Activities of Brian HAYES related to 2017/0090(COD)
Plenary speeches (1)
Clearing obligation, reporting requirements, risk-mitigation techniques and trade repositories (debate)
Amendments (7)
Amendment 49 #
Proposal for a regulation
Recital 12
Recital 12
(12) Intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. Those transactions therefore do not significantly contribute to systemic risk and interconnectedness, yet the obligation to report those transactions imposes important costs and burdens on non- financial counterparties. IntragroupAll transactions between affiliates within the group where at least one of the counterparties is a non- financial counterparty should therefore be exempted from the reporting obligation, regardless of the place of establishment of a non-financial counterparty.
Amendment 58 #
Proposal for a regulation
Recital 14
Recital 14
(14) To reduce the burden of reporting for small non-financial counterparties not subject to the clearing obligation, the financial counterparty should be responsible, and legally liable, for reporting on behalf of bothwith regard to OTC derivative contracts entered into by itself and the non-financial counterparty that is not subject to the clearing obligation with regard to OTC derivative contracts enter, as well as for ensuring the accuracy of the details reported. To ensure that the financial counterparty has the data necessary to fulfil its reporting obligation, the non-financial counterparty should provide the details relating to the OTC derivative transactions that the financial counterparty cannot be reasonably expected into by that non-financial counterparty as well as for ensuring the accuracy of the details reported. possess. However, it should be possible for non-financial counterparties to choose to report their OTC derivatives contracts on their own, in which case they should inform the financial counterparty accordingly. In such cases, the non-financial counterparty should remain responsible and legally liable for reporting that data and for ensuring its accuracy.
Amendment 81 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 648/2012
Article 2 – point 8
Article 2 – point 8
(1) In Article 2, point (8) is replaced by the following: ‘(8) “financial counterparty” means an investment firm authorised in accordance with Directive 2014/65/EC of the European Parliament and of the Council31 , a credit institution authorised in accordance with Regulation (EU) No 575/2013, an insurance of reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council32 , a UCITS authorised in accordance with Directive 2009/65/EC, an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, an AIF as defined in Article 4(1)(a) of directive 2011/61/EU, and a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council33 and a securitisation special purpose entity as defined in Article 4(1)(66) of Regulation (EU) No 575/2013 of the European Parliament and of the Council34 ;’. _________________ 31 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349). 32 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). 33 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257 28.8.2014, p. 1). 34Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (OJ L 176, 27.6.2013, p. 1).
Amendment 161 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
Amendment 169 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point b
Article 9 – paragraph 1a – subparagraph 1 – point b
(b) financial counterparties shall be responsible for reporting on behalf of both counterpartiesthe details of [OTC] derivative contracts concluded between a financial counterparty and a non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) shall be reported as follows: (i) financial counterparties shall be solely responsible and legally liable for reporting a single data set, as well as for ensuring the accuracy of the details reported; (ii) notwithstanding point (i), non- financial counterparties that do not meet the conditions referred to in the second subparagraph of Article 10(1) may elect to report the details of their OTC derivative contracts concluded with awith financial counterparties to a trade repository; (iii) where the non- financial counterparty that is not subject to the conditions referred to in the second subparagraph of Article 10(1) as well aselects to report the details of their OTC derivatives contracts as described in point (ii), they shall inform the financial counterparties with which they have concluded OTC derivatives contracts of their decision beforehand. The responsibility and legal liability for reporting and for ensuring the accuracy of those details reportedshall in this case remain with the non-financial counterparty;
Amendment 173 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1 – point e
Article 9 – paragraph 1a – subparagraph 1 – point e
(e) counterparties and CCPs that report OTC derivatives contracts to a trade repository shall ensure that the details of their derivative contracts are reported accurately and without duplication.
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b a (new)
Article 1 – paragraph 1 – point 19 – point b a (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 2a (new)
Article 85 – paragraph 2a (new)
(ba) paragraph 2a is inserted: 2 a. ESMA shall by [date of entry into force of this amending Regulation+ 12 months] submit a report to the Commission which assesses whether the list of financial instruments that are considered highly liquid with minimal credit and market risk, in accordance with Article 47, could be extended and whether this list could include money market funds as defined in Regulation (EU) 2017/1131.