BETA

Activities of Marco VALLI related to 2013/0314(COD)

Plenary speeches (2)

Indices used as benchmarks in financial instruments and financial contracts (A8-0131/2015 - Cora van Nieuwenhuizen) IT
2016/11/22
Dossiers: 2013/0314(COD)
Indices used as benchmarks in financial instruments and financial contracts (A8-0131/2015 - Cora van Nieuwenhuizen) IT
2016/11/22
Dossiers: 2013/0314(COD)

Amendments (72)

Amendment 292 #
Proposal for a regulation
Article 1 – paragraph 1
This Regulation introduces a common framework to ensurhance the accuracy and integrity of indices used as benchmarks in both financial instruments and financial contracts in the Union and ensure that there is a clear separation between the two. The Regulation thereby contributes to the proper functioning of the internal market while achieving a high level of consumer and investor protection.
2015/01/23
Committee: ECON
Amendment 302 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
(b) Central banks of third countries whose legal framework is recognised by the Commission as providing for principles, standards and procedures equivalent to the requirements on the accuracy, integrity and independence of the provision of benchmarks provided for by this Regulation.deleted
2015/01/23
Committee: ECON
Amendment 317 #
Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 1
The Commission shall establish a list of central banks of third countries referred to in paragraph 2(b).deleted
2015/01/23
Committee: ECON
Amendment 319 #
Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 2
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 38(2).deleted
2015/01/23
Committee: ECON
Amendment 357 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
(21) ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro. A benchmark of less than 500 billion euro may be deemed critical by the competent authorities if the supply or cessation of that benchmark could have an adverse impact on financial stability and on the real economy;
2015/01/23
Committee: ECON
Amendment 359 #
Proposal for a regulation
Article 4 – paragraph 1
1. This Regulation shall not apply to an administra contributor in respect of a benchmark provided by him where that administrator is unaware and could not reasonably have been aware that that benchmark is used for the purposes referred to in point (2) of Article 3(1). This exemption shall not apply to administrators who have control over the provision of benchmarks, as referred to in Article 3(1)(4) of this Regulation.
2015/01/23
Committee: ECON
Amendment 361 #
Proposal for a regulation
Article 4 – paragraph 2
2. This Regulation shall not apply to the administrator of a benchmark referred to in Article 25(3) in respect of that benchmark.deleted
2015/01/23
Committee: ECON
Amendment 362 #
Proposal for a regulation
Article 5 – title
Governance requirements and handling of conflicts of interest
2015/01/23
Committee: ECON
Amendment 374 #
Proposal for a regulation
Article 6 – paragraph 1
1. Administrators shall notbe prohibited from outsourceing functions in the provision of a benchmark in such a way as to impair materially, so as not to impair the administrator’s control over the provision of the benchmark or the ability of the relevant competent authority to supervise the benchmark.
2015/01/23
Committee: ECON
Amendment 375 #
Proposal for a regulation
Article 6 – paragraph 2
2. Where outsourcing takes place, an administrator shall ensure that the outsourcing requirements set out in Section B of Annex 1 are satisfideleted.
2015/01/23
Committee: ECON
Amendment 377 #
Proposal for a regulation
Article 6 – paragraph 3
3. Where an administrator outsources functions or any relevant services and activities in the provision of a benchmark to any service provider, it shall remain fully responsible for discharging all of its obligations under this Regulation.deleted
2015/01/23
Committee: ECON
Amendment 391 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point c
(c) Where the input data of a benchmark is not transaction data and a contributor is a party to more than 50% of value of transactions in the market which that the benchmark intends to measure, the administrator shallThe administrator shall always verify that the input data represents a market subject to competitive supply and demand forces. Where the administrator finds that the input data does not represent a market subject to competitive supply and demand forces, it shall either change the input data, the contributors or the methodology to ensure that the input data represents a market subject to competitive supply and demand forces, or cease to provide that benchmark (‘Market impact’).
2015/01/23
Committee: ECON
Amendment 392 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point d
(d) The administrator shall use a methodology for the determination of the benchmark that is robust and reliable and that has clear rules identifying how and when discretion may be exercised in the determination of that benchmark. The methodology that is to be employed shall be communicated to and approved by the ESMA prior to its use (‘Robust and reliable methodology’).
2015/01/23
Committee: ECON
Amendment 395 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point e
(e) The administrator shall develop, operate and administer the benchmark data and methodology transparently. The administrator shall post the benchmark data and methodology online in a clear and straightforward manner, so that they may be accessed and used by all market operators (‘Transparency’).
2015/01/23
Committee: ECON
Amendment 396 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 a (new)
(1a) The ESMA shall draft technical standards for the application of a uniform methodology at EU level.
2015/01/23
Committee: ECON
Amendment 408 #
Proposal for a regulation
Article 9 – paragraph 1
1. The administrator shall adopt a code of conduct for each benchmark clearly specifying the administrator’s and contributors’ responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided, and at least the elements set out in Section D of Annex I.the control systems the contributor intends to establish and the arrangements for handling any conflicts of interest;
2015/01/23
Committee: ECON
Amendment 412 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 2
The Commission shall take into account the different characteristics of benchmarks and contributors, notably in terms of differences in input data and methodologies, the risks of input data being manipulated and international convergence of supervisory practices in relation to benchmarks.deleted
2015/01/23
Committee: ECON
Amendment 416 #
Proposal for a regulation
Article 10
1. When the input data contributed to a benchmark is regulated data, Articles 7(1)(b), 8(1), 8(2) and Article 9 shall not apply. 2. The administrator shall enter into an agreement with the contributor of the regulated data which clearly identifies to the contributor the benchmarks that the administrator is determining with the regulated data and shall ensure compliance with this Regulation.Article 10 deleted Regulated data
2015/01/23
Committee: ECON
Amendment 418 #
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 2
The Commission shall take into account the different characteristics of benchmarks and supervised contributors, notably in terms of differences in input data provided and methodologies used, the risks of manipulation of the input data and the nature of the activities carried out by the supervised contributors, and the developments in benchmarks and financial markets in light of international convergence of supervisory practices in relation to benchmarks.deleted
2015/01/23
Committee: ECON
Amendment 420 #
Proposal for a regulation
Title 3
SECTORAL REQUIREMENTS AND CRITICALFOR THE VARIOUS TYPES OF BENCHMARKS
2015/01/23
Committee: ECON
Amendment 421 #
Proposal for a regulation
Title 3 – chapter 1 – title
Benchmark sectors
2015/01/23
Committee: ECON
Amendment 423 #
Proposal for a regulation
Article 12 – title
Specific requirements for different types of benchmarks and sectors
2015/01/23
Committee: ECON
Amendment 438 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
The Commission shall adopt a list of benchmarks located within the Union which are critical benchmarks, in accordance with the definition laid dow. Under Article 3(1)(21) of this Regulation, ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro. A benchmark of less than 500 billion euro may be deemed critical by the competent authorities if the supply or cessation of that benchmark could have an adverse impact on fin Article 3(21). ancial stability and on the real economy;
2015/01/23
Committee: ECON
Amendment 448 #
Proposal for a regulation
Article 13 – paragraph 2
2. Within 5 working days from the date of application of the decision including a critical benchmark in the list referred to in paragraph 1of this Article, the administrator of that critical benchmark shall notify the code of conduct to the relevant competent authority. The relevant and ESMA. The competent authority shall verify within 3015 working days whether the content of the code of conduct complies with the requirements of this Regulation. In case the relevant competent authority finds elements which do not comply with the requirements of this Regulation, it shall inform the administrator. The administrator shall adjust the code of conduct to ensure that it complies with the requirements of this Regulation within 3015 days of such a request.
2015/01/23
Committee: ECON
Amendment 459 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the or more contributors to a criticalny benchmark have ceased contributing, the competent authority of the administrator of a critical benchmark shall have the power to:
2015/01/23
Committee: ECON
Amendment 494 #
Proposal for a regulation
Article 14 – paragraph 4 – point b
(b) judges that an acceptableequivalent substitute benchmark is available and users of the critical benchmark can switch to this substitute at minimal costs which shall be evidenced by at least a written report by the administrator detailing the means of transition to a substitute benchmark and the ability and costs to users of transferring to this benchmark.
2015/01/23
Committee: ECON
Amendment 507 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
(a) clearly and unambiguously defines the market or economic reality measured by thetype of benchmark, be it a financial or a commodity benchmark, and the circumstances in which such measurement may become unreliable, in addition, specifies the financial or economic variables measured by the benchmark;
2015/01/23
Committee: ECON
Amendment 509 #
Proposal for a regulation
Article 15 – paragraph 1 – point c
(c) lays down technical specifications that clearly and unambiguously identify the elements of the calculation in relation to which discretion may be exercised, the criteria applicable to the exercise of such discretion and the persons by whom, and the criteria and procedures, used to determine the benchmark and the rules governing the discretion is exercised, and how such discretion may be subsequently evaluated by administrators and contributors;
2015/01/23
Committee: ECON
Amendment 510 #
Proposal for a regulation
Article 15 – paragraph 1 – point e
(e) advises that any financial contracts or other financial instruments that reference the benchmark should be able to withstand, or otherwise address the possibility of changes to, or cessation of, the benchmark.deleted
2015/01/23
Committee: ECON
Amendment 515 #
Proposal for a regulation
Article 16 – paragraph 1
1. An administrator shall publish the input data and the methodologies used to determine the benchmark immediately after publication of the benchmark except where publication would have serious adverse consequences for the contributors or adversely affect the reliability or integrity of the benchmark. In such cases publication may be delayed for a period that significantly diminishes these consequences. Any personal data included in input data shall not be published.
2015/01/23
Committee: ECON
Amendment 524 #
Proposal for a regulation
Article 17 – paragraph 2
2. Supervised entities that issue or own financial instruments or are party to financial contracts that reference a benchmark shall produce robust written plans setting out the actions that they would take in the event that any benchmark materially changes or ceases to be produced. The supervised entities shall be obliged to provide the relevant competent authority with these plans on request. The plans shall, in addition, be made accessible to the public.
2015/01/23
Committee: ECON
Amendment 536 #
Proposal for a regulation
Article 18 – paragraph 2
2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, the supervised entity shall warn the consumer in wrimake that fact known without delay, stating withe reasons in writing.
2015/01/23
Committee: ECON
Amendment 538 #
Proposal for a regulation
Article 19 – title
Use of robust benchmarks
2015/01/23
Committee: ECON
Amendment 552 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – introductory part
The Commission mayshall adopt a decision stating that the legal framework and supervisory practice of a third country ensures that:
2015/01/23
Committee: ECON
Amendment 583 #
Proposal for a regulation
Article 23 – paragraph 2 – point a
(a) within 3015 working days of any agreement entered into by a supervised entity to use an index provided by that administrator as a reference to a financial instrument or financial contract or to measure the performance of an investment fund;
2015/01/23
Committee: ECON
Amendment 585 #
Proposal for a regulation
Article 23 – paragraph 2 – point b
(b) within 3015 working days of the administrator giving its consent in accordance with paragraph 2 of Article 25 to the referencing of the index in the financial instrument referred to in paragraph 1 of Article 25.
2015/01/23
Committee: ECON
Amendment 591 #
Proposal for a regulation
Article 23 – paragraph 4
4. Within 157 working days of receipt of the application, the relevant competent authority shall assess whether the application is complete and shall notify the applicant accordingly. If the application is incomplete, then the applicant shallmust submit the additional information required by the relevant competent authority within 7 working days.
2015/01/23
Committee: ECON
Amendment 594 #
Proposal for a regulation
Article 23 – paragraph 5
5. Within 4530 working days of receipt of a complete application, the relevant competent authority shall, examine the application and adopt a decision to authorise or refuse authorisation of the applicant administrator. Within five5 working days of the adoption of a decision whether to authorise or refuse authorisation, the competent authority shall notify it to the administrator concerned. Where the competent authority refuses to authorise the applicant administrator, it shall, without delay, give reasons for its decision in writing.
2015/01/23
Committee: ECON
Amendment 603 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
1. The competent authority shallmay withdraw or suspend the authorisation or registration of an administrator where the administrator:
2015/01/23
Committee: ECON
Amendment 609 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
(c) no longer meets the conditions under which it was authorised or registered; or
2015/01/23
Committee: ECON
Amendment 617 #
Proposal for a regulation
Article 25 – paragraph 1
1. Whenever a competent authority becomes aware that an index is being used as a reference to a financial instrument, or that a request for admission to trading has been made to a trading venue supervised by that competent authority in respect of a financial instrument that references an index, that competent authority shall notify ESMA within 105 working days.
2015/01/23
Committee: ECON
Amendment 620 #
Proposal for a regulation
Article 25 – paragraph 2
2. Within 105 working days of any notification ESMA shall notify the relevant administrator of the benchmark providing full details of its use and requesting the administrator to confirm that it consents to this use of the benchmarkshall give such notification in writing within 105 working days.
2015/01/23
Committee: ECON
Amendment 622 #
Proposal for a regulation
Article 25 – paragraph 3
3. Without prejudice to Article 30 [MIFIR], where the administrator does not confirm to ESMA its consent within the time limit set out in paragraph 2, ESMA shall notify the relevant competent authority which shall request that the trading venue withdraw the listing of that financial instrument or refuse its admission to trading within 10 working days.deleted
2015/01/23
Committee: ECON
Amendment 626 #
Proposal for a regulation
Article 26 – paragraph 1
1. In accordance with Article 28 of Regulation (EU) No 1095/2010 a competent authority may delegate its tasks under this Regulation, wholly or in part, to the competent authority of another Member State. Delegation of tasks shall not affect the responsibility of the delegating competent authority and the competent authorities shall notify ESMA of any proposed delegation 630 days prior to such delegation taking effect.
2015/01/23
Committee: ECON
Amendment 627 #
Proposal for a regulation
Article 26 – paragraph 2
2. A competent authority may delegate some of its tasks under this Regulation to ESMA subject to the agreement of ESMA. Delegation of tasks shall not affect the responsibility of the delegating competent authority.deleted
2015/01/23
Committee: ECON
Amendment 628 #
Proposal for a regulation
Article 27 – paragraph 1 – introductory part
1. The competent authority may disclose information received from another competent authority only if:
2015/01/23
Committee: ECON
Amendment 629 #
Proposal for a regulation
Article 27 – paragraph 1 – point a
(a) it has obtained the written agreement of that competent authority and the information is disclosed only for the purposes for which that competent authority gave its agreement; ordeleted
2015/01/23
Committee: ECON
Amendment 630 #
Proposal for a regulation
Article 27 – paragraph 1 – point b
(b) where such disclosure is necessary for legal proceedings.
2015/01/23
Committee: ECON
Amendment 637 #
Proposal for a regulation
Article 29 – paragraph 1
1. For administrators and supervised contributors, each Member State shall designate thea relevant competent authority responsible for carrying out the duties resulting from this Regulation and shall inform the Commission and ESMA thereof.
2015/01/23
Committee: ECON
Amendment 638 #
Proposal for a regulation
Article 29 – paragraph 2
2. Where a Member State designates more than one competent authority, it shall clearly determine the respective roles and shall designate a single authority to be responsible for coordinating cooperation and the exchange of information with the Commission, ESMA and other Member States’ competent authorities.deleted
2015/01/23
Committee: ECON
Amendment 640 #
Proposal for a regulation
Article 30 – paragraph 1 – point b
(b) require or demand information from any person including those who are successively involved in the transmission of orders or conduct of the operations concerned, as well as their principals, and if necessary, to summon and question any such person with a view to obtain informationvolved in the supply and transmission of data;
2015/01/23
Committee: ECON
Amendment 643 #
Proposal for a regulation
Article 30 – paragraph 1 – point d
(d) carry out on-site inspections or investigations, at sites other than the private residences of natural persons
2015/01/23
Committee: ECON
Amendment 644 #
Proposal for a regulation
Article 30 – paragraph 1 – point e
(e) enter premises of natural and legal persons in order to seize documents and other data in any form, where a reasonable suspicion exists that documents and other data related to the subject-matter of the inspection or investigation may be relevant to prove a breach of this Regulation. Where prior authorisation is needed from the judicial authority of the Member State concerned, in accordance with national law, such power shall only be used after having obtained that prior authorisation;
2015/01/23
Committee: ECON
Amendment 645 #
Proposal for a regulation
Article 30 – paragraph 1 a (new)
1a. Where prior authorisation is needed from the judicial authority of the Member State concerned, in accordance with national law, such power shall only be used after having obtained that prior authorisation;
2015/01/23
Committee: ECON
Amendment 650 #
Proposal for a regulation
Article 31 – paragraph 1 – introductory part
1. Without prejudice to the supervisory powers of competent authorities in accordance with Article 34, Member States shall, in conformity with national law, provide for competent authorities to have the power to take appropriate administrative measures and impose administrative measures and sanctions at least for:in the event of a breach of this Regulation;
2015/01/23
Committee: ECON
Amendment 652 #
Proposal for a regulation
Article 31 – paragraph 1 – point a
(a) the breaches of Articles 5(1), 6, 7(1), 8, 9, 10, 11, 14, 15, 16, 17, 18, 19, 22 and 23 of this Regulation; andeleted
2015/01/23
Committee: ECON
Amendment 654 #
Proposal for a regulation
Article 31 – paragraph 1 – point b
(b) failure to cooperate or comply in an investigation or with an inspection or request covered by Article 30.deleted
2015/01/23
Committee: ECON
Amendment 656 #
Proposal for a regulation
Article 31 – paragraph 2 – introductory part
2. In case of a breach referred to in paragraph 1, Member States shall, in conformity with national law, confer on competent authorities the power to apply at least the following administrative measures and sanctions:
2015/01/23
Committee: ECON
Amendment 658 #
Proposal for a regulation
Article 31 – paragraph 2 – point f – introductory part
(f) the imposition of maximum administrative pecuniary sanctions of at least threfive times the amount of the profits gained or losses avoided because of the breachinfringement where those can be determined; or
2015/01/23
Committee: ECON
Amendment 659 #
Proposal for a regulation
Article 31 – paragraph 2 – point f – point 1
(1) in respect of a natural person maximum administrative pecuniary sanctions of at least: (i) for breaches of Articles 5(1), 6, 7(1), 8, 9, 10, 11, 14, 15, 16, 17, 18, 19, 22 and 23, EUR 500,000 or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on the date of entry to force of this Regulation; or (ii) for breaches of points (b) or (c) of Articles 7(1) EUR 100,000 or in the Member States where the Euro is not the official currency, the corresponding value in the national currency on the date of entry to force of this Regulation;deleted
2015/01/23
Committee: ECON
Amendment 660 #
Proposal for a regulation
Article 31 – paragraph 2 – point f – point 2
(2) in respect of a legal person up to maximum administrative pecuniary sanctions of at least: (i) for breaches of Articles 5(1), 6, 7(1), 8, 9, 10, 11, 14, 15, 16, 17, 18, 19, 22 and 23, whichever is the higher of EUR 1,000,000 or 10 % of its total annual turnover according to the last available accounts approved by the management body. Where the legal person is a parent undertaking or a subsidiary of a parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to Directive 86/635/EC for banks and Directive 91/674/EC for insurance companies according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking or if the person is an association, 10% of the aggregate turnovers of its members; or (ii) for breaches of points (b) and (c) of Articles 6(1), whichever is the higher of EUR250,000 or 2 % of its total annual turnover according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of a parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to Directive 86/635/EC for banks and Directive 91/674/EC for insurance companies according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking or if the person is an association, 10% of the aggregate turnovers of its members.deleted
2015/01/23
Committee: ECON
Amendment 662 #
Proposal for a regulation
Article 31 – paragraph 3
3. By [12 months after entry into force of this Regulation] Member States shall notify the rules regarding paragraphs 1 and 2 to the Commission and ESMA. They shall notify the Commission and ESMA without delay of any subsequent amendment thereto.deleted
2015/01/23
Committee: ECON
Amendment 663 #
Proposal for a regulation
Article 31 – paragraph 4 – subparagraph 1 a (new)
Administrators and supervised entities shall be held liable under civil law, in accordance with national provisions, where, either intentionally or through negligence, they have caused measurable harm to natural or legal persons by acting in breach of this Regulation and influencing the benchmark.
2015/01/23
Committee: ECON
Amendment 672 #
Proposal for a regulation
Article 33 – paragraph 2
2. Where the publication of the identity of the legal persons or personal data of natural persons is considered by the competent authority to be disproportionate following a case-by-case assessment conducted on the proportionality of the publication of such data, or where publication jeopardises the stability of financial markets or an on- going investigation, competent authorities shall either: (a) delay the publication of the decision to impose a sanction or a measure until the moment where the reasons for non- publication cease to exist; (b) publish the decision to impose a sanction or a measure on an anonymous basis in a manner which is in conformity with national law, if such anonymous publication ensures an effective protection of the personal data concerned; In the case of a decision to publish a sanction or measure on an anonymous basis the publication of the relevant data may be postponed for a reasonable period of time if it is foreseen that within that period the reasons for anonymous publication shall cease to exist; (c) not publish the decision to impose a sanction or measure at all in the event that the options set out in (a) and (b) above are considered insufficient to ensure: (1) that the stability of financial markets would not be put in jeopardy; or (2) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.deleted
2015/01/23
Committee: ECON
Amendment 677 #
Proposal for a regulation
Article 34 – paragraph 1
1. Within 3015 working days from the entry into force of the decision referred to in Article 13(1) determining a benchmark as critical benchmark, the competent authority shall establish a college of competent authorities.
2015/01/23
Committee: ECON
Amendment 680 #
Proposal for a regulation
Article 34 – paragraph 3 – subparagraph 1
Competent authorities of other Member States shall have the right to be member of the college where, if that critical benchmark were to cease to be provided, it would have a significant adverse impact on the financial stability, or the orderly functioning of markets, or consumers, or the real economy of those Member States
2015/01/23
Committee: ECON
Amendment 682 #
Proposal for a regulation
Article 34 – paragraph 3 – subparagraph 2
Where a competent authority intends to become a member of a college pursuant to the first subparagraph, it shall submit a request to the competent authority of the administrator containing evidence that the requirements of that provision are fulfilled. The relevant competent authority of the administrator shall consider the request and notify the requesting authority within 20 working10 days of receipt of the request whether or not it considers those requirements to be fulfilled. Where it considers those requirements not to be fulfilled, the requesting authority may refer the matter to ESMA in accordance with paragraph 10.
2015/01/23
Committee: ECON
Amendment 710 #
Proposal for a regulation
Article 36
1. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of professional secrecy laid down in paragraph 2. 2. The obligation of professional secrecy applies to all persons who work or who have worked for the competent authority or for any authority or market undertaking or natural or legal person to whom the competent authority has delegated its powers, including auditors and experts contracted by the competent authority. 3. Information covered by professional secrecy may not be disclosed to any other person or authority except except by virtue of provisions laid down by law. 4. All the information exchanged between the competent authorities under this Regulation that concerns business or operational conditions and other economic or personal affairs shall be considered confidential and shall be subject to the requirements of professional secrecy, except where the competent authority states at the time of communication that such information may be disclosed or such disclosure is necessary for legal proceedings.Article 36 deleted Professional secrecy
2015/01/23
Committee: ECON
Amendment 717 #
Proposal for a regulation
Article 39 – paragraph 1
1. An administrator providing a benchmark on [the date of entry into force of this Regulation]intending to produce a benchmark shall apply for authorisation under Article 23 within [246 months after the date of application].
2015/01/23
Committee: ECON
Amendment 724 #
Proposal for a regulation
Article 39 – paragraph 4
4. The use of a benchmark shall be permitted by the relevant competent authority of the Member State where the administrator is located until such time as the benchmark references financial instruments and financial contracts worth no more than 5% by value of the financial instruments and financial contracts that referenced this benchmark at the time of entry into force of this Regulation. No financial instruments or financial contracts shall reference such an existing benchmark after the entry into application of this Regulation.deleted
2015/01/23
Committee: ECON
Amendment 729 #
Proposal for a regulation
Article 40 – paragraph 1 – introductory part
By 1 July 20187, the Commission shall review and report to the European Parliament and the Council on this Regulation and in particular:
2015/01/23
Committee: ECON
Amendment 735 #
Proposal for a regulation
Article 41 – paragraph 3
However, Article 13(1) and 34 shall apply from [6 months after entry into force].deleted
2015/01/23
Committee: ECON