5 Amendments of Markus FERBER related to 2011/0295(COD)
Amendment 67 #
Proposal for a regulation
Recital 13
Recital 13
(13) Legal certainty for market participants should be enhanced through a closer definition of two of the elements essential to the definition of inside information, namely the precise nature of that information and the significance of its potential effect on the prices of the financial instruments, the related spot commodity contracts, or the auctioned products based on the emission allowances. For derivatives which are wholesale energy products, notably information required to be disclosed according to Regulation [Regulation (EU) No…... of the European Parliament and the Council on Wholesale Energy Market Integrity and Transparency] should be considered as inside information, and for commodity contracts, notably information which is required to be disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules, contracts or customs, on the relevant commodity derivative or spot markets.
Amendment 90 #
Proposal for a regulation
Recital 16
Recital 16
(16) As a consequence of the classification of emission allowances as financial instruments as part of the review of the Markets in Financial Instruments Directive, those instruments will also come within the scope of this Regulation. Bearing in mind the specific nature of those instruments and structural features of the carbon market, it is necessary to ensure that the activity of Member States, the European Commission and other officially designated bodies involving emission allowances is not restricted in the pursuit of the Union's climate policy. However, this Regulation has to acknowledge (i) the high sensitivity of supply-side information under the control of public authorities and officials for the emission allowance market and, therefore, (ii) the need for such information to be managed with due care under clear procedures with adequate control to avoid any uncontrolled and/or discriminatory publication to the emission allowances markets with the consequential distortion of the orderly price formation process in those markets. On the over side, these public authorities should enable a sufficient transparency for a orderly price formation process in the emission allowances markets, so that a fair, timely and non-discriminatory publication of specific price-sensitive and non-public information held by public authorities is necessary. Moreover, the duty to disclose inside information needs to be addressed to the participants in that market in general. Nevertheless, in order to avoid exposing the market to reporting that is not useful and as well as to maintain cost- efficiency of the measure foreseen, it appears necessary to limit the regulatory impact of that duty to only those EU ETS operators, that – by virtue of their size and activity – can reasonably be expected to be able to have a significant effect on the price of emission allowances. Where emission allowance market participants already comply with equivalent inside information disclosure duties, notably pursuant to Regulation on energy market integrity and transparency (Regulation (EU) No…of the European Parliament and the Council on Wholesale Energy Market Integrity and Transparency), the obligation to disclose inside information concerning emission allowances should not lead to the duplication of mandatory disclosures with substantially the same content.
Amendment 163 #
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) in relation to derivatives on commodities, information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more such derivatives or to the related spot commodity contract, and which, if it were made public, would be likely to have a significant effect on the prices of such derivatives or related spot commodity contracts; notably information which is required to be disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules, contracts or customs, on the relevant commodity derivatives or spot markets. or to have a distortive effect on the functioning of the commodity derivatives markets or to hinder supervision of the market concerned;
Amendment 168 #
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) in relation to emission allowances or auctioned products based thereon, information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more such instruments, and which, if it were made public, would be likely to have a significant effect on the prices of such instruments or on the prices of related derivative financial instruments and which is required to be disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules, contracts or customs, on the relevant commodity derivatives or spot markets.
Amendment 177 #
Proposal for a regulation
Article 6 – paragraph 3 a (new)
Article 6 – paragraph 3 a (new)
3 a. In order to ensure consistent application of Article 6.1(c), ESMA shall develop draft regulatory technical standards providing a definition of what constitutes inside information in relation to emission allowances or auctioned products based thereon. ESMA shall submit, after public consultation, the draft regulatory technical standards referred to in the first subparagraph to the Commission by [...]*. The European Commission shall be empowered to extend the implementation deadlines in justified instances. Powers is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation 1095/2010. ____________ * OJ: please insert date: 12 months after the date of entry into force of this Regulation.