natgillin/translations-raw huggingface dataset:
However, the rapporteur wishes to draw the attention on a number of points that need, in his opinion, to be further clarified in the current proposal:
However, the rapporteur wishes to draw the attention on a number of points that need, in his opinion, to be further clarified in the current proposal:
· Consumers cannot be ignored from financial legislation just because of the complex nature of the process.
· Consumers cannot be ignored from financial legislation just because of the complex nature of the process.
However, the rapporteur does recognise that piecemeal consumer protection is not useful either.
However, the rapporteur does recognise that piecemeal consumer protection is not useful either.
Therefore, it would be best for the Commission to make a proposal to enhance existing consumer rights at the horizontal level.
Therefore, it would be best for the Commission to make a proposal to enhance existing consumer rights at the horizontal level.
With appropriate consultation and by developing good practice it is possible to seriously enhance the knowledge, awareness and decision making process for consumers.
With appropriate consultation and by developing good practice it is possible to seriously enhance the knowledge, awareness and decision making process for consumers.
· After the QIS 3 test results for the modular approach of the MCR calculation proved to be unsatisfactory, a new proposal to test a so-called "linear approach" as an alternative has been left for the QIS 4.According to the rapporteur, the most important objective of the MCR is to ensure that we introduce MCR values that are sensible, which provide a proper safety net and a proper relationship with the SCR.
· After the QIS 3 test results for the modular approach of the MCR calculation proved to be unsatisfactory, a new proposal to test a so-called "linear approach" as an alternative has been left for the QIS 4.According to the rapporteur, the most important objective of the MCR is to ensure that we introduce MCR values that are sensible, which provide a proper safety net and a proper relationship with the SCR.
Consequently, the rapporteur believes that the compact approach is the most appropriate method to achieve this goal.
Consequently, the rapporteur believes that the compact approach is the most appropriate method to achieve this goal.
Thus, the compact approach is the only proven method so far that is fully risk sensitive.
Thus, the compact approach is the only proven method so far that is fully risk sensitive.
It also satisfies the Commission’s objectives for the MCR as being robust, simple to calculate, and auditable.
It also satisfies the Commission’s objectives for the MCR as being robust, simple to calculate, and auditable.
The compact approach can be used across the board with success and lends itself to adaptation for all entities of insurance undertaking.
The compact approach can be used across the board with success and lends itself to adaptation for all entities of insurance undertaking.
· Eligible Own Funds must be consistent for reasons of competitiveness and absorption of losses.
· Eligible Own Funds must be consistent for reasons of competitiveness and absorption of losses.
Articles relating to this must be adapted to reflect this practice where missing from the Commissions text.
Articles relating to this must be adapted to reflect this practice where missing from the Commissions text.
In particular, a definition of Surplus Funds which is used in only a few EU Members States is necessary
In particular, a definition of Surplus Funds which is used in only a few EU Members States is necessary
· The calculation of fair value is still absent from the definition of consistent market value and the rapporteur believes that a provision to ensure that this is adequate to the task for a risk based approach is concluded in a timely manner.
· The calculation of fair value is still absent from the definition of consistent market value and the rapporteur believes that a provision to ensure that this is adequate to the task for a risk based approach is concluded in a timely manner.
· The concept of solo supervisor, which may need further attention.
· The concept of solo supervisor, which may need further attention.
· The proposal will introduce rules on the equivalence of third country solvency regimes, which will have consequences for groups with subsidiaries in or outside of the EU.
· The proposal will introduce rules on the equivalence of third country solvency regimes, which will have consequences for groups with subsidiaries in or outside of the EU.
Equivalence can only be agreed with sovereign Nations States and not parts of such Countries.
Equivalence can only be agreed with sovereign Nations States and not parts of such Countries.
Where the solo solvency regime of a third-country is at least equivalent to that of the EU, the group solvency calculation shall take into account, as regards that third-country (re)insurance subsidiaries, the SCR and eligible own funds as laid down by this third country.
Where the solo solvency regime of a third-country is at least equivalent to that of the EU, the group solvency calculation shall take into account, as regards that third-country (re)insurance subsidiaries, the SCR and eligible own funds as laid down by this third country.
The group supervisor shall carry out the verification of equivalence and shall consult the other supervisors concerned and CEIOPS before making a decision.
The group supervisor shall carry out the verification of equivalence and shall consult the other supervisors concerned and CEIOPS before making a decision.
The Commission shall decide whether the third country solvency regime is equivalent.
The Commission shall decide whether the third country solvency regime is equivalent.
However, this can only be concluded by regulatory procedure with scrutiny involving the European Parliament.
However, this can only be concluded by regulatory procedure with scrutiny involving the European Parliament.
The rapporteur proposes to clarify these issues in the amended text, accordingly to the above-mentioned concerns.
The rapporteur proposes to clarify these issues in the amended text, accordingly to the above-mentioned concerns.
относно измененото предложение за директива на Европейския парламент и на Съвета относно предприемането и упражняването на застрахователна и презастрахователна дейност (преработена)
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 (recast)
Solvency II is a directive that updates the 14 existing directives on insurance and reinsurance.
Solvency II is a directive that updates the 14 existing directives on insurance and reinsurance.
It is in a recast format so that only the new parts are open for amendment.
It is in a recast format so that only the new parts are open for amendment.
The main purpose of the directive is to make the capital, or solvency requirements, depend upon risk, analysed in the context of the whole business of the undertaking.
The main purpose of the directive is to make the capital, or solvency requirements, depend upon risk, analysed in the context of the whole business of the undertaking.
This is qualitative as well as quantitative.
This is qualitative as well as quantitative.
In particular it should be noted that insurance companies are exposed to risk not only for liabilities but also in the assets that they hold to cover those liabilities.
In particular it should be noted that insurance companies are exposed to risk not only for liabilities but also in the assets that they hold to cover those liabilities.
Indeed failures of insurance companies have more often been as a result of asset problems than liability problems.
Indeed failures of insurance companies have more often been as a result of asset problems than liability problems.
The risk analysis is done on the basis of models.
The risk analysis is done on the basis of models.
Standard models can be used but large undertakings will also be able, indeed expected, to develop their own internal models which will be approved by the supervisor.
Standard models can be used but large undertakings will also be able, indeed expected, to develop their own internal models which will be approved by the supervisor.
Groups can also request that they be supervised as a whole so as to benefit from the greater diversification that it brings into the risk calculations, resulting in a lower capital requirement than would be the case for the sum of the solo entities.
Groups can also request that they be supervised as a whole so as to benefit from the greater diversification that it brings into the risk calculations, resulting in a lower capital requirement than would be the case for the sum of the solo entities.
Capital is divided into a minimum capital requirement (MCR) which is the level that each undertaking must always have in order to continue in full authorisation.
Capital is divided into a minimum capital requirement (MCR) which is the level that each undertaking must always have in order to continue in full authorisation.
The Solvency Capital Requirement (SCR), is a higher level of capital that should normally be held and, if breached, acts as an early warning for supervisory intervention.
The Solvency Capital Requirement (SCR), is a higher level of capital that should normally be held and, if breached, acts as an early warning for supervisory intervention.
The additional SCR assets, over and above the MCR, may be held at Group (parent or holding company) level.
The additional SCR assets, over and above the MCR, may be held at Group (parent or holding company) level.
If a subsidiary falls below the MCR (and normally before that is reached) supervisors will require transfer of capital to the subsidiary.
If a subsidiary falls below the MCR (and normally before that is reached) supervisors will require transfer of capital to the subsidiary.
Fundamental to operation of the group supervisory processes is cooperation between national supervisors in the host states with subsidiaries and the home state of the parent company.
Fundamental to operation of the group supervisory processes is cooperation between national supervisors in the host states with subsidiaries and the home state of the parent company.
The supervisor from the home country of the parent company has an enhanced role as the 'group supervisor'.
The supervisor from the home country of the parent company has an enhanced role as the 'group supervisor'.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) also has a role in dispute settlement between supervisors and achieving regulatory convergence.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) also has a role in dispute settlement between supervisors and achieving regulatory convergence.
Within this framework there are several areas that it is wished to draw to the particular attention of the European Parliament:
Within this framework there are several areas that it is wished to draw to the particular attention of the European Parliament:
Group Supervision
Group Supervision
It is necessary to make it clearer that all supervisors are involved in group supervision, that all should have access to documentation as a routine matter and be dynamically involved in decision making.
It is necessary to make it clearer that all supervisors are involved in group supervision, that all should have access to documentation as a routine matter and be dynamically involved in decision making.
Transfer of Funds in Group Support
Transfer of Funds in Group Support
Ensuring that funds are movable between undertakings is paramount.
Ensuring that funds are movable between undertakings is paramount.
If spare funds are with the parent or holding company then it is much more straightforward to have legal structures in place enabling the transfer, and this may be the best option at least in the first instance.
If spare funds are with the parent or holding company then it is much more straightforward to have legal structures in place enabling the transfer, and this may be the best option at least in the first instance.
However it is not unknown for groups to move funds between subsidiaries and so a legally enforceable mechanism for doing that is also envisaged.
However it is not unknown for groups to move funds between subsidiaries and so a legally enforceable mechanism for doing that is also envisaged.
This would seem to require a contractual basis between each respective pair of subsidiaries.
This would seem to require a contractual basis between each respective pair of subsidiaries.
National Supervisory Resources and Responsibility
National Supervisory Resources and Responsibility
The new supervisory regime requires an in depth understanding of both asset and liability risk.
The new supervisory regime requires an in depth understanding of both asset and liability risk.
Decisions are both quantitative and qualitative.
Decisions are both quantitative and qualitative.
It is essential that supervisors have the resources to do this thoroughly, across all undertakings, not just those that are perceived as crucial to market stability.
It is essential that supervisors have the resources to do this thoroughly, across all undertakings, not just those that are perceived as crucial to market stability.
It also needs to be clarified that when national supervisors act as group supervisors they have a mandate beyond that which is purely national and they must safeguard the interests of all policyholders.
It also needs to be clarified that when national supervisors act as group supervisors they have a mandate beyond that which is purely national and they must safeguard the interests of all policyholders.
Actions properly taken as a group supervisor should not result in legal proceedings that those actions have compromised national responsibilities.
Actions properly taken as a group supervisor should not result in legal proceedings that those actions have compromised national responsibilities.
Legal Entity for CEIOPS
Legal Entity for CEIOPS
At present CEIOPS does not have a legal entity but is an advisory committee to the Commission.
At present CEIOPS does not have a legal entity but is an advisory committee to the Commission.
Given the specialist nature of some of the advice, it is in essence a decision, however it is phrased.
Given the specialist nature of some of the advice, it is in essence a decision, however it is phrased.
If CEIOPS had a legal entity it would be more accountable for that advice.
If CEIOPS had a legal entity it would be more accountable for that advice.
This could be done via a Regulation entering into force at the latest with the implementation of this directive unless it has been done by other channels, for example as part of the Lamfalussy review.
This could be done via a Regulation entering into force at the latest with the implementation of this directive unless it has been done by other channels, for example as part of the Lamfalussy review.
The ECJ Case C-217/04 of 2 May 2006 which indicates that Article 95 can be a basis for setting up a body could, by extension, also apply to Article 47 on which this directive is also based.
The ECJ Case C-217/04 of 2 May 2006 which indicates that Article 95 can be a basis for setting up a body could, by extension, also apply to Article 47 on which this directive is also based.
Achieving a consistent EU approach to supervisory liability
Achieving a consistent EU approach to supervisory liability
In general in the EU there is a ‘regulator friendly’ view of liability and any claim for compensation can generally only be made on the basis of gross negligence or bad faith, although the test varies in different countries.
In general in the EU there is a ‘regulator friendly’ view of liability and any claim for compensation can generally only be made on the basis of gross negligence or bad faith, although the test varies in different countries.
The ECJ has said this approach does not run counter to EU law.
The ECJ has said this approach does not run counter to EU law.
In particular in the Peter Paul case the ECJ ruled that a Member State can (as Germany did) legislate that supervisors fulfil functions only in the public interest and thereby preclude individuals from claiming compensation for defective supervision.
In particular in the Peter Paul case the ECJ ruled that a Member State can (as Germany did) legislate that supervisors fulfil functions only in the public interest and thereby preclude individuals from claiming compensation for defective supervision.
So the question is a political one as to whether one wishes to recognise some right to reparation against supervisory authorities.
So the question is a political one as to whether one wishes to recognise some right to reparation against supervisory authorities.
It was certainly the view of the Parliament to do so in the vote on the Equitable Life enquiry and it certainly seems reasonable, in the context of group supervisory functions going cross border, for there to be more harmonisation (indeed this probably provides the legal base).
It was certainly the view of the Parliament to do so in the vote on the Equitable Life enquiry and it certainly seems reasonable, in the context of group supervisory functions going cross border, for there to be more harmonisation (indeed this probably provides the legal base).
Guarantee schemes
Guarantee schemes
With an increasing cross border nature to insurance business, and with cross border supervision, it is appropriate for there to be cross border guarantee schemes that are at least equivalent and take account of the supervision structures.
With an increasing cross border nature to insurance business, and with cross border supervision, it is appropriate for there to be cross border guarantee schemes that are at least equivalent and take account of the supervision structures.
Further work to that end is necessary but beyond the possibility of reasonable inclusion in this directive.
Further work to that end is necessary but beyond the possibility of reasonable inclusion in this directive.
The recasting technique
The recasting technique
Under the Inter-institutional Agreement of 28 November 2001 on a more structured use of the recasting technique for legal acts, and in particular pursuant to point 9 thereof, the Consultative Working Party, consisting of the respective legal services of the European Parliament, the Council and the Commission, met on 13 March 2008 for the purpose of examining the proposal submitted by the Commission.
Under the Inter-institutional Agreement of 28 November 2001 on a more structured use of the recasting technique for legal acts, and in particular pursuant to point 9 thereof, the Consultative Working Party, consisting of the respective legal services of the European Parliament, the Council and the Commission, met on 13 March 2008 for the purpose of examining the proposal submitted by the Commission.
The said examination resulted in the Consultative Working Party’s establishing by common accord that the proposal does not comprise any substantive amendments other than those identified as such.
The said examination resulted in the Consultative Working Party’s establishing by common accord that the proposal does not comprise any substantive amendments other than those identified as such.
Комисията по правни въпроси приканва водещата комисия по икономически и парични въпроси да включи в доклада си следните изменения:
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:
като взеха предвид Договора за създаване на Европейска общност, и по-конкретно член 47, параграф 2 , член 55 и член 95 от него,
Having regard to the Treaty establishing the European Community, and in particular Articles 47(2) , 55 and 95 thereof,
This change will ensure the Commission is able to propose either level 2 implementing directive or level 2 implementing regulation on the basis of this framework directive.
This change will ensure the Commission is able to propose either level 2 implementing directive or level 2 implementing regulation on the basis of this framework directive.
Съображение A (ново)
Recital A (new)
А. като има предвид, че според консултативната работна група на правните служби на Европейския парламент, Съвета и Комисията, въпросното предложение не включва никакви съществени изменения, различни от вече съществуващите в предложението и като има предвид, че по отношение на кодифицирането на непроменените разпоредби от предишния акт заедно с посочените изменения, предложението съдържа буквално кодификация на съществуващите текстове, без никаква промяна на тяхното съдържание,
A. whereas, according to the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission, the proposal in question does not include any substantive amendments other than those identified as such in the proposal and whereas, as regards the codification of the unchanged provisions of the earlier acts together with those amendments, the proposal contains a straightforward codification of the existing texts without any change in their substance,
Параграф 1
Paragraph 1
1. одобрява предложението на Комисията във вида, в който е изменено и адаптирано спрямо препоръките на консултативната работна група на правните служби на Европейския парламент, Съвета и Комисията,
Approves the Commission proposal as adapted to the recommendations of the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission and as amended hereunder ;
(13а) Новите разпоредби за режима на ликвидност ще доведат до още по-добра защита на всички заинтересовани; за целта е необходимо държавите-членки да предоставят на органите по финансов надзор съответни ресурси.
(13a) The new solvency regime will result in even better protection for all concerned; this will require the Member States to provide the authorities responsible for financial supervision with adequate resources.
(14а) Надзорът, основан върху принципите на управление на качествения както и количествения риск, вероятно ще изисква увеличаване на надзорните ресурси.
(14a) Basing supervision on qualitative as well as quantitative risk management principles is likely to require an increase in supervisory resources.
Комитетът за европейско застраховане и професионален пенсионен надзор, създаден с Решение 2004/6/ЕО на Комисията трябва да играе важна роля в това отношение и да докладва редовно относно постигнатия напредък.
The Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2004/6/EC should play an important role in this respect and report regularly on the progress made.
К омитетът следва да получи правно основание и да стане юридическо лице по силата на нов регламент, който да влезе в сила по едно и също време с настоящата директива.
That Committee should be given a legal basis and personality under a new regulation to enter into force at the same time as this Directive.
CEIOPS is being given decision making powers, for example to resolve disputes in group support.
CEIOPS is being given decision making powers, for example to resolve disputes in group support.
In the event that there is a legal challenge to any such decision it is desirable, and more accountable, if CEIOPS is a party to any proceeding rather than being represented solely in the personality of the Commission.
In the event that there is a legal challenge to any such decision it is desirable, and more accountable, if CEIOPS is a party to any proceeding rather than being represented solely in the personality of the Commission.
The ECJ has ruled in Case C-217/04 of 2 May 2006 that Article 95 can be a basis for setting up a body.
The ECJ has ruled in Case C-217/04 of 2 May 2006 that Article 95 can be a basis for setting up a body.
By extension a similar conclusion can be made for Article 47.
By extension a similar conclusion can be made for Article 47.