# CE2011351EN.01044702.xml

| 2.12.2011 | EN | Official Journal of the European Union | CE 351/447 |
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2.12.2011

EN

Official Journal of the European Union

CE 351/447

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Wednesday 7 July 2010Specific tasks for the European Central Bank concerning the functioning of the European Systemic Risk Board *

P7_TA(2010)0275

Proposal for a Council regulation entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board (05551/2010 – C7-0014/2010 – 2009/0141(CNS))

2011/C 351 E/41

(Special legislative procedure – Consultation)

The proposal was amended on 7 July 2010 as follows (1):

1

| TEXT PROPOSED BY THE COUNCIL | AMENDMENT |
| --- | --- |
| Amendment 1 |
| Proposal for a regulation


  Recital 1 a (new) |
| | (1a) | Long before the financial crisis, the European Parliament called regularly for the reinforcement of the true level playing field for all actors at the Union level while pointing out significant 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 Plan (2), of 25 November 2002 on prudential supervision rules in the European Union (3), of 11 July 2007 on financial services policy (2005-2010) – White Paper (4), of 23 September 2008 with recommendations to the Commission on hedge funds and private equity (5), of 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: future structure of supervision (6), 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) (7) and of 23 April 2009 on the proposal for a regulation of the European parliament and of the Council on Credit Rating Agencies (8)). |

TEXT PROPOSED BY THE COUNCIL

AMENDMENT

Amendment 1

Amendment 1

Proposal for a regulation

Proposal for a regulation

Recital 1 a (new)

Recital 1 a (new)

(1a)

(1a)

Long before the financial crisis, the European Parliament called regularly for the reinforcement of the true level playing field for all actors at the Union level while pointing out significant 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 Plan (2), of 25 November 2002 on prudential supervision rules in the European Union (3), of 11 July 2007 on financial services policy (2005-2010) – White Paper (4), of 23 September 2008 with recommendations to the Commission on hedge funds and private equity (5), of 9 October 2008 with recommendations to the Commission on Lamfalussy follow-up: future structure of supervision (6), 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) (7) and of 23 April 2009 on the proposal for a regulation of the European parliament and of the Council on Credit Rating Agencies (8)).

Long before the financial crisis, the European Parliament called regularly for the reinforcement of the true level playing field for all actors at the Union level while pointing out significant 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 Plan (2

3

4

5

6

7

8

Amendment 2

Amendment 2

Proposal for a regulation

Proposal for a regulation

Recital 8a

Recital 8a

| (8a) | The measures for
  the collection of information set out in this Regulation
  are
  necessary for the performance of the tasks of the ESRB
  and
  should
  be without prejudice to the legal framework of the European Statistical System (ESS) and
  the European System of Central Banks (ESCB)
  in the field of statistics. This Regulation should therefore be without prejudice to Regulation EC no 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics and to
  Council Regulation EC No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank. |
| --- | --- |

(8a)

The measures for
  the collection of information set out in this Regulation
  are
  necessary for the performance of the tasks of the ESRB
  and
  should
  be without prejudice to the legal framework of the European Statistical System (ESS) and
  the European System of Central Banks (ESCB)
  in the field of statistics. This Regulation should therefore be without prejudice to Regulation EC no 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics and to
  Council Regulation EC No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank.

The measures for

are

and

be without prejudice to the legal framework of the European Statistical System (ESS) and

in the field of statistics. This Regulation should therefore be without prejudice to Regulation EC no 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics and to

EC

| (8a) | The ECB should be entrusted with the task of providing statistical support to the ESRB.
  The collection
  and processing
  of information
  as
  set out in this Regulation
  and as
  necessary for the performance of the tasks of the ESRB should
  therefore benefit under Article 5 of the Statute of
  the European System of Central Banks (ESCB)
  and of the ECB and under
  Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (9).
  Accordingly, confidential statistical information collected by the ECB or the ESCB should be shared with the ESRB. |
| --- | --- |

(8a)

The ECB should be entrusted with the task of providing statistical support to the ESRB.
  The collection
  and processing
  of information
  as
  set out in this Regulation
  and as
  necessary for the performance of the tasks of the ESRB should
  therefore benefit under Article 5 of the Statute of
  the European System of Central Banks (ESCB)
  and of the ECB and under
  Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank (9).
  Accordingly, confidential statistical information collected by the ECB or the ESCB should be shared with the ESRB.

The ECB should be entrusted with the task of providing statistical support to the ESRB.

and processing

as

and as

therefore benefit under Article 5 of the Statute of

and of the ECB and under

(EC)

9

Accordingly, confidential statistical information collected by the ECB or the ESCB should be shared with the ESRB.

Amendment 3

Amendment 3

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 a (new)

Article 1 – paragraph 1 a (new)

1a.
     
  The Chair of the ESRB shall be the President of the ECB. His or her term of office shall be the same as his or her term of office as President of the ECB.

1a.

The Chair of the ESRB shall be the President of the ECB. His or her term of office shall be the same as his or her term of office as President of the ECB.

Amendment 4

Amendment 4

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 b (new)

Article 1 – paragraph 1 b (new)

1b.
     
  The first Vice-Chair shall be elected by the members of the General Council of the ECB for the same term as that of his or her membership of the General Council, with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected.

1b.

The first Vice-Chair shall be elected by the members of the General Council of the ECB for the same term as that of his or her membership of the General Council, with regard to the need for a balanced representation of Member States, and those within and outside the euro area. He or she may be re-elected.

Amendment 5

Amendment 5

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 c (new)

Article 1 – paragraph 1 c (new)

1c.
     
  The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities (Joint Committee) established by Article 40 of Regulation (EU) No .../2010 [ESMA], of Regulation (EU) No .../2010 [EIOPA] and of Regulation (EU) No .../2010 [EBA] (the ‘Joint Committee’).

1c.

The second Vice-Chair shall be the Chair of the Joint Committee of European Supervisory Authorities (Joint Committee) established by Article 40 of Regulation (EU) No .../2010 [ESMA], of Regulation (EU) No .../2010 [EIOPA] and of Regulation (EU) No .../2010 [EBA] (the ‘Joint Committee’).

Amendment 6

Amendment 6

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 d (new)

Article 1 – paragraph 1 d (new)

1d.
     
  Before taking office, the Chair and the first Vice-Chair shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee.

1d.

Before taking office, the Chair and the first Vice-Chair shall present to the European Parliament, during a public hearing, how they intend to discharge their duties under this Regulation. The second Vice-Chair shall be heard by the European Parliament in his or her role as Chair of the Joint Committee.

Amendment 7

Amendment 7

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 e (new)

Article 1 – paragraph 1 e (new)

1e.
     
  The Chair shall preside at the meetings of the General Board and the Steering Committee.

1e.

The Chair shall preside at the meetings of the General Board and the Steering Committee.

Amendment 8

Amendment 8

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 f (new)

Article 1 – paragraph 1 f (new)

1f.
     
  The Vice-Chairs, in order of precedence, shall preside at the General Board and the Steering Committee when the Chair is unable to participate in a meeting.

1f.

The Vice-Chairs, in order of precedence, shall preside at the General Board and the Steering Committee when the Chair is unable to participate in a meeting.

Amendment 9

Amendment 9

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 g (new)

Article 1 – paragraph 1 g (new)

1g.
     
  If the Vice-Chairs are unable to discharge their duties, new Vice-Chairs shall be elected in accordance with paragraphs 1b and 1c.

1g.

If the Vice-Chairs are unable to discharge their duties, new Vice-Chairs shall be elected in accordance with paragraphs 1b and 1c.

Amendment 10

Amendment 10

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 h (new)

Article 1 – paragraph 1 h (new)

1h.
     
  The Chair shall represent the ESRB externally.

1h.

The Chair shall represent the ESRB externally.

Amendment 11

Amendment 11

Proposal for a regulation

Proposal for a regulation

Article 1 – paragraph 1 i (new)

Article 1 – paragraph 1 i (new)

1i.
     
  The Chair shall be invited to an annual hearing in the European Parliament marking the publication of the annual report of the ESRB, which shall take place in a different context from the monetary dialogue between the European Parliament and the President of the ECB.

1i.

The Chair shall be invited to an annual hearing in the European Parliament marking the publication of the annual report of the ESRB, which shall take place in a different context from the monetary dialogue between the European Parliament and the President of the ECB.

Amendment 12

Amendment 12

Proposal for a regulation

Proposal for a regulation

Article 2 – introductory part

Article 2 – introductory part

The
  European Central Bank
  shall ensure a Secretariat, and thereby provide analytical, statistical, logistical and administrative support to the ESRB. The
  mission
  of the Secretariat
  as defined
  in Article 4(4) of Regulation XXXX, shall include in particular:

European Central Bank

mission

as defined

XXXX

The
  ECB
  shall ensure a Secretariat, and thereby provide analytical, statistical, logistical and administrative support to the ESRB.
  It shall also draw technical advice from the European Supervisory Authorities, national central banks and national supervisors. It shall also be responsible for all staff matters.
  The
  tasks
  of the Secretariat
  referred to
  in Article 4(4) of Regulation (EU) No .../2010 [ESRB] shall include in particular:

ECB

It shall also draw technical advice from the European Supervisory Authorities, national central banks and national supervisors. It shall also be responsible for all staff matters.

tasks

referred to

(EU) No .../2010 [ESRB]

Amendment 13

Amendment 13

Proposal for a regulation

Proposal for a regulation

Article 2 – point e

Article 2 – point e

| (e) | the support to the work of the General Board, the Steering Committee and the Advisory
  Technical
  Committee. |
| --- | --- |

(e)

the support to the work of the General Board, the Steering Committee and the Advisory
  Technical
  Committee.

Technical

| (e) | the support to the work of the General Board, the Steering Committee and the Advisory
  Scientific
  Committee. |
| --- | --- |

(e)

the support to the work of the General Board, the Steering Committee and the Advisory
  Scientific
  Committee.

Scientific

Amendment 14

Amendment 14

Proposal for a regulation

Proposal for a regulation

Article 2 – point e a (new)

Article 2 – point e a (new)

| (ea) | the supply of information to the European Supervisory Authorities when required. |
| --- | --- |

(ea)

(ea)

the supply of information to the European Supervisory Authorities when required.

the supply of information to the European Supervisory Authorities when required.

Amendment 15

Amendment 15

Proposal for a regulation

Proposal for a regulation

Article 3 – paragraph 1

Article 3 – paragraph 1

1.   The ECB shall ensure sufficient
  ,
  human and financial resources for the fulfilment of
  its task of ensuring
  the Secretariat.

,

its task of ensuring

1.   The ECB shall ensure sufficient human and financial resources for the fulfilment of the
  tasks of the Secretariat. The ECB shall ensure that the Secretariat has high-quality staff reflecting the broad scope of the ESRB and the composition of the General Board. The ECB shall ensure a fair financing of
  the Secretariat
  from its own resources
  .

tasks of the Secretariat. The ECB shall ensure that the Secretariat has high-quality staff reflecting the broad scope of the ESRB and the composition of the General Board. The ECB shall ensure a fair financing of

from its own resources

Amendment 16

Amendment 16

Proposal for a regulation

Proposal for a regulation

Article 3 – paragraph 2

Article 3 – paragraph 2

2.   The Head of the Secretariat shall be appointed by the ECB,
  in consultation with
  the General Board of the ESRB.

in consultation with

2.   The Head of the Secretariat shall be appointed by the ECB,
  on a proposal by
  the General Board of the ESRB.

on a proposal by

Amendment 17

Amendment 17

Proposal for a regulation

Proposal for a regulation

Article 3 – paragraph 2 a (new)

Article 3 – paragraph 2 a (new)

2a.
     
  All members of the Secretariat shall be required not to disclose information subject to professional secrecy, even after their duties have ceased, in accordance with Article 8 of Regulation (EU) No .../2010 [ESRB] to ensure the aim set out in Article 6 of this Regulation.

2a.

All members of the Secretariat shall be required not to disclose information subject to professional secrecy, even after their duties have ceased, in accordance with Article 8 of Regulation (EU) No .../2010 [ESRB] to ensure the aim set out in Article 6 of this Regulation.

Amendment 18

Amendment 18

Proposal for a regulation

Proposal for a regulation

Article 4 – paragraph 2

Article 4 – paragraph 2

2.   The Head of the Secretariat or its representative shall attend the meetings of the General Board, the Steering Committee and the Advisory
  Technical
  Committee of the ESRB.

Technical

2.   The Head of the Secretariat or its representative shall attend the meetings of the General Board, the Steering Committee and the Advisory
  Scientific
  Committee of the ESRB.

Scientific

Amendment 19

Amendment 19

Proposal for a regulation

Proposal for a regulation

Article 5 – paragraph 2 a (new)

Article 5 – paragraph 2 a (new)

2a.
     
  The Secretariat may request information, in individual, summary or collective form, relating to financial institutions or markets relevant for the tasks of the ESRB from the European Supervisory Authorities and, in the cases specified in Article 15 of Regulation (EU) No .../2010 [ESRB], the national supervisory authorities, the national central banks, other authorities of the Member States or, on the basis of a reasoned request, directly from the financial institutions.

2a.

The Secretariat may request information, in individual, summary or collective form, relating to financial institutions or markets relevant for the tasks of the ESRB from the European Supervisory Authorities and, in the cases specified in Article 15 of Regulation (EU) No .../2010 [ESRB], the national supervisory authorities, the national central banks, other authorities of the Member States or, on the basis of a reasoned request, directly from the financial institutions.

Amendment 20

Amendment 20

Proposal for a regulation

Proposal for a regulation

Article 5 – paragraph 2 b (new)

Article 5 – paragraph 2 b (new)

2b.
     
  Information under paragraph 2 may include data relating to the European Economic Area, the Union or the euro area, or national aggregated and individual data. National data shall be collected only on a reasoned request. Before a request for data is made, the Secretariat shall first take account of the existing statistics produced, disseminated and developed by both the European Statistical System and the ESCB and then consult the relevant European Supervisory Authority, in order to ensure that the request is proportionate.

2b.

Information under paragraph 2 may include data relating to the European Economic Area, the Union or the euro area, or national aggregated and individual data. National data shall be collected only on a reasoned request. Before a request for data is made, the Secretariat shall first take account of the existing statistics produced, disseminated and developed by both the European Statistical System and the ESCB and then consult the relevant European Supervisory Authority, in order to ensure that the request is proportionate.

Amendment 21

Amendment 21

Proposal for a regulation

Proposal for a regulation

Article 7

Article 7

The Council shall examine this Regulation
  three years after the date set out in Article 8,
  on the basis of a report from the Commission and shall determine whether
  the present Regulation needs
  to be reviewed after having received an opinion from the ECB
  and from the European Supervisory Authorities
  .

three years after the date set out in Article 8,

the present Regulation needs

and from the European Supervisory Authorities

The
  European Parliament and the
  Council shall
  , by ... (10),
  examine this Regulation on the basis of a report from the Commission and shall determine whether
  the objectives and organisation of the ESRB need
  to be reviewed after having received an opinion from the ECB.

European Parliament and the

, by ... (10

the objectives and organisation of the ESRB need

The report shall assess, in particular, whether:

The report shall assess, in particular, whether:

| (a) | it is appropriate to simplify and reinforce the architecture of the European System of Financial Supervision (ESFS) in order to increase the coherence between the macro and the micro levels as well as between the European Supervisory Authorities; |
| --- | --- |

(a)

(a)

it is appropriate to simplify and reinforce the architecture of the European System of Financial Supervision (ESFS) in order to increase the coherence between the macro and the micro levels as well as between the European Supervisory Authorities;

it is appropriate to simplify and reinforce the architecture of the European System of Financial Supervision (ESFS) in order to increase the coherence between the macro and the micro levels as well as between the European Supervisory Authorities;

| (b) | it is appropriate to increase the regulatory powers of the European Supervisory Authorities; |
| --- | --- |

(b)

(b)

it is appropriate to increase the regulatory powers of the European Supervisory Authorities;

it is appropriate to increase the regulatory powers of the European Supervisory Authorities;

| (c) | the evolution of the ESFS is consistent with that of the global developments in this area; |
| --- | --- |

(c)

(c)

the evolution of the ESFS is consistent with that of the global developments in this area;

the evolution of the ESFS is consistent with that of the global developments in this area;

| (d) | there is sufficient diversity and excellence within the ESFS; |
| --- | --- |

(d)

(d)

there is sufficient diversity and excellence within the ESFS;

there is sufficient diversity and excellence within the ESFS;

| (e) | accountability and transparency in relation to publication requirements are adequate. |
| --- | --- |

(e)

(e)

accountability and transparency in relation to publication requirements are adequate.

accountability and transparency in relation to publication requirements are adequate.

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(1)  The matter was then referred back to committee pursuant to Rule 57(2), second subparagraph (A7-0167/2010).

1

(2)  

  OJ C 40, 7.2.2001, p. 453.

2

OJ C 40, 7.2.2001, p. 453.

(3)  

  OJ C 25 E, 29.1.2004, p. 394.

3

OJ C 25 E, 29.1.2004, p. 394.

(4)  
  OJ C 175 E, 10.7.2008, p. xx.

4

OJ C 175 E, 10.7.2008, p. xx.

(5)  

  OJ C 8 E, 14.1.2010, p. 26.

5

OJ C 8 E, 14.1.2010, p. 26.

(6)  

  OJ C 9 E, 15.1.2010, p. 48.

6

OJ C 9 E, 15.1.2010, p. 48.

(7)  
  Texts adopted, P6_TA(2009)0251.

7

Texts adopted, P6_TA(2009)0251.

(8)  
  Texts adopted, P6_TA(2009)0279.

8

Texts adopted, P6_TA(2009)0279.

(9)  
  OJ L 318, 27.11.1998, p. 8.

9

OJ L 318, 27.11.1998, p. 8.

(10)  
  Three years after the entry into force of this Regulation.

10

Three years after the entry into force of this Regulation.

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