48 Amendments of Marco ZANNI related to 2014/0017(COD)
Amendment 118 #
Proposal for a regulation
Article 2 – paragraph 1 – point d – introductory part
Article 2 – paragraph 1 – point d – introductory part
Amendment 119 #
Proposal for a regulation
Article 2 – paragraph 1 – point d – point 1
Article 2 – paragraph 1 – point d – point 1
Amendment 120 #
Proposal for a regulation
Article 2 – paragraph 1 – point d – point 2
Article 2 – paragraph 1 – point d – point 2
Amendment 123 #
Proposal for a regulation
Article 2 – paragraph 2 – introductory part
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:
Amendment 126 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
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;
Amendment 130 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 to ameexpand the list set out in paragraph 2 of this Article.
Amendment 144 #
Proposal for a regulation
Article 3 – paragraph 1 – point 10 a (new)
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.
Amendment 151 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3
Article 4 – paragraph 1 – subparagraph 3
Amendment 154 #
Proposal for a regulation
Article 4 – paragraph 2
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.
Amendment 156 #
Proposal for a regulation
Article 4 – paragraph 5
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.
Amendment 157 #
Proposal for a regulation
Article 4 – paragraph 6 – subparagraph 1
Article 4 – paragraph 6 – subparagraph 1
Amendment 159 #
Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b
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.
Amendment 168 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
Amendment 170 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. A trade repository shall regularly, and in an way that is easily accessible wayfor the public, publish both aggregate positions byand granular information for all types of SFTs reported to it.
Amendment 171 #
Proposal for a regulation
Article 12 – paragraph 2
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.
Amendment 175 #
Proposal for a regulation
Article 13 – title
Article 13 – title
Amendment 182 #
Proposal for a regulation
Article 13 – paragraph 1 a (new)
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.
Amendment 183 #
Proposal for a regulation
Article 13 – paragraph 1 b (new)
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.
Amendment 189 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 27 to amendexpand the list in Section A of the Annex in order to reflect the evolution of market practices and technological developments.
Amendment 195 #
Proposal for a regulation
Chapter 5 – title
Chapter 5 – title
Amendment 196 #
Proposal for a regulation
Article 15 – title
Article 15 – title
Amendment 197 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
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.
Amendment 198 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
Amendment 200 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
Amendment 206 #
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
Amendment 207 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
Amendment 210 #
Proposal for a regulation
Article 15 a (new)
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.
Amendment 212 #
Proposal for a regulation
Article 15 b (new)
Article 15 b (new)
Amendment 213 #
Proposal for a regulation
Article 15 c (new)
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.
Amendment 216 #
Proposal for a regulation
Article 18 – paragraph 1
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.
Amendment 218 #
Proposal for a regulation
Article 20 – paragraph 3 – subparagraph 2
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.
Amendment 220 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point e
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;
Amendment 221 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point f
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;
Amendment 224 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point g
Article 20 – paragraph 4 – subparagraph 1 – point g
(g) maximum administrative pecuniary sanctions of at least threfive times the amount of the profits gained or losses avoided because of the breach where those can be determined;
Amendment 225 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point h
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;
Amendment 227 #
Proposal for a regulation
Article 20 – paragraph 4 – subparagraph 1 – point i
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.
Amendment 229 #
Proposal for a regulation
Article 20 – paragraph 5
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.
Amendment 230 #
Proposal for a regulation
Article 20 – paragraph 5 a (new)
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.
Amendment 231 #
Proposal for a regulation
Article 21 – paragraph 1 – point c
Article 21 – paragraph 1 – point c
Amendment 232 #
Proposal for a regulation
Article 21 – paragraph 1 – point e
Article 21 – paragraph 1 – point e
Amendment 233 #
Proposal for a regulation
Article 21 – paragraph 1 – point f
Article 21 – paragraph 1 – point f
Amendment 234 #
Proposal for a regulation
Article 21 – paragraph 1 – point g
Article 21 – paragraph 1 – point g
Amendment 236 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. Competent authorities shall provide ESMA annuallyevery 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 an annual half-yearly report.
Amendment 237 #
Proposal for a regulation
Article 23 – paragraph 2
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 anonymised and aggregatedggregated 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.
Amendment 238 #
Proposal for a regulation
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Subject to the third subparagraph cCompetent 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.
Amendment 239 #
Proposal for a regulation
Article 24 – paragraph 2 – subparagraph 3 – introductory part
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:
Amendment 240 #
Proposal for a regulation
Article 24 – paragraph 2 – subparagraph 3 – point c
Article 24 – paragraph 2 – subparagraph 3 – point c
Amendment 241 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1