(f) the maturity extension does not change the (e) the final maturity date of the covered bond can structural features of the covered bonds regarding at all times be determined; dual recourse as referred to in Article 4 and (f) the maturity extension does not affect the bankruptcy remoteness as referred to in Article 5. ranking of covered bond investors; the maturity extension does not change the (g) structural features of the covered bonds regarding dual recourse as referred to in Article 4 and bankruptcy remoteness as referred to in Article 5. Reviews and Reports Article 31 Text proposed by the Commission Suggested amendment 1. By XX [OP: please insert the date laid down in 1. By XX [OP: please insert the date laid down in the the second subparagraph of Article 32(1) of this second subparagraph of Article 32(1) of this Directive + 2 Directive + 3 the Commission shall, in years], the Commission shall, in close cooperation with close cooperation with EBA, submit a report to EBA, submit a report to the European Parliament and to the European Parliament and to the Council the Council whether an equivalence regime could be whether an equivalence regime could be introduced for third-country credit institutions issuing introduced for third-country credit institutions covered bonds and for investors in covered bonds, taking issuing covered bonds and for investors in into consideration international developments in the area covered bonds, taking into consideration of covered bonds, in particular the development of international developments in the area of legislative frameworks in third countries. By XX [OP: covered bonds, in particular the development please insert date laid down in the second subparagraph of legislative frameworks in third countries. of Article 32(1) of this Directive + 1 year] the EBA should submit a report to the Commission to establish a technical framework for third country equivalence assessment. Recital (35) Text proposed by the Commission Suggested amendment There is currently no equivalence regime for There is currently no equivalence regime for the the recognition of covered bonds issued by recognition of covered bonds issued by credit institutions credit institutions in third countries by the in third countries by the Union except in a prudential Union except in a prudential context where context where preferential treatment regarding liquidity is preferential treatment regarding liquidity is granted to some third-country bonds under certain granted to some third-country bonds under conditions. The Commission should therefore in close certain conditions. The Commission should cooperation with EBA assess the need and relevance for
(f) the maturity extension does not change the structural features of the covered bonds regarding dual recourse as referred to in Article 4 and bankruptcy remoteness as referred to in Article 5. (e) the final maturity date of the covered bond can at all times be determined; (f) the maturity extension does not affect the ranking of covered bond investors; (g) the maturity extension does not change the structural features of the covered bonds regarding dual recourse as referred to in Article 4 and bankruptcy remoteness as referred to in Article 5. Reviews and Reports Article 31 Text proposed by the Commission Suggested amendment 1. By XX [OP: please insert the date laid down in the second subparagraph of Article 32(1) of this Directive + 3 the Commission shall, in close cooperation with EBA, submit a report to the European Parliament and to the Council whether an equivalence regime could be introduced for third-country credit institutions issuing covered bonds and for investors in covered bonds, taking into consideration international developments in the area of covered bonds, in particular the development of legislative frameworks in third countries. 1. By XX [OP: please insert the date laid down in the second subparagraph of Article 32(1) of this Directive + 2 years], the Commission shall, in close cooperation with EBA, submit a report to the European Parliament and to the Council whether an equivalence regime could be introduced for third-country credit institutions issuing covered bonds and for investors in covered bonds, taking into consideration international developments in the area of covered bonds, in particular the development of legislative frameworks in third countries. By XX [OP: please insert date laid down in the second subparagraph of Article 32(1) of this Directive + 1 year] the EBA should submit a report to the Commission to establish a technical framework for third country equivalence assessment. Recital (35) Text proposed by the Commission Suggested amendment There is currently no equivalence regime for the recognition of covered bonds issued by credit institutions in third countries by the Union except in a prudential context where preferential treatment regarding liquidity is granted to some third-country bonds under certain conditions. The Commission should There is currently no equivalence regime for the recognition of covered bonds issued by credit institutions in third countries by the Union except in a prudential context where preferential treatment regarding liquidity is granted to some third-country bonds under certain conditions. The Commission should therefore in close cooperation with EBA assess the need and relevance for