12 Amendments of Fulvio MARTUSCIELLO related to 2014/0020(COD)
Amendment 275 #
Proposal for a regulation
Article 5 – paragraph 1 – point 4
Article 5 – paragraph 1 – point 4
4. ‘"proprietary trading’" means using own capital or borrowed money to take positions in any type of transaction to purchase, sell or otherwise acquire or dispose of any financial instrument or commodities for the sole purpose of making a short term profit for own account, and without any connection to actual or anticipated client activity or for the purpos. The following activities shall not be intended as included in the scope of thedging the entity’s risk as result of actual or anticipated client activity, through the use of desks, units, divisions or individual traders specifically dedicated to such position taking and profit making, including through dedicated web-based proprietary trading platforms; proprietary trading definition: i. trading as part of investment services rendered to clients; ii. market making; iii. hedging of own risks, including hedging the risks associated with the performance of the activities set out under points i), ii), iv), v) of this paragraph; iv. treasury management; v. transactions in financial instruments with the intention of holding them durably, that is, for investment.
Amendment 284 #
Proposal for a regulation
Article 5 – paragraph 1 – point 12
Article 5 – paragraph 1 – point 12
12. ‘market making’ means a financial institution's commitment to provide market liquidity on a regular and on-going basis,deal as principal in a financial instrument, whether listed or not listed on a regulated market, a multilateral trading facility or an organised trading facility within the meaning of respectively points (21), (22) and (23) of Article 4(1) of Directive 2014/65/EU, whether traded on or outside a trading venue, either (i) by posting firm, simultaneous two-ways quotes of comparable size at comparable prices or by posting twoone-way quotes with regard to a certain financial instrument, orthe result of providing liquidity on a regular and ongoing basis to the market, (ii) as part of its usual business, by fulfilling orders initiated by clients or in response to clients’' requests to trade, but in both cases without be(iii) in reasonable anticipation of potential client activity, or (iv) by hedging exposed to material market riskitions arising from the fulfilment of tasks under points (i), (ii) and (iii);
Amendment 305 #
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) engage in proprietary trading, as defined under Article 5, paragraph 4, unless a dedicated subsidiary has been established to that effect;
Amendment 319 #
Proposal for a regulation
Article 6 – paragraph 1 – point b – point iii
Article 6 – paragraph 1 – point b – point iii
(iii) hold any units or sharescontrol pursuant to the Council Regulation (EC) No 139/2004 in an entity that engages in proprietary trading or acquires units or shares in AIFs.
Amendment 343 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The restrictions laid down in point (b) of paragraph 1 shall not apply with regard to closed-ended and unleveraged AIFs as definAIFs, to funds regulated inby Directive 2011/61/EU, where those AIFs are established in the Union or, if they are not established in the Union, they are marketed in the Union according to Articles 35 or 40 of Directive 2011/61/EU , to qualifying venture capital funds as defined in Article 3(b) of Regulation (EU) No 345/2013, to qualifying social entrepreneurship funds as defined in Article 3(b) of Regulation (EU) No 346/2013, and to AIFs authorized as ELTIFs in accordance with Regulation (EU) No [XXX/XXXX]. and to those funds which are not substantially leveraged AIFs as defined in Commission Delegated Regulation (EU) No 231/2013 as Directive 2011/61/EU.
Amendment 350 #
Proposal for a regulation
Article 6 – paragraph 3 a (new)
Article 6 – paragraph 3 a (new)
3 a. The separation laid down in paragraph 1 shall not apply to lending activity to funds referred to in paragraph 3.
Amendment 496 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Where the competent authority concludes that, following the assessment referred to in Article 9(1), the limits and conditions linked to the metrics referred to in points (a) to (h) of Article 9(2) and specified in the delegated act referred to in paragraph 5 are met, and it therefore deems that there is a threat to the financial stability of the core credit institution or to the Union financial system as a whole, taking into account the objectives referred to in Article 1, it shall, no later than two months after the finalisation of that assessment, start the procedure leading to a decision as referred to in the second subparagraph of paragraph 3.
Amendment 506 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
Amendment 571 #
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 2
Article 11 – paragraph 1 – subparagraph 2
As part of the prudent management of its capital, liquidity and funding, a core credit institution may only use interest rate derivatives, foreign exchange derivatives and credituse derivatives eligible for central counterparty clearing to hedge its overall balance sheet risk. The core credit institution shall demonstrate to the competent supervisor that the hedging activity is designed to reduce, and demonstrably reduces or significantly mitigates, specific, identifiable risks of individual or aggregated positions of the core credit institution.
Amendment 591 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – introductory part
Article 12 – paragraph 1 – subparagraph 1 – introductory part
A core credit institution that has been subject to a decision referred to in Article 10(3) may sell interest rate derivatives, foreign exchange derivatives, credit derivatives, emission allowances derivatives and commodity derivatives eligible for central counterparty clearing and emission allowances toenter into derivatives eligible for central counterparty clearing or subject to the risk mitigation techniques as per article 11 of regulation 9EU) No 648/2012 with its non- financial clients, to financial entities referred to in the second and third indents of point (19) of Article 5, to insurance undertakings and to institutions providing for occupational retirement benefits when the following conditions have been satisfied:
Amendment 597 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1 – point a
Article 12 – paragraph 1 – subparagraph 1 – point a
(a) the sole purpose of the sale is to hedge interest rate risk, foreign exchange risk, credit risk, commodity risk or emissions allowance risk;
Amendment 695 #
Proposal for a regulation
Article 21
Article 21