Activities of Johan VAN OVERTVELDT related to 2021/0385(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders
Amendments (13)
Amendment 103 #
Proposal for a regulation
Title 1
Title 1
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwardingregulating the forwarding and execution of client orders (Text with EEA relevance)
Amendment 165 #
Proposal for a regulation
Recital 23 a (new)
Recital 23 a (new)
(23 a) The desired outcome would be to provide end investors with a user-friendly and truly consolidated overview of trading opportunities as well as lower costs through increased competition, to increase the attractiveness and competitiveness of EU capital markets and firms, and to foster the growth and well-functioning of the Capital Markets Union.
Amendment 173 #
Proposal for a regulation
Recital 32
Recital 32
(32) Financial intermediaries should strive to achieve the best possible price and the highest possible likelihood of execution for trades that they execute on behalf of their clients. To that end, financial intermediaries should select the trading venue or counterparty for executing their client trades solely on the basis of achieving best execution for their clients. It should be incompatible with that principle of best execution that a financial intermediary receives a payment from a trading counterpart in exchange for ensuring the execution of client trades, when acting on behalf of its clients, receives a fee, a commission or any non-monetary benefit from a third party for routing client orders for execution by that third party as execution venue. Investment firms should be therefore be prohibited from receiving such payment or other non-monetary benefit.
Amendment 189 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point i
Article 2 – paragraph 1 – point 36b – point a – point i
(i) thfor lit continuous trading mechanisms, the five best bids and offers prices with corresponding volumes available at those prices;
Amendment 194 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulatoin (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point ii
Article 2 – paragraph 1 – point 36b – point a – point ii
(ii) for price-forming trades across all trading mechanisms, the transaction price and volume executed at the stated price, the transaction time, the trading protocol, applicable waivers and deferrals in accordance with the industry standard Market Model Typology;
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 1
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 1
— the venue's time of execution of the trade or of amendment to the best bid or offer price or volume, amendment to the indicative price or volume, and amendment to the trading status of an instrument;
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 2
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 2
— the venue's time of publication of the trade, updated bid or offer price or volume, updated indicative price or volume, and amendment to the trading status of an instrument;
Amendment 216 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 3
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 3
— the consolidated tape provider's receipt of market data from the market data contributors;
Amendment 221 #
Proposal for a regulation
Article 1 – paragraph 2 – point d
Article 1 – paragraph 2 – point d
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 5
Article 2 – paragraph 1 – point 36b – point a – point vii – indent 5
— the dissemination by the consolidated tape provider of consolidated market data to subscribers;
Amendment 433 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 4
Article 27h – paragraph 4
4. After 12 months of full operation of the CTP for shares, ESMA shall provide the Commission with an evidence-based motivated opinion on the effectiveness and fairness of the level of participation of regulated marketmarket data contributors in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinions, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;
Amendment 448 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39 a (new) – Title
Article 39 a (new) – Title
Article 39a Ban on payment for forwarding client orders for executionand/or execution of client orders
Amendment 459 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a
Article 39a
Investment firms executing orders on behalf of a retail client shall take all necessary steps to obtain the best possible price for their clients, net of costs relating to execution, which shall include all expenses directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. Investment firms acting on behalf of clients shall not receive or accept, directly or indirectly, any fee or commission or any monetary or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.;paid or provided by any third party in relation to the forwarding or execution of orders. The Commission shall adopt a delegated act in accordance with Article 50 by ... [12 months after the date of entry into force of this amending Regulation] to specify the market practices falling under the provision of the first subparagraph of this Article. The Commission shall regularly update that delegated act to account for the development of new market practices.
Amendment 465 #
Proposal for a regulation
Article 1 – paragraph 29 a (new)
Article 1 – paragraph 29 a (new)
Regulation (EU) 2016/1011
Article 2 - paragraph 2 - point d
Article 2 - paragraph 2 - point d
(29 a) in Regulation (EU) 2016/1011, Article 2, paragraph 2, point d, is amended as follows: "(d) the provision of a single reference price for any financial instrument listed in Section C of Annex I to Directive 2014/65/EU (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02016R1011-except those financial instruments in respect of which both of the following conditions apply: (i) the financial instrument is a derivative contract relating to energy; and (ii) the total notional value of financial instruments or contracts referencing the single reference price exceeds EUR 100million. (Changes to Benchmark Regulation - formatting may need to be adjusted.) Or. en 20220101&from=EN)