Specific tasks for the European Central Bank concerning the functioning of the European Systemic Risk Board * 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))
Date: 2010-07-07
Institutions: European Parliament
Subjects: EU office or agency, credit institution, financial control, financial market, operation of the Institutions








CE2011351EN.01044702.xml










2.12.2011   


EN


Official Journal of the European Union


CE 351/447





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):






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





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
.


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.


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;














(b)






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;














(d)






there is sufficient diversity and excellence within the ESFS;














(e)






accountability and transparency in relation to publication requirements are adequate.












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

(2)  

OJ C 40, 7.2.2001, p. 453.



(3)  

OJ C 25 E, 29.1.2004, p. 394.



(4)  
OJ C 175 E, 10.7.2008, p. xx.



(5)  

OJ C 8 E, 14.1.2010, p. 26.



(6)  

OJ C 9 E, 15.1.2010, p. 48.



(7)  
Texts adopted, P6_TA(2009)0251.



(8)  
Texts adopted, P6_TA(2009)0279.



(9)  
OJ L 318, 27.11.1998, p. 8.


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