Activities of Rina Ronja KARI related to 2014/0017(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on reporting and transparency of securities financing transactions PDF (755 KB) DOC (180 KB)
Amendments (7)
Amendment 97 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Subsequently, on 14 October 2014, the FSB published a regulatory framework for haircuts on collateral posted in non-centrally cleared SFTs in which the FSB recommended a set of numerical haircut floors for securities- against-cash transactions.
Amendment 108 #
Proposal for a regulation
Recital 17
Recital 17
(17) Re-hypothecation provides liquidity and enables counterparties reducing funding costs. However, it creates complex collateral chains between traditional banking and shadow banking, posing financial stability risks. The lack of transparency on the extent to which financial instruments provided as collateral have been re-hypothecated and the respective risks in case of bankruptcy can undermine confidence in counterparties and magnify risks to financial stability. Therefore, establishing the FSB recommendation of 6 percent as a mandatory minimum haircut and not allowing collateral to be subject to another collateral re-use transaction are necessary steps to ensure financial stability.
Amendment 114 #
Proposal for a regulation
Recital 21
Recital 21
(21) The Commission should be empowered to adopt implementing technical standards developed by ESMA by means of implementing acts pursuant to Article 291 of the Treaty on the Functioning of the European Union and in accordance with the procedure set out in Article 15 of Regulation (EU) No 1095/2010 with regard to the format and frequency of the reports, , the format of the application for registration of a trade repository, as well as the procedures and forms for exchange of information on sanctions with ESMA. However, the format and frequency for reporting, which is to be developed by ESMA, should allow for the reporting of real time data to the public.
Amendment 164 #
Proposal for a regulation
Article 4 – paragraph 8 – subparagraph 1
Article 4 – paragraph 8 – subparagraph 1
In order to ensure uniform conditions of application of paragraph 1, ESMA shall, in close cooperation with the ESCB and taking into account its needs, develop draft implementing technical standards specifying the format and frequency of the reports referred to in paragraphs 1 and 3 for the different types of SFTs; these formats shall allow for the reporting of real time data to the public.
Amendment 203 #
Proposal for a regulation
Article 15 – paragraph 1 – point b a (new)
Article 15 – paragraph 1 – point b a (new)
(b a) the financial instrument is not subject to another collateral re-use transaction.
Amendment 208 #
Proposal for a regulation
Article 15 – paragraph 3 a (new)
Article 15 – paragraph 3 a (new)
3a. Credit institutions which engage in non-centrally cleared SFTs with other counterparties that are not credit institutions against collateral other than government securities shall apply the FSB-recommendation of 6 percent as a minimum to the collateral received.
Amendment 235 #
Proposal for a regulation
Article 22 – paragraph 4
Article 22 – paragraph 4