BETA

31 Amendments of Markus FERBER related to 2011/0296(COD)

Proposal for a regulation
Recital 21 a (new)

(21 a) In the interests of legal certainty it is appropriate to include a definition of derivatives. Contracts of insurance in respect of classes of risk set out in Annex 1 of Directive 2009/138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of insurance and reinsurance [Solvency II] should not be considered as derivative contracts for the purposes of this Directive where entered into with an insurance undertaking, reinsurance undertaking, third-country insurance undertaking or third-country reinsurance undertaking.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 3

3. Title V of this Regulation also applies to all financial counterparties as defined in Article [2(6)] and all non-financial counterparties falling under Article [510(1b)}] of Regulation [ ] (EMIR).

2012/05/14
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 26

(26) ‘central counterparty’ means a central counterparty as defined under point 1 of Article 2~~(1)~~ of Regulation [ ] (EMIR).

2012/05/14
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 26 a (new)

(26 a) "interoperability arrangement" means an interoperability arrangement within the meaning of point (12) of Article 2 of Regulation (EU) No. .../... [EMIR].

2012/05/14
Committee: ECON

Proposal for a regulation
Article 3 – paragraph 1

1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments admitted to trading on a regulated market or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 5 – paragraph 1

1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments admitted to trading on a regulated market or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real-time as is technically possible.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 7 – paragraph 1

1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading on a regulated market or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 9 – paragraph 1

1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading on a regulated market or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real-time as is technically possible.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 13 – paragraph 3

3. Systematic internalisers may decide the size or sizes at which they will quote. The minimum quote size shall at least be the equivalent of 10% of the standard market size of a share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument. For a particular share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument each quote shall include a firm bid and offer price or prices for a size or sizes which could be up to standard market size for the class of shares, depositary receipts, exchange- traded funds, certificates or other similar financial instruments to which the financial instrument belongs. The price or prices shall also reflect the prevailing market conditions for that share, depositary receipt, exchange-traded fund, certificate or other similar financial instrumentDoes not affect the English version.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 13 a (new)

Article 13 a Obligation to trade OTC through systematic internalisers 1. All transactions in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments which are not intragroup transactions as referred to in Article 3 of Regulation (EU) No .../... [EMIR] and which are not concluded on a regulated market or MTF shall be concluded through a systematic internaliser unless the transaction involves the primary issuance of the instrument. This requirement shall not apply to transactions which are large in scale as determined in accordance with Article 4. 2. All transactions in bonds, structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are eligible for clearing or which are admitted to trading on a regulated market or are traded on an MTF or an OTF and which are not subject to the trading obligation under Article 26, which are not concluded on a regulated market, MTF, OTF or third-country trading venue assessed as equivalent in accordance with Article 26(4), shall be concluded through a systematic internaliser unless the transaction involves the primary issuance of the instrument. This requirement shall not apply to transactions which are large in scale as determined in accordance with Article 8.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 19 – paragraph 1

1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments admitted to trading on a regulated market or which are traded on an MTF or an OTF, shall make public as close to real time as is technically possible the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 20 – paragraph 1

1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [69] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 22 – paragraph 2

2. The operator of a regulated market, MTF or OTF shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems. The records shall contain all the details required for the purposes of Article 23(1) and (23). ESMA shall perform a facilitation and coordination role in relation to competent authorities' accessing information under the provisions of this paragraph.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 23 – paragraph 2

2. The obligation laid down in paragraph 1 shall not apply to financial instruments which are not admitted to trading or traded on an MTF or an OTF, to financial instruments whose value does not depend on that of a financial instrument admitted to trading on a regulated market or traded on an MTF or an OTF, nor to financial instruments which do not or are not likely to have an effect on a financial instrument admitted to trading or traded on an MTF or an OTF.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 23 – paragraph 6

6. The reports shall be made to the competent authority either by the investment firm itself, an ARM acting on its behalf or by the regulated market or MTF or OTF through whose systems the transaction was completed. Trade- matching or reporting systems, including trade repositories registered or recognised in accordance with Title VI of Regulation [ ] (EMIR), may be approved by the competent authority as an ARM. In cases where transactions are reported directly to the competent authority by a regulated market, an MTF, an OTF or an ARM, the obligation on the investment firm laid down in paragraph 1 may be waived. In cases where transactions have been reported to a trade repository in accordance with aArticle [79] of Regulation [ ] (EMIR) and where these reports contain the details required under paragraphs 1 and 3, the obligation on the investment firm laid down in paragraph 1 shall be considered to have been complied with.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 24 – paragraph 1 – introductory part

1. Financial counterparties as defined in Article 2(6) and non financial counterparties that meet the conditions referred to in Article [510(1b)] of Regulation [ ] (EMIR) shall conclude transactions which are not intragroup transactions as defined in Article [2a3] of Regulation [ ] (EMIR) with other financial counterparties as defined in Article 2(6) or non financial counterparties that meet the conditions referred to in Article [510(1b)} of Regulation [ ] (EMIR) in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 26 and listed in the register referred to in Article 27 only on:

2012/05/14
Committee: ECON

Proposal for a regulation
Article 24 – paragraph 3

3. Derivatives declared subject to the trading obligation shall be eligible to be admitted to trading on a regulated market or to trade on any trading venue as referred to in paragraph 1 on a non-exclusive and non-discriminatory basis.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 25 – paragraph 1

The operator of a regulated market shall ensure that all transactions in derivatives pertaining to a class of derivatives declared subject to the clearing obligation pursuant to Article ~~4(3~~5(2) of Regulation [EMIR] that are concluded on the regulated market are cleared by a CCP.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point a

(a) which of the class of derivatives declared subject to the clearing obligation in accordance with Article 45 paragraphs 2 and 4 of Regulation [ ] (EMIR) or a relevant subset thereof shall be traded on the venues referred to in Article 24(1);

2012/05/14
Committee: ECON

Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 2

ESMA shall submit the draft ~~implementing~~regulatory technical standards referred to in the first subparagraph to the Commission within three months after the ~~implementing~~regulatory technical standards in accordance with Article ~~4(3~~5(2) of Regulation ~~[ ] (~~(EU) No .../... [EMIR)] are adopted by the Commission.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 26 – paragraph 2 – point a

(a) the class of derivatives or a relevant subset thereof has to be admitted to trading on a regulated market or traded on at least one regulated market, MTF or OTF referred to in Article 24(1), and

2012/05/14
Committee: ECON

Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1

ESMA shall, on its own initiative, in accordance with the criteria set out in paragraph 2 and after conducting a public consultation, identify and notify to the Commission the classes of derivatives or individual derivative contracts that should be subject to the obligation to trade on the venues referred to in Article 24(1), but for which no CCP has yet received authorisation under Article 104 or 115 of Regulation ~~----/---- (~~(EU) No .../... [EMIR)] or which is not admitted to trading on a regulated market or traded on a venue referred to in Article 24(1).

2012/05/14
Committee: ECON

Proposal for a regulation
Article 28 – paragraph 1

1. Without prejudice to Article 87 of Regulation ~~[ ] (~~(EU) No .../... [EMIR)], a CCP shall accept to clear financial instruments on a non- discriminatory and transparent basis, including as regards collateral requirements and fees related to access, regardless of the trading venue on which a transaction is executed. This in particular should ensure that a trading venue has the right to non-discriminatory treatment in terms of how contracts traded on its platforms are treated in terms of collateral requirements and netting of economically equivalent contracts and cross-margining with correlated contracts cleared by the same CCP. A CCP may require that the trading venue comply with the reasonable operational and technical requirements established by the CCP. This requirement does not apply to any derivative contract that is already subject to the access obligations under Article 87 of Regulation (EU) No .../... [EMIR].

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 1

1. Without prejudice to Article 8a of Regulation ~~[ ] (~~(EU) No .../... [EMIR)], a trading venue shall provide trade feeds on a non- discriminatory and transparent basis, including as regards fees related to access, on request to any CCP authorised or recognised by Regulation [ ] (EMIR) that wishes to clear financial transactions executed on that trading venue. This requirement does not apply to any derivative contract that is already subject to the access obligations under Article 8a of Regulation (EU) No .../... [EMIR].

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 3

3. The trading venue shall provide a written response to the CCP within three months either permitting access, under the condition that the relevant competent authority has not denied access pursuant to paragraph 4, or denying access. The trading venue may only deny access under the conditions specified under paragraph s 4 and 6. When access is refused the trading venue shall provide full reasons in its response to the trading venue and inform its competent authority in writing of the decision. The trading venue shall make access possible within three months of providing a positive response to the access request.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 4

4. TFor financial instruments other than derivatives, the competent authority of the trading venue may only deny a CCP access to a trading venue where such access would threaten the smooth or orderly functioning of markets. For derivatives, access of the CCP to a trading venue shall be granted only where such access would not require interoperability or threaten the smooth and orderly functioning of markets in particular due to liquidity fragmentation and the trading venue has put in place adequate mechanisms to prevent such fragmentation. If a competent authority denies access on that basis it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the trading venue and the CCP including the evidence on which its decision is based.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 5

5. A CCP established in a third country may request access to a trading venue in the Union subject to that CCP being recognised under Article 235 of Regulation (EU) No .../... [EMIR] and provided that the legal framework of that third country provides for an effective equivalent recognition of a CCP authorised under Regulation [EMIR] to trading venues established in that third country.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 6 – point a

(a) the conditions under which access could be denied by a trading venue, which shall includ~~ing~~e conditions based on the volume of transactions, the number of users or other factors creating undue risks.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 29 – paragraph 6 a (new)

6a. ESMA shall develop draft regulatory technical standards to specify the notion of liquidity fragmentation for derivatives not already subject to the access obligations under Article 8 of Regulation (EU) No .../... [EMIR]. These draft regulatory technical standards shall, where possible, reflect the regulatory technical standards adopted by the Commission in accordance with Article 8(5) of Regulation (EU) No .../... [EMIR]. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power 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 (EU) No 1095/2010.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 36 – paragraph 1

1. A third country firm may provide ~~the~~investment services listed ~~in Article 30 of Directive [new MiFID] to eligible counterparties~~to eligible counterparties and to professional clients within the meaning of Section I of Annex II of Directive .../.../EU [new MiFID] established in the Union without the establishment of a branch only where it is registered in the register of third country firms kept by ESMA in accordance with Article 37.

2012/05/14
Committee: ECON

Proposal for a regulation
Article 44 – paragraph 1

The following subparagraph shall be added to Article ~~67(2~~81(3) of Regulation [EMIR]: ' A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 23 of Regulation [MiFIR].‘

2012/05/14
Committee: ECON