[ParlTrack]

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 1 – point d – introductory part

~~(d) a counterparty engaging in rehypothecation that is establish~~deleted:

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 1 – point d – point 1

~~(1) in the Union, including all its branches irrespective of where they are loca~~deleted;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 1 – point d – point 2

(2) in a third country, in either of the following cases: i) the rehypothecation is effected in the course of the operations of an EU branch; ii) the rehypothecation concerns financial instruments provided as collateral by a counterparty established in the Union or an EU branch of a counterparty established in a third country.deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 2 – introductory part

2. This Regulation shall, with the exception of the transparency requirements laid down in Articles 4 and 14, not apply to:

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 2 – point a

(a) the members of the ESCB ~~and other Member States’ bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt~~;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 2 – paragraph 3

3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 to ~~ame~~expand the list set out in paragraph 2 of this Article.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 3 – paragraph 1 – point 10 a (new)

10a. ‘haircut’ means the margin applied by a collateral receiver that is subtracted from the market value of an asset used as collateral.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3

~~A counterparty which is subject to the reporting obligation may delegate the reporting of the details of SFTs.~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 4 – paragraph 2

2. Counterparties shall keep a record of and make accessible to the competent authorities any SFT that they have concluded, modified or terminated for at least ten years following the termination of the transaction.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 4 – paragraph 5

5. A counterparty that reports the details of a SFT to a trade repository or to ESMA~~, or an entity that reports such details on behalf of a counterparty~~ shall not be considered in breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 1

~~No liability resulting from that disclosure shall lie with the reporting entity or its directors or employees.~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b

(b) the principal amount, currency, type, quality and value of collateral, the method used to provide collateral, ~~where it is available for rehypothecation, if it has been rehypothecated,~~ any substitution of the collateral, the repurchase rate or lending fee, counterparty, haircut, value date, maturity date and first callable date.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 9 – paragraph 2

(2) The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 61 to 63 of Regulation (EU) No 648/2012 shall not be used to require the disclosure of information or documents which are subject to legal privilege.deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 12 – paragraph 1

1. A trade repository shall regularly, and in an way that is easily accessible ~~way~~for the public, publish both aggregate ~~positions by~~and granular information for all types of SFTs reported to it.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 12 – paragraph 2

2. A trade repository shall collect and maintain the details of SFTs and shall ensure that the entities referred to in Article 81(3) of Regulation (EU) No 648/2012, the European Banking authority (EBA), the European Central Bank (ECB) and the European Insurance Occupational Pensions Authority (EIOPA) have direct and immediate access to these details to enable them to fulfil their respective responsibilities and mandates.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 13 – title

~~Investment fund's t~~Transparency in periodical reports

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 1 a (new)

1a. Credit institutions and all institutions admitted to trading that are established in a Member State shall inform shareholders and the competent authorities of the use made of SFTs by publishing information on such transactions in half-yearly and yearly reports.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 1 b (new)

1b. All of the Member States’ central banks and the European Central Bank (ECB) shall make information on the use made of SFTs accessible to all competent authorities.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 13 – paragraph 3

3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 to ~~amend~~expand the list in Section A of the Annex in order to reflect the evolution of market practices and technological developments.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Chapter 5 – title

~~Transparency~~Prohibition of rehypothecation

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – title

RProhibition of rehypothecation of financial instruments ~~received as~~with collateral

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 1 – introductory part

1. Counterparties ~~shall have the right to rehypothecation where at least all the following conditions are fulfilled:~~may not, under any circumstances, rehypothecate financial instruments or liquidity received as collateral.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 1 – point a

(a) the providing counterparty has been duly informed in writing by the receiving counterparty of the risks that may be involved in granting consent as referred to in point (b) in particular the potential risks in the event of the default of the receiving counterparty;deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 1 – point b

~~(b) the providing counterparty has granted its prior express consent as evidenced by the signature of the providing counterparty to a written agreement or an equivalent alternative mechanism.~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 2

2. Counterparties shall exercise their right to rehypothecation where at least all the following conditions are fulfilled: (a) rehypothecation is undertaken in accordance with the terms specified in the written agreement referred to in point (b) of paragraph 1; (b) the financial instruments received as collateral are transferred to an account opened in the name of the receiving counterparty.deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 – paragraph 3

~~3. This Article is without prejudice to stricter sectoral legislation, in particular to Directive 2011/61/EU and 2009/65/EC.~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 a (new)

Article 15a Valuation haircuts Bodies subject to this Regulation that make non-centrally cleared FSTs with other counterparties against financial instruments as collateral shall apply haircuts which comply with the qualitative and quantitative standards set out in Articles 15b and 15c of this Regulation.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 b (new)

Article 15b Qualitative standards for the calculation method for haircuts Counterparties shall follow methodologies for calculating haircuts on an individual asset basis or on a consolidated portfolio basis, depending on the nature of their trading activities. ESMA, in close cooperation with the European System of Central Banks (ESCB) and in accordance with the regulatory framework developed by the FSB, shall develop draft regulatory technical standards specifying the methodologies that counterparties must use when establishing the calculation method. The calculation method must be based on at least the following variables: a) the individual assets and/or consolidated portfolio, depending on the nature of their trading activities; b) the market risk of the financial instruments used as collateral; c) the maximum expected loss of value of the financial instruments put forward as collateral; d) the long-term historical series price level of the assets, covering at least one period of stress; e) the liquidity and volatility risk of the financial instruments put forward as collateral; f) the market characteristics for the securities put forward as collateral, such as trading volumes and market depth; g) the correlation risk between the securities in the financing transaction and those put forward as collateral; h) the results of robust stress tests on haircuts, taken over time and in hypothetical terms; i) any other risks considered relevant. The calculation method must seek to minimise procyclicality. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. _______________ * OJ: please insert the date: 12 months after the date of entry into force of this Regulation.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 15 c (new)

Article 15c Quantitative standards for minimum haircuts Credit institutions which make non-centrally cleared FSTs with other counterparties, be these credit institutions or not, against financial instruments, including government securities, as collateral, shall apply minimum numerical haircuts of at least 6% of the collateral received. Institutions other than credit institutions which engage in SFTs with other counterparties, be these credit institutions or not, against collateral, shall apply minimum numerical haircuts of at least 6% of the collateral received. The competent authorities may require that haircuts of a higher percentage than the minimum indicated be applied.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 18 – paragraph 1

1. The obligation of professional secrecy shall apply to all persons who work or have worked for the entities referred to in Article 12(2) and the competent authorities referred to in Article 16, for ESMA, EBA and EIOPA or for auditors and experts instructed by the competent authorities or ESMA, EBA and EIOPA. No confidential information that those persons receive in the course of their duties shall be divulged to any person ~~or authority~~, except in summary or aggregate form such that an individual counterparty, trade repository or any other person cannot be identified, without prejudice to cases covered by criminal or tax law or to this Regulation.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 3 – subparagraph 2

Competent authorities may also cooperate with competent authorities of other Member States or of third countries with respect to the exercise of their sanctioning powers.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point e

(e) ~~a temporary or, for serious or repeated breaches,~~ a permanent ban against any person discharging managerial responsibilities or any natural person who is deemed responsible, from exercising management functions;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point f

(f) ~~a temporary ban or, for serious or repeated breaches,~~ a permanent ban against any person discharging managerial responsibilities or any natural person who is deemed responsible, from dealing on own account;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point g

(g) maximum administrative pecuniary sanctions of at least ~~thre~~five times the amount of the profits gained or losses avoided because of the breach where those can be determined;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point h

(h) in respect of a natural person, a maximum administrative pecuniary sanctions of at least EUR 15 000 000 or in the Member States whose currency is not the euro, the corresponding value in the national currency on the date of entry to force of this Regulation;

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point i

(i) in respect of legal persons, maximum administrative pecuniary sanctions of at least 105% of the total annual turnover of the legal person according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of the parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU16, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking. __________________ 16 Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC OJ L 182, 29.6.2013, p. 19.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 5

5. A breach of the rules laid down by in Article 4 shall not affect the validity of the terms of a SFT or the possibility of the parties to enforce the terms of a SFT. A breach of the rules defined under Article 4 shall ~~not~~ give rise to compensation rights from a party to a SFT.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 20 – paragraph 5 a (new)

5a. A breach of the rules laid down in Article 15 shall render the rehypothecation invalid and give rise to compensation rights from a party to a SFT.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 21 – paragraph 1 – point c

~~(c) the financial strength of the person responsible for the breach, by considering factors such as the total turnover of a legal person or the annual income in the case of a natural person;~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 21 – paragraph 1 – point e

(e) the level of cooperation of the person responsible for the breach with the competent authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that person;deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 21 – paragraph 1 – point f

~~(f) previous breaches by the person responsible for the breach;~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 21 – paragraph 1 – point g

~~(g) measures taken by the person responsible for the breach to prevent its repetition.~~deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 23 – paragraph 1

1. Competent authorities shall provide ESMA ~~annually~~every six months with aggregated and granular information regarding all administrative measures, sanctions and fines imposed by them in accordance with Article 20. ESMA shall publish that information in a~~n annual~~ half-yearly report.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 23 – paragraph 2

2. Where Member States have chosen to lay down criminal sanctions for the breaches of the provisions referred to in that Article 20, their competent authorities shall provide ESMA annually with a~~nonymised and aggregated~~ggregated and granular data regarding all criminal investigations undertaken and criminal sanctions imposed. ESMA shall publish data on criminal sanctions imposed in an annual report. Where the competent authority has disclosed administrative sanctions, fines and other measures, as well as criminal sanctions to the public, it shall simultaneously notify ESMA thereof.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 24 – paragraph 1

1. ~~Subject to the third subparagraph c~~Competent authorities shall publish any decision imposing an administrative sanction or other measure in relation to a breach of Articles 4 and 15 on their website immediately after the person subject to that decision has been informed of that decision.

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 24 – paragraph 2 – subparagraph 3 – introductory part

Where a competent authority considers, following a case-by-case assessment, that the publication of the identity of the legal person subject to the decision, or of the personal data of a natural person~~, would be disproportionate, or where such publication would jeopardise an ongoing investigation or the stability of the financial markets~~ would jeopardise an ongoing investigation, it shall do one of the following:

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 24 – paragraph 2 – subparagraph 3 – point c

(c) not publish the decision in the event that the competent authority is of the opinion that publication in accordance with point (a) or (b) will be insufficient to ensure: i) that the stability of financial markets is not jeopardised; o ii) the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature.deleted

2015/02/04
Committee: ECON

Marco VALLI, Marco ZANNI

Proposal for a regulation
Article 26 – paragraph 1

~~Three years after the entry into force~~By the end of 2017, the Commission shall, after consulting ESMA, report on the effectiveness and efficiency of this Regulation to the European Parliament and to the Council and, if appropriate, submit a revised proposal.

2015/02/04
Committee: ECON

Activities of Marco VALLI related to 2014/0017(COD)

Plenary speeches (2)

Shadow reports (1)

Amendments (48)

ParlTrack - 2011-2024