BETA

11 Amendments of Jörg MEUTHEN related to 2017/0136(COD)

Proposal for a regulation
Citation 1

Having regard to the Treaty on the Functioning of the European Union, and in particular Article ~~114~~352 thereof,

2018/04/13
Committee: ECON

Proposal for a regulation
Recital 21

(21) ~~While n~~National competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, there is a need to better reflect the mandates. National competent authorities inform both ESMA and the relevant central banks of issue about their decisions as appropriate. Since some decisions will require the consent of both ESMA and of the central banks of issue ~~concerning their monetary policy responsibilities, due to the potential risks that the malfunctioning of a CCP could p~~, disagreements and deadlocks between those two ~~the implem~~entaiti~~on of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Therefore, the prior consent of the relevant~~es should be avoided to the greatest extent possible. Therefore, ESMA and the central banks of issue should ~~be required on certain~~coordinate their analysis of the draft decisions ~~envisag~~proposed by national competent authorities, in particular when it relates to a CCP’s payment and settlement arrangements and related liquidity risk management procedures for the transactions denominated in that central bank of issue’s currency and endeavour to reach a common position. They should avoid proposing mutually inconsistent or incompatible amendments to draft decisions. Where inconsistencies or disagreements nevertheless arise, ESMA and the central bank of issue should attempt to reconcile their views and reach a compromise position within the shortest possible timeframe.

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 1 – introductory part

1. Competent authorities shall ~~prepare and submit draft decisions to ESMA for consent~~inform ESMA prior to adoption of any of the following decisions:

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 2 –subparagraph 1

Competent authorities shall ~~prepare and submit draft decisions to~~inform the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 44, 46, 50 and 54.

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 4

4. For the purposes of paragraph 1, the consent of ESMA shall be deemed to be given unless it proposes amendments or objects to the draft decision within a maximum period of 15 calendar days after having been notified of that decision. Where ESMA proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 5

5. Where ESMA proposes amendments, the competent authority may only adopt the decision as amended by ESMA. Where ESMA objects to a final draft decision, the competent authority shall not adopt that decision.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 6

6. Where the competent authority disagrees with the proposed amendment or the objection of ESMA, it may submit within 5 days a reasoned request to the Board of Supervisors referred to in Article 6(1) of Regulation (EU) No 1095/2010 to assess that objection or amendment. The Board of Supervisors shall either endorse or reject ESMAs objections or amendments within 10 days of that request and paragraph 5 shall apply accordingly.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 7

7. Without prejudice to the powers of the Commission under Article 258 TFEU, ESMA may adopt a decision addressed to a financial market participant requiring the necessary action to comply with its obligations under Union law, including the cessation of any practice in the following cases: (a) not comply with paragraph 5 in case of ESMAs objection or amendments to a final draft decision; (b) following a request from ESMA in accordance with paragraph 3, fails to take the requested action within a reasonable time where that failure results in a financial market participant breaching the applicable requirements in Titles IV and V of this Regulation. Decisions adopted pursuant to the first subparagraph shall prevail over any previous decision adopted by the competent authorities on the same matter.deleted where a competent authority does where a competent authority,

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – Title

~~Consent of the Central Bank of Issue~~deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – paragraph 1

1. The consent referred to in Article 21a(2) shall be deemed to be given unless the central bank of issue proposes amendments or objects to the draft decision within a maximum period of 15 calendar days after its submission. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing. Where ESMA has proposed amendments pursuant to Article 21a(4) to the draft decisions to be adopted pursuant to Articles 14, 15, 20 and 54, it shall also submit them also to the central bank of issue. In that case, the deadline referred to in the first subparagraph shall be extended by 5 days.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – paragraph 2

2. Where the central bank of issue proposes amendments, the competent authority may only adopt the decision as amended by that central bank of issue. Where the central bank of issue objects to a draft decision, the competent authority shall not adopt that decision.deleted

2018/04/13
Committee: ECON