Activities of Fulvio MARTUSCIELLO related to 2022/0074(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories
Amendments (7)
Amendment 97 #
Proposal for a regulation
Recital 6
Recital 6
(6) The overarching objective of the settlement discipline regime is to improve settlement efficiency within the Union. However, the market volatility in 2020 amplified concerns about the potential negative effects of mandatory buy-in rules, both in normal and stressed market conditions. The application of those rules should therefore be subject to an assessment by the Commissexistence of such rules is a disproportionate interference in the execution of securities transactions and the functioning of securities markets, poses significant risks for market liquidity and financial stability in the Union, as to its appropriatnd could jeopardise the global competitiveness inof the light of the evolution of settlement efficiency in the UnionUnion. Because of the implications that the deployment of mandatory buy-ins might have, the possibility of their application should be discarded. Cash penalties and reporting requirements should however continue to apply in order to assess their impact on improving settlement efficiency in the Union. Considering the potential impacts of mandatory buy-in rules, such rules should apply only where certain conditions are met, namely where the application of cash penalties has not resulted in a long- term, continuous reduction of settlement fails in the Union, where settlement efficiency in the Union has not reached appropriate levels considering the situation in third-country capital markets that are comparable in terms of size, liquidity as well as instruments traded and types of transactions executed on such markets, or where the level of settlement fails in the Union has or is likely to have a negative effect on the financial stability of the Union. Where the Commission considers that any of those conditions is met and that the application of mandatory buy-ins is proportionate to address level of settlement fails in the Union, the Commission should be empowered to adopt an implementing act determining for which financial instruments or categories of transactions the mandatory buy-in rules should start to apply. The cash penalties referred to in the third subparagraph of Article 7(2) of Regulation (EU) No 909/2014 should be calculated on a daily basis for each business day that a transaction fails to be settled until the end of the buy-in process or the actual settlement day, whichever is the earlier.
Amendment 103 #
Proposal for a regulation
Recital 19
Recital 19
(19) Regulation (EU) No 909/2014 requires the cooperation of authorities that have an interest in the operations of CSDs that offer services in relation to financial instruments issued under the law of more than one Member States. Nonetheless, the supervisory arrangements remain fragmented and can lead to differences in the allocation and nature of supervisory powers depending on the CSD concerned. This in turn creates barriers to the cross- border provision of CSD services in the Union, perpetuates the remaining inefficiencies in the Union settlement market and has negative impacts on the stability of Union financial markets. Despite the possibility to set up colleges in accordance with Article 24(4) of that Regulation (, that option has barely been used. In order to ensure an effective and efficient coordination of the supervision by competent authorities, the requirement to set up mandatory colleges should apply in two cases. Firstly, for CSDs that offer notary and cebe based on a single existing and reliable criterion, namely, the substantrial maintenance services in relation to financial instruments issued under the law of mimportance of a CSD for a jurisdiction other than the one where it is established. The threshold fore than one Member States (the passpe mandatory establishment by competent authoritinges of a colleges) and secondly for CSDs that belong of supervisory authorities should be met where a CSD is of substantial importance in at least two the same group (the “group-level colleges”). To reduce the administrative burden on the authorities participating to colleges, where a CSD offering services cross-border is also part of a group of CSDs, the chair of the college should be able to decide that only host Member States. Such colleges should ensure the sharing of information pertaining to the CSDs concerned. Members of a college should have the possibility of requesting the adoption by the college of a binding opinione college is established for that CSD. Where the other CSDs ncerning issues identified during the review and evaluation process of CSDs, or during the group also offer services cross-border, the chair of the college should be able to make that decision only where the competent authorities of those oreview and evaluation of providers of banking-type ancillary services, or that relate to the extension or outsourcing of activities and services provided by ther CSDs consent. In that case,, or concerning any potential breach of the re would be only one college for all CSDs withinquirements of Regulation (EU)No 909/2014 arising from the gproup that would exercise the tasks assigned to passporting and group-level colleges. Such colleges should ensure the sharing of information pertaining to the CSDs concernedvision of services in a host Member State. The process for the adoption of such an opinion should rely on a simple majority vote.
Amendment 122 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 909/2014
Article 7 – paragraph 2a – subparagraph 1 – point b
Article 7 – paragraph 2a – subparagraph 1 – point b
Amendment 132 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 909/2014
Article 23 – paragraph 2
Article 23 – paragraph 2
2. An authorised CSD or a CSD that has applied for authorisation pursuant to Article 17 that intends to provide the core services referred to in Section A, points 1 and 2, of the Annex in relation to financial instrumentshares constituted under the laws of another Member State referred to in Article 49(1), second subparagraph, or to set up a branch in another Member State shall be subject to the procedure referred to in paragraphs 3 to 7 of this Article. The CSD may provide such services only after it has been authorised pursuant to Article 17 but not earlier than the relevant date applicable in accordance with paragraph 6.
Amendment 136 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 909/2014
Article 23 – paragraph 3a (new)
Article 23 – paragraph 3a (new)
3a. A CSD intending to set up a branch in another Member State for the first time, or to change the range of services provided through a branch, shall communicate the following information to the competent authority of the home Member State: (a) the host Member State; (b) the type of shares constituted under the law of the host Member State in respect of which the CSD intends to provide services and the services which the CSD intends to provide; (c) the currency or currencies that the CSD intends to process; (d) the organisational structure of the branch and the names of the persons responsible for the management of the branch.
Amendment 138 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 909/2014
Article 23 – paragraph 4 – subaragraph 1
Article 23 – paragraph 4 – subaragraph 1
Within 1 month from the receipt of the information referred to in paragraph 3, the competent authority of the home Member State shall communicate that information to the competent authority of the host Member State unless, by taking into account the provision of services envisaged, it has reasons to doubt the adequacy of the administrative structure or the financial situation of the CSD wishing to provide its services in the host Member State. Where the CSD already provides services to other host Member States, the competent authority of the home Member State shall also inform the passporting college referred to in Article 24a.
Amendment 147 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – title
Article 24a – title
Colleges of Supervisors for CSDs providing services in another Member State and for CSDs that are part of a group with two or more CSDs