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)).

Amendment 2

Proposal for a regulation 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 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.

Amendment 3

Proposal for a regulation 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.

Amendment 4

Proposal for a regulation 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.

Amendment 5

Proposal for a regulation 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’).

Amendment 6

Proposal for a regulation 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.

Amendment 7

Proposal for a regulation Article 1 – paragraph 1 e (new)

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

Amendment 8

Proposal for a regulation 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.

Amendment 9

Proposal for a regulation 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.

Amendment 10

Proposal for a regulation Article 1 – paragraph 1 h (new)

1h. The Chair shall represent the ESRB externally.

Amendment 11

Proposal for a regulation 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.

Amendment 12

Proposal for a regulation 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: 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:

Amendment 13

Proposal for a regulation 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 Scientific Committee.

Amendment 14

Proposal for a regulation Article 2 – point e a (new)

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

Amendment 15

Proposal for a regulation Article 3 – paragraph 1

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

Amendment 16

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

Amendment 17

Proposal for a regulation 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.

Amendment 18

Proposal for a regulation 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. 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.

Amendment 19

Proposal for a regulation 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.

Amendment 20

Proposal for a regulation 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.

Amendment 21

Proposal for a regulation Article 7