article 21(1) is replaced by the following:

 

"Member States, in cooperation with the European Insurance and Occupational Pensions Authority, shall ensure, in an appropriate manner, the consistent harmonisation and the uniform application of this Directive through the application of common technical standards concerning authorisation, notification, rules regarding the calculation of technical provisions, information and disclosure procedures, regular exchanges of information and experience [...] and closer cooperation, and by so doing, preventing distortions of competition and creating the conditions required for unproblematic cross-border membership and the portability of annuity claims."

Amendment  80

Proposal for a directive – amending act

Article 4 – point 2 c (new)

Directive 2003/41/EC

Article 21 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(2c) Article 21(2) is replaced by the following:

 

"2. The European Insurance and Occupational Pensions Authority and the competent authorities of the Member States shall collaborate closely with a view to facilitating supervision of the operations of institutions for occupational retirement provision and where necessary for the purposes of this Directive.

 

Competent authorities shall, without any delay, provide the European Insurance and Occupational Pensions Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  81

Proposal for a directive – amending act

Article 4 – point 2 d (new)

Directive 2003/41/EC

Article 21 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(2d) Article 21(3) is replaced by the following:

 

"3. Each Member State shall inform the Commission and the European Insurance and Occupational Pensions Authority of any major difficulties to which the application of this Directive gives rise.

 

The Commission, the European Insurance and Occupational Pensions Authority and the competent authorities of the Member States concerned shall examine such difficulties as quickly as possible in order to find an appropriate solution."

Amendment  82

Proposal for a directive – amending act

Article 4 – point 2 e (new)

Directive 2003/41/EC

Article 22 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(2e) Article 22(2) is replaced by the following:

 

"2. Member States shall communicate to the Commission and the European Insurance and Occupational Pensions Authority the text of the main provisions of national law which they adopt in the field governed by this Directive."

Amendment  83

Proposal for a directive – amending act

Article 5 – point -1 (new)

Directive 2003/71/EC

Article 1 – paragraph 3 a (new)

 

Text proposed by the Commission

Amendment

 

(-1) In Article 1, the following paragraph is added:

 

"3a. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the adjustment of the limits referred to in points (h) and (j) of Article 1(2).

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  84

Proposal for a directive – amending act

Article 5 – point -1 a (new)

Directive 2003/71/EC

Article 2 – paragraph 4

 

Text proposed by the Commission

Amendment

 

(-1a) Article 2(4) is replaced by the following:

 

"4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, the definitions referred to in paragraph 1, including adjustment of the figures used for the definition of SMEs, taking into account Union legislation and recommendations as well as economic developments.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  85

Proposal for a directive – amending act

Article 5 – point -1 b (new)

Directive 2003/71/EC

Article 4 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(-1b) Article 4(3) is replaced by the following:

 

"3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraphs 1(b), 1(c), 2(c) and 2(d), notably in relation to the meaning of equivalence.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  86

Proposal for a directive – amending act

Article 5 – point -1 c (new)

Directive 2003/71/EC

Article 4 – paragraph 3 a (new)

 

Text proposed by the Commission

Amendment

 

(-1c) In Article 4, the following paragraph is added:

 

"3a. In order to ensure consistent harmonisation and uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the exemptions concerning the paragraphs 1(a), 1(d), 1(e), 2(a), 2(b), 2(e), 2(f), 2(g), 2(h), notably in relation to the meaning of equivalence.

 

The Commission may adopt the draft technical standards referred to in this paragraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No ../2010 [ESMA].”

Amendment  87

Proposal for a directive – amending act

Article 5 – point -1 d (new)

Directive 2003/71/EC

Article 5 – paragraph 5

 

Text proposed by the Commission

Amendment

 

(-1d) Article 5(5) is replaced by the following:

 

"5. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the format of the prospectus or base prospectus and supplements.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  88

Proposal for a directive – amending act

Article 5 – point -1 e (new)

Directive 2003/71/EC

Article 5 – paragraph 5 a (new)

 

Text proposed by the Commission

Amendment

 

(-1e) In Article 5, the following paragraph is added:

 

"5a. In order to achieve the objectives of this Directive, the Commission shall also lay down, by means of delegated acts in accordance with the Articles 24, 24a and 24b, measures to establish:

 

(a) the detailed content and specific form of the key information document referred to in paragraphs 2 and 3;

 

(b) the detailed content and specific form of the key information document with regard to:

 

(i) structured securities and base prospectuses;

 

(ii) shares; and

 

(iii) bonds.

 

Those delegated acts shall be adopted by ...*.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

 

____________

* OJ please insert date: 18 months after entry into force of this Directive."

Amendment  89

Proposal for a directive – amending act

Article 5 – point -1 f (new)

Directive 2003/71/EC

Article 6 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(-1f) In Article 6 the following paragraph is added:

 

"2a. In order to ensure consistent harmonisation and uniform application of this Directive, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the responsibility attaching to the prospectus.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No…/2010 [ESMA].”

Justification

Competent authorities have different practices and would require the issuer and the offeror to bear responsibility or, depending on the type of issue, one of these persons. This creates uncertainty in the responsibility regime of the prospectus especially when the prospectus is passported. Further specifications for this issue us required.

Amendment  90

Proposal for a directive – amending act

Article 5 – point -1 g (new)

Directive 2003/71/EC

Article 7 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(-1g) Article 7(1) is replaced by the following:

 

"1. Detailed delegated acts regarding the specific information which must be included in a prospectus, avoiding duplication of information when a prospectus is composed of separate documents, shall be adopted by the Commission in accordance with Articles 24, 24a and 24b. The first set of delegated acts shall be adopted by 1 July 2004.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  91

Proposal for a directive – amending act

Article 5 – point -1 h (new)

Directive 2003/71/EC

Article 7 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(-1h) Article 7(3) is replaced by the following:

 

"3. The delegated acts referred to in paragraph 1 shall be based on the standards in the field of financial and non-financial information set out by international securities commission organisations, and in particular by IOSCO and on the indicative Annexes to this Directive."

Amendment  92

Proposal for a directive – amending act

Article 5 – point -1 i (new)

Directive 2003/71/EC

Article 8 – paragraph 4

 

Text proposed by the Commission

Amendment

 

(-1i) Article 8(4) is replaced by the following:

 

"4. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraph 2.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  93

Proposal for a directive – amending act

Article 5 – point 1

Directive 2003/71/EC

Article 8 – paragraph 4 a (new)

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission according to paragraph 4. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the delegated acts adopted by the Commission according to paragraph 4. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant to Article 291 of the Treaty on the Functioning of the European Union.

Amendment  94

Proposal for a directive – amending act

Article 5 – point 1 a (new)

Directive 2003/71/EC

Article 11 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(-1a) Article 11(3) is replaced by the following:

 

"3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the information to be incorporated by reference.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  95

Proposal for a directive – amending act

Article 5 – point 2 – point b a (new)

Directive 2003/71/EC

Article 13 – paragraph 7

 

Text proposed by the Commission

Amendment

 

(ba) Article 13(7) is replaced by the following:

 

"7. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the conditions in accordance with which time limits may be adjusted."

Amendment  96

Proposal for a directive – amending act

Article 5 – point 2 a (new)

Directive 2003/71/EC

Article 14 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(2a) Article 14(1) is replaced by the following:

 

"1. Once approved, the prospectus shall be filed with the competent authority of the home Member State and the European Securities and Market Authority and shall be made available to the public by the issuer, offeror or person asking for admission to trading on a regulated market as soon as practicable and in any case, at a reasonable time in advance of, and at the latest at the beginning of, the offer to the public or the admission to trading of the securities involved. In addition, in the case of an initial public offer of a class of shares not already admitted to trading on a regulated market that is to be admitted to trading for the first time, the prospectus shall be available at least six working days before the end of the offer."

Amendment  97

Proposal for a directive – amending act

Article 5 – point 3 a (new)

Directive 2003/71/EC

Article 14 – paragraph 8

 

Text proposed by the Commission

Amendment

 

(3a) Article 14(8) is replaced by the following:

 

"8. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning paragraphs 1, 2, 3 and 4. The first set of delegated acts shall be adopted by 1 July 2004.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  98

Proposal for a directive – amending act

Article 5 – point 3 b (new)

Directive 2003/71/EC

Article 15 – paragraph 7

 

Text proposed by the Commission

Amendment

 

(3b) Article 15(7) is replaced by the following:

 

"7. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures concerning the dissemination of advertisements announcing the intention to offer securities to the public or the admission to trading on a regulated market, in particular before the prospectus has been made available to the public or before the opening of the subscription, and concerning paragraph 4. The first set of delegated acts shall be adopted by the Commission by 1 July 2004.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  99

Proposal for a directive – amending act

Article 5 – point 4

Directive 2003/71/EC

Article 16 – paragraph 3 – subparagraph 1

 

Text proposed by the Commission

Amendment

3. In order to ensure uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the obligation to provide a supplement to the prospectus in case of a significant new factor, material mistake or inaccuracy relating to the information included in the prospectus. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

3. In order to ensure consistent harmonisation and uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall determine what constitutes a significant new factor, material mistake or inaccuracy referred to in paragraph 1 and shall develop draft technical standards to determine the conditions of application including the procedures to be followed of the obligation to provide a supplement to the prospectus The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  100

Proposal for a directive – amending act

Article 5 – point 5

Directive 2003/71/EC

Article 17 – paragraph 1

 

Text proposed by the Commission

Amendment

1. Without prejudice to Article 23, where an offer to the public or admission to trading on a regulated market is provided for in one or more Member States, or in a Member State other than the home Member State, the prospectus approved by the home Member State and any supplements thereto shall be valid for the public offer or the admission to trading in any number of host Member States, provided that the European Securities and Markets Authority and the competent authority of each host Member State is notified in accordance with Article 18. Competent authorities of host Member States shall not undertake any approval or administrative procedures relating to prospectuses.

1. Without prejudice to Article 23, where an offer to the public or admission to trading on a regulated market is provided for in one or more Member States, or in a Member State other than the home Member State, the prospectus approved by the home Member State and any supplements thereto shall be valid for the public offer or the admission to trading in any number of host Member States, provided that the European Securities and Markets Authority and the competent authority of each host Member State are notified in accordance with Article 18. Competent authorities of host Member States shall not undertake any approval or administrative procedures relating to prospectuses.

Amendment  101

Proposal for a directive – amending act

Article 5 – point 5 a (new)

Directive 2003/71/EC

Article 17 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(5a) Article 17(2) is replaced by the following:

 

"2. If there are significant new factors, material mistakes or inaccuracies, as referred to in Article 16, arising since the approval of the prospectus, the competent authority of the home Member State shall require the publication of a supplement to be approved as provided for in Article 13(1). The Europan Securities and Markets Authority and the competent authority of the host Member State may draw the attention of the competent authority of the home Member State to the need for any new information."

Amendment  102

Proposal for a directive – amending act

Article 5 – point 6

Directive 2003/71/EC

Article 18 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Directive and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

4. In order to ensure uniform application of this Directive and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure subparagraph in accordance with the procedure for implementing acts pursuant to Article 291 of the Treaty on the Functioning of the European Union."

Amendment  103

Proposal for a directive – amending act

Article 5 – point 6 a (new)

Directive 2003/71/EC

Article 20 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(6a) Article 20(3) is replaced by the following:

 

"3. In order to ensure consistent harmonisation and uniform application of this Directive, the Commission shall lay down, by means of delegated acts in accordance with Articles 24, 24a and 24b, measures to establish general equivalence criteria, based on the requirements laid down in Articles 5 and 7.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority.

 

On the basis of such criteria, the Commission may, in accordance with Articles 24, 24a and 24b, declare that a third country ensures the equivalence of prospectus drawn up in that country with this Directive by reason of its national law, or of practices or procedures based on international standards set by international organisations, including the IOSCO disclosure standards."

Amendment  104

Proposal for a directive – amending act

Article 5 – point 6 b (new)

Directive 2003/71/EC

Article 21 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(6b) In Article 21, the following paragraph is inserted after paragraph 1:

 

"1a. The competent authorities shall cooperate with the European Securities and Markets Authority where necessary for the purposes of this Directive."

Amendment  105

Proposal for a directive – amending act

Article 5 – point 6 c (new)

Directive 2003/71/EC

Article 21 – paragraph 1 b (new)

 

Text proposed by the Commission

Amendment

 

(6c) In Article 21, the following paragraph is inserted:

 

"1b. The competent authorities shall, without any delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  106

Proposal for a directive – amending act

Article 5 – point 7 a (new)

Directive 2003/71/EC

Article 21 – paragraph 4 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(7a) In Article 21(4), the following subparagraph is added:

 

"On-site inspections under point (d) may be carried out in collaboration with the European Securities and Markets Authority."

Amendment  107

Proposal for a directive – amending act

Article 5 – point 8 – point a

Directive 2003/71/EC

Article 22 – paragraph 3

 

Text proposed by the Commission

Amendment

3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

3. Paragraph 1 shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board, subject to constraints relating to firm-specific information and effects on third countries as provided for in Regulation (EC) No .../2010 [ESMA] and Regulation (EC) No .../2010 [ESRB] respectively. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

Amendment  108

Proposal for a directive – amending act

Article 5 – point 8 – point (b)

Directive 2003/71/EC

Article 22 – paragraph 4 – subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

4. In order to ensure consistent harmonisation and uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

Amendment  109

Proposal for a directive – amending act

Article 5 – point 8 a (new)

Directive 2003/71/EC

Article 23 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(8a) Article 23(2) is replaced by the following:

 

"2. If, despite the measures taken by the competent authority of the home Member State or because such measures prove inadequate, the issuer or the financial institution in charge of the public offer persists in breaching the relevant legal or regulatory provisions, the competent authority of the host Member State, after informing the competent authority of the home Member State, shall take all the appropriate measures in order to protect investors. The Commission and the European Securities and Markets Authority shall be informed of such measures at the earliest opportunity."

Amendment  110

Proposal for a directive – amending act

Article 5 – point 8 b (new)

Directive 2003/71/EC

Chapter VII – Title

 

Text proposed by the Commission

Amendment

 

(8b) The title of Chapter VII is replaced by the following:

 

"DELEGATED POWERS AND IMPLEMENTING MEASURES"

Amendment  111

Proposal for a directive – amending act

Article 5 – point 8 c (new)

Directive 2003/71/EC

Article 24 – Title

 

Text proposed by the Commission

Amendment

 

(8c) The title of Article 24 is replaced by the following:

 

"Delegation of powers and committee procedure"

Amendment  112

Proposal for a directive – amending act

Article 5 – point 8 d (new)

Directive 2003/71/EC

Article 24 – paragraph 2a

 

Text proposed by the Commission

Amendment

 

(8d) Article 24(2a) is replaced by the following:

 

"2a. The power to adopt the delegated acts referred to in Article 1(3a), Article 2(4), Article 4(3), Article 5(5), Article 5(5a), Article 7(1), Article 7(3), Article 8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and Article 20(3) shall be conferred on the Commission for an indeterminate period of time."

Amendment  113

Proposal for a directive – amending act

Article 5 – point 8 e (new)

Directive 2003/71/EC

Article 24 – paragraph 2a a (new)

 

Text proposed by the Commission

Amendment

 

(8e) In Article 24, the following paragraph is inserted:

 

"2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Amendment  114

Proposal for a directive – amending act

Article 5 – point 8 f (new)

Directive 2003/71/EC

Article 24 – paragraph 2a b (new)

 

Text proposed by the Commission

Amendment

 

(8f) In Article 24, the following paragraph is inserted:

 

"2ab. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 24a and 24b."

Amendment  115

Proposal for a directive – amending act

Article 5 – point 8 g (new)

Directive 2003/71/EC

Article 24 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(8g) Article 24(3) is deleted.

Amendment  116

Proposal for a directive – amending act

Article 5 – point 8 h (new)

Directive 2003/71/EC

Article 24 a (new)

 

Text proposed by the Commission

Amendment

 

(8h) The following article is inserted after Article 24:

 

"Article 24a

 

Revocation of the delegation

 

1. The delegation of powers referred to in Article 1(3a), Article 2(4), Article 4(3), Article 5(5), 5 Article (5a), Article 7(1), Article 7(3), Article 8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and Article 20(3) may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commisssion.

 

3. The revocation decision shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  117

Proposal for a directive – amending act

Article 5 – point 8 i (new)

Directive 2003/71/EC

Article 24 b (new)

 

Text proposed by the Commission

Amendment

 

(8i) The following Article is inserted after Article 24a:

 

"Article 24b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  118

Proposal for a directive – amending act

Article 6 – point -1 (new)

Directive 2004/39/EC

Article 2 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(-1) Article 2(3) is replaced by the following:

 

"3. In order to take account of developments on financial markets and to ensure consistent harmonisation and uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, in respect of exemptions (c) (i), and (k) define the criteria for determining 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.

 

[...]

 

Draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  119

Proposal for a directive – amending act

Article 6 – point -1 a (new)

Directive 2004/39/EC

Article 4 – paragraph 1 – point 2 – subparagraph 2 – introductory wording

 

Text proposed by the Commission

Amendment

 

(-1a) In Article 4(1), the introductory wording of the second subparagraph of point 2 is replaced by the following:

 

"The European Securities and Markets Authority shall determine:"

Amendment  120

Proposal for a directive – amending act

Article 6 – point -1 b (new)

Directive 2004/39/EC

Article 4 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(-1b) Article 4(2) is replaced by the following:

 

"2. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the different elements of the definitions laid down in paragraph 1 of this Article as well as the different elements of the definitions laid down in Article 2 of Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive1 and Article 2 of Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive2. The Authority shall submit those draft technical standards to the Commission by 1 January 2015..

 

The Commission shall adopt those draft technical standards by means of delegated acts in accordance with Articles 64, 64a, 64b."

Amendment  121

Proposal for a directive – amending act

Article 6 – point 1

Directive 2004/39/EC

Article 5 – paragraph 3

 

Text proposed by the Commission

Amendment

3. Member States shall establish a register of all investment firms. The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised. It shall be updated on a regular basis.

3. Member States shall register all investment firms which provide services or carry out activities within their sphere of authority. The register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised. It shall be updated on a regular basis. Every authorisation shall be notified to the European Securities and Markets Authority.

The European Securities and Markets Authority established by Regulation …/… of the European Parliament and of the Council shall establish a register of all investment firms in the Community. The European Securities and Markets Authority shall publish that list and shall keep it up to date.

The European Securities and Markets Authority shall establish a register of all investment firms in the Union. The register shall contain information on the services or activities for which the investment firm is authorised and it shall be updated on a regular basis. The European Securities and Markets Authority shall be publicly accessible and the register shall be published on its website.

 

Where a competent Authority has withdrawn an authorisation in accordance with Article 8(b) to (d), the withdrawal shall be published in the register for a period of five years.

Amendment  122

Proposal for a directive – amending act

Article 6 – point 2

Directive 2004/39/EC

Article 7 – paragraph 4 –subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article and of Articles 7, 9(2)-(4), 10(1)-(2), and 12, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this Article and in Articles 7, 9(2)-(4), 10(1)-(2) and 12.

4. In order to ensure consistent harmonisation and uniform application of this Article and of Article 5(4), Article 9(2) to (4), Article 10(1) and (2), and Article 12, the European Securities and Markets Authority shall develop draft technical standards to:

 

(a) specify the requirements regarding the head office under Article 5(4);

 

(b) determine the information to be provided to the competent authorities under Article 7(2);

 

(c) determine the information and develop standard forms, templates and procedures for the notification provided for in Article 9(2);

 

(d) specify the requirements and criteria under Article 9(2) to (4) and Article 10(1) and (2); and

 

(e) specify the initial capital requirement under Article 12.

 

The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

Amendment  123

Proposal for a directive – amending act

Article 6 – point 2 a (new)

Directive 2004/39/EC

Article 8 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(2a) In Article 8, the following paragraph is added:

 

"Every withdrawal of authorisation shall be notified to the European Securities and Markets Authority."

Amendment  124

Proposal for a directive – amending act

Article 6 – point 3

Directive 2004/39/EC

Article 10a – paragraph 8 – subparagraph 1

 

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10 (4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

8. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1, the criteria for opposing acquisitions as referred to in paragraph 4 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10 (4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  125

Proposal for a directive – amending act

Article 6 – point 3 a (new)

Directive 2004/39/EC

Article 10b – paragraph 1 – subparagraph 2

 

Text proposed by the Commission

Amendment

 

(3a) In Article 10b(1), the second subparagraph is replaced by the following:

 

"In order to take account of [...] developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, adopt measures which adjust the criteria set out in the first subparagraph of this paragraph.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  126

Proposal for a directive – amending act

Article 6 – point 3 b (new)

Directive 2004/39/EC

Article 13 – paragraph 10

 

Text proposed by the Commission

Amendment

 

(3b) Article 13(10) is replaced by the following:

 

"10. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of this Directive, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 2 to 8 of this Article and Article 18(1) and (2) of this Directive, and Articles 7 and 8 of Commission Regulation (EC) No 1287/2006/EC as well as Articles 16 to 20 and 51 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  127

Proposal for a directive – amending act

Article 6 – point 3 c (new)

Directive 2004/39/EC

Article 15 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(3c) Article 15(1) is replaced by the following:

 

"1. Member States shall inform the Commission and the European Securities and Markets Authority of any general difficulties which their investment firms encounter in establishing themselves or providing investment services and/or performing investment activities in any third country."

Amendment  128

Proposal for a directive – amending act

Article 6 – point 3 d (new)

Directive 2004/39/EC

Article 15 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(3d) Article 15(2) is replaced by the following:

 

"2. Whenever it appears to the Commission, on the basis of information submitted to it under paragraph 1, that a third country does not grant Union investment firms effective market access comparable to that granted by the Union to investment firms from that third country, the Commission, following guidance issued by the European Securities and Markets Authority, shall submit proposals to the Council for an appropriate mandate for negotiation with a view to obtaining comparable competitive opportunities for Union investment firms. The Council shall act by a qualified majority.

 

The proposals shall be transmitted without delay to the European Parliament for information."

Amendment  129

Proposal for a directive – amending act

Article 6 – point 3 e (new)

Directive 2004/39/EC

Article 15 – paragraph 3 – subparagraph 2

 

Text proposed by the Commission

Amendment

 

(3e) In Article 15(3), the second subparagraph is replaced by the following:

 

"In the circumstances referred to in the first subparagraph, the Commission may decide, by means of delegated acts in accordance with Articles 64, 64a and 64b, at any time and in addition to the initiation of negotiations, that the competent authorities of the Member States must limit or suspend their decisions regarding requests pending or future requests for authorisation and the acquisition of holdings by direct or indirect parent undertakings governed by the law of the third country in question. Such limitations or suspensions may not be applied to the setting-up of subsidiaries by investment firms duly authorised in the Union or by their subsidiaries, or to the acquisition of holdings in Union investment firms by such firms or subsidiaries. The duration of such measures may not exceed three months."

Amendment  130

Proposal for a directive – amending act

Article 6 – point 3 f (new)

Directive 2004/39/EC

Article 15 – paragraph 3 – subparagraph 3

 

Text proposed by the Commission

Amendment

 

(3f) In Article 15(3), the third subparagraph is replaced by the following:

 

"Before the end of the three-month period referred to in the second subparagraph and in the light of the results of the negotiations, the Commission may decide by means of delegated acts in accordance with Articles 64, 64a and 64b, to extend these measures"

Amendment  131

Proposal for a directive – amending act

Article 6 – point 3 g (new)

Directive 2004/39/EC

Article 16 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(3g) In Article 16(2), the following subparagraph is added:

 

"The European Securities and Markets Authority shall develop guidelines regarding the monitoring methods referred to in this Article."

Amendment  132

Proposal for a directive – amending act

Article 6 – point 3 h (new)

Directive 2004/39/EC

Article 18 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3h) In Article 18(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to take account of developments on financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b:"

Amendment  133

Proposal for a directive – amending act

Article 6 – point 3 i (new)

Directive 2004/39/EC

Article 18 – paragraph 3 – subparagraph 2

 

Text proposed by the Commission

Amendment

 

(3i) In Article 18(3), the second subparagraph is replaced by the following:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  134

Proposal for a directive – amending act

Article 6 – point 3 j (new)

Directive 2004/39/EC

Article 19 – paragraph 6 – indent 1

 

Text proposed by the Commission

Amendment

 

(3j) In Article 19(6), the first indent is replaced by the following:

 

" the above services relate to shares admitted to trading on a regulated market or in an equivalent third country market, money market instruments, bonds or other forms of securitised debt (excluding those bonds or securitised debt that embed a derivative), UCITS and other non-complex financial instruments. A third country market shall be considered as equivalent to a regulated market if it complies with equivalent requirements to those established under Title III. The European Securities and Markets Authority shall publish on its website a list of those markets that are to be considered as equivalent. This list shall be updated periodically,"

Amendment  135

Proposal for a directive – amending act

Article 6 – point 3 k (new)

Directive 2004/39/EC

Article 19 – paragraph 10 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3k) In Article 19(10), the introductory part of the first subparagraph is replaced by the following:

 

"10. In order to take account of developments in financial markets and to ensure the necessary protection of investors, the consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 8 of this Article as well as of Articles 35 to 39 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  136

Proposal for a directive – amending act

Article 6 – point 3 l (new)

Directive 2004/39/EC

Article 21 – paragraph 6 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3l) In Article 21(6), the introductory part of the first subparagraph is replaced by the following:

 

"6. In order to take account of developments in financial markets and to ensure the protection necessary for investors, the fair and orderly functioning of markets, the consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 5 of this Article as well as Articles 44-46 of Commission Directive 2006/73/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  137

Proposal for a directive – amending act

Article 6 – point 3 m (new)

Directive 2004/39/EC

Article 22 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3m) In Article 22(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to ensure that measures for the protection of investors and fair and orderly functioning of markets take account of technical developments in financial markets, and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 and 2 of this Article as well as Article 31 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  138

Proposal for a directive – amending act

Article 6 – point 3 n (new)

Directive 2004/39/EC

Article 23 – paragraph 3 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(3n) Article 23(3), first subparagraph is replaced by the following:

 

"Member States that decide to allow investment firms to appoint tied agents shall send a systematically updated list of all tied agents to the European Securities and Market Authority. The European Authority shall establish a public register of all tied agents throughout the Union, which shall kept up to date and published on the internet for consultation free of charge."

Amendment  139

Proposal for a directive – amending act

Article 6 – point 3 o (new)

Directive 2004/39/EC

Article 23 – paragraph 3 – subparagraph 5

 

Text proposed by the Commission

Amendment

 

(3o) Article 23(3), the fifth subparagraph is replaced by the following:

 

"The register shall be updated on a regular basis. It shall be published on the internet and available for consultation.

 

The European Securities and Markets Authority shall establish a list of all appointed tied agents of the investment firms throughout the Union. The European Securities and Markets Authority shall publish that list on its website and shall keep it up to date."

Amendment  140

Proposal for a directive – amending act

Article 6 – point 3 p (new)

Directive 2004/39/EC

Article 24 – paragraph 5 –subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3p) In Article 24(5), the introductory part of the first subparagraph is replaced by the following:

 

"5. In order to ensure consistent harmonisation and the uniform application of paragraphs 2, 3 and 4 in the light of changing market practice and to facilitate the effective operation of the single market, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define:"

Amendment  141

Proposal for a directive – amending act

Article 6 – point 3 q (new)

Directive 2004/39/EC

Article 24 – paragraph 5 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(3q) In Article 24(5), the second subparagraph is replaced by the following:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  142

Proposal for a directive – amending act

Article 6 – point 3 r (new)

Directive 2004/39/EC

Article 25 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(3r) Article 25(1) is replaced by the following:

 

"1. Without prejudice to the allocation of responsibilities for enforcing the provisions of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse), the European Securities and Markets Authority and Member States shall ensure that appropriate measures are in place to enable the competent authority to monitor the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market."

Amendment  143

Proposal for a directive – amending act

Article 6 – point 3 s (new)

Directive 2004/39/EC

Article 25 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(3s) Article 25(2) is replaced by the following:

 

"2. Member States shall require investment firms to keep at the disposal of the European Securities and Markets Authority and the competent authority, for at least five years, the relevant data relating to all transactions in financial instruments which they have carried out, whether on own account or on behalf of a client. In the case of transactions carried out on behalf of clients, the records shall contain all the information and details of the identity of the client, and the information required under Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering."

Amendment  144

Proposal for a directive – amending act

Article 6 – point 3 t (new)

Directive 2004/39/EC

Article 25 – paragraph 7

 

Text proposed by the Commission

Amendment

 

(3u) Article 25(7) is replaced by the following:

 

"7. In order to ensure that measures for the protection of market integrity are modified to take account of technical developments in financial markets, and to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define the methods and arrangements for reporting financial transactions, the form and content of these reports and the criteria for defining a relevant market in accordance with paragraph 3.

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  145

Proposal for a directive – amending act

Article 6 – point 3 u (new)

Directive 2004/39/EC

Article 27 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(3v) Article 27(2) is replaced by the following:

 

"2. The competent authority of the most relevant market in terms of liquidity as defined in Article 25 for each share shall determine at least annually, on the basis of the arithmetic average value of the orders executed in the market in respect of that share, the class of shares to which it belongs. This information shall be made public to all market participants and transmitted to the European Securities and Markets Authority. The European Securities and Markets Authority shall publish this information on its website."

Amendment  146

Proposal for a directive – amending act

Article 6 – point 3 v (new)

Directive 2004/39/EC

Article 27 – paragraph 7 – subparagraph 1 – instroductory part

 

Text proposed by the Commission

Amendment

 

(3w) In Article 27(7), the introductory part of the first subparagraph is replaced by the following:

 

"7. In order to take account of developments in financial markets and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 6 of this Article as well as Articles 21-26 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  147

Proposal for a directive – amending act

Article 6 – point 3 w (new)

Directive 2004/39/EC

Article 28 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3x) In Article 28(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to take account of developments in financial markets and to ensure the transparent and orderly functioning of markets, the consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27 to 30 and 32-34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  148

Proposal for a directive – amending act

Article 6 – point 3 x (new)

Directive 2004/39/EC

Article 29 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3y) In Article 29(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to take account of developments in financial markets and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 17 to 20, 29 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  149

Proposal for a directive – amending act

Article 6 – point 3 y (new)

Directive 2004/39/EC

Article 30 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(3z) In Article 30(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to take account of developments in financial markets and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  150

Proposal for a directive – amending act

Article 6 – point 3 z (new)

Directive 2004/39/EC

Article 31 – paragraph 2 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(3aa) In Article 31(2), the second subparagraph is replaced by the following:

 

"In cases where the investment firm intends to use tied agents, the competent authority of the home Member State of the investment firm shall, at the request of the competent authority of the host Member State and within a reasonable time, communicate the identity of the tied agents that the investment firm intends to use in that Member State. The host Member State may make public such information and shall transmit this information to the European Securities and Markets Authority."

Amendment  151

Proposal for a directive – amending act

Article 6 – point 4

Directive 2004/39/EC

Article 31 – paragraph 7 –subparagraph 1

 

Text proposed by the Commission

Amendment

7. In order to ensure uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraphs 3 and 6, including the development of standard forms and templates.

7. In order to ensure consistent harmonisation and uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraphs 3 and 6, including the development of standard forms and templates.

Amendment  152

Proposal for a directive – amending act

Article 6 – point 5

Directive 2004/39/EC

Article 32 – paragraph 10 – subparagraph 1

 

Text proposed by the Commission

Amendment

10. In order to ensure uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraph 3, including the development of standard forms and templates.

10. In order to ensure consistent harmonisation and uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraph 3, including the development of standard forms and templates.

Amendment  153

Proposal for a directive – amending act

Article 6 – point 5 a (new)

Directive 2004/39/EC

Article 36 – paragraph 5 a (new)

 

Text proposed by the Commission

Amendment

 

(5a) In Article 36, the following paragraph is added:

 

"5a.The European Securities and Markets Authority shall be notified of any withdrawal of authorisation."

Amendment  154

Proposal for a directive – amending act

Article 6 – point 5 b (new)

Directive 2004/39/EC

Article 39 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(5b) In Article 39, the following paragraph is added:

 

"1a. In order to take account of developments in financial markets and to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of point (d). The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation (EC) No .../2010 [ESMA]."

Justification

Uniform application of the Mifid in order to develop a level-playing field should be facilitated through the drafting of technical standards by ESMA..

Amendment  155

Proposal for a directive – amending act

Article 6 – point 5 c (new)

Directive 2004/39/EC

Article 40 – paragraph 6 –subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(5c) In Article 40(6), the introductory part of the first subparagraph is replaced by the following:

 

"6. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b:"

Amendment  156

Proposal for a directive – amending act

Article 6 – point 5 d (new)

Directive 2004/39/EC

Article 40 – paragraph 6 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(5d) In Article 40(6), the second subparagraph is replaced by the following:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  157

Proposal for a directive – amending act

Article 6 – point 5 e (new)

Directive 2004/39/EC

Article 41 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(5e) Article 41(2) is replaced by the following:

 

"2. A competent authority which demands the suspension or removal of a financial instrument from trading on one or more regulated markets shall immediately make public its decision and inform the European Securities and Markets Authority and the competent authorities of the other Member States. Except where it could cause significant damage to the investors' interests or the orderly functioning of the market the competent authorities of the other Member States shall demand the suspension or removal of that financial instrument from trading on the regulated markets and MTFs that operate under their authority."

Amendment  158

Proposal for a directive – amending act

Article 6 – point 5 f (new)

Directive 2004/39/EC

Article 42 – paragraph 6 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(5f) In Article 42(6), the second subparagraph is replaced by the following:

 

"The regulated market shall communicate to the competent authority of its home Member State and the European Securities and Markets Authority the Member State in which it intends to provide such arrangements. The competent authority of the home Member State shall communicate, within one month, this information to the Member State in which the regulated market intends to provide such arrangements."

Amendment  159

Proposal for a directive – amending act

Article 6 – point 5 g (new)

Directive 2004/39/EC

Article 42 – paragraph 7 a (new)

 

Text proposed by the Commission

Amendment

 

(5g) In Article 42, the following paragraph is added:

 

"7a. In order to take account of developments in financial markets and to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraph 1. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Justification

Uniform application of the Mifid in order to develop a level-playing field should be facilitated through the drafting of technical standards by ESMA..

Amendment  160

Proposal for a directive – amending act

Article 6 – point 5 h (new)

Directive 2004/39/EC

Article 44 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(5h) In Article 44(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to take account of developments in financial markets and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 17 to 20, 29 to 30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  161

Proposal for a directive – amending act

Article 6 – point 5 i (new)

Directive 2004/39/EC

Article 45 – paragraph 3 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(5i) In Article 45(3), the introductory part of the first subparagraph is replaced by the following:

 

"3. In order to provide for the efficient and orderly functioning of financial markets, to take account of developments in financial markets and to ensure consistent harmonisation and the uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of paragraphs 1 to 2 of this Article as well as Articles 27-30 and 32 to 34 of Commission Regulation 2006/1287/EC. The Authority shall submit those draft technical standards to the Commission by 1 January 2015.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph by means of delegated acts in accordance with Articles 64, 64a, and 64b."

Amendment  162

Proposal for a directive – amending act

Article 6 – point 7 a (new)

Directive 2004/39/EC

Article 51 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(7a) In Article 51, the following paragraph is inserted:

 

"2a. Member States shall inform the European Securities and Markets Authority of the administrative measures or sanctions determined in accordance with paragraphs 1 and 2."

Amendment  163

Proposal for a directive – amending act

Article 6 – point 8 a (new)

Directive 2004/39/EC

Article 54 – paragraph 5 a (new)

 

Text proposed by the Commission

Amendment

 

(8a) In Article 54, the following paragraph is added:

 

"5a.This Article shall not prevent the competent authorities from exchanging confidential information or from transmitting confidential information to the European Securities and Markets Authority or the European Systemic Risk Board. Information exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board shall be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject."

Amendment  164

Proposal for a directive – amending act

Article 6 – point 8 b (new)

Directive 2004/39/EC

Article 56 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(8b) Article 56(1) is replaced by the following:

 

"1. Competent authorities of different Member States shall cooperate with each other and with the European Securities and Markets Authority whenever necessary for the purpose of carrying out their duties under this Directive, making use of their powers whether set out in this Directive or in national law.

 

Competent authorities shall render assistance to competent authorities of the other Member States and to the European Securities and Markets Authority. In particular, they shall exchange information and cooperate in any investigation or supervisory activities.

 

In order to facilitate and accelerate cooperation, and more particularly exchange of information, Member States shall designate one single competent authority as a contact point for the purposes of this Directive. Member States shall communicate to the Commission, to the European Securities and Markets Authority and to the other Member States the names of the authorities which are designated to receive requests for exchange of information or cooperation pursuant to this paragraph."

Amendment  165

Proposal for a directive – amending act

Article 6 – point 8 c (new)

Directive 2004/39/EC

Article 56 – paragraph 4

 

Text proposed by the Commission

Amendment

 

(8c) Article 56(4) is replaced by the following:

 

"Where a competent authority has good reasons to suspect that acts contrary to the provisions of this Directive, carried out by entities not subject to its supervision, are being or have been carried out on the territory of another Member State, it shall notify this in as specific a manner as possible to the competent authority of the other Member State and to the European Securities and Markets Authority. The latter authority shall take appropriate action. It shall inform the notifying competent authority and the European Securities and Markets Authority of the outcome of the action and, to the extent possible, of significant interim developments. This paragraph shall be without prejudice to the competences of the competent authority that has forwarded the information."

Amendment  166

Proposal for a directive – amending act

Article 6 – point 8 d (new)

Directive 2004/39/EC

Article 56 – paragraph 5

 

Text proposed by the Commission

Amendment

 

(8d) Article 56(5) is replaced by the following:

 

"5. In order to ensure consistent harmonisation and the uniform application of paragraphs 1 and 2, the Commission shall, by means of delegated acts in accordance with Articles 64, 64a and 64b, define the modalities for the cooperation of the competent authorities and 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 [...]."

Amendment  167

Proposal for a directive – amending act

Article 6 – point 8 e (new)

Directive 2004/39/EC

Article 56 – paragraph 5 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(8e) In Article 56(5), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  168

Proposal for a directive – amending act

Article 6 – point 9

Directive 2004/39/EC

Article 56 – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2, including the development of standard forms and templates.

6. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2, including the development of standard forms and templates.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant Article 291 of the Treaty on the Functioning of the European Union.

Amendment  169

Proposal for a directive – amending act

Article 6 – point 10 – point a

Directive 2004/39/EC

Article 57 – paragraph 1

 

Text proposed by the Commission

Amendment

(a) The existing text is renumbered as paragraph 1.

(a) In Article 57, the first paragraph is replaced by the following:

 

"The European Securities and Markets Authority or a competent authority of one Member State may request the cooperation of the competent authority of another Member State in a supervisory activity or for an on-the-spot verification or in an investigation. In the case of investment firms that are remote members of a regulated market the competent authority of the regulated market may choose to address them directly, in which case it shall inform the competent authority of the home Member State of the remote member accordingly."

Amendment  170

Proposal for a directive – amending act

Article 6 – point 10 – point b

Directive 2004/39/EC

Article 57 – paragraph 2 – subparagraph 1

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of paragraph 1, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation for competent authorities to cooperate in supervisory activities, on-the-spot-verifications, and investigations.

2. In order to ensure consistent harmonisation and uniform application of paragraph 1, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the obligation for competent authorities to cooperate in supervisory activities, on-the-spot-verifications, and investigations.

Amendment  171

Proposal for a directive – amending act

Article 6 – point 11 – point -a (new)

Directive 2004/39/EC

Article 58 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(-a) In Article 58, the following paragraph is inserted:

 

"1a. Competent authorities shall, without any delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  172

Proposal for a directive – amending act

Article 6 – point 11 – point a

Directive 2004/39/EC

Article 58 – paragraph 4 – subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation to exchange information, including the development of standard forms or templates.

4. In order to ensure consistent harmonisation and uniform application of paragraphs 1 and 2, the European Securities and Markets Authority shall develop draft technical standards to establish common procedures for the exchange of information, including the development of standard forms or templates.

Amendment  173

Proposal for a directive – amending act

Article 6 – point 11 a (new)

Directive 2004/39/EC

Article 59 – paragraph 2

 

Text proposed by the Commission

Amendment

(11a) In Article 59, the second paragraph is replaced by the following:

 

"In the case of such a refusal, the competent authority shall notify the requesting competent authority and the European Securities and Markets Authority accordingly, providing as detailed information as possible."

Amendment  174

Proposal for a directive – amending act

Article 6 – point 12

Directive 2004/39/EC

Article 60 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation to consult other competent authorities prior to granting an authorisation, including the development of standard forms or templates.

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the obligation to consult other competent authorities prior to granting an authorisation, including the development of standard forms or templates.

Amendment  175

Proposal for a directive – amending act

Article 6 – point 14 a (new) – introductory wording and point a

Directive 2004/39/EC

Article 64 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(14a) Article 64 is amended as follows:

(a) Paragraph 2 is replaced by the following:

 

"2. The power to adopt the delegated acts referred to in Article 2, Article 4, Article 10b(1), Article 13(10), Articles 15, 18, 19, 21, 22, 24, 25, 27, 28, 29, 30, 40, 44, 45, and Article 56(2) shall be conferred on the Commission for an indeterminate period of time."

Amendment  176

Proposal for a directive – amending act

Article 6 – point 14 a (new) – point b

Directive 2004/39/EC

Article 64 – paragraphs 2 a and 2 b (new)

 

Text proposed by the Commission

Amendment

(b) The following paragraphs are inserted:

 

"2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

 

2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 64a and 64b."

Amendment  177

Proposal for a directive – amending act

Article 6 – point 14 a (new) - point c

Directive 2004/39/EC

Article 64 – paragraph 2a

 

Text proposed by the Commission

Amendment

(c) Paragraph 2a is replaced by the following:

 

"2c. None of the delegated acts enacted may change the essential provisions of this Directive."

Amendment  178

Proposal for a directive – amending act

Article 6 – point 14 a (new) – point d

Directive 2004/39/EC

Article 64 – paragraph 4

 

Text proposed by the Commission

Amendment

(d) Paragraph 4 is deleted.

Amendment  179

Proposal for a directive – amending act

Article 6 – point 14 b (new)

Directive 2004/39/EC

Article 64 a (new)

 

Text proposed by the Commission

Amendment

(14b) The following article is inserted after Article 64:

 

"Article 64a

 

Revocation of the delegation

 

1. The delegation of powers referred to in Articles 2 and 4, Article 10b(1), Article 13(10), Articles 15, 18, 19, 21, 22, 24, 25, 27, 28, 29, 30, 40, 44, 45, and Article 56(2) may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure with a view to deciding whether to revoke the delegation of powers shall endeavour to inform the other institution and the Commission.

 

3. The revocation decision shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at such later date as may be specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  180

Proposal for a directive – amending act

Article 6 – point 14 c (new)

Directive 2004/39/EC

Article 64 b (new)

 

Text proposed by the Commission

Amendment

 

(14c) The following Article is inserted after Article 64a:

 

"Article 64b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  181

Proposal for a directive – amending act

Article 7 – point -1 (new)

Directive 2004/109/EC

Article 2 – paragraph 3 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(-1) The first subparagraph of Article 2(3) is replaced by the following:

"3. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1, the Commission shall, in accordance with the procedures referred to in Article 27(2) and (2a), adopt delegated acts and implementing measures concerning the definitions set out in paragraph 1."

Amendment  182

Proposal for a directive – amending act

Article 7 – point -1 a (new)

Directive 2004/109/EC

Article 2 – paragraph 3 – subparagraph 3

 

Text proposed by the Commission

Amendment

 

(-1a) The third subparagraph of Article 2(3) is replaced by the following:

 

"The measures referred to in points (a) and (b) of the second subparagraph shall be laid down by means of delegated acts in accordance with Articles 27, 27a and 27b."

Amendment  183

Proposal for a directive – amending act

Article 7 – point -1 b (new)

Directive 2004/109/EC

Article 2 – paragraph 3 – subparagraph 3 a (new)

 

Text proposed by the Commission

Amendment

 

(-1b) In Article 2(3), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  184

Proposal for a directive – amending act

Article 7 – point -1 c (new)

Directive 2004/109/EC

Article 4 – paragraph 2 – point a a (new)

 

Text proposed by the Commission

Amendment

 

(-1c) In Article 4(2) the following point is inserted:

 

"(aa) a country-by-country disclosure of annual accounts;"

Amendment  185

Proposal for a directive – amending act

Article 7 – point -1 d (new)

Directive 2004/109/EC

Article 4 – paragraph 6

 

Text proposed by the Commission

Amendment

(-1d) Article 4(6) is replaced by the following:

 

"6. [...] In order to take account of technical developments in financial markets to ensure consistent harmonisation and uniform application of paragraph 1, the European Securities and Markets Authority shall develop draft technical standards. The European Securities and Markets Authority shall in particular specify the technical conditions under which a published annual financial report, including the audit report, is to remain available to the public. Where appropriate, the European Securities and Markets Authority may also adapt the five-year period referred to in paragraph 1.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Amendment  186

Proposal for a directive – amending act

Article 7 – point -1 e (new)

Directive 2004/109/EC

Article 5 – paragraph 6 – subparagraph 1

 

Text proposed by the Commission

Amendment

(-1e) In Article 5(6), the first subparagraph is replaced by the following:

"6. The Commission shall adopt delegated acts and implementing measures, in accordance with the procedures referred to in Article 27(2) and (2a), in order to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraphs 1 to 5 of this Article."

Amendment  187

Proposal for a directive – amending act

Article 7 – point -1 f (new)

Directive 2004/109/EC

Article 5 – paragraph 6 – subparagraph 3

 

Text proposed by the Commission

Amendment

(-1f) In Article 5(6), the third subparagraph is replaced by the following:

 

"The measures referred to in point (a) shall be adopted in accordance with the regulatory procedure referred to in Article 27(2). The measures referred to in points (b) and (c) [...] shall be laid down by means of delegated acts in accordance with the Articles 27, 27a and 27b."

Amendment  188

Proposal for a directive – amending act

Article 7 – point -1 g (new)

Directive 2004/109/EC

Article 5 – paragraph 6 – subparagraph 4

 

Text proposed by the Commission

Amendment

(-1g) In Article 5(6), the fourth subparagraph is replaced by the following:

 

"Where appropriate, the Commission may also adapt the five-year period referred to in paragraph 1 by means of a delegated act in accordance with Articles 27, 27a and 27b."

Amendment  189

Proposal for a directive – amending act

Article 7 – point -1 h (new)

Directive 2004/109/EC

Article 5 – paragraph 6 – subparagraph 4 a (new)

 

Text proposed by the Commission

Amendment

(-1h) In Article 5(6), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  190

Proposal for a directive – amending act

Article 7 – point -1 i (new)

Directive 2004/109/EC

Article 9 – paragraph 7 – subparagraph 1

 

Text proposed by the Commission

Amendment

(-1i) In Article 9(7), the first subparagraph is replaced by the following:

"7. The Commission shall be empowered to lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraphs 2, 4 and 5."

Amendment  191

Proposal for a directive – amending act

Article 7 – point -1 j (new)

Directive 2004/109/EC

Article 9 – paragraph 7 – subparagraph 2

 

Text proposed by the Commission

Amendment

(-1j) In Article 9(7), the second subparagraph is replaced by the following:

 

"The Commission shall also specify the maximum length of the ‘short settlement cycle’ referred to in paragraph 4 of this Article, as well as the appropriate control mechanisms by the competent authority of the home Member State by means of delegated acts in accordance with Articles 27, 27a and 27b."

Amendment  192

Proposal for a directive – amending act

Article 7 – point -1 k (new)

Directive 2004/109/EC

Article 9 – paragraph 7 – subparagraph 4 (new)

 

Text proposed by the Commission

Amendment

(-1k) In Article 9(7), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  193

Proposal for a directive – amending act

Article 7 – point 1 – point -a (new)

Directive 2004/109/EC

Article 12 – paragraph 8 – subparagraph 1 – introductory part

 

Text proposed by the Commission

Amendment

 

(-a) In paragraph 8, the introductory part of the first subparagraph is replaced by the following:

 

"8. In order to take account of technical developments on financial markets and to ensure consistent harmonisation and the uniform application of paragraphs 1, 2, 4, 5 and 6 of this Article, the Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures:"

Amendment  194

Proposal for a directive – amending act

Article 7 – point 1 – point a a (new)

Directive 2004/109/EC

Article 12 – paragraph 8 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(aa) In paragraph 8, the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  195

Proposal for a directive – amending act

Article 7 – point 1 – point b

Directive 2004/109/EC

Article 12 – paragraph 8 a (new) –subparagraph 1

 

Text proposed by the Commission

Amendment

9. In order to ensure the uniform application of paragraph 1 of this Article and to take account of technical developments in financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to establish a harmonised standard form to be used when notifying the required information to the issuer under paragraph 1 of this Article or when filing information under Article 19(3).

9. In order to ensure consistent harmonisation and the uniform application of paragraph 1 of this Article and to take account of technical developments in financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to establish a standard form to be used when notifying the required information to the issuer under paragraph 1 of this Article or when filing information under Article 19(3).

Amendment  196

Proposal for a directive – amending act

Article 7 – point 2 – point -a (new)

Directive 2004/109/EC

Article 13 – paragraph 2 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(-a) In Article 13(2), the first subparagraph is replaced by the following:

 

"2. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1. It shall in particular determine:"

Amendment  197

Proposal for a directive – amending act

Article 7 – point 2 – point a a (new)

Directive 2004/109/EC

Article 13 – paragraph 2 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(aa) In Article 13(2), the second subparagraph is deleted.

Amendment  198

Proposal for a directive – amending act

Article 7 – point 2 – point a b (new)

Directive 2004/109/EC

Article 13 – paragraph 2 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(ab) In Article 13(2) the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  199

Proposal for a directive – amending act

Article 7 – point 2 – point b – paragraph 1

Directive 2004/109/EC

Article 13 – paragraph 2 a (new) - subparagraph 1

 

Text proposed by the Commission

Amendment

3. In order to ensure the uniform application of paragraph 1 and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to establish a harmonised standard form to when notifying the required information to the issuer under paragraph 1 or when filing information under Article 19(3).

3. In order to ensure consistent harmonisation and the uniform application of paragraph 1 and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to establish a harmonised standard form to when notifying the required information to the issuer under paragraph 1 or when filing information under Article 19(3).

Amendment  200

Proposal for a directive – amending act

Article 7 – point 2 a (new)

Directive 2004/109/EC

Article 14 – paragraph 2

 

Text proposed by the Commission

Amendment

(2a) Article 14(2) is replaced by the following:

 

"2. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 1.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  201

Proposal for a directive – amending act

Article 7 – point 2 b (new)

Directive 2004/109/EC

Article 17 – paragraph 4

 

Text proposed by the Commission

Amendment

(2b) Article 17(4) is replaced by the following:

 

"4. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets, to take account of developments in information and communication technology and to ensure consistent harmonisation and the uniform application of paragraph 1, 2 and 3. It shall, in particular, specify the types of financial institution through which a shareholder may exercise the financial rights provided for in paragraph 2(c).

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  202

Proposal for a directive – amending act

Article 7 – point 2 c (new)

Directive 2004/109/EC

Article 18 – paragraph 5

 

Text proposed by the Commission

Amendment

(2c) Article 18(5) is replaced by the following:

 

"5. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets, to take account of developments in information and communication technology and to ensure consistent harmonisation and the uniform application of paragraph 1 to 4. It shall, in particular, specify the types of financial institution through which a debt security holder may exercise the financial rights provided for in paragraph 2(c).

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  203

Proposal for a directive – amending act

Article 7 – point 2 d (new)

Directive 2004/109/EC

Article 19 – paragraph 4

 

Text proposed by the Commission

Amendment

(2d) Article 19(4) is replaced by the following:

"4. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to ensure consistent harmonisation and the uniform application of paragraphs 1, 2 and 3 [...].

 

The Commission shall, in particular, specify the procedure in accordance with which an issuer, a holder of shares or other financial instruments, or a person or entity referred to in Article 10, is to file information with the competent authority of the home Member State under paragraphs 1 or 3, respectively, in order to:

 

(a) enable filing by electronic means in the home Member State;

 

(b) coordinate the filing of the annual financial report referred to in Article 4 of this Directive with the filing of the annual information referred to in Article 10 of Directive 2003/71/EC.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  204

Proposal for a directive – amending act

Article 7 – point 2 e (new)

Directive 2004/109/EC

Article 21 – paragraph 4

 

Text proposed by the Commission

Amendment

(2e) Article 21(4) is replaced by the following:

"4. The Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures in order to take account of technical developments in financial markets, to take account of developments in information and communication technology and to ensure the uniform application of paragraphs 1, 2 and 3

 

The Commission shall in particular specify:

 

(a) minimum standards for the dissemination of regulated information, as referred to in paragraph 1;

 

(b) minimum standards for the central storage mechanism as referred to in paragraph 2.

 

The Commission may also specify and update a list of media for the dissemination of information to the public.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  205

Proposal for a directive – amending act

Article 7 – point 2 f (new)

Directive 2004/109/EC

Article 22 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

(2f) In Article 22(1), the first subparagraph of is replaced by the following:

"1. The competent authorities of the Member States shall draw up appropriate guidelines and follow ESMA guidelines with a view to further facilitating public access to information to be disclosed under Directive 2003/6/EC, Directive 2003/71/EC and this Directive."

Amendment  206

Proposal for a directive – amending act

Article 7 – point 2 g (new)

Directive 2004/109/EC

Article 22 – paragraph 2

 

Text proposed by the Commission

Amendment

(2g) Article 22(2) is replaced by the following:

2. The Commission shall review regularly the results achieved and may, by means of delegated acts in accordance with Articles 27, 27a and 27b, adopt measures to facilitate compliance with Articles 19 and 21.

Amendment  207

Proposal for a directive – amending act

Article 7 – point 2 h (new)

Directive 2004/109/EC

Article 23 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

(2h) In Article 23(1), the first subparagraph of is replaced by the following:

"1. Where the registered office of an issuer is in a third country, the competent authority of the home Member State, following guidelines of the European Securities and Markets Authority, may exempt that issuer from requirements under Articles 4 to 7 and Articles 12(6), 14, 15 and 16 to 18, provided that the law of the third country in question lays down equivalent requirements or such an issuer complies with requirements of the law of a third country that the competent authority of the home Member State considers as equivalent.

 

The competent authority shall then inform the European Securities and Markets Authority of the granted exemption."

Amendment  208

Proposal for a directive – amending act

Article 7 – point 2 i (new)

Directive 2004/109/EC

Article 23 – paragraph 4

 

Text proposed by the Commission

Amendment

(2i) Article 23(4) is replaced by the following:

"4. In order to ensure consistent harmonisation and the uniform application of paragraph 1, the Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures:

 

(i) setting up a mechanism ensuring the establishment of equivalence of information required under this Directive, including financial statements and information, including financial statements, required under the law, regulations or administrative provisions of a third country;

 

(ii) stating that, by reason of its domestic law, regulations, administrative provisions, or of the practices or procedures based on the international standards set by international organisations, the third country where the issuer is registered ensures the equivalence of the information requirements provided for in this Directive.

 

In the context of point (ii) of the first subparagraph, the Commission shall lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures concerning the assessment of standards relevant to the issuers of more than one country.

 

[...]

 

The Commission shall, in accordance with Articles 27, 27a and 27b, take the necessary decisions on the equivalence of accounting standards which are used by third country issuers under the conditions set out in Article 30(3) at the latest five years following the date referred to in Article 31. If the Commission decides that the accounting standards of a third country are not equivalent, it may allow the issuers concerned to continue using such accounting standards during an appropriate transitional period.

 

In the context of the third subparagraph, the Commission shall also lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures aimed at establishing general equivalence criteria regarding accounting standards relevant to issuers of more than one country.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  209

Proposal for a directive – amending act

Article 7 – point 2 j (new)

Directive 2004/109/EC

Article 23 – paragraph 5

 

Text proposed by the Commission

Amendment

(2j) Article 23(5) is replaced by the following:

"5. In order to ensure consistent harmonisation and the uniform application of paragraph 2, the Commission may lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures defining the type of information disclosed in a third country that is of importance to the public in the Union.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  210

Proposal for a directive – amending act

Article 7 – point 2 k (new)

Directive 2004/109/EC

Article 23 – paragraph 7

 

Text proposed by the Commission

Amendment

(2k) Article 23(7) is replaced by the following:

"7. In order to take account of technical developments in financial markets and to ensure consistent harmonisation and the uniform application of paragraph 6, the Commission shall, in accordance with Articles 27, 27a and 27b, adopt implementing measures stating that, by reason of its domestic law, regulations, or administrative provisions, a third country ensures the equivalence of the independence requirements provided for under this Directive and delegated acts adopted under this Directive.

 

The Commission shall also lay down, by means of delegated acts in accordance with Articles 27, 27a and 27b, measures aimed at establishing general equivalence criteria for the purpose of the first subparagraph.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  211

Proposal for a directive – amending act

Article 7 – point 2l (new)

Directive 2004/109/EC

Article 24 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

(2l) In Article 24(1), the first subparagraph is replaced by the following:

"1. Each Member State shall designate the central authority referred to in Article 21(1) of Directive 2003/71/EC as the central competent administrative authority responsible for carrying out the obligations provided for in this Directive and for ensuring that the provisions adopted pursuant to this Directive are applied. Member States shall inform the Commission and theEuropean Securities and Markets Authority accordingly."

Justification

Amendment  212

Proposal for a directive – amending act

Article 7 – point 2 m (new)

Directive 2004/109/EC

Article 24 – paragraph 3

 

Text proposed by the Commission

Amendment

(2m) Article 24(3) is replaced by the following:

"3. Member States shall inform the Commission, the European Securities and MarketsAauthority and competent authorities of other Member States of any arrangements entered into with regard to the delegation of tasks, including the precise conditions for regulating the delegations."

Amendment  213

Proposal for a directive – amending act

Article 7 – point 2 n (new)

Directive 2004/109/EC

Article 25 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

(2n) In Article 25, the following paragraph is inserted:

 

"2a. Competent authorities shall cooperate with the European Securities and Markets Authority where it is necessary for the purposes of this Directive.

 

Competent authorities shall, without any delay, provide the European Securities and Markets Authority and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive on their own initiative or on request of the European Securities and Markets Authority."

Amendment  214

Proposal for a directive – amending act

Article 7 – point 3 a (new)

Directive 2004/109/EC

Article 25 – paragraph 4

 

Text proposed by the Commission

Amendment

(3a) Article 25(4) is replaced by the following:

"4. Member States and the European Securities and Markets Authority may conclude cooperation agreements providing for the exchange of information with the competent authorities or bodies of third countries enabled by their respective legislation to carry out any of the tasks assigned by this Directive to the competent authorities in accordance with Article 24. Member States shall notify the European Securities and Markets Authority when they conclude cooperation agreements. Such an exchange of information is subject to guarantees of professional secrecy at least equivalent to those referred to in this Article. Such an exchange of information shall be intended for the performance of the supervisory task of the authorities or bodies mentioned. Where the information originates in another Member State, it may not be disclosed without the express agreement of the competent authorities which have disclosed it and, where appropriate, solely for the purposes for which those authorities gave their agreement."

Amendment  215

Proposal for a directive – amending act

Article 7 – point 3 b (new)

Directive 2004/109/EC

Article 26 – paragraph 2

 

Text proposed by the Commission

Amendment

(3b) Article 26(2) is replaced by the following:

"2. If, despite the measures taken by the competent authority of the home Member State, or because such measures prove inadequate, the issuer or the security holder persists in infringing the relevant legal or regulatory provisions, the competent authority of the host Member State shall, after informing the competent authority of the home Member State, take, in accordance with Article 3(2), all the appropriate measures in order to protect investors. The Commission and the European Securities and Markets Authority shall be informed of such measures at the earliest opportunity."

Amendment  216

Proposal for a directive – amending act

Article 7 – point 3 c (new)

Directive 2004/109/EC

Chapter VI (after Article 26) – title

 

Text proposed by the Commission

Amendment

 

(3c) The title of Chapter VI is replaced by the following:

 

"DELEGATED ACTS AND IMPLEMENTING MEASURES"

Amendment  217

Proposal for a directive – amending act

Article 7 – point 3 d (new)

Directive 2004/109/EC

Article 27 – paragraph 2a

 

Text proposed by the Commission

Amendment

(3d) Article 27(2a) is replaced by the following:

"2a. The power to adopt the delegated acts referred to in Article 2(3), Article 5(6), Article 9(7), Article 12(8), Article 13(2), Article 14(2), Article 17(4), Article 18(5), Article 19(4), Article 21(4), Article 23(4), Article 23(5) and Article 23(7) shall be conferred on the Commission for an indeterminate period of time."

Amendment  218

Proposal for a directive – amending act

Article 7 – point 3 e (new)

Directive 2004/109/EC

Article 27 – paragraph 2a a (new)

 

Text proposed by the Commission

Amendment

(3e) In Article 27, the following paragraph is inserted:

 

"2aa. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council"

Amendment  219

Proposal for a directive – amending act

Article 7 – point 3 f (new)

Directive 2004/109/EC

Article 27 – paragraph 2a b (new)

 

Text proposed by the Commission

Amendment

(3f) In Article 27, the following paragraph is inserted:

 

"2ab. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 27a and 27b."

Amendment  220

Proposal for a directive – amending act

Article 7 – point 3 g (new)

Directive 2004/109/EC

Article 27 a (new)

 

Text proposed by the Commission

Amendment

(3g) The following Article is inserted:

 

"Article 27a

 

Revocation of the delegation

 

1. The delegation of power referred to in Article 2(3), Article 5(6), Article 9(7), Article 12(8), Article 13(2), Article 14(2), Article 17(4), Article 18(5), Article 19(4) Article 21(4), Article 23(4), Article 23(5) and Article 23(7) may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation.

 

The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  221

Proposal for a directive – amending act

Article 7 – point 3 h (new)

Directive 2004/109/EC

Article 27 b (new)

 

Text proposed by the Commission

Amendment

 

(3h) The following Article is inserted after Article 27a:

 

"Article 27b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  222

Proposal for a directive – amending act

Article 8 – point -1 a (new)

Directive 2005/60/EC

Article 11 – paragraph 4

 

Text proposed by the Commission

Amendment

(-1a) Article 11(4) is replaced by the following:

 

"4. The Member States shall inform each other, the ESAs and the Commission of cases where they consider that a third country meets the conditions laid down in paragraphs 1 or 2 or in other situations which meet the technical criteria established in accordance with Article 40(1)(b)."

Amendment  223

Proposal for a directive – amending act

Article 8 – point -1 b (new)

Directive 2005/60/EC

Article 16 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(-1b) Article 16(2) is replaced by the following:

 

"2. Member States shall inform each other, the ESAs and the Commission of cases where they consider that a third country meets the conditions laid down in paragraph 1(b). The ESAs shall publish the list of equivalent countries on their websites."

Amendment  224

Proposal for a directive – amending act

Article 8 – point -1 c (new)

Directive 2005/60/EC

Article 28 – paragraph 7

 

Text proposed by the Commission

Amendment

(-1c) Article 28(7) is replaced by the following:

 

"7. The Member States shall inform each other, the ESAs and the Commission of cases where they consider that a third country meets the conditions laid down in paragraphs 3, 4 or 5."

Amendment  225

Proposal for a directive – amending act

Article 8 – point -1 d (new)

Directive 2005/60/EC

Article 31 – paragraph 2

 

Text proposed by the Commission

Amendment

(-1d) Article 31(2) is replaced by the following:

 

"2. Member States, the ESAs and the Commission shall inform each other of cases where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1 and coordinated action could be taken to pursue a solution."

Amendment  226

Proposal for a directive – amending act

Article 8 – point 1

Directive 2005/60/EC

Article 31 – paragraph 3 a (new) –subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure the uniform application of this Article and to take account of technical developments in the fight against money laundering or terrorist financing, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority may develop draft technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council to determine the type of additional measures referred to in Article 31(3) and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1.

4. In order to ensure consistent harmonisation and the uniform application of this Article and to take account of technical developments in the fight against money laundering or terrorist financing, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, subject to prior consultation of the Committee for the Prevention of Money Laundering and Terrorist Financing provided for in Article 41, shall develop draft technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council to determine the type of additional measures referred to in Article 31(3) and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1.

Amendment  227

Proposal for a directive – amending act

Article 8 – point 2 a (new)

Directive 2005/60/EC

Article 37 a (new)

 

Text proposed by the Commission

Amendment

(2a) The following Article is added:

 

"Article 37a

 

Competent authorities shall cooperate with the ESAs where it is necessary for the purposes of this Directive.

 

Competent authorities shall, without any delay, provide ESAs and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  228

Proposal for a directive – amending act

Article 8 – point 2 b (new)

Directive 2005/60/EC

Chapter VI – title (before Article 40)

 

Text proposed by the Commission

Amendment

(2b) The title of Chapter VI is replaced by the following:

 

"DELEGATED ACTS"

Amendment  229

Proposal for a directive – amending act

Article 8 – point 2 c (new)

Directive 2005/60/EC

Article 40 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

(2c) In Article 40(1), the first subparagraph is replaced by the following:

 

"1. In order to take account of technical developments in the fight against money laundering or terrorist financing and to ensure consistent harmonisation and uniform implementation of this Directive, the Commission shall, [...] adopt the following [...] measures:"

Amendment  230

Proposal for a directive – amending act

Article 8 – point 2 d (new)

Directive 2005/60/EC

Article 40 – paragraph 1 – subparagraph 2

 

Text proposed by the Commission

Amendment

(2d) In Article 40(1), the second subparagraph of is replaced by the following:

 

"The measures [...] shall be adopted by means of delegated acts in accordance with Articles 41, 41a and 41b."

Amendment  231

Proposal for a directive – amending act

Article 8 – point 2 e (new)

Directive 2005/60/EC

Article 40 – paragraph 1 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(2e) In Article 40(1), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the ESAs in the framework of the JCESA."

Amendment  232

Proposal for a directive – amending act

Article 8 – point 2 f (new)

Directive 2005/60/EC

Article 40 – paragraph 3 – subparagraph 2

 

Text proposed by the Commission

Amendment

(2f) In Article 40(3) the second subparagraph is replaced by the following:

 

"The measures [...] shall be adopted by means of delegated acts in accordance with Articles 41, 41a and 41b."

Amendment  233

Proposal for a directive – amending act

Article 8 – point 2 g (new)

Directive 2005/60/EC

Article 40 – paragraph 3 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(2g) In Article 40(3) the following subparagraph is added:

 

"The draft delegated acts shall be elaborated by the ESAs in the framework of the JCESA."

Amendment  234

Proposal for a directive – amending act

Article 8 – point 2 h (new)

Directive 2005/60/EC

Article 40 – paragraph 4

 

Text proposed by the Commission

Amendment

(2h) Article 40(4) is replaced by the following:

 

"Where the Commission finds that a third country does not meet the conditions laid down in Article 11(1) or (2), Article 28(3), (4) or (5), or in the measures established in accordance with paragraph 1(b) of this Article or in Article 16(1)(b), or that the legislation of that third country does not permit application of the measures required under the first subparagraph of Article 31(1), it shall adopt a decision so stating by means of delegated acts in accordance with Articles 41, 41a and 41b."

Amendment  235

Proposal for a directive – amending act

Article 8 – point 2 i (new)

Directive 2005/60/EC

Article 40 – paragraph 4 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

(2i) In Article 40(4) the following subparagraph is added:

 

"The draft delegated acts shall be elaborated by the ESAs in the framework of the JCESA."

Amendment  236

Proposal for a directive – amending act

Article 8 – point 2 j (new)

Directive 2005/60/EC

Article 41 – paragraph 2 – subparagraph 1

 

Text proposed by the Commission

Amendment

 

(2j) In Article 41(2), the first subparagraph is replaced by the following:

 

"2. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof and provided that the [...] measures adopted in accordance with this procedure do not modify the essential provisions of this Directive."

Amendment  237

Proposal for a directive – amending act

Article 8 – point 2 k (new)

Directive 2005/60/EC

Article 41 – paragraph 2a

 

Text proposed by the Commission

Amendment

(2k) Article 41(2a) is replaced by the following:

 

"2a. The power to adopt delegated acts referred to in Article 40 shall be conferred on the Commission for an indeterminate period of time."

Amendment  238

Proposal for a directive – amending act

Article 8 – point 2 l (new)

Directive 2005/60/EC

Article 41 – paragraphs 2 b and 2 c (new)

 

Text proposed by the Commission

Amendment

(2l) In Article 41, the following paragraphs are inserted:

 

"2b. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

 

2c. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 41a and 41b."

Amendment  239

Proposal for a directive – amending act

Article 8 – point 2 m (new)

Directive 2005/60/EC

Article 41 – paragraph 3

 

Text proposed by the Commission

Amendment

(2m) Article 41(3) is deleted.

Amendment  240

Proposal for a directive – amending act

Article 8 – point 2 n (new)

Directive 2005/60/EC

Article 41 a (new)

 

Text proposed by the Commission

Amendment

(2n) The following article is inserted:

 

"Article 41a

 

Revocation of the delegation

 

1. The delegation of power referred to in Article 40 may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation.

 

The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  241

Proposal for a directive – amending act

Article 8 – point 2 o (new)

Directive 2005/60/EC

Article 41 b (new)

 

Text proposed by the Commission

Amendment

 

(2o) The following Article is inserted after Article 41a:

 

"Article 41b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  242

Proposal for a directive – amending act

Article 9 – point -1 (new)

Directive 2006/48/EC

Article 6 – paragraph 1

 

Text proposed by the Commission

Amendment

(-1) Article 6 is replaced by the following:

 

"Member States shall require credit institutions to obtain authorisation before commencing their activities. Without prejudice to Articles 7 to 12, they shall lay down the requirements for such authorisation and notify them to the EBA."

Amendment  243

Proposal for a directive – amending act

Article 9 – point 1

Directive 2006/48/EC

Article 6 – paragraph 1 a (new)

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority established by Regulation …/… of the European Parliament and of the Council may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in Articles 7, 8, 10, 11 and 12, with the exception of the conditions established in the second sentence of Article 11(1).

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority established by Regulation …/… of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in Articles 7, 8, 10, 11 and 12, with the exception of the conditions established in the second sentence of Article 11(1).

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  244

Proposal for a directive – amending act

Article 9 – point 2

Directive 2006/48/EC

Article 14 – subparagraph 2

 

Text proposed by the Commission

Amendment

The name of each credit institution to which authorisation has been granted shall be entered in a list. The European Banking Authority shall publish that list and shall keep it up-to-date.

The name of each credit institution to which authorisation has been granted shall be entered in a list. The European Banking Authority shall publish that list on its website and shall keep it up-to-date.

Amendment  245

Proposal for a directive – amending act

Article 9 – point 2 a (new)

Directive 2006/48/EC

Article 17 – point e a (new)

 

Text proposed by the Commission

Amendment

 

(2a) In Article 17(1), the following point is added:

 

"(ea) has caused a serious and systematic infringement of Union or national law with regard to the EBA and the competent authorities."

Amendment  246

Proposal for a directive – amending act

Article 9 – point 2 b (new)

Directive 2006/48/EC

Article 17 – paragraph 2

 

Text proposed by the Commission

Amendment

(2b) Article 17(2) is replaced by the following:

 

"2. Reasons shall be given for any withdrawal of authorisation and those concerned informed thereof. Such withdrawal shall be notified to the EBA."

Amendment  247

Proposal for a directive – amending act

Article 9 – point 3

Directive 2006/48/EC

Article 19 – paragraph 9 – subparagraph 1

 

Text proposed by the Commission

Amendment

9. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in Article 19b(1). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

9. In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in Article 19b(1). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  248

Proposal for a directive – amending act

Article 9 – point 4

Directive 2006/48/EC

Article 26 – paragraph 5 – subparagraph 1

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of Article 25 and this Article, and establish a uniform notification procedure by electronic means, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the information referred to in Article 25 and in this Article and the process for transmitting this information. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

5. In order to ensure consistent harmonisation and uniform application of Article 25 and this Article the European Banking Authority shall develop draft technical standards to establish a uniform notification procedure and specify the information to be notified according to Article 25 and to this Article and the process for transmitting this information by electronic means. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  249

Proposal for a directive – amending act

Article 9 – point 5

Directive 2006/48/EC

Article 28 – paragraph 4 –subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article and establish a uniform notification procedure by electronic means, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the information referred to in this Article and the process for transmitting this information. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

4. In order to ensure consistent harmonisation and uniform application of this Article the European Banking Authority shall develop draft technical standards to establish a uniform notification procedure and specify the information to be notified according to this Article and the process for transmitting this information by secure electronic means. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  250

Proposal for a directive – amending act

Article 9 – point 6 a (new)

Directive 2006/48/EC

Article 36

 

Text proposed by the Commission

Amendment

(6a) Article 36 is replaced by the following:

 

"Article 36

 

The Member States shall inform the Commission and the EBA of the number and type of cases in which there has been a refusal pursuant to Articles 25 and 26(1) to (3) or in which measures have been taken in accordance with Article 30(3)."

Amendment  251

Proposal for a directive – amending act

Article 9 – point 6 b (new)

Directive 2006/48/EC

Article 38 – paragraph 2

 

Text proposed by the Commission

Amendment

(6b) Article 38(2) is replaced by the following:

 

"2. The competent authorities shall notify the Commission, the EBA and the European Banking Committee of all authorisations for branches granted to credit institutions having their head office outside the Union."

Amendment  252

Proposal for a directive – amending act

Article 9 – point 6 c (new)

Directive 2006/48/EC

Article 39 – paragraph 2 – point ba (new)

 

Text proposed by the Commission

Amendment

(6c) In Article 39(2) the following point ba is added:

 

"(ba) that the EBA is able to obtain from national authorities of third countries a level of information and cooperation equivalent to that received from competent authorities of the Member States."

Amendment  253

Proposal for a directive – amending act

Article 9 – point 6 d (new)

Directive 2006/48/EC

Article 39 – paragraph 3

 

Text proposed by the Commission

Amendment

(6d) Article 39(3) is replaced by the following:

 

"3. Without prejudice to Article 218(1) and (2) of the TFUE, the Commission and the EBA shall, with the assistance of the European Banking Committee, examine the outcome of the negotiations referred to in paragraph 1 and the resulting situation."

Amendment  254

Proposal for a directive – amending act

Article 9 – point 7

Directive 2006/48/EC

Article 42 – paragraph 1 a (new) – subparagraph 1

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the procedures, methods and conditions of application of the information sharing requirements for the information which is likely to facilitate the monitoring of credit institutions. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the procedures, methods and formats of the information sharing requirements which are likely to facilitate the monitoring of credit institutions as well as to specify the information contained therein. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  255

Proposal for a directive – amending act

Article 9 – point 8

Directive 2006/48/EC

Article 42a – paragraph 1 –subparagraph 4

 

Text proposed by the Commission

Amendment

If, at the end of the two month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation, and shall act in conformity with that decision. The two month period shall be deemed the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the two month period or after a joint decision has been reached.

If, at the end of the two month period following receipt of a request under the first subparagraph any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the competent authorities of the host member State shall await the decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation to settle the matter in order to ensure compliance with Union law, and shall take their final decision in conformity with the Authority's decision. The Authority's decision shall not replace the prudential judgement of the competent authorities of the Member State. The two month period shall be deemed the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of that two month period or after a joint decision has been reached.

Amendment  256

Proposal for a directive – amending act

Article 9 – point 10

Directive 2006/48/EC

Article 44 – paragraph 2

 

Text proposed by the Commission

Amendment

2. Paragraph 1 shall not prevent the competent authorities of the various Member States from exchanging information or transmitting information to the European Banking Authority in accordance with this Directive and with other Directives applicable to credit institutions. That information shall be subject to the conditions of professional secrecy set out in paragraph 1.

2. Paragraph 1 shall not prevent the competent authorities of the various Member States from exchanging information or transmitting information to the European Banking Authority in accordance with this Directive and with other Directives applicable to credit institutions, as well as with Regulation .../...[EBA]. That information shall be subject to the conditions of professional secrecy set out in paragraph 1.

Amendment  257

Proposal for a directive – amending act

Article 9 – point 11

Directive 2006/48/EC

Article 46 – paragraph 1

 

Text proposed by the Commission

Amendment

Member States and the European Banking Authority may conclude cooperation agreements, providing for exchanges of information, with the competent authorities of third countries or with authorities or bodies of third countries as defined in Articles 47 and 48(1) only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in Article 44(1).

Member States and the European Banking Authority, in accordance with Article 18 of Regulation .../...[EBA], may conclude cooperation agreements, providing for exchanges of information, with the competent authorities of third countries or with authorities or bodies of third countries as defined in Articles 47 and 48(1) only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in Article 44(1).

Amendment  258

Proposal for a directive – amending act

Article 9 – point 11 a (new)

Directive 2006/48/EC

Article 46 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(11a) In Article 46 the second paragraph is replaced by the following:

 

"Information exchanged under the first subparagraph shall not be disclosed without the express agreement of the competent authorities which have transmitted it and solely for the purposes for which those authorities gave their agreement."

Amendment  259

Proposal for a directive – amending act

Article 9 – point 12 – point aa (new)

Directive 2006/48/EC

Article 49 – second subparagraph

 

Text proposed by the Commission

Amendment

(aa) In Article 49 the second subparagraph is replaced by the following:

 

"This Section shall not prevent such authorities or bodies from communicating to the competent authorities and to the EBA such information as they may need for the purposes of Article 45."

Amendment  260

Proposal for a directive – amending act

Article 9 – point 12 – point b

Directive 2006/48/EC

Article 49 – paragraph 4

 

Text proposed by the Commission

Amendment

In an emergency situation as referred to in Article 130(1), Member States shall allow competent authorities to communicate information to the central banks in the European system of the central banks when this information is relevant for the exercise of their statutory tasks, including the conduct of monetary policy and related liquidity provision, the oversight of payments, clearing and securities settlement systems, and the safeguarding stability of the financial system, and to the European Systemic Risk Board when this information is relevant for the exercise of its statutory tasks."

Member States shall allow competent authorities to communicate information to the central banks in the European system of the central banks when this information is relevant for the exercise of their statutory tasks, including the conduct of monetary policy and related liquidity provision, the oversight of payments, clearing and securities settlement systems, and the safeguarding stability of the financial system, and to the European Systemic Risk Board under Regulation (EC) No .../2010 [ESRB] when this information is relevant for the exercise of its statutory tasks. The Member States will enable the competent authorities to communicate automatically this kind of information in an emergency situation as refered to in Article 130(1).

Amendment  261

Proposal for a directive – amending act

Article 9 – point 13 – point b

Directive 2006/48/EC

Article 63a – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of paragraph 1 of this Article and the convergence of supervisory practices, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the provisions governing the instruments referred to in paragraph 1 of this Article The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

6. In order to ensure consistent harmonisation and uniform application of paragraph 1 of this Article and the convergence of supervisory practices, the European Banking Authority shall develop draft technical standards to determine the provisions governing the instruments referred to in paragraph 1 of this Article. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The European Banking Authority shall also issue guidelines in relation to instruments referred to in point (a) of the first paragraph of Article 57.

 

The European Banking Authority shall monitor the application of the technical standards referred to in the first subparagraph.

The European Banking Authority shall monitor the application of the technical standards referred to in the first subparagraph.

 

Before 1 January 2014, the European Banking Authority shall draw up guidelines for the convergence of supervisory practices with regard to the instruments referred to in paragraph 1 of this Article and in Article 57(a) and shall monitor their application.

 

The Commission may adopt the draft guidelines referred to in the first subparagraph in accordance with the procedure laid down in Article 8 of Regulation .../.... [EBA]."

Amendment  262

Proposal for a directive – amending act

Article 9 – point 14

Directive 2006/48/EC

Article 74 – paragraph 2 – second subparagraph

 

Text proposed by the Commission

Amendment

For the communication of these calculations by credit institutions, competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. In order to ensure uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Community, uniform formats, frequencies, languages and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

 

For the communication of these calculations by credit institutions, competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, IT language and dates of reporting. Reporting must be able to be done in any official language of the European Union. In order to ensure consistent harmonisation and uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Union, uniform formats, frequencies, IT language and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  263

Proposal for a directive – amending act

Article 9 – point 15

Directive 2006/48/EC

Article 81– paragraph 2 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall propose draft technical standards to specify the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  264

Proposal for a directive – amending act

Article 9 – point 16

Directive 2006/48/EC

Article 84 – paragraph 2 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this paragraph, the European Banking Authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the IRB Approach.

In order to ensure consistent harmonisation and uniform application of this paragraph, the European Banking Authority shall develop draft technical standards to determine the practical application of the conditions under which competent authorities permit credit institutions to use the IRB Approach.

Amendment  265

Proposal for a directive – amending act

Article 9 – point 17

Directive 2006/48/EC

Article 97 – paragraph 2 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall propose draft technical standards to specify the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  266

Proposal for a directive – amending act

Article 9 – point 18

Directive 2006/48/EC

Article 105 – paragraph 1 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the Advanced Measurement Approaches.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the Advanced Measurement Approaches.

Amendment  267

Proposal for a directive – amending act

Article 9 – point 19

Directive 2006/48/EC

Article 106 – paragraph 2 –subparagraph 2

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Paragraph, the European Banking Authority shall develop draft technical standards in order to determine the conditions of application of the exemptions in point (c) and (d). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Paragraph, the European Banking Authority shall develop draft technical standards in order to specify exemptions in point (c) and (d). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission may adopt those draft technical standards in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt those draft technical standards in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  268

Proposal for a directive – amending act

Article 9 – point 20

Directive 2006/48/EC

Article 110 – paragraph 2 – subparagraph 1

 

Text proposed by the Commission

Amendment

2. Member States shall provide that reporting shall be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. In order to ensure uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Community, uniform formats, frequencies, language and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

2. Member States shall provide that reporting shall be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, IT language and dates of reporting. Reporting must be able to be done in any official language of the European Union. In order to ensure consistent harmonisation and uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Union, uniform formats, frequencies, IT language and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

Amendment  269

Proposal for a directive – amending act

Article 9 – point 20 a (new)

Directive 2006/48/EC

Article 111 – paragraph 1 – subparagraph 4

 

Text proposed by the Commission

Amendment

(20a) In Article 111(1) the following subparagraph is added:

 

"Member States may set a lower limit than EUR 150 million and shall inform the EBA and the Commission."

Amendment  270

Proposal for a directive – amending act

Article 9 – point 20 b (new)

Directive 2006/48/EC

Article 113 – paragraph 3 – last subparagraph

 

Text proposed by the Commission

Amendment

(20a) In Article 113(3) the last subparagraph shall be replaced by:

 

"Member States shall inform the EBA and the Commission of any exemption granted under point (s) in order to ensure that it does not result in a distortion of competition."

Amendment  271

Proposal for a directive – amending act

Article 9 – point 21

Directive 2006/48/EC

Article 122a – paragraph 10 –subparagraph 2

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article, including the measures taken in case of breach of the due diligence and risk management obligations. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards for the convergence of supervisory practices with regard to this Article, including the measures taken in case of breach of the due diligence and risk management obligations. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  272

Proposal for a directive – amending act

Article 9 – point 22

Directive 2006/48/EC

Article 124 – paragraph 5 a (new) –subparagraph 1

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

6. In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure and methodology. These standards must differ according to risk. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  273

Proposal for a directive – amending act

Article 9 – point 22 a (new)

Directive 2006/48/EC

Article 126 – paragraph 4

 

Text proposed by the Commission

Amendment

(22a) Article 126(4) is replaced by the following.

 

"4. The competent authorities shall notify the EBA and the Commission of any agreement falling within paragraph 3."

Amendment  274

Proposal for a directive – amending act

Article 9 – point 22 b (new)

Directive 2006/48/EC

Article 129 – paragraph 1 – point c

 

Text proposed by the Commission

Amendment

(22b) In Article 129 (1), the following point is added:

 

(c) planning and coordination of supervisory activities in cooperation with the competent authorities involved and the EBA, and if necessary with central banks and the ESRB, in preparation for and during emergency situations, including adverse developments in credit institutions or in financial markets using, where possible, existing defined channels of communication for facilitating crisis management.

Amendment  275

Proposal for a directive – amending act

Article 9 – point 22 c (new)

Directive 2006/48/EC

Article 129 – paragraph 1 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

 

(22c) In Article 129(1), the following subparagraph is inserted after the first subparagraph:

 

"Where any competent authority concerned has referred a matter referred to in points (a), (b) and (c) of the first subparagraph to the European Banking Authority in accordance with Article 11 of Regulation(EC) No .../2010[EBA], that competent authority shall await the decision of the European Banking Authority, and shall take its decision in conformity with the decision of the European Banking Authority."

Justification

. Article 11 of the proposal for a Regulation establishing the European Banking Authority scopes the application of settlement of dispute in the case where a competent authority disagrees on the procedure or content of an action or action by another competent authority, in areas where the relevant legislation requires “cooperation, coordination or joint decisions”. Therefore Article 11 shall be applicable in those cases where the Capital Requirements Directive requires the coordination and cooperation among the competent authorities as this is also the case in Article 129 paragraph 1.

Amendment  276

Proposal for a directive – amending act

Article 9 – point 22 d (new)

Directive 2006/48/EC

Article 129 – paragraph 1 – subparagraph 1 b (new)

 

Text proposed by the Commission

Amendment

 

(22d) In Article 129(1), the following subparagraph is inserted after subparagraph 1a:

 

"In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards and guidelines to determine the conditions of the coordination and cooperation process with regard to the application of Articles 22, 123 and 124."

Justification

In order to provide supervisors with guidance on how cooperation and coordination shall be carried out in the areas covered by Article 22, 123 and 124, the European Banking Authority shall develop technical standards. Such standards will facilitate the cooperation and coordination among supervisors.

Amendment  277

Proposal for a directive – amending act

Article 9 – point 23 – subparagraph 2

Directive 2006/48/EC

Article 129 – paragraph 2 – subparagraph 5

 

Text proposed by the Commission

Amendment

If, at the end of the six month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that regulation, and shall act in conformity with that decision. The six month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the six month period or after a joint decision has been reached.

If, at the end of the six month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 11(3) of that regulation to settle the matter in compliance with Union law, and shall take its final decision in conformity with the Authority's decision. The six month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the six month period or after a joint decision has been reached.

Amendment  278

Proposal for a directive – amending act

Article 9 – point 24 – point b

Directive 2006/48/EC

Article 129 – paragraph 3 – subparagraph 4

 

Text proposed by the Commission

Amendment

In the absence of such a joint decision between the competent authorities within four months, a decision on the application of Articles 123 and 124 and Article 136(2) shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities. If, at the end of the four month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation, and shall act in conformity with that decision. The four month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four month period or after a joint decision has been reached.

In the absence of such a joint decision between the competent authorities within four months, a decision on the application of Articles 123 and 124 and Article 136(2) shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities. If, at the end of the four month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation to settle the matter in compliance with Union law, and shall take its final decision in conformity with the Authority's decision. . The four month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four month period or after a joint decision has been reached.

Amendment  279

Proposal for a directive – amending act

Article 9 – point 24 – point c

Directive 2006/48/EC

Article 129 – paragraph 3 – subparagraph 5

 

Text proposed by the Commission

Amendment

The decision on the application of Articles 123 and 124 and Article 136(2) shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an EU parent credit institution or an EU parent financial holding company on an individual or sub-consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor. If, at the end of the four month period, the consolidating supervisor has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the competent authorities shall await any decision that the European Banking Authority shall take in accordance with Article 11(3) of that Regulation, and shall act in conformity with that decision. The four month period shall be deemed the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four month period or after a joint decision has been reached.

The decision on the application of Articles 123 and 124 and Article 136(2) shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an EU parent credit institution or an EU parent financial holding company on an individual or sub-consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor. If, at the end of the four month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the competent authorities shall defer its decision and await any decision that the European Banking Authority shall take in accordance with Article 11(3) of that Regulation to settle the matter in order to ensure compliance with Union law, and shall take its final decision in conformity with the Authority's decision. The Authority's decision according to the precautionary principle shall not replace the consolidating supervisor's additional prudential judgement. The four month period shall be deemed the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four month period or after a joint decision has been reached.

Amendment  280

Proposal for a directive – amending act

Article 9 – point 24 – point d

Directive 2006/48/EC

Article 129 – paragraph 3 –subparagraph 7

 

Text proposed by the Commission

Amendment

Where the European Banking Authority has been consulted, all competent authorities shall consider its advice, and explain any significant deviation therefrom.

Where the European Banking Authority has been consulted, all competent authorities shall consider its advice, and explain any significant additional prudential deviation therefrom.

Amendment  281

Proposal for a directive – amending act

Article 9 – point 24 – point e

Directive 2006/48/EC

Article 129 – paragraph 3 –subparagraph 10

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the joint decision process referred to in this paragraph, with regard to the application of Articles 123, 124 and 132(2) and with a view to facilitating joint decisions. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the joint decision process referred to in this paragraph, with regard to the application of Articles 123, 124 and 132(2) and with a view to facilitating joint decisions. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission may adopt the draft technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the draft technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

Amendment  282

Proposal for a directive – amending act

Article 9 – point 25 –subparagraph 1

Directive 2006/48/EC

Article 130 – paragraph 1 – subparagraph 1

 

Text proposed by the Commission

Amendment

Where an emergency situation, including adverse developments in financial markets, arises, which potentially jeopardises the market liquidity and the stability of the financial system in any of the Member State where entities of a group have been authorised or where significant branches referred to in Article 42a are established, the consolidating supervisor shall, subject to Chapter 1, Section 2, alert as soon as is practicable, the European Banking Authority and the authorities referred to in the fourth subparagraph of Article 49 and Article 50 , and shall communicate all information essential for the pursuance of their tasks. Those obligations shall apply to all competent authorities under Articles 25 and 126 and to the competent authority identified under Article 129(1).

Where a potential or actual emergency situation, including any potential adverse developments in financial markets or in real economy, arises, which potentially jeopardises the market liquidity and the stability of the financial system in any of the Member State where entities of a group have been authorised or where significant branches referred to in Article 42a are established, the consolidating supervisor shall, subject to Chapter 1, Section 2, alert as soon as is practicable, the European Banking Authority, the European Systemic Risk Board and other authorities referred to in the fourth subparagraph of Article 49 and Article 50, and shall communicate all information essential for the pursuance of their tasks. Those obligations shall apply to all competent authorities under Articles 125 and 126 and to the competent authority identified under Article 129(1).

Amendment  283

Proposal for a directive – amending act

Article 9 – point 27 – point a

Directive 2006/48/EC

Article 131 a – paragraph 2 –subparagraph 1

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article and Article 42a(3), the European Banking Authority shall develop draft technical standards for the operational functioning of colleges, including in relation to Article 42a(3). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article and Article 42a(3), the European Banking Authority shall develop draft technical standards for the operational functioning of colleges, including in relation to Article 42a(3). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  284

Proposal for a directive – amending act

Article 9 – point 27 – point b – introductory phrase

Directive 2006/48/EC

Article 131 a – paragraph 2 – seventh subparagraph

 

Text proposed by the Commission

Amendment

(b) The seventh subparagraph is replaced by the following:

(b) The sixth subparagraph is replaced by the following:

Amendment  285

Proposal for a directive – amending act

Article 9 – point 27 a (new)

Directive 2006/48/EC

Article 132 – paragraph 1 – subparagraph 1 a and 1 b (new)

 

Text proposed by the Commission

Amendment

(27a) In Article 132(1), the following subparagraphs are inserted after the first subparagraph:

 

"The competent authorities shall cooperate with the EBA where it is necessary for the purposes of this Directive.

 

The competent authorities shall, without any delay, provide EBA and other competent authorities with all relevant and necessary information in order to fulfil their duties under this Directive."

Amendment  286

Proposal for a directive – amending act

Article 9 – point 27 b (new)

Directive 2006/48/EC

Article 140 – paragraph 3

 

Text proposed by the Commission

Amendment

(27b) In Article 140, the third paragraph is replaced by the following:

 

"3. The competent authorities responsible for supervision on a consolidated basis shall establish lists of the financial holding companies referred to in Article 71(2). Those lists shall be communicated to the competent authorities of the other Member States, to the EBA and to the Commission."

Amendment  287

Proposal for a directive – amending act

Article 9 – point 28 – point b

Directive 2006/48/EC

Article 143 – paragraph 2 –subparagraph 2

 

Text proposed by the Commission

Amendment

The competent authority carrying out the verification referred to in the first subparagraph of paragraph 1 shall take into account any such guidance. For this purpose, the competent authority shall consult the European Banking Authority before adopting a decision.

The competent authority carrying out the verification referred to in the first subparagraph of paragraph 1 shall take into account any such guidance. For this purpose, the competent authority shall consult the European Banking Authority before adopting a decision and decide in conformity.

Amendment  288

Proposal for a directive – amending act

Article 9 – point 28 a (new)

Directive 2006/48/EC

Article 143 – paragraph 3 –subparagraph 4

 

Text proposed by the Commission

Amendment

(28a) Article 143(3), fourth subparagraph, is replaced by the following:

"The supervisory techniques shall be designed to achieve the objectives of consolidated supervision as defined in this Chapter and shall be notified to the other competent authorities involved, the EBA and the Commission."

Amendment  289

Proposal for a directive – amending act

Article 9 – point 29

Directive 2006/48/EC

Article 144 – paragraph 1 a (new) – subparagraph 1

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format, structure, contents list and annual publication date of the disclosures provided for in this Article. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

In order to ensure consistent harmonisation and uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format, structure, contents list and annual publication date of the disclosures provided for in this Article. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

Amendment  290

Proposal for a directive – amending act

Article 9 – point 29 a (new)

Directive 2006/48/EC

Title VI (before Article 150)

 

Text proposed by the Commission

Amendment

(29a) The Title VI before Article 150 is replaced by the following.

 

"DELEGATED ACTS AND POWERS OF EXECUTION"

Amendment  291

Proposal for a directive – amending act

Article 9 – point 29 b (new)

Directive 2006/48/EC

Article 150 – paragraph 1 –subparagraph 1

 

Text proposed by the Commission

Amendment

 

(29b) In Article 150(1), the first subparagraph is replaced by the following:

1. Without prejudice, as regards own funds, to the proposal that the Commission is to submit pursuant to Article 62, the technical adjustments [...] shall be adopted by means of delegated acts in accordance with [...] Articles 151, 151a, and 151 b:

Amendment  292

Proposal for a directive – amending act

Article 9 – point 30 a (new)

Directive 2006/48/EC

Article 150 – paragraph 1 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(30a) In Article 150(1), the second subparagraph is replaced by the following:

 

"The draft delegated acts shall be drawn up by the EBA."

Amendment  293

Proposal for a directive – amending act

Article 9 – point 30 b (new)

Directive 2006/48/EC

Article 150 – paragraph 2 –subparagraph 1

 

Text proposed by the Commission

Amendment

 

(30b) In Article 150(2), the first subparagraph is replaced by the following:

 

"The Commission may adopt the following [...] measures:"

Amendment  294

Proposal for a directive – amending act

Article 9 – point 30 c (new)

Directive 2006/48/EC

Article 150 – paragraph 2 –subparagraph 2

 

Text proposed by the Commission

Amendment

 

(30c) In Article 150(2), the second subparagraph is replaced by the following:

 

"These measures shall be adopted by means of delegated acts in accordance with [...] Articles 151, 151a, 151 b."

Amendment  295

Proposal for a directive – amending act

Article 9 – point 30 d (new)

Directive 2006/48/EC

Article 150 – paragraph 2 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(30) In Article 150(2), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the EBA."

Amendment  296

Proposal for a directive – amending act

Article 9 – point 30 e (new)

Directive 2006/48/EC

Article 151 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(30e) Article 151(2) is replaced by the following:

"2. The power to adopt delegated acts referred to in Article 150 shall be conferred on the Commission for an indeterminate period of time."

Amendment  297

Proposal for a directive – amending act

Article 9 – point 30 f (new)

Directive 2006/48/EC

Article 151 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

 

(30f) In Article 151, the following paragraph is inserted:

"2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council."

Amendment  298

Proposal for a directive – amending act

Article 9 – point 30 g (new)

Directive 2006/48/EC

Article 151 – paragraph 2 b (new)

 

Text proposed by the Commission

Amendment

 

(30g) In Article 151, the following paragraph is inserted:

"2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 151a and 151b."

Amendment  299

Proposal for a directive – amending act

Article 9 – point 30 h (new)

Directive 2006/48/EC

Article 151 – paragraph 3

 

Text proposed by the Commission

Amendment

 

(30h) Article 151(3) is deleted.

Amendment  300

Proposal for a directive – amending act

Article 9 – point 30 i (new)

Directive 2006/48/EC

Article 151 a (new)

 

Text proposed by the Commission

Amendment

(30i) The following article is inserted after Article 151:

 

"Article 151a

 

Revocation of the delegation

 

1. The delegation of power referred to in Article 150 may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation.

 

The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  301

Proposal for a directive – amending act

Article 9 – point 30 j (new)

Directive 2006/48/EC

Article 151 b (new)

 

Text proposed by the Commission

Amendment

 

(30j) The following article shall be inserted after Article 151a:

 

"Article 151b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  302

Proposal for a directive – amending act

Article 9 – point 31

Directive 2006/48/EC

Article 156

 

Text proposed by the Commission

Amendment

(31) In Article 156, "Committee of European Banking Supervisors" is replaced by "European Banking Authority".

(31) Article 156 is amended as follows:

 

(a) "Committee of European Banking Supervisors" is replaced by "European Banking Authority".

 

(b) The first subparagraph is replaced by the following:

 

"The Commission, in cooperation with the EBA and Member States, and taking into account the contribution of the European Central Bank, shall periodically monitor whether this Directive taken as a whole, together with Directive 2006/49/EC, has significant effects on the economic cycle and, in the light of that examination, shall consider whether any remedial measures are justified."

Amendment  303

Proposal for a directive – amending act

Article 10 – point -1 (new)

Directive 2006/49/EC

Article 7 – last subparagraph

 

Text proposed by the Commission

Amendment

(-1) In Article 7 the last subparagraph is replaced by the following:

 

"The amounts referred to in the first sub-paragraph shall be periodically reviewed by the EBA in order to take account of changes in the European Index of Consumer Prices as published by Eurostat, in line with and at the same time as the adjustments made under Article 4(7) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (1)."

Amendment  304

Proposal for a directive – amending act

Article 10 – point 1

Directive 2006/49/EC

Article 18 – paragraph 4 a (new) –subparagraph 1

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraph 1, the European Banking Authority established by Regulation…/…of the European Parliament and of the Council may develop draft technical standards for endorsement by the Commission to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use internal models for the purposes of calculating capital requirements under this Directive.

5. In order to ensure consistent harmonisation and uniform application of paragraph 1, the European Banking Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards for endorsement by the Commission to determine the practical and procedural application of the conditions under which competent authorities permit institutions to use internal models for the purposes of calculating capital requirements under this Directive.

Amendment  305

Proposal for a directive – amending act

Article 10 – point 1 a (new)

Directive 2006/49/EC

Article 22 – paragraph 1 – subparagraph 3 a (new)

 

Text proposed by the Commission

Amendment

(1a) In Article 22(1) the following subparagraph is added:

 

"Where the competent authorities waive the application of capital requirements on a consolidated basis provided for in this Article, they shall notify the EBA."

Amendment  306

Proposal for a directive – amending act

Article 10 – point 1 b (new)

Directive 2006/49/EC

Article 32 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(1b) Article 32(1) is replaced by the following:

 

"1. Following guidelines prepared by the EBA, the competent authorities shall establish procedures to prevent institutions from deliberately avoiding the additional capital requirements that they would otherwise incur, on exposures exceeding the limit laid down in Article 111(1) of Directive 2006/48/EC once those exposures have been maintained for more than 10 days, by means of temporarily transferring the exposures in question to another company, whether within the same group or not, and/or by undertaking artificial transactions to close out the exposure during the10-day period and create a new exposure.

 

The competent authorities shall notify the EBA, the Council and the Commission of those procedures.

 

Institutions shall maintain systems which ensure that any transfer which has the effect referred to in the first subparagraph is immediately reported to the competent authorities."

Amendment  307

Proposal for a directive – amending act

Article 10 – point 1 c (new)

Directive 2006/49/EC

Article 36 – paragraph 1

 

Text proposed by the Commission

Amendment

(1c) Article 36(1) is replaced by the following:

"1. Member States shall designate the authorities which are competent to carry out the duties provided for in this Directive. They shall inform the EBA and the Commission thereof, indicating any division of duties."

Amendment  308

Proposal for a directive – amending act

Article 10 – point 1 d (new)

Directive 2006/49/EC

Article 38 – paragraph 1

 

Text proposed by the Commission

Amendment

 

(1d) Article 38(1) is replaced by the following:

 

"1. The competent authorities of the Member States and the EBA shall cooperate closely in the performance of the duties provided for in this Directive, particularly where investment services are provided on the basis of the freedom to provide services or through the establishment of branches.

 

The competent authorities shall on request supply one another and the EBA with all information likely to facilitate the supervision of the capital adequacy of institutions, in particular the verification of their compliance with the rules laid down in this Directive."

Amendment  309

Proposal for a directive – amending act

Article 10 – point 1 e (new)

Directive 2006/49/EC

Article 38 – paragraph 2

 

Text proposed by the Commission

Amendment

(1e) Article 38(2) is replaced by the following:

"2. Any exchange of information between competent authorities, and the competent authorities and the EBA which is provided for in this Directive shall be subject to the following obligations of professional secrecy:

 

(a) for investment firms, those imposed in Article 54 and 58 of Directive 2004/39/EC; and

 

(b) for credit institutions, those imposed in Articles 44 to 52 of Directive 2006/48/EC."

Amendment  310

Proposal for a directive – amending act

Article 10 – point 1 f (new)

Directive 2006/49/EC

Section 2 – title (before Article 41)

 

Text proposed by the Commission

Amendment

(1f) The title of Section 2 is replaced by the following:

 

"Delegated acts and Powers of execution"

Amendment  311

Proposal for a directive – amending act

Article 10 – point 1 g (new)

Directive 2006/49/EC

Article 41 – paragraph 1 – point a

 

Text proposed by the Commission

Amendment

(1g) Article 41, point a, is replaced by the following:

 

"(a) clarification of the definitions in Article 3 in order to ensure consistent harmonisation and uniform application of this Directive;"

Amendment  312

Proposal for a directive – amending act

Article 10 – point 1 h (new)

Directive 2006/49/EC

Article 41 – paragraph 1 – point e

 

Text proposed by the Commission

Amendment

 

(1h) Article 41, point e, is replaced by the following:

"(e) clarification of the requirement laid down in Article 21 to ensure consistent harmonisation and uniform application of this Directive;"

Amendment  313

Proposal for a directive – amending act

Article 10 – point 1 i (new)

Directive 2006/49/EC

Article 41 – paragraph 2

 

Text proposed by the Commission

Amendment

 

(1i) Article 41(2), second paragraph, is replaced by the following:

"2. These measures referred to in Paragraph 1 [...] shall be adopted by means of delegated acts in accordance with [...] Articles 42, 42a, 42 b.

 

The draft delegated acts shall be drawn up by the EBA."

Amendment  314

Proposal for a directive – amending act

Article 10 – point 1 j (new)

Directive 2006/49/EC

Article 42 – paragraph 2

 

Text proposed by the Commission

Amendment

(1j) Article 42(2) is replaced by the following:

"2. The power to adopt delegated acts referred to in Article 41 shall be conferred on the Commission for an indeterminate period of time."

Amendment  315

Proposal for a directive – amending act

Article 10 – point 1 k (new)

Directive 2006/49/EC

Article 42 – paragraphs 2 a (new) and 2 b (new)

 

Text proposed by the Commission

Amendment

(1k) In Article 42, the following 2 paragraphs are inserted:

 

"2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

 

2b.The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 42a and 42b."

Amendment  316

Proposal for a directive – amending act

Article 10 – point 1 l (new)

Directive 2006/49/EC

Article 42 a (new)

 

Text proposed by the Commission

Amendment

(1l) The following article is inserted after Article 42:

 

"Article 42a

 

Revocation of the delegation

 

1. The delegation of power referred to in Article 41 may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation.

 

The decision of revocation shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  317

Proposal for a directive – amending act

Article 10 – point 1 m (new)

Directive 2006/49/EC

Article 42 b (new)

 

Text proposed by the Commission

Amendment

 

(1m) The following article is inserted after Article 42a:

 

"Article 42b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

Amendment  318

Proposal for a directive – amending act

Article 11 – point 1

Directive 2009/65/EC

Article 5 – paragraph 7 a (new) – subparagraph 1

 

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council may develop draft technical standards to determine the conditions of application relating to the information to be provided to the competent authorities in the application for authorisation of a UCITS.

8. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application relating to the information to be provided to the competent authorities in the application for authorisation of a UCITS.

Amendment  319

Proposal for a directive – amending act

Article 11 – point 1 a (new)

Directive 2009/65/EC

Article 6 – paragraph 1 – subparagraph 1 a (new)

 

Text proposed by the Commission

Amendment

(1a) In Article 6(1) the following subparagraph is added:

 

"The European Securities and Markets Authority shall be notified of every authorisation granted and shall keep an updated list of authorised management companies on its website."

Amendment  320

Proposal for a directive – amending act

Article 11 – point 2

Directive 2009/65/EC

Article 7 – paragraph 6 - subparagraph 1

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to further determine the conditions of application of the requirements for the authorisation of the management company, with the exception of the conditions established in paragraph 1(b) of this Article.

6. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to:

 

(a) determine the information to be provided to the competent authority in the application for the authorisation of the management company;

 

(b) develop the information and standard forms, templates and procedures for the notification of the programme of activity foreseen in this Article; and

 

(c) assess the reputation and experience of persons conducting the business of the management company.

Amendment  321

Proposal for a directive – amending act

Article 11 – point 2 a (new)

Directive 2009/65/EC

Article 7 – paragraphs 5 a and 5 b (new)

 

Text proposed by the Commission

Amendment

(2a) In Article 7, the following paragraphs are added:

"5a. In order to ensure consistent harmonisation and uniform application of the paragraph above, the European Securities and Markets Authority shall develop draft technical standards to assess the suitability of the shareholders or members of the management company.

 

5b. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Amendment  322

Proposal for a directive – amending act

Article 11 – point 2 b (new)

Directive 2009/65/EC

Article 9 – paragraph 2

 

Text proposed by the Commission

Amendment

(2b) Article 9(2) is replaced by the following:

 

"2. Member States shall inform the European Securities and Markets Authority and the Commission of any general difficulties which UCITS encounter in marketing their units in any third country.

 

The Commission, the European Securities and Markets Authority and the competent authorities of the Member States shall examine such difficulties as quickly as possible in order to find an appropriate solution."

Amendment  323

Proposal for a directive – amending act

Article 11 – point 2 c (new) – point a (new)

Directive 2009/65/EC

Article 12 – paragraph 3 – subparagraph 1

 

Text proposed by the Commission

Amendment

(2c) Article 12 is amended as follows:

 

(a) The third paragraph is replaced by the following:

 

"3. Without prejudice to Article 116, the Commission shall adopt, by 1 July 2010, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying the procedures and arrangements as referred to under point (a) of the second subparagraph of paragraph 1 and the structures and organisational requirements to minimise conflicts of interests as referred to under point (b) of the second subparagraph of paragraph 1."

Amendment  324

Proposal for a directive – amending act

Article 11 – point 2 c (new) – point b (new)

Directive 2009/65/EC

Article 12 – paragraph 3 – subparagraph 2

 

Text proposed by the Commission

Amendment

(b) The second subparagraph of Article 12(3) is deleted.

Amendment  325

Proposal for a directive – amending act

Article 11 – point 2 c (new) – point c (new)

Directive 2009/65/EC

Article 12 – paragraph 3 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) The following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  326

Proposal for a directive – amending act

Article 11 – point 3

Directive 2009/65/EC

Article 12 – paragraph 3 a (new)

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the procedures, arrangements, structures and organisational requirements referred to in paragraph 3 of this Article.

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the procedures, arrangements, structures and organisational requirements referred to in paragraph 3 of this Article.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance withArticle 291 of the Treaty on the Functioning of the European Union.

Amendment  327

Proposal for a directive – amending act

Article 11 – point 3 a (new) – point a

Directive 2009/65/EC

Article 14 – paragraph 2 –subparagraph 1

 

Text proposed by the Commission

Amendment

(3a) Article 14(2) is amended as follows:

 

(a) The first subparagraph is replaced by the following:

 

"2. Without prejudice to Article 116, the Commission shall adopt, by 1 July 2010, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures, with a view to ensuring that the management company complies with the duties set out in paragraph 1, in particular to:"

Amendment  328

Proposal for a directive – amending act

Article 11 – point 3 a (new) – point b

Directive 2009/65/EC

Article 14 – paragraph 2 – second subparagraph

 

Text proposed by the Commission

Amendment

(b) The second subparagraph is deleted.

Amendment  329

Proposal for a directive – amending act

Article 11 – point 3 a (new) – point c

Directive 2009/65/EC

Article 14 – paragraph 2 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) The following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  330

Proposal for a directive – amending act

Article 11 – point 4

Directive 2009/65/EC

Article 14 – paragraph 2 a (new)

 

Text proposed by the Commission

Amendment

3. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria, principles and steps referred to in points (a), (b), and (c) of the first subparagraph of this Article.

3. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria, principles and steps referred to in points (a), (b), and (c) of paragraph 2 of this Article.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant Article 291 of the Treaty on the Functioning of the European Union.

Amendment  331

Proposal for a directive – amending act

Article 11 – point 4 a (new)

Directive 2009/65/EC

Article 17 – paragraph 9 a (new)

 

Text proposed by the Commission

Amendment

(4a) In Article 17 the following paragraph is added:

 

"In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the information to be provided to the competent authorities in the notification for establishment of a branch.

 

The Commission shall adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Amendment  332

Proposal for a directive – amending act

Article 11 – point 4 b (new)

Directive 2009/65/EC

Article 18 – paragraphs 4 a and 4 b (new)

 

Text proposed by the Commission

Amendment

(4b) In Article 18 the following paragraphs are added:

"In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the information to be communicated to the competent authorities in order to provide activities under the freedom to provide services.

 

The Commission shall adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Amendment  333

Proposal for a directive – amending act

Article 11 – point 4 c (new)

Directive 2009/65/EC

Article 20 – paragraphs 4 a and 4 b(new)

 

Text proposed by the Commission

Amendment

(4c) In Article 20, the following paragraphs are added:

"In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the documentation to be provided to the competent authorities in the application for managing a UCITS established in another Member State.

 

The Commission shall adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

Amendment  334

Proposal for a directive – amending act

Article 11 – point 5 a (new)

Directive 2009/65/EC

Article 21 – paragraph 7 –subparagraph 2

 

Text proposed by the Commission

Amendment

(5a) In Article 21(7), the second subparagraph is replaced by the following:

 

"After consulting the competent authorities of the Member States concerned, the European Securities and Markets Authority may decide that the Member State in question must amend or abolish those measures."

Amendment  335

Proposal for a directive – amending act

Article 11 – point 5 b (new)

Directive 2009/65/EC

Article 21 – paragraph 9 – subparagraph 1

 

Text proposed by the Commission

Amendment

(5b) The first subparagraph of Article 21(9) is replaced by the following:

 

"9. Member States shall inform the European Securities and Markets Authority and the Commission of the number and type of cases in which they refuse authorisation under Article 17 or an application under Article 20 and of any measures taken in accordance with paragraph 5 of this Article."

Amendment  336

Proposal for a directive – amending act

Article 11 – point 5 c (new) – point a (new)

Directive 2009/65/EC

Article 23 – paragraph 6 – subparagraph 1

 

Text proposed by the Commission

Amendment

(5c) Article 23(6) is amended as follows:

 

(a) The first subparagraph is replaced by the following:

 

"6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures in relation to the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company established in another Member State, including the particulars that need to be included in the standard agreement to be used by the depositary and the management company in accordance with paragraph 5."

Amendment  337

Proposal for a directive – amending act

Article 11 – point 5 c (new) – point b (new)

Directive 2009/65/EC

Article 23 – paragraph 6 – subparagraph 2

 

Text proposed by the Commission

Amendment

(b) The second subparagraph of Article 23(6) is deleted.

Amendment  338

Proposal for a directive – amending act

Article 11 – point 5 c (new) – point c

Directive 2009/65/EC

Article 23 – paragraph 6 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) In Article 23(6), the following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  339

Proposal for a directive – amending act

Article 11 – point 6

Directive 2009/65/EC

Article 29 – paragraph 5 – subparagraph 1

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the conditions for the authorisation of the self-managed investment company, with the exception of the conditions established in paragraph 1(b) of this Article.

5. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the conditions for the authorisation of the self-managed investment company, with the exception of the conditions established in paragraph 1(c) of this Article.

Amendment  340

Proposal for a directive – amending act

Article 11 – point 6 a (new)

Directive 2009/65/EC

Article 32 – paragraph 6

 

Text proposed by the Commission

Amendment

(6a) Article 32(6) is replaced by the following:

 

"6. Member States shall inform the European Securities and Markets Authority and the Commission of the identities of the investment companies benefiting from the derogations provided for in paragraphs 4 and 5."

Amendment  341

Proposal for a directive – amending act

Article 11 – point 6 b (new) – point a (new)

Directive 2009/65/EC

Article 33 – paragraph 6 –subparagraph 1

 

Text proposed by the Commission

Amendment

(6b) Article 33(6) is amended as follows:

 

(a) The first subparagraph is replaced by the following:

 

"6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures in relation to the measures to be taken by a depositary in order to fulfil its duties regarding a UCITS managed by a management company established in another Member State, including the particulars that need to be included in the standard agreement to be used by the depositary and the management company in accordance with paragraph 5."

Amendment  342

Proposal for a directive – amending act

Article 11 – point 6 b (new) – point b (new)

Directive 2009/65/EC

Article 33 – paragraph 6 – second subparagraph

 

Text proposed by the Commission

Amendment

(b) The second subparagraph is deleted.

Amendment  343

Proposal for a directive – amending act

Article 11 – point 6 b (new) – point c

Directive 2009/65/EC

Article 33 – paragraph 6 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) The following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  344

Proposal for a directive – amending act

Article 11 – point 6 c (new) – point a (new)

Directive 2009/65/EC

Article 43 – paragraph 5 –subparagraph 1

 

Text proposed by the Commission

Amendment

(6c) Article 43(5) is amended as follows:

 

(a) The first subparagraph is replaced by the following:

 

"5. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying the detailed content, format and method by which to provide the information referred to in paragraphs 1 and 3."

Amendment  345

Proposal for a directive – amending act

Article 11 – point 6 c (new) – point b (new)

Directive 2009/65/EC

Article 43 – paragraph 5 – second subparagraph

 

Text proposed by the Commission

Amendment

(b) The second subparagraph is deleted.

Amendment  346

Proposal for a directive – amending act

Article 11 – point 6 c (new) – point c (new)

Directive 2009/65/EC

Article 43 – paragraph 5 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) The following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  347

Proposal for a directive – amending act

Article 11 – point 7

Directive 2009/65/EC

Article 43 – paragraph 5 a (new)

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the content, format and method by which the information referred to in paragraphs 1 and 3 of this Article should be provided.

6. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the content, format and method by which the information referred to in paragraphs 1 and 3 of this Article should be provided.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with Article 291 of the Treaty on the Functioning of the European Union.

Amendment  348

Proposal for a directive – amending act

Article 11 – point 8

Directive 2009/65/EC

Article 50 – paragraph 4 – subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the provisions concerning the categories of assets in which UCITS can invest in accordance to this Article.

4. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the provisions concerning the categories of assets in which UCITS can invest in accordance to this Article.

Amendment  349

Proposal for a directive – amending act

Article 11 – point 9 – point a (new)

Directive 2009/65/EC

Article 51 – paragraph 1 – subparagraph 3 a (new)

 

Text proposed by the Commission

Amendment

(9) Article 51 is amended as follows:

 

(a) In the first paragraph, the following subparagraph is added:

 

"National competent authorities shall ensure that all information received under the previous paragraph aggregated in respect of all the management or investment companies they supervise is transmitted to the European Securities and Markets Authority and the ESRB for the purpose of monitoring systemic risks at Union level."

Amendment  350

Proposal for a directive – amending act

Article 11 – point 9 – point b (new)

Directive 2009/65/EC

Article 51 – paragraph 4

 

Text proposed by the Commission

Amendment

(b) The forth paragraph is replaced by the following:

 

"4. Without prejudice to Article 116, the Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, by 1 July 2010, [...] measures specifying the following:

 

(a) criteria for assessing the adequacy of the risk management process employed by the management company in accordance with the first subparagraph of paragraph 1;

 

(b) detailed rules regarding the accurate and independent assessment of the value of OTC derivatives; and

 

(c) detailed rules regarding the content of and procedure to be followed for communicating the information referred to in the third subparagraph of paragraph 1 to the competent authorities of the management company’s home Member State.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  351

Proposal for a directive – amending act

Article 11 – point 9

Directive 2009/65/EC

Article 51 – paragraph 5

 

Text proposed by the Commission

Amendment

9. In Article 51, the following paragraph 5 is added:

(c) The following paragraph 5 is added:

"5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria and rules referred to in points (a), (b) and (c) of paragraph 4.

"5. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria and rules referred to in points (a), (b) and (c) of paragraph 4.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with Article 291 of the Treaty on the Functioning of the European Union."

Amendment  352

Proposal for a directive – amending act

Article 11 – point 9 a (new)

Directive 2009/65/EC

Article 52 – paragraph 4 – subparagraph 3

 

Text proposed by the Commission

Amendment

(9a) In Article 52(4), the third subparagraph, is replaced by the following:

 

"Member States shall send to the European Securities and Markets Authority a list of the categories of bonds referred to in the first subparagraph together with the categories of issuers authorised, in accordance with the laws and supervisory arrangements mentioned in that subparagraph, to issue bonds complying with the criteria set out in this Article. A notice specifying the status of the guarantees offered shall be attached to those lists. The European Securities and Markets Authority shall draw up an aggregated list and publish it in its website. This list shall be updated whenever the European Securities and Markets Authority receives new information from the Member States. In addition, this new information shall also be immediately forwarded to the other Member States together with any comments European Securities and Markets Authority considers appropriate. Such communications may be the subject of exchanges of views within the European Securities Committee referred to in Article 112(1)."

Amendment  353

Proposal for a directive – amending act

Article 11 – point 9 b (new) – point a (new)

Directive 2009/65/EC

Article 60 – paragraph 6 –subparagraph 1

 

Text proposed by the Commission

Amendment

(9b) Article 60(6) is amended as follows:

 

(a) The first subparagraph is replaced by the following:

 

"6. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, [...] measures specifying:"

Amendment  354

Proposal for a directive – amending act

Article 11 – point 9 b (new) – point b (new)

Directive 2009/65/EC

Article 60 – paragraph 6 –subparagraph 2

 

Text proposed by the Commission

Amendment

(b) The second subparagraph is deleted.

Amendment  355

Proposal for a directive – amending act

Article 11 – point 9 b (new) – point c (new)

Directive 2009/65/EC

Article 60 – paragraph 6 – subparagraph 2 a (new)

 

Text proposed by the Commission

Amendment

(c) The following subparagraph is added:

 

"The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  356

Proposal for a directive – amending act

Article 11 – point 10

Directive 2009/65/EC

Article 60 – paragraph 6 a (new)

 

Text proposed by the Commission

Amendment

7. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement, measures and procedures referred to in points (a), (b) and (c) of paragraph 6.

7. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement, measures and procedures referred to in points (a), (b) and (c) of paragraph 6.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordace with Article 291 of the Treaty on the Functioning of the European Union.

Amendment  357

Proposal for a directive – amending act

Article 11 – point 10 a (new)

Directive 2009/65/EC

Article 61 – paragraph 3

 

Text proposed by the Commission

Amendment

(10a) Article 61(3) is replaced by the following:

 

"3. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures further specifying the following:

 

(a) the particulars that need to be included in the agreement referred to in paragraph 1; and

 

(b) the types of irregularities referred to in paragraph 2 which are deemed to have a negative impact on the feeder UCITS.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  358

Proposal for a directive – amending act

Article 11 – point 11

Directive 2009/65/EC

Article 61 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement and types of irregularities referred to in points (a) and (b) of paragraph 3.

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement and types of irregularities referred to in points (a) and (b) of paragraph 3.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with Article 291 of the Treaty on the Functioning of the European Union.

Amendment  359

Proposal for a directive – amending act

Article 11 – point 11 a (new)

Directive 2009/65/EC

Article 62 – paragraph 4

 

Text proposed by the Commission

Amendment

(11a) Article 62(4) is replaced by the following:

 

"4. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying the content of the agreement referred to in the first subparagraph of paragraph 1."

 

[...]

Amendment  360

Proposal for a directive – amending act

Article 11 – point 11 b(new)

Directive 2009/65/EC

Article 64 – paragraph 4

 

Text proposed by the Commission

Amendment

(11b) Article 64(4) is replaced by the following:

 

"4. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying:

 

(a) the format and the manner in which to provide the information referred to in paragraph 1; or

 

(b) in the event that the feeder UCITS transfers all or parts of its assets to the master UCITS in exchange for units, the procedure for valuing and auditing such a contribution in kind and the role of the depositary of the feeder UCITS in that process.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  361

Proposal for a directive – amending act

Article 11 – point 12

Directive 2009/65/EC

Article 64 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the information and procedure referred to in points (a) and (b) of paragraph 4.

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the format and the manner of the information provided and procedure referred to in points (a) and (b) of paragraph 4.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with Article 291 of the Treaty on the Functioning of the European Union.

Amendment  362

Proposal for a directive – amending act

Article 11 – point 13

Directive 2009/65/EC

Article 69 – paragraph 5 – first subparagraph

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the provisions concerning the content of the prospectus, the annual report and the half-yearly report as laid down in Annex I, and the format of these documents.

5. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the provisions concerning the content of the prospectus, the annual report and the half-yearly report as laid down in Annex I, and the format of these documents.

Amendment  363

Proposal for a directive – amending act

Article 11 – point 13 a (new)

Directive 2009/65/EC

Article 75 – paragraph 4

 

Text proposed by the Commission

Amendment

(13a) Article 75(4) is replaced by the following:

 

"4. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures which define the specific conditions which need to be met when providing the prospectus in a durable medium other than paper or by means of a website which does not constitute a durable medium.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  364

Proposal for a directive – amending act

Article 11 – point 13 b (new)

Directive 2009/65/EC

Article 78 – paragraph 7

 

Text proposed by the Commission

Amendment

(13b) Article 78(7) is replaced by the following:

 

"7. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures which define the following:

 

(a) the detailed and exhaustive content of the key investor information to be provided to investors as referred to in paragraphs 2, 3 and 4;

 

(b) the detailed and exhaustive content of the key investor information to be provided to investors in the following specific cases:

 

(i) for UCITS having different investment compartments, the key investor information to be provided to investors subscribing to a specific investment compartment, including how to pass from one investment compartment into another and the costs related thereto;

 

(ii) for UCITS offering different share classes, the key investor information to be provided to investors subscribing to a specific share class;

 

(iii) for fund of funds structures, the key investor information to be provided to investors subscribing to a UCITS, which invests itself in other UCITS or other collective investment undertakings referred to in Article 50(1)(e);

 

(iv) for master-feeder structures, the key investor information to be provided to investors subscribing to a feeder UCITS; and

 

(v) for structured, capital protected and other comparable UCITS, the key investor information to be provided to investors in relation to the special characteristics of such UCITS; and

 

(c) the specific details of the format and presentation of the key investor information to be provided to investors as referred to in paragraph 5.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  365

Proposal for a directive – amending act

Article 11 – point 14

Directive 2009/65/EC

Article 78 – paragraph 8

 

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards for endorsement by the Commission to determine the conditions of application of the implementing measures adopted by the Commission regarding the information referred to in paragraph 3.

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission according to paragraph 7 regarding the information referred to in paragraph 3.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant Article 291 of the Treaty

Amendment  366

Proposal for a directive – amending act

Article 11 – point 14 a (new)

Directive 2009/65/EC

Article 81 – paragraph 2

 

Text proposed by the Commission

Amendment

(14a) Article 81(2) is replaced by the following:

 

"2. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures which define the specific conditions which need to be met when providing key investor information in a durable medium other than on paper or by means of a website which does not constitute a durable medium.

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  367

Proposal for a directive – amending act

Article 11 – point 15

Directive 2009/65/EC

Article 84 – paragraph 4 – subparagraph 1

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the conditions applying to the temporary suspension of the re-purchase or redemption of the units of the UCITS as referred to in point (a) of paragraph 2, once the suspension has been decided.

4. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to specify the conditions which need to be met by the UCITS after the adoption of the temporary suspension of the re-purchase or redemption of the units of the UCITS as referred to in point (a) of paragraph 2, once the suspension has been decided.

Amendment  368

Proposal for a directive – amending act

Article 11 – point 15 a (new)

Directive 2009/65/EC

Article 95 – paragraph 1

 

Text proposed by the Commission

Amendment

(16) Article 95(1) is amended as follows:

 

"1. The Commission shall adopt, by means of delegated acts in accordance with Articles 112, 112a and 112b, measures specifying:

 

(a) the scope of the information referred to in Article 91(3);

 

(b) the facilitation of access for the competent authorities of the UCITS host Member States to the information or documents referred to in Article 93(1), (2) and (3) in accordance with Article 93(7).

 

[...]

 

The draft delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  369

Proposal for a directive – amending act

Article 11 – point 16

Directive 2009/65/EC

Article 95 – paragraph 2

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of Article 93, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to:

2. In order to ensure uniform application of Article 93, the European Securities and Markets Authority shall develop draft technical standards to specify:

(a) the form and contents of a standard model notification letter to be used by UCITS for the purpose of notification referred to in Article 93(1), including an indication as to which documents the translations refer to;

(a) the form and contents of a standard model notification letter to be used by UCITS for the purpose of notification referred to in Article 93(1), including an indication as to which documents the translations refer to;

(b) the form and contents of a standard model attestation to be used by competent authorities of Member States referred to in Article 93(3);

(b) the form and contents of a standard model attestation to be used by competent authorities of Member States referred to in Article 93(3);

(c) the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of Article 93.

(c) the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of Article 93.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing actsin accordance with Article 291 of the Treaty on the Functioning of the European Union.

Amendment  370

Proposal for a directive – amending act

Article 11 – point 16 a (new)

Directive 2009/65/EC

Article 97 – paragraph 1

 

Text proposed by the Commission

Amendment

(16a) Article 97(1) is replaced by the following:

 

"1. Member States shall designate the competent authorities which are to carry out the duties provided for in this Directive. They shall inform the European Securities and Markets Authority and the Commission thereof, indicating any division of duties."

Amendment  371

Proposal for a directive – amending act

Article 11 – point 16 b (new)

Directive 2009/65/EC

Article 101 – paragraph 1

 

Text proposed by the Commission

Amendment

(16b) Article 101(1) is replaced by the following:

 

"1. The competent authorities of the Member States shall cooperate with each other and with European Securities and Markets Authority whenever necessary for the purpose of carrying out their duties under this Directive or of exercising their powers under this Directive or under national law.

 

Member States shall take the necessary administrative and organisational measures to facilitate the cooperation provided for in this paragraph.

 

In order to ensure consistent harmonisation and uniform application of the administrative and organisational measures to facilitate cooperation, European Securities and Markets Authority shall develop draft technical standards. The Commission may adopt these draft technical standards in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

 

Competent authorities shall use their powers for the purpose of cooperation, even in cases where the conduct under investigation does not constitute an infringement of any regulation in force in their Member State."

Amendment  372

Proposal for a directive – amending act

Article 11 – point 16 c (new)

Directive 2009/65/EC

Article 101 – paragraph 2

 

Text proposed by the Commission

Amendment

(16c) Paragraph 2 is replaced by the following:

 

"2. The competent authorities of the Member States shall immediately provide each other and the European Securities and Markets Authority with the information required for the purposes of carrying out their duties under this Directive."

Amendment  373

Proposal for a directive – amending act

Article 11 – point 17

Directive 2009/65/EC

Article 101 – paragraph 9 – subparagraph 1

 

Text proposed by the Commission

Amendment

9. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to the conduct of on-the-spot verifications and investigations as referred to in paragraphs 4 and 5.

9. In order to ensure consistent harmonisation and uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application with regard to the conduct of on-the-spot verifications and investigations as referred to in paragraphs 4, 5, 6 and 7.

Amendment  374

Proposal for a directive – amending act

Article 11 – point 17 a (new)

Directive 2009/65/EC

Article 103 – paragraph 3

 

Text proposed by the Commission

Amendment

(17a) Article 103(3) is replaced by the following:

 

"3. Member States shall communicate to the European Securities and Markets Authority, to the Commission and to the other Member States the names of the authorities which may receive information pursuant to paragraph 1."

Amendment  375

Proposal for a directive – amending act

Article 11 – point 17 b (new)

Directive 2009/65/EC

Article 103 – paragraph 7

 

Text proposed by the Commission

Amendment

 

(17b) Article 103(7) is replaced by the following:

"7. Member States shall communicate to the European Securities and Markets Authority, to the Commission and to the other Member States the names of the authorities or bodies which may receive information pursuant to paragraph 4."

Amendment  376

Proposal for a directive – amending act

Article 11 – point 19

Directive 2009/65/EC

Article 105 – first paragraph

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of the provisions in this Directive concerning the exchange of information, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to the procedures for exchange of information between competent authorities and between the competent authorities and the European Securities and Markets Authority.

In order to ensure consistent harmonisation and uniform application of the provisions in this Directive concerning the exchange of information, the European Securities and Markets Authority shall develop draft technical standards to determine the procedures for exchange of information between competent authorities and between the competent authorities and the European Securities and Markets Authority.

Amendment  377

Proposal for a directive – amending act

Article 11 – point 20 a (new)

Directive 2009/65/EC

Chapter XIII – title (before Article 111)

 

Text proposed by the Commission

Amendment

(20a) The title of chapter XIII is replaced by the following:

 

"DELEGATED ACTS AND POWERS OF EXECUTION"

Amendment  378

Proposal for a directive – amending act

Article 11 – point 20 b (new)

Directive 2009/65/EC

Article 111

 

Text proposed by the Commission

Amendment

(20b) Article 111 is replaced by the following:

 

"Article 111

 

The Commission shall adopt technical amendments to this Directive in the following areas:

 

(a) clarification of the definitions in order to ensure consistent harmonisation and uniform application of this Directive throughout the Union; or

 

(b) alignment of terminology and the framing of definitions in accordance with subsequent acts on UCITS and related matters.

 

Those measures [...] shall be adopted by means of delegated acts in accordance with Articles 112, 112a and 112b.

 

The draft of the delegated acts shall be drawn up by the European Securities and Markets Authority."

Amendment  379

Proposal for a directive – amending act

Article 11 – point 20 c (new)

Directive 2009/65/EC

Article 112

 

Text proposed by the Commission

Amendment

(20c) Article 112 is replaced by the following:

 

"Article 112

 

1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC.

 

2. The power to adopt delegated acts referred to in Articles 12, 14, 23, 33, 43, 51, 60, 61, 62, 64, 75, 78, 81, 95 and 111 shall be conferred on the Commission for an indeterminate period of time.

 

2a. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

 

2b. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in Articles 112a and 112b.

 

3. Where reference is made to this paragraph, Articles 5 and 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.

 

The period laid down in Article 5(6) of Decision 1999/468/EC shall be set at three months."

Amendment  380

Proposal for a directive – amending act

Article 11 – point 20 d (new)

Directive 2009/65/EC

Article 112 a (new)

 

Text proposed by the Commission

Amendment

(20d) The following article is inserted after Article 112:

 

"Article 112a

 

Revocation of the delegation

 

1. The delegation of power referred to in Articles 12, 14, 23, 33, 43, 51, 60, 61, 62, 64, 75, 78, 81, 95 and 111 may be revoked by the European Parliament or by the Council.

 

2. The institution which has commenced an internal procedure for deciding whether to revoke the delegation of power shall endeavour to inform the other institution and the Commission stating the delegated powers which could be subject to revocation.

 

The revocation decision shall put an end to the delegation of the powers specified in that decision. It shall take effect immediately or at a later date specified therein. It shall not affect the validity of the delegated acts already in force. It shall be published in the Official Journal of the European Union."

Amendment  381

Proposal for a directive – amending act

Article 11 – point 20 e (new)

Directive 2009/65/EC

Article 112 b (new)

 

Text proposed by the Commission

Amendment

 

(20e) The following article is inserted after Article 112a:

 

"Article 112b

 

Objections to delegated acts

 

1. The European Parliament or the Council may object to a delegated act within a period of four months from the date of notification. At the initiative of the European Parliament or the Council this period shall be extended by two months.

 

2. If, on the expiry of that period neither the European Parliament nor the Council has objected to the delegated act, it shall enter into force on the date stated therein. If the European Parliament or the Council objects to a delegated act, it shall not enter into force.

 

3. In order to expedite the adoption of delegated acts where appropriate, the European Parliament and the Council, pursuant to a procedure of early non-objection and in duly justified cases, may decide to shorten the four-month period referred to in the first subparagraph, following a request of the Commission."

EXPLANATORY STATEMENT

Elements of context

The financial crisis has pointed out the shortcomings of the financial markets at a global level. In spite of the Financial Service Action Plan (FSAP), launched in 2001 in order to build a true level playing field for financial products in the European Union, the crisis has revealed that there is an asymmetry among financial globalisation, EU financial integration and national supervision. European financial markets have not been able to avoid contagion and cope with risks induced by moral hazard, redundant bubbles as well as, more broadly, the general hypertrophy, opacity and complexity of the whole system.

Since the launching of the FSAP, the European Parliament has been a central actor in the construction of a single market for financial services, actively promoting harmonisation, transparency and fair competition, while ensuring investors and consumer protection. Already long before the financial crisis, the European Parliament has been calling regularly for the reinforcement of the true level playing field for all actors at the European level while pointing out important failures in Europe's supervision of ever more integrated financial.

In all European Parliament reports the European Commission was called upon to analyse how progress towards a more integrated supervisory structure could be achieved in parallel to striving for an integrated single market for financial services. It also noted the need for effective oversight of the systemic and prudential risks of the top market players.

European Commission proposals for a new integrated supervisory framework

In the height of the financial crisis, the European Commission decided to convene a group of high level experts to make proposals to strengthen European supervisory arrangements. The De Larosière group presented its report in February 2009 and on 23 September 2009 the Commission came forward with concrete legislative proposals which should have the aim to:

–  Establish a network of national financial supervisors working in tandem with a new European Supervisory Authorities (ESA),

–  Establish a European Systemic Risk Board (ESRB), to monitor and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole.

Omnibus I

Parallel to the proposals to create an integrated level of supervision both at micro level with the ESAs and at macro level, involving central banks in the ESRB, the European Commission proposed a first package of revision of the sectoral directives, mainly in the field of banking and securities, in order to adapt them to the new financial supervisory architecture.

The eleven sectoral directives amended by Omnibus I are the following:

· 1998/26/EC: Settlement Finality Directive

· 2002/87/EC: Financial Conglomerates Directive

· 2003/6/EC: Market Abuse Directive

· 2003/41/EC: Institutions for Occupational Retirement Provisions Directive

· 2003/71/EC: Prospectus Directive

· 2004/39/EC: Markets in Financial Instruments Directive

· 2004/109/EC: Transparency Directive

· 2005/60/EC: Anti Money-Laundering Directive

· 2006/48/EC and 2006/49/EC: Capital Requirements Directive

· 2009/65/EC: Undertakings for Collective Investments in Transferable Securities Directive, UCITS

A further Omnibus II will deal mostly with Solvency II.

Establishing the new supervisory architecture

These proposals take place in a global context favourable to a new financial system at global level. The G 20 thus took the engagement to "take action to build a stronger, more globally consistent, supervisory and regulatory framework for the future financial sector, which will support sustainable global growth and serve the needs of business and citizens"[1]. The answer of the European Union to the crisis has to be ambitious. Financial services dysfunctions and its strong and unfair impact on real economy and public finance are not sustainable. The European Union has to provide answers both on macro and micro supervisions and to deal with particular cases as well as with global regulation.

The new framework should be based on the precautionary principle as defined by the Basel Committee on Banking Supervision, addressing not only compliance with laws but also safety and soundness concerns. It should go beyond individual financial institutions risks tackled by national supervisors and address cross border and systemic risks at European level and cooperate on systemic risks at international level.

A strong supervision has to become the core of the European approach towards financial markets, but this independent and accountable supervision needs better consistency.

Lisbon Treaty

In the meantime, the Lisbon Treaty has provided with new tools to create a more integrated, flexible and continuous approach of regulation. In particular, article 290 of the Treaty, allowing for delegation of power to the European Commission, and article 291 of the Treaty for implementing acts, should be fully used by the legislator to adapt its way to regulate to the new challenges of financial supervision. However it should not mean that legislators will abandon their political responsibility.

Your rapporteur will propose amendments to the eleven directives mentioned above in order to put them in line with the newly entered into force Lisbon Treaty. In his view, the regulatory procedure with scrutiny should be transposed into delegation of powers to the European Commission pursuant Article 290 of the Treaty. In order to use at best the new possibility offered by the Lisbon Treaty, your rapporteur propose to adapt each delegation of power to the requirements of the directives by choosing each time the appropriate length of time for scrutiny, foreseeing revocation or sunset clause depending of the results to be achieved.

Technical standards

The Commission proposal Omnibus I propose to use technical standards, developed by the authorities and endorsed by the European Commission, as supplementary tools.

In the draft proposal of the European Commission, the matters for technical standards are said to follow four high level principles:

- Technical issues: in technical areas were standards should be developed by supervisory experts;

- -Practical issues / cooperation procedures: for practical aspects of supervision such as exchange of information;

- Flexibility: where it is important to allow for a flexible answer to market developments;

- Necessity when detailed, technical and consistent rules are needed in order to ensure market efficiency and integrity.

The scope and extent of technical standards are particularly complex and heterogeneous. The necessity and flexibility principles are very open and could lead to drastic political choices. Your rapporteur therefore regrets that the European Commission did not foresee a definition or a classification of technical standards in the regulations setting up the authorities as it would have eased the choice in the sectoral directives.

Your rapporteur is of the opinion that technical standards main objectives are a consistent harmonisation of financial regulation and its consistent application through supervisory approaches and practices. Technical supervisory rules are necessary tools to reach harmonisation of European supervision. Harmonisation and common implementation shall be the ultimate objectives, application remaining the way to reach this common objective.

Your rapporteur therefore favours a twofold use and control of technical standards not focusing on technical aspects of standards but rather on their aim and use.

When these standards aim to harmonise constituting aspects of a common rule book for supervisor, he considers that the main role of ESAs is to provide expertise needed to grant:

- methodological, quantitative or specialised criteria in order to complement, update and ensure harmonised definition of certain rules as defined in legislative texts,

- detailed common elements for harmonised reporting and disclosure at level 2,

- a common and consistent supervisory approach to support, update and ensure effective cooperation processes, including supervisory risk assessment and information sharing at level 2.

This kind of technical standards should further develop, specify and determine the conditions for consistent harmonisation and uniform application of the rules included in basic instruments adopted by the European Parliament and the Council, supplementing or amending certain non-essential elements of the legislative act. They should be adopted, pursuant Article 290, as Delegated Acts (level 2 according to Lamfalussy financial architecture) to ensure their binding nature. The procedure of scrutiny and control of technical standards would consequently be stronger and involve the European Parliament and the Council, leaving sufficient time to properly exercise control over the delegation of powers. The European Commission would not be in position to make and propose policy choices, but would be in position to present some options to the colegislators. The Commission would indeed be allowed to take the draft proposals of the ESAs either in its entirety, partially (selecting some technical options) or not at all. Amendments and discretionary powers would be left to non-technical rules adopted by colegislators.

Your rapporteur does not exclude the use of Article 291 of the Treaty, when technical standards are simply used to determine uniform application through implementing measures that can not amend any element of legally binding Union acts. They should not involve policy choices also in this case.

Your rapporteur therefore proposes that, while making sure that the regulations setting up the three ESAs should contain a definition or a classification, each technical standard proposed by the Commission in the Omnibus or existing in the package of Directives revised in the old category of implementing measures should be properly updated and classified concerning its objective and scope and should consequently mention the procedure to be followed in the new framework.

Role of the European Supervisory Authorities

Your rapporteur is of the opinion that the Omnibus I is a unique chance for European Institutions to introduce their political aim of an integrated supervision with its acquis. He therefore proposes several changes within the eleven directives revised by the draft Omnibus I. Changes are aiming at ensuring the role of ESAs in order to:

- streamline cooperation between national competent authorities, the European Commission and the ESAs,

- gather and disseminate information, including publication on the appropriate websites,

- produce guidelines and draft delegated acts,

- articulate enquiries and on-site inspections,

- promote general coordination (sectoral, cross-sectoral and cross-border) and coherence in the whole system.

  • [1]  G 20, London Summit, 2 April 2009

OPINION of the Committee on Legal Affairs (30.4.2010)

for the Committee on Economic and Monetary Affairs

on the proposal for a directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority
(COM(2009)0576 – C7‑0251/2009 – 2009/0161(COD))

Rapporteur: Sajjad Karim

SHORT JUSTIFICATION

Background

The European Commission has proposed the establishment of a new architecture for EU financial regulation to improve the quality and consistency of supervision, ensure more effective rulemaking and enforcement and better identify risks in the financial system. It is proposed to establish a European System of Financial Supervisors (ESFS), comprising of a network of national financial supervisors working with three European Supervisory Authorities (ESAs): a European Banking Authority (EBA); a European Insurance and Occupational Pensions Authority (EIOPA); and a European Securities and Markets Authority (ESMA). A European Systemic Risk Board (ESRB) will also be established to monitor and assess potential threats to financial stability.

The Committee on Legal Affairs adopted its opinion, in which it broadly supports the Commission's objectives outlined above and the structure proposed, believing, however, that it is important for the principle of subsidiarity to be respected and for Member States and national financial supervisors to retain competence where this would be appropriate.

Key concerns

Your rapporteur´s key concerns with regards to the scope of the rulemaking powers of the ESAs and the Commission, the delegation of binding decision-making powers to the ESAs, the role of the ESAs in mediating between possible disagreements between national financial supervisorswere considered in the final opinion.

As the directive concerned refers to 11 other directives, some of which have not yet been enacted and may be substantially amended, it would have been desirable to have more time for in-depth legal analysis to take place. However, the opinion of the Committee on Legal Affairs is intended to constructively feed into the work of the lead committee.

Technical standards

Under the proposals, the ESAs will be able to develop draft technical standards, to be endorsed by the Commission.. Whilst it is provided in the recital that "technical standards should not...involve policy choices", the scope of the current provisions appears unnecessarily broad with flexibility being identified as one of the overlying principles in the explanatory memorandum. Whilst the rapporteur accepts that a level of flexibility is necessary in order for the ESAs to operate effectively in producing technical standards, he nonetheless believes that amendments are necessary in specific instances where the creation of technical standards would involve policy choices.

As the proposal was presented by the Commission before the Lisbon Treaty came into force, alignment of the proposed procedure for the adoption of technical standards to the Treaty of the Functioning of the European Union was necessary. In line with the rapporteur' s approach that the adoption of technical standards should be a power to be conferred on the Commission under Article 290 TFEU as delegated acts, a package of amendments was adopted by the committee. These amendments are intended to amend the 11 directives, which are being amended by the Commission's proposal, only in so far as technical standards and the new Authorities are concerned. All other comitology provisions of the amended directives are not yet touched by these amendments, as set out in the proposed new recital 14a (new), but have to be amended, from the committee's point of view, as quickly as possible in accordance with the principles set out in the Szajer report[1] (see in particular point 18), preferring as far as possible delegated acts.

The package of the adopted amendments intends to follow closely the proposals of the Szajer report, by proposing the delegation of powers to the Commission in accordance with Article 290 TFEU for a limited period of time (here 5 years), which can be extended on the request of the Commission for periods of five years, revocation by the Parliament or the Council at any time, and objection by the Parliament or the Council within a period of 3 months.

As regards the drafting of the standards by the Authorities and the adoption of the standards by the Commission, reference is made to the procedure in Article 7 of the three ESA regulations.

Settlement of disagreements between national supervisory authorities

In the individual directives concerning the ESAs, mechanisms are proposed by which: an ESA is able to decide when a national financial supervisor has not complied with one of its recommendations; and for dispute resolution by an ESA between national financial supervisors. The rapporteur's concerns that the delegation of discretion to these new agencies could contravene ECJ case-law[2] which established that an agency of the Community cannot exceed clearly defined executive powers and must not exercise discretionary power, and that an institution may not delegate powers that it does not possess, are reflected in specific amendments with regard to the ESAs resolving difficulties in the drafting. These relate specifically to the settlement of disagreements.

AMENDMENTS

The Committee on Legal Affairs calls on the Committee on Economic and Monetary Affairs, as the committee responsible, to incorporate the following amendments in its report:

Amendment 1

Proposal for a directive – amending act

Recital 1

Text proposed by the Commission

Amendment

(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. National supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders and offer financial services to businesses and consumers. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of Community law and trust between national supervisors.

(1) The financial crisis in 2007/2008 exposed important shortcomings in financial supervision, both in particular cases and in relation to the financial system as a whole. Nationally-based supervisory models have lagged behind the integrated and interconnected reality of European financial markets, in which many financial firms operate across borders. The crisis exposed shortcomings in the area of cooperation, coordination, consistent application of Union law and trust between national supervisors.

Amendment  2

Proposal for a directive – amending act

Recital 6

Text proposed by the Commission

Amendment

(6) In order for the European System of Financial Supervisors to work effectively, changes to Community legislation in the field of operation of the three Authorities are necessary. These changes concern the definition of the scope of certain powers of the European Supervisory Authorities, the integration of certain powers in existing processes established in relevant Community legislation and amendments to ensure a smooth and effective functioning in the context of the European System of Financial Supervisors.

(6) In order for the European System of Financial Supervisors to work effectively, changes to Union legislation in the field of operation of the three Authorities are necessary. These changes concern the definition of the scope of certain powers of the European Supervisory Authorities, the integration of certain powers established in Union legislation and amendments to ensure a smooth and effective functioning in the context of the European System of Financial Supervisors.

Amendment  3

Proposal for a directive – amending act

Recital 7

Text proposed by the Commission

Amendment

(7) The establishment of the three European Supervisory Authorities (ESA) should be accompanied by the development of a single set of harmonised rules so as to ensure uniform application and thus contribute to a more effective functioning of the Internal Market. The Regulations establishing the ESFS provide that the European Supervisory Authorities may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption by means of Regulations or Decisions. The relevant legislation should define those areas where the European Supervisory Authorities are empowered to develop draft technical standards.

(7) The establishment of the three European Supervisory Authorities (ESAs) should be accompanied by the development of a single set of harmonised rules so as to ensure uniform application and thus contribute to a more effective functioning of the Internal Market. The Regulations establishing the ESFS provide that the ESAs may develop draft technical standards in the areas specifically set out in the relevant legislation, not including policy decisions, to be submitted to the Commission for adoption by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union. The relevant legislation should define those areas where the Commission is empowered to adopt technical standards by means of delegated acts.

Justification

It must be made clear in legal terms that draft technical standards should not include policy decisions as laid out in the establishing Directives of the EBA, ESMA and EIOPA.

Amendment  4

Proposal for a directive – amending act

Recital 8

Text proposed by the Commission

Amendment

(8) The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules, without unduly complicating regulation. Only those areas should be selected where consistent technical rules will contribute significantly to financial stability, depositor, policy holder and investor protection, market efficiency and integrity, and eliminate distortions of competition and risks of regulatory arbitrage.

(8) The identification of areas for technical standards should strike an appropriate balance between building a single set of harmonised rules, without unduly complicating regulation. Only those areas should be selected where consistent technical rules will contribute significantly to financial stability, depositor, policy holder and investor protection, market efficiency and integrity, and eliminate distortions of competition and risks of regulatory arbitrage, while ensuring that policy decisions are taken, in accordance with the usual procedures, by the European Parliament, the Council and the Commission.

Justification

Technical standards should not involve policy choices. The rapporteur emphasises that policy decisions need to have legislative oversight.

Amendment  5

Proposal for a directive – amending act

Recital 9

Text proposed by the Commission

Amendment

(9) Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards should determine the conditions of application of the rules included in basic instruments adopted by the European Parliament and the Council and, where applicable, in Commission implementing measures without amending non-essential elements of those acts, inter alia by deleting some of those elements or by supplementing the act by the addition of new non-essential elements. Technical standards should not therefore involve policy choices. In cases where the technical standards are designed to determine the conditions of application of a Commission implementing measure, they should only be developed once the Commission implementing measure has been adopted. In certain cases where at present the Commission is empowered to adopt implementing measures in accordance with committee procedures pursuant to Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission, and the content of those implementing measures is limited to determining the conditions of application of rules included in the basic instruments, which do not require further supplementing, it is appropriate for the sake of consistency to introduce the procedure for adoption of technical standards provided for in Article 7 of Regulations (EC) No. …/…[EBA], No. …/… [ESMA], and No. …/… [EIOPA].

 

(9) Matters subject to technical standards should be genuinely technical, where their development requires the expertise of supervisory experts. The technical standards of general application should be limited to supplementing or amending certain non-essential elements of the basic legislative act. Technical standards should not therefore involve policy choices. In accordance with Article 290 of the Treaty on the Functioning of the European Union, the Commission should be empowered to adopt those technical standards by means of delegated acts. The Commission should be able to use the expertise of the ESAs as set out in the Regulations establishing the ESFS. For the sake of consistency, it is therefore appropriate to introduce the procedure for the adoption of technical standards provided for in Article 7 of Regulations (EC) No. …/…[EBA], No. …/… [ESMA], and No. …/… [EIOPA].

Justification

Where legislation is currently under review proper co-legislative procedures should be used to assure absolute certainty in what the content of draft technical standards should be so necessary adjustments can be made via the proper procedures.

Amendment  6

Proposal for a directive – amending act

Recital 12 a (new)

Text proposed by the Commission

Amendment

 

(12a) This Directive should therefore identify situations where a procedural or a substantive issue of compliance with Union law may need to be resolved and the supervisors may not be able to resolve the matter on their own. In such a situation, one of the supervisors involved should be able to refer the issue to the competent ESA. The ESA should act in accordance with the procedure set out in this Directive. It should be able to require the competent authorities concerned to take specific action or to refrain from action in order to settle the matter and to ensure compliance with Union law, with binding effects on the competent authorities concerned.

 

In cases where the relevant EU legislation confers discretion on Member States, decisions taken by the ESA should not replace the national supervisors' exercise of discretion in compliance with Union law.

Justification

In order for there to be compliance with ECJ case-law (C -9/56 and 10/56, Meroni v High Authority, [1958] E.C.R. 133 and 157), it is important that decisions taken by ESAs do not replace the lawful exercise of judgement by national supervisors. Under Meroni, an institution may not delegate powers that it does not itself possess.

Amendment  7

Proposal for a directive – amending act

Recital 13

Text proposed by the Commission

Amendment

(13) 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 provides for mediation or joint decisions as regards the determination of significant branches for the purposes of supervisory college membership, model validation and group risk assessment. In all of these areas, an amendment should clearly state that in the event of disagreement during the specified time period, the European Banking Authority may resolve the disagreement using the process outlined in Regulation …/… [EBA]. This approach makes it clear that disagreements can be resolved and cooperation strengthened before a final decision is made or issued to an institution.

(13) 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 provides for mediation or joint decisions as regards the determination of significant branches for the purposes of supervisory college membership, model validation and group risk assessment. In all of these areas, an amendment should clearly state that, in the event of disagreement during the specified time period, the European Banking Authority may resolve the disagreement using the process outlined in Regulation …/… [EBA]. This approach makes it clear that, while the European Banking Authority cannot replace national supervisors’ discretionary judgments, disagreements can be resolved and cooperation strengthened before a final decision is made or issued to an institution.

Justification

In areas of disagreement between national financial supervisors, the ability of the ESAs to assist in reaching an agreement should not extend to being able to replace national supervisors' discretionary judgements, to ensure compliance with ECJ case-law.

Amendment  8

Proposal for a directive – amending act

Recital 14 a (new)

Text proposed by the Commission

Amendment

 

(14a) The alignment of comitology procedures to, respectively, Articles 290 (delegated acts) and 291 (implementing acts) of the Treaty on the Functioning of the European Union (TFEU) should be done step by step. This Directive should adapt to Articles 290 and 291 TFEU the relevant provisions of the amended Directives referred to in recital 20 only in so far as the new ESAs are concerned and only to the extent that they relate to technical standards. This alignment, as well as further alignments of other comitology provisions contained in the amended Directives, should not be limited to measures previously dealt with under the regulatory procedure with scrutiny but should cover all appropriate measures of general scope independently of the decision-making procedure or the comitology procedure applicable to them prior to the entry into force of the Treaty of Lisbon. In order to ensure consistency, further alignment with Articles 290 and 291 TFEU of other comitology procedures contained in the amended Directives referred to in recital 20 should be done in accordance with the provisions of this Directive.

Amendment  9

Proposal for a directive – amending act

Recital 15 a (new)

Text proposed by the Commission

Amendment

 

(15a) Confidential information transmitted to or exchanged between competent authorities and the European Securities and Markets Authority or the European Systemic Risk Board should be covered by the obligation of professional secrecy, to which the persons employed or formerly employed by the competent authorities receiving the information are subject.

Amendment  10

Proposal for a directive – amending act

Recital 18

Text proposed by the Commission

Amendment

(18) In those areas where the Authorities are under an obligation to develop draft technical standards, those draft technical standards should be submitted to the Commission within three years of the creation of the Authorities.

deleted

Amendment  11

Proposal for a directive – amending act

Article 2 – point 3

Directive 2002/87/EC

Chapter III – title

 

Text proposed by the Commission

Amendment

CONFERRED POWERS AND COMMITTEE PROCEDURES

DELEGATED POWERS

Amendment  12

Proposal for a directive – amending act

Article 2 – point 6

Directive 2002/87/EC

Article 21a – title and paragraph 1

 

Text proposed by the Commission

Amendment

Technical Standards

Technical standards – delegated acts

1. In order to ensure uniform application of this Directive, the European Supervisory Authorities, in accordance with Articles 42 of Regulation …/… [EBA], Regulation …/… [EIOPA], and Regulation …/… [ESMA] may develop draft technical standards, with regard to:

1. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards with regard to Article 6(2) in order to clarify the calculation methods listed in Part II of Annex I, but without prejudice to Article 6(4).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

(a) Article 2(11) in order to determine the conditions of application of Article 17 of Council Directive 78/660/EEC* in the context of this Directive;

 

(b) Article 2(17) in order to determine the conditions of application relating to the procedures for the determination of 'relevant competent authorities';

 

(c) Article 3(5) in order to determine the conditions of application of the alternative parameters for the identification of a financial conglomerate

 

(d) Article 6(2) in order to determine the conditions of application of the calculation methods listed in Annex I part II, but without prejudice to article 6(4);

 

(e) Article 7(2) in order to determine the modalities for including the items within the scope of the definition of 'risk concentrations' in the supervisory overview referred to in the second sub paragraph;

 

(f) Article 8(2) in order to determine the modalities for including the items within the scope of the definition of 'intra group transactions' in the supervisory overview referred to in the third sub paragraph.

 

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation …/… [EBA], Regulation …/… [EIOPA], and Regulation …/… [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation …/… [EBA], Regulation …/… [EIOPA], and Regulation …/… [ESMA].

Justification

As Council Directive 78/660/EEC is currently under review the rapporteur believes that technical standards should not be drafted prior to the full results of this review.

The existing legislation already provides a way of defining "relevant competent authorities" without reference to implementing measures or a requirement for further definition; therefore this should only be amended following full review of the Directive including an impact assessment.

Determining conditions of application of these parameters would like constitute a policy decision and should be outside the scope of technical standards.

Drafting is confusing; “clarify” should replace “determine the conditions of application of”. Your rapporteur thinks this makes it far clearer and avoids the incorrect perception that level 3 is supplementing level 1 or 2.

Determining what comes within the scope of "risk concentrations" is not a strictly technical calculation and would most likely require some degree of policy decisions; as such it is not suitable content for a technical standard.

The scope of the definition of "intra group transactions" is already included in the initial directive and the reformation of this definition would most likely constitute a policy decisions. If it is deemed necessary, this change should be made by proper review of the Directive.

Amendment  13

Proposal for a directive – amending act

Article 3 – point 3

Directive 2003/6/EC

Article 16 – paragraph 5

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of paragraphs 2 and 4, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the conduct of requests for exchange of information and cross border inspections.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the conduct of requests for exchange of information and cross-border inspections.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  14

Proposal for a directive – amending act

Article 4 – point 1 – point b

Directive 2003/41/EC

Article 13 – paragraph 2

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of the directive, the European Insurance and Occupational Pension Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards concerning information provided to the competent authorities. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

2. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards concerning information provided to the competent authorities.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA].

Amendment  15

Proposal for a directive – amending act

Article 4 – point 2

Directive 2003/41/EC

Article 20 – paragraph 11 – subparagraphs 1 and 2

 

Text proposed by the Commission

Amendment

11. In order to ensure uniform application of this Directive, the European Insurance and Occupational Pension Authority shall develop draft technical standards listing for each Member State provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

11. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards listing for each Member State provisions of a prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EIOPA].

Amendment  16

Proposal for a directive – amending act

Article 5 – point 1

Directive 2003/71/EC

Article 8 – paragraph 5

 

Text proposed by the Commission

Amendment

1. In Article 8, the following paragraph 5 is added:

 

"5. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission according to paragraph 4. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

deleted

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]."

 

Amendment  17

Proposal for a directive – amending act

Article 5 – point 4

Directive 2003/71/EC

Article 16 – paragraph 3

 

Text proposed by the Commission

Amendment

3. In order to ensure uniform application of this Article and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application of the obligation to provide a supplement to the prospectus in case of a significant new factor, material mistake or inaccuracy relating to the information included in the prospectus. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

3. In order to take account of technical developments on financial markets, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the conditions of application of the obligation to provide a supplement to the prospectus in the event of a significant new factor, material mistake or inaccuracy relating to the information included in the prospectus.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  18

Proposal for a directive – amending act

Article 5 – point 6

Directive 2003/71/EC

Article 18 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Directive and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

4. In order to take account of technical developments on financial markets, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the procedures for the notification of the certificate of approval, the copy of the prospectus, the translation of the summary and any supplement to the prospectus.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  19

Proposal for a directive – amending act

Article 5 – point 8 – point b

Directive 2003/71/EC

Article 22 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets, the European Securities and Markets Authority may develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

4. In order to take account of technical developments on financial markets, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards specifying the conditions of cooperation and exchange of information between competent authorities, including the development of standard forms or templates for such cooperation and exchange of information.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  20

Proposal for a directive – amending act

Article 6 – point 2

Directive 2004/39/EC

Article 7 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article and of Articles 7, 9(2)-(4), 10(1)-(2), and 12, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this Article and in Articles 7, 9(2)-(4), 10(1)-(2) and 12.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the requirements and procedures for such authorisation laid down in this Article and in Articles 7, 9(2) to (4), 10(1) and (2) and 12.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  21

Proposal for a directive – amending act

Article 6 – point 3

Directive 2004/39/EC

Article 10 a – paragraph 8

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the consultation process between the relevant competent authorities as referred to in Article 10(4). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

8. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the process of consultation between the relevant competent authorities as referred to in Article 10(4).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  22

Proposal for a directive – amending act

Article 6 – point 4

Directive 2004/39/EC

Article 31 – paragraph 7

 

Text proposed by the Commission

Amendment

7. In order to ensure uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraphs 3 and 6, including the development of standard forms and templates.

7. In order to establish a uniform notification procedure, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the obligation to notify information in accordance with paragraphs 2 and 4 and the process of transmitting this information in accordance with paragraphs 3 and 6, including the development of standard forms and templates.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  23

Proposal for a directive – amending act

Article 6 – point 5

Directive 2004/39/EC

Article 32 – paragraph 10

 

Text proposed by the Commission

Amendment

10. In order to ensure uniform application of this Article and establish a uniform notification procedure, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraph 3, including the development of standard forms and templates.

10. In order to establish a uniform notification procedure, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the obligation to notify information in accordance with paragraphs 2 and 4 and the process of transmitting this information in accordance with paragraph 3, including the development of standard forms and templates.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  24

Proposal for a directive – amending act

Article 6 – point 9

Directive 2004/39/EC

Article 56 – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application relating to the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2, including the development of standard forms and templates.

6. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the obligation for competent authorities to cooperate in accordance with paragraph 1 and to the content of the cooperation agreements in accordance with paragraph 2, including the development of standard forms and templates.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  25

Proposal for a directive – amending act

Article 6 – point 10 – point b

Directive 2004/39/EC

Article 57– paragraph 2

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of paragraph 1, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation for competent authorities to cooperate in supervisory activities, on-the-spot-verifications, and investigations.

2. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the obligation for competent authorities to cooperate in supervisory activities, on-the-spot-verifications, and investigations.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  26

Proposal for a directive – amending act

Article 6 – point 11 – point a

Directive 2004/39/EC

Article 58 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of paragraphs 1 and 2, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation to exchange information, including the development of standard forms or templates.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the obligation to exchange information, including the development of standard forms or templates.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  27

Proposal for a directive – amending act

Article 6 – point 12

Directive 2004/39/EC

Article 60 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the obligation to consult other competent authorities prior to granting an authorisation, including the development of standard forms or templates.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the obligation to consult other competent authorities prior to granting an authorisation, including the development of standard forms or templates.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  28

Proposal for a directive – amending act

Article 7 – point 1 – point b

Directive 2004/109/EC

Article 12 – paragraph 9

 

Text proposed by the Commission

Amendment

9. In order to ensure the uniform application of paragraph 1 of this Article and to take account of technical developments in financial markets, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council shall develop draft technical standards to establish a harmonised standard form to be used when notifying the required information to the issuer under paragraph 1 of this Article or when filing information under Article 19(3).

9. In order to take account of technical developments in financial markets, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to establish a harmonised standard form to be used when notifying the required information to the issuer under paragraph 1 of this Article or when filing information under Article 19(3).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Authority shall submit the draft technical standards referred to in the first subparagraph to the Commission by 1 January 2014. The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  29

Proposal for a directive – amending act

Article 7 – point 2 – point b

Directive 2004/109/EC

Article 13– paragraph 3

 

Text proposed by the Commission

Amendment

3. In order to ensure the uniform application of paragraph 1 and to take account of technical developments on financial markets, the European Securities and Markets Authority shall develop draft technical standards to establish a harmonised standard form to when notifying the required information to the issuer under paragraph 1 or when filing information under Article 19(3).

3. In order to take account of technical developments on financial markets, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to establish a harmonised standard form relating to the notification of the required information to the issuer under paragraph 1 or the filing of information under Article 19(3).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Authority shall submit the draft technical standards referred to in the first subparagraph to the Commission by 1 January 2014. The Commission may adopt those draft technical standards in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  30

Proposal for a directive – amending act

Article 8 – point 1

Directive 2005/60/EC

Article 31 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure the uniform application of this Article and to take account of technical developments in the fight against money laundering or terrorist financing, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority may develop draft technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council to determine the type of additional measures referred to in Article 31(3) and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1.

4. In order to take account of technical developments in the fight against money laundering or terrorist financing, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council to determine the type of additional measures referred to in Article 31(3) and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation .../.... [EBA], …/…, Regulation …/… [ESMA] and …/…, Regulation …/….[ EIOPA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation .../.... [EBA], …/…, Regulation …/… [ESMA] and …/…, Regulation …/….[ EIOPA].

Amendment  31

Proposal for a directive – amending act

Article 8 – point 2

Directive 2005/60/EC

Article 34– paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure the uniform application of this Article and to take account of technical developments in the fight against money laundering or terrorist financing, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority may develop draft technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council to determine the conditions of application relating to the minimum content of the communication referred to in paragraph 2.

4. In order to take account of technical developments in the fight against money laundering or terrorist financing, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards in accordance with Articles 42 of Regulation …/…, Regulation …/… and Regulation …/… of the European Parliament and of the Council relating to the minimum content of the communication referred to in paragraph 2.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation .../.... [EBA] ], …/…, Regulation …/… [ESMA] and …/…, Regulation …/….[ EIOPA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 7 of Regulation .../.... [EBA] ], …/…, Regulation …/… [ESMA] and …/…, Regulation …/….[ EIOPA].

Amendment  32

Proposal for a directive – amending act

Article 9 – point 1

Directive 2006/48/EC

Article 6– paragraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority established by Regulation …/… of the European Parliament and of the Council may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in Articles 7, 8, 10, 11 and 12, with the exception of the conditions established in the second sentence of Article 11(1).

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the requirements and procedures for the authorisation as laid down in Articles 7, 8, 10, 11 and 12, with the exception of the conditions established in the second sentence of Article 11(1).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the technical standards referred to in the second paragraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  33

Proposal for a directive – amending act

Article 9 – point 3

Directive 2006/48/EC

Article 19 – paragraph 9

 

Text proposed by the Commission

Amendment

9. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in Article 19b(1). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

9. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in Article 19b(1).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  34

Proposal for a directive – amending act

Article 9 – point 4

Directive 2006/48/EC

Article 26 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of Article 25 and this Article, and establish a uniform notification procedure by electronic means, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the information referred to in Article 25 and in this Article and the process for transmitting this information. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

5. In order to establish a uniform notification procedure by electronic means, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the information referred to in Article 25 and in this Article and the process for transmitting this information.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  35

Proposal for a directive – amending act

Article 9 – point 5

Directive 2006/48/EC

Article 28– paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article and establish a uniform notification procedure by electronic means, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the information referred to in this Article and the process for transmitting this information. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

4. In order to establish a uniform notification procedure by electronic means, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the information referred to in this Article and the process for transmitting this information.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  36

Proposal for a directive – amending act

Article 9 – point 7

Directive 2006/48/EC

Article 42 – paragraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the procedures, methods and conditions of application of the information sharing requirements for the information which is likely to facilitate the monitoring of credit institutions. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the procedures, methods and conditions of the information-sharing requirements for the information which is likely to facilitate the monitoring of credit institutions.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second paragraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  37

Proposal for a directive – amending act

Article 9 – point 8

Directive 2006/48/EC

Article 42 a – paragraph 1 – subparagraph 4 a

 

Text proposed by the Commission

Amendment

If, at the end of the two month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation, and shall act in conformity with that decision. The two month period shall be deemed the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the two month period or after a joint decision has been reached.

If, at the end of the initial two-month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the competent authorities of the host Member State shall defer their decision and await the decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation, and shall take their decision in conformity with the Authority’s decision. The two-month period shall be deemed to be the conciliation period within the meaning of that Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the initial two-month period or after a joint decision has been reached. Decisions taken by the European Banking Authority shall not replace the lawful exercise of judgment by the competent authorities of the host Member State pursuant to this Directive.

Justification

In order for there to be compliance with ECJ case-law (C -9/56 and 10/56, Meroni v High Authority, [1958] E.C.R. 133 and 157), it is important that decisions taken by ESAs do not replace the lawful exercise of judgement by national supervisors. Under Meroni, an institution may not delegate powers that it does not itself possess.

Amendment  38

Proposal for a directive – amending act

Article 9 – point 13 – point b

Directive 2006/48/EC

Article 63a – paragraph 6 – subparagraphs 1 and 2

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of paragraph 1 of this Article and the convergence of supervisory practices, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the provisions governing the instruments referred to in paragraph 1 of this Article The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

6. In order to ensure the convergence of supervisory practices, the Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the provisions governing the instruments referred to in paragraph 1 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  39

Proposal for a directive – amending act

Article 9 – point 14

Directive 2006/48/EC

Article 74 – paragraph 2 – subparagraphs 2 and 3

 

Text proposed by the Commission

Amendment

For the communication of these calculations by credit institutions, competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. In order to ensure uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Community, uniform formats, frequencies, languages and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

For the communication of these calculations by credit institutions, competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to introduce, within the European Union, uniform formats, frequencies, languages and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  40

Proposal for a directive – amending act

Article 9 – point 15

Directive 2006/48/EC

Article 81 – paragraph 2 – subparagraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards concerning the assessment methodology relating to credit assessments.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  41

Proposal for a directive – amending act

Article 9 – point 16

Directive 2006/48/EC

Article 84 – paragraph 2 – subparagraphs 3 and 4

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this paragraph, the European Banking Authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the IRB Approach.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the IRB Approach.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the third subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

The Commission may adopt the technical standards referred to in the third subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  42

Proposal for a directive – amending act

Article 9 – point 17

Directive 2006/48/EC

Article 97 – paragraph 2 – subparagraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority, in consultation with the European Securities and Market Authority, shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, after consulting the European Banking Authority and the European Securities and Markets Authority, technical standards relating to the assessment methodology for credit assessments.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  43

Proposal for a directive – amending act

Article 9 – point 18

Directive 2006/48/EC

Article 105 – paragraph 1 – subparagraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the Advanced Measurement Approaches.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the Advanced Measurement Approaches.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  44

Proposal for a directive – amending act

Article 9 – point 19

Directive 2006/48/EC

Article 106 – paragraph 2 – subparagraphs 2and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Paragraph, the European Banking Authority shall develop draft technical standards in order to determine the conditions of application of the exemptions in point (c) and (d). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the exemptions in point (c) and (d).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  45

Proposal for a directive – amending act

Article 9 – point 20

Directive 2006/48/EC

Article 110 – paragraph 2

 

Text proposed by the Commission

Amendment

2. Member States shall provide that reporting shall be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. In order to ensure uniform application of the directive, the European Banking Authority shall develop draft technical standards to introduce, within the Community, uniform formats, frequencies, language and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

2. Member States shall provide that reporting is to be carried out at least twice a year. The competent authorities shall apply, from 31 December 2012, uniform formats, frequencies, language and dates of reporting. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to introduce, within the European Union, uniform formats, frequencies, language and dates of reporting before 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  46

Proposal for a directive – amending act

Article 9 – point 21

Directive 2006/48/EC

Article 122a – paragraph 10 – subparagraphs 2 and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article, including the measures taken in case of breach of the due diligence and risk management obligations. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards in relation to the measures to be taken in the event of breach of the due diligence and risk management obligations.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  47

Proposal for a directive – amending act

Article 9 – point 22

Directive 2006/48/EC

Article 124 – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of this Article and a common risk assessment procedure. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

6. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine a common risk assessment procedure.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  48

Proposal for a directive – amending act

Article 9 – point 23

Directive 2006/48/EC

Article 129 – paragraph 2 – subparagraph 6

 

Text proposed by the Commission

Amendment

If, at the end of the six month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that regulation, and shall act in conformity with that decision. The six month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the six month period or after a joint decision has been reached

If, at the end of the six-month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation on its decision, and shall take its decision in conformity with the European Banking Authority's decision. The six-month period shall be deemed to be the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the six-month period or after a joint decision has been reached. Decisions taken by the European Banking Authority shall not replace the lawful exercise of judgment by the competent authorities of the consolidating supervisor pursuant to this Directive.

Justification

In order for there to be compliance with ECJ case-law (C -9/56 and 10/56, Meroni v High Authority, [1958] E.C.R. 133 and 157), it is important that decisions taken by ESAs do not replace the lawful exercise of judgement by national supervisors. Under Meroni, an institution may not delegate powers that it does not itself possess.

Amendment  49

Proposal for a directive – amending act

Article 9 – point 24 – point b

Directive 2006/48/EC

Article 129 – paragraph 3 – subparagraph 4

 

Text proposed by the Commission

Amendment

In the absence of such a joint decision between the competent authorities within four months, a decision on the application of Articles 123 and 124 and Article 136(2) shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities. If, at the end of the four month period, a competent authority has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation, and shall act in conformity with that decision. The four month period shall be deemed the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four month period or after a joint decision has been reached.

In the absence of such a joint decision between the competent authorities within four months, a decision on the application of Articles 123 and 124 and Article 136(2) shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities. If, at the end of the four-month period, any of the competent authorities concerned has referred the matter to the European Banking Authority in accordance with Article 11 of Regulation …/… [EBA], the consolidating supervisor shall defer its decision and await any decision that the European Banking Authority may take in accordance with Article 11(3) of that Regulation on its decision, and shall take its decision in conformity with the European Banking Authority's decision. The four-month period shall be deemed to be the conciliation period within the meaning of the Regulation. The European Banking Authority shall take its decision within one month. The matter shall not be referred to the Authority after the end of the four-month period or after a joint decision has been reached. Decisions taken by the European Banking Authority shall not replace the lawful exercise of judgment by the competent authorities of the consolidating supervisor pursuant to this Directive.

Justification

In areas of disagreement between national financial supervisors, the ability of the ESAs to assist in reaching an agreement should not extend to being able to replace national supervisors' discretionary judgements. Where the ESA decides that a supervisory authority's proposed decision is not in compliance, the final decision made by the national supervisor should be made in conformity with the ESA's decision.

Amendment  50

Proposal for a directive – amending act

Article 9 – point 24 – point e

Directive 2006/48/EC

Article 129 – paragraph 3 – subparagraphs 10 and 11

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the conditions of application of the joint decision process referred to in this paragraph, with regard to the application of Articles 123, 124 and 132(2) and with a view to facilitating joint decisions. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the conditions of application of the joint decision process referred to in this paragraph, with regard to the application of Articles 123, 124 and 132(2) and with a view to facilitating joint decisions.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt thse draft technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  51

Proposal for a directive – amending act

Article 9 – point 27 – point a

Directive 2006/48/EC

Article 131a – paragraph 2 – subparagraphs 2and 3

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article and Article 42a(3), the European Banking Authority shall develop draft technical standards for the operational functioning of colleges, including in relation to Article 42a(3). The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards for the operational functioning of colleges in relation to this Article and Article 42a(3).

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the second subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  52

Proposal for a directive – amending act

Article 9 – point 29

Directive 2006/48/EC

Article 144 – paragraphs 3and 4

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of this Article, the European Banking Authority shall develop draft technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format, structure, contents list and annual publication date of the disclosures provided for in this Article. The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format, structure, contents list and annual publication date of the disclosures provided for in this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the third paragraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the third paragraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  53

Proposal for a directive – amending act

Article 9 – point 30 – point b

Directive 2006/48/EC

Article 150 – paragraph 3

 

Text proposed by the Commission

Amendment

3. The European Banking Authority shall develop draft technical standards to determine:

3. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine:

(a) the conditions of application of points 15 to 17 of Annex V;

(a) the conditions of application of points 15 to 17 of Annex V;

(b) the conditions of application of Part 2 of Annex VI in respect of the quantitative factors referred to in point 12, the qualitative factors referred to in point 13 and the benchmark referred to in point 14;

(b) the conditions of application of Part 2 of Annex VI in respect of the quantitative factors referred to in point 12, the qualitative factors referred to in point 13 and the benchmark referred to in point 14;

The Authority shall submit those draft technical standards to the Commission by 1 January 2014.

 

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  54

Proposal for a directive – amending act

Article 10

Directive 2006/49/EC

Article 18 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of paragraph 1, the European Banking Authority established by Regulation…/…of the European Parliament and of the Council may develop draft technical standards for endorsement by the Commission to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use internal models for the purposes of calculating capital requirements under this Directive.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use internal models for the purposes of calculating capital requirements under this Directive.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [EBA].

Amendment  55

Proposal for a directive – amending act

Article 11 – point 1

Directive 2009/65/EC

Article 5 – paragraph 8

 

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority established by Regulation…/…of the European Parliament and of the Council may develop draft technical standards to determine the conditions of application relating to the information to be provided to the competent authorities in the application for authorisation of a UCITS.

 

8. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the information to be provided to the competent authorities in the application for authorisation of a UCITS.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  56

Proposal for a directive – amending act

Article 11 – point 2

Directive 2009/65/EC

Article 7 – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to further determine the conditions of application of the requirements for the authorisation of the management company, with the exception of the conditions established in paragraph 1(b) of this Article.

6. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to further determine the conditions of application of the requirements for the authorisation of the management company, with the exception of the conditions established in point (b) of paragraph 1 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  57

Proposal for a directive – amending act

Article 11 – point 3

Directive 2009/65/EC

Article 12 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the procedures, arrangements, structures and organisational requirements referred to in paragraph 3 of this Article.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the procedures, arrangements, structures and organisational requirements referred to in paragraph 3 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA]

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  58

Proposal for a directive – amending act

Article 11 – point 4

Directive 2009/65/EC

Article 14 – paragraph 3

 

Text proposed by the Commission

Amendment

3. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria, principles and steps referred to in points (a), (b), and (c) of the first subparagraph of this Article.

3. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the criteria, principles and steps referred to in points (a), (b), and (c) of paragraph 1 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  59

Proposal for a directive – amending act

Article 11 – point 6

Directive 2009/65/EC

Article 29 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the conditions for the authorisation of the self-managed investment company, with the exception of the conditions established in paragraph 1(b) of this Article.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the conditions for the authorisation of the self-managed investment company, with the exception of the conditions established in point (b) of paragraph 1 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  60

Proposal for a directive – amending act

Article 11 – point 7

Directive 2009/65/EC

Article 43 – paragraph 6

 

Text proposed by the Commission

Amendment

6. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the content, format and method by which the information referred to in paragraphs 1 and 3 of this Article should be provided.

6. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the content, format and method by which the information referred to in paragraphs 1 and 3 of this Article should be provided.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  61

Proposal for a directive – amending act

Article 11 – point 8

Directive 2009/65/EC

Article 50 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the provisions concerning the categories of assets in which UCITS can invest in accordance to this Article.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards concerning the categories of assets in which UCITS can invest in accordance to this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  62

Proposal for a directive – amending act

Article 11 – point 9

Directive 2009/65/EC

Article 51 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the criteria and rules referred to in points (a), (b) and (c) of paragraph 4.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the criteria and rules referred to in points (a), (b) and (c) of paragraph 4 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  63

Proposal for a directive – amending act

Article 11 – point 10

Directive 2009/65/EC

Article 60 – paragraph 7

 

Text proposed by the Commission

Amendment

7. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement, measures and procedures referred to in points (a), (b) and (c) of paragraph 6.

7. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the agreement, measures and procedures referred to in points (a), (b) and (c) of paragraph 6 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers referred to in the first subparagraph at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  64

Proposal for a directive – amending act

Article 11 – point 11

Directive 2009/65/EC

Article 61 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the agreement and types of irregularities referred to in points (a) and (b) of paragraph 3.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the agreement and types of irregularities referred to in points (a) and (b) of paragraph 3 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  65

Proposal for a directive – amending act

Article 11 – point 12

Directive 2009/65/EC

Article 64 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the Commission regarding the information and procedure referred to in points (a) and (b) of paragraph 4.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the information and procedure referred to in points (a) and (b) of paragraph 4 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  66

Proposal for a directive – amending act

Article 11 – point 13

Directive 2009/65/EC

Article 69 – paragraph 5

 

Text proposed by the Commission

Amendment

5. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the provisions concerning the content of the prospectus, the annual report and the half-yearly report as laid down in Annex I, and the format of these documents.

5. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards concerning the content of the prospectus, the annual report and the half-yearly report as laid down in Annex I, and the format of these documents.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  67

Proposal for a directive – amending act

Article 11 – point 14

Directive 2009/65/EC

Article 78 – paragraph 8

 

Text proposed by the Commission

Amendment

8. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards for endorsement by the Commission to determine the conditions of application of the implementing measures adopted by the Commission regarding the information referred to in paragraph 3.

8. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards regarding the information referred to in paragraph 3 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  68

Proposal for a directive – amending act

Article 11 – point 15

Directive 2009/65/EC

Article 84 – paragraph 4

 

Text proposed by the Commission

Amendment

4. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application of the conditions applying to the temporary suspension of the re-purchase or redemption of the units of the UCITS as referred to in point (a) of paragraph 2, once the suspension has been decided.

4. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards relating to the conditions applying to the temporary suspension of the re-purchase or redemption of the units of the UCITS as referred to in point (a) of paragraph 2 of this Article, once the suspension has been decided.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  69

Proposal for a directive – amending act

Article 11 – point 16

Directive 2009/65/EC

Article 95 – paragraph 2

 

Text proposed by the Commission

Amendment

2. In order to ensure uniform application of Article 93, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to:

2. The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards to determine the conditions of application with regard to:

(a) the form and contents of a standard model notification letter to be used by a UCITS for the purpose of notification referred to in Article 93(1), including an indication as to which documents the translations refer to;

(a) the form and contents of a standard model notification letter to be used by a UCITS for the purpose of notification referred to in Article 93(1), including an indication as to which documents the translations refer to;

(b) the form and contents of a standard model attestation to be used by competent authorities of Member States referred to in Article 93(3);

(b) the form and contents of a standard model attestation to be used by competent authorities of Member States referred to in Article 93(3);

(c) the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of Article 93.

(c) the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of Article 93.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  70

Proposal for a directive – amending act

Article 11 – point 17

Directive 2009/65/EC

Article 101 – paragraph 9

 

Text proposed by the Commission

Amendment

9. In order to ensure uniform application of this Article, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to the conduct of on-the-spot verifications and investigations as referred to in paragraphs 4 and 5.

9. The Commission shall be empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards with regard to the conduct of on-the-spot verifications and investigations as referred to in paragraphs 4 and 5 of this Article.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

Amendment  71

Proposal for a directive – amending act

Article 11 – point 19

Directive 2009/65/EC

Article 105

 

Text proposed by the Commission

Amendment

In order to ensure uniform application of the provisions in this Directive concerning the exchange of information, the European Securities and Markets Authority may develop draft technical standards to determine the conditions of application with regard to the procedures for exchange of information between competent authorities and between the competent authorities and the European Securities and Markets Authority.

The Commission is empowered to adopt, by means of delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union, technical standards with regard to the procedures for exchange of information between competent authorities and between the competent authorities and the European Securities and Markets Authority.

 

The delegation of powers shall last for five years from the date of entry into force of Directive 2010/..../EU on .... and shall be extended for periods of five years on a request from the Commission made at the latest three months before the expiry of the delegation, unless the European Parliament or the Council objects to such an extension before the expiry of the delegation.

Notwithstanding the foregoing, the European Parliament or the Council may revoke the delegation of powers at any time.

A delegated act adopted pursuant to this Article shall enter into force only if no objection has been expressed by the European Parliament or the Council within a period of three months.

The Commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

The Commission may adopt the technical standards referred to in the first subparagraph in accordance with the procedure laid down in Article 7 of Regulation .../.... [ESMA].

PROCEDURE

Title

Powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority (amendment of Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC)

References

COM(2009)0576 – C7-0251/2009 – 2009/0161(COD)

Committee responsible

ECON

Opinion by

       Date announced in plenary

JURI

12.11.2009

 

 

 

Rapporteur

       Date appointed

Sajjad Karim

14.12.2009

 

 

Discussed in committee

28.1.2010

 

 

 

Date adopted

28.4.2010

 

 

 

Result of final vote

+:

–:

0:

23

0

0

Members present for the final vote

Raffaele Baldassarre, Luigi Berlinguer, Sebastian Valentin Bodu, Françoise Castex, Christian Engström, Lidia Joanna Geringer de Oedenberg, Daniel Hannan, Klaus-Heiner Lehne, Antonio López-Istúriz White, Antonio Masip Hidalgo, Alajos Mészáros, Bernhard Rapkay, Evelyn Regner, Francesco Enrico Speroni, Alexandra Thein, Diana Wallis, Rainer Wieland, Cecilia Wikström, Tadeusz Zwiefka

Substitute(s) present for the final vote

Piotr Borys, Sergio Gaetano Cofferati, Kurt Lechner, Eva Lichtenberger, József Szájer

Substitute(s) under Rule 187(2) present for the final vote

Kay Swinburne

  • [1]  Report of the Committee on Legal Affairs of 29.3.2010, rapporteur Jozsef Szajer, PE439.171v03-00.
  • [2]  Judgments of the Court of Justice of 13 June 1958, Meroni v High Authority, C-9/56 and 10/56, 1958 E.C.R. 133 and 157.

PROCEDURE

Title

Powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority (amendment of Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC)

References

COM(2009)0576 – C7-0251/2009 – 2009/0161(COD)

Date submitted to Parliament

26.10.2009

Committee responsible

       Date announced in plenary

ECON

12.11.2009

Committee(s) asked for opinion(s)

       Date announced in plenary

JURI

12.11.2009

LIBE

12.11.2009

 

 

Not delivering opinions

       Date of decision

LIBE

10.5.2010

 

 

 

Rapporteur(s)

       Date appointed

Antolín Sánchez Presedo

20.10.2009

 

 

Discussed in committee

23.11.2009

23.2.2010

23.3.2010

27.4.2010

Date adopted

10.5.2010

 

 

 

Result of final vote

+:

–:

0:

40

0

0

Members present for the final vote

Burkhard Balz, Sharon Bowles, Udo Bullmann, Pascal Canfin, Nikolaos Chountis, George Sabin Cutaş, Leonardo Domenici, Derk Jan Eppink, Markus Ferber, Vicky Ford, José Manuel García-Margallo y Marfil, Jean-Paul Gauzès, Sven Giegold, Sylvie Goulard, Liem Hoang Ngoc, Gunnar Hökmark, Rodi Kratsa-Tsagaropoulou, Astrid Lulling, Arlene McCarthy, Sławomir Witold Nitras, Ivari Padar, Antolín Sánchez Presedo, Olle Schmidt, Edward Scicluna, Peter Skinner, Theodor Dumitru Stolojan, Ramon Tremosa i Balcells

Substitute(s) present for the final vote

Pervenche Berès, Carl Haglund, Dan Jørgensen, Syed Kamall, Philippe Lamberts, Gay Mitchell

Substitute(s) under Rule 187(2) present for the final vote

Ricardo Cortés Lastra, Michel Dantin, Frank Engel, Jacqueline Foster, Christa Klaß, Constance Le Grip, Elisabeth Morin-Chartier, Evelyn Regner, Paul Rübig