Changes from adopted text to adopted text

Removed(a) paragraph 4 is replaced by the following:

Removed‘4. Members States shall ensure that where a credit institution does not comply with its obligations as a member of a DGS, that DGS shall immediately notify the designated authority and the competent authority of that credit institution thereof.

RemovedMember States shall ensure that the competent authority, in cooperation with the designated authority, promptly takes all appropriate measures, including, where necessary, the imposition of penalties, to ensure that the credit institution concerned complies with its obligations as a member of a DGS. ▌

RemovedMember States shall lay down rules on penalties applicable in the event of infringements by credit institutions of the obligations incumbent on them as a member of a DGS. The penalties shall be effective, proportionate and dissuasive.’;

Removed(b) the following paragraph 4a is inserted:

Removed‘4a. Members States shall ensure that where a credit institution fails to pay the contributions referred to in Article 10 and Article 11(4) within the timeframe specified by the DGS, that DGS shall, for the period of the delay, charge statutory interest rate on the amount due.’;

Removed(c) paragraphs 5 and 6 are replaced by the following:

Removed‘5. Member States shall ensure that the DGS informs the designated authority where the measures referred to in paragraphs 4 and 4a fail to restore compliance by the credit institution. Member States shall ensure that the designated authority assesses whether the institution still fulfils the conditions for a continued membership of the DGS and inform the competent authority of the outcome of that assessment.

Removed6. Member States shall ensure that where the competent authority decides to withdraw the authorisation in accordance with Article 18 of Directive 2013/36/EU, the credit institution ceases to be a member of the DGS. Member States shall ensure that deposits held on the date on which a credit institution ceased to be a member of the DGS continue to be covered by that DGS for a maximum of six months.’;

Removed(ca) in paragraph 7, the following subparagraph is added:

Removed‘The designated authorities shall have the necessary enforcement powers, including powers to impose penalties or other administrative measures, to remedy infringements of this Directive by a DGS.’;

Removed(d) paragraph 8 is deleted;

Removed(e) the following paragraph 13 is added:

Removed‘13. ▌EBA shall develop draft regulatory technical standards on the scope, contents and procedures of the stress tests referred to in paragraph 10.

RemovedEBA shall submit those draft regulatory technical standards to the Commission by … [24 months from the date of entry into force of this amending Directive].

RemovedPower is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.’;

Removed(4) Article 5 is amended as follows:

Removed(a) paragraph 1 is amended as follows:

Removed(i) the introductory wording is replaced by the following:

Removed‘1. The following shall be excluded from any repayment by a DGS:’

Removed(ii) point (c) is replaced by the following:

Removed‘(c) deposits arising out of transactions in connection with which there has been a criminal conviction for money laundering and terrorist financing;’;

Removed▌

Removed(iv) point (f) is replaced by the following:

Removed‘(f) deposits the holder of which has never been identified pursuant to Article 16 of Regulation (EU) …. [please insert short reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], where those deposits have become unavailable, except where a holder requests payout and proves that the lack of identification was not caused by his or her action;’;

Removed(v) point (j) is deleted;

Removed(va) the following point is added:

Removed‘(ka) deposits by persons or legal entities subject to targeted financial sanctions adopted by the Union.’;

Removed(b) paragraph 2 is replaced by the following:

Removed‘2. By way of derogation from paragraph 1, point (i), Member States may decide that deposits held by personal pension schemes and occupational pension schemes of small or medium-sized enterprises are included up to the coverage level laid down in Article 6(1).’;

Removed(5) Article 6 is amended as follows:

Removed(a) paragraph 2 is amended as follows:

Removed(i) the introductory wording is replaced by the following:

Removed‘In addition to paragraph 1, Member States shall ensure that the following deposits are protected as a minimum to an amount of EUR 500 000 and a maximum of EUR 2 500 000 for 6 months after that amount has been credited or from the moment when such deposits become legally transferable:’;

Removed(ii) point (a) is replaced by the following:

Removed‘(a) deposits resulting from real estate transactions relating to private residential properties and deposits intended for such transactions, provided that those transactions are concluded in a four-month period by a natural person, and provided that that natural person can provide documents proving such transaction;’;

Removed(iia) the following subparagraph is added:

Removed‘By ... [36 months from the date of entry into force of this amending Directive], the Commission shall carry out a review of the amounts which are protected as referred to in the first subparagraph and as transposed by Member States, with a view to determining whether the maximum amount referred to in that subparagraph should be reduced, taking into account whether the amounts which are protected are proportionate and ensure a level playing field across the Union. The Commission shall submit a report to the European Parliament and to the Council, accompanied, where appropriate, by a legislative proposal.’;

Removed(b) the following paragraph 2a is inserted:

Removed‘2a. Member States shall ensure that the coverage level laid down in paragraph 2 supplements the coverage level laid down in paragraph 1.’

Removed(6) Article 7 is amended as follows:

Removed(a) paragraph 5 is deleted;

Removed(aa) paragraph 6 is replaced by the following:

Removed‘6. Member States shall ensure that credit institutions report to their DGSs, at least annually, the aggregated amount of eligible deposits. Member States shall ensure that DGSs may at any time request credit institutions to inform them about the aggregated amount of eligible deposits of every depositor.’;

Removed(b) paragraph 7 is replaced by the following:

Removed‘7. Member States shall ensure that the DGS reimburses interest on deposits which has accrued until, but has not been credited or debited at, the date on which a relevant administrative authority makes a determination as referred to in Article 2(1), point (8)(a), or a judicial authority makes a ruling as referred to in Article 2(1), point (8)(b). The coverage level laid down in Article 6(1) or, in the circumstances referred to in Article 6(2), the coverage level laid down in that paragraph, shall not be exceeded.

RemovedWhere interest rates on certain deposits significantly exceed the prevailing market interest rate, as determined and based on transparent and publicly available data, the DGS shall have the power to adjust the reimbursed interest to reflect the prevailing market interest rate at the time of the determination made by the relevant administrative authority or of the ruling made by the judicial authority. That adjustment shall be made to prevent moral hazard. The criteria and methodology for defining ‘significantly exceed’ and for the adjustment shall be established in a transparent manner, in accordance with guidelines developed by EBA and subject to the approval of the competent authority.’;

Removed(7) the following Article 7a is inserted:

Removed‘Article 7a

RemovedBurden of proof for deposit eligibility and entitlement

RemovedMember States shall ensure that in the cases referred to in Article 6(2) and Article 7(3) a depositor or, where appropriate, an account holder, proves either that the deposits concerned meet the conditions of Article 6(2), or the entitlement to the deposits in the circumstances referred to in Article 7(3).’;

Removed(8) Article 8 is amended as follows:

Removed(-a) paragraph 1 is replaced by the following:

Removed‘1. DGSs shall ensure that the repayable amount is available as soon as possible and in any event within seven working days of the date on which a relevant administrative authority makes a determination as referred to in Article 2(1), point (8)(a), or a judicial authority makes a ruling as referred to in Article 2(1), point (8)(b).’;

Removed(-aa) paragraph 2 is deleted;

Removed(a) paragraph 3 is replaced by the following:

Removed‘3. By way of derogation from paragraph 1, Member States shall allow DGSs to apply a longer ▌period for repaying the deposits referred to in Article 6(2), Article 7(3) and Article 8b, which shall not exceed 20 working days from the date on which those DGSs received the complete documentation they requested from a depositor or, where appropriate, an account holder, to examine the claims and verify that the conditions for repayment are met. For the deposits referred to in Article 6(2) and Article 7(3), where DGSs are not able to make the repayable amount available in less than seven working days, they shall ensure that depositors have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of making a request for that amount.’;

Removed(aa) paragraph 4 is deleted;

Removed(b) paragraph 5 is amended as follows:

Removed(i) point (c) is replaced by the following: