BETA

14 Amendments of Markus FERBER related to 2013/0314(COD)

Amendment 133 #
Proposal for a regulation
Recital 3
(3) Benchmarks are vital in pricing cross- border transactions and thereby facilitating the effective functioning of the internal market in a wide variety of financial instruments and services. Many benchmarks used as reference rates in financial contracts, in particular mortgages, are produced in one Member State but used by credit institutions and consumers in other Member States. In addition, these credit institutions often hedge their risks or obtain the funding for granting these financial contracts in the cross border interbank market. Only two Member States have adopted national legislation on benchmarks, but their respective legal frameworks on benchmarks already show divergences regarding aspects such as the scope of application. As yet there has been no adequate legislative response to the manipulation of the Euribor rate. Particularly close supervision of the arrangements for providing interbank benchmark interest rates is essential, however. In addition, the International Organisation Securities Commissions (IOSCO) has recently agreed principles on benchmarks and, since these principles provide a certain flexibility as to their exact scope and means of their implementation and in relation to certain terms, Member States are likely to adopt legislation at national level which would implement such principles divergently.
2013/12/19
Committee: ECON
Amendment 167 #
Proposal for a regulation
Recital 26
(26) The integrity and accuracy of benchmarks depends on the integrity and accuracy of the input data provided by contributors. It is essential that the obligations of the contributors in respect of this input data are clearly specified, can be relied on and are consistent with the benchmark administrator’s controls and methodology. It is therefore necessary that the benchmark administrator produces a code of conduct to specify these requirements and, that the contributors are bound by that code of conduct and that they are subject to proper supervision.
2013/12/19
Committee: ECON
Amendment 173 #
Proposal for a regulation
Recital 29
(29) Different types of benchmark and different benchmark sectors have different characteristics, vulnerabilities and risks. The provisions of this Regulation should be further specified for particular benchmark sectors and types. Interbank interest rate benchmarks are benchmarks that play an important role in the transmission of monetary policy and so it is necessary to specify how these provisions would apply to these benchmarks in this Regulation. Given this important role, particular care must be taken when setting interbank benchmark interest rates; it is essential, therefore, that in future the provision of interbank benchmark interest rates should be monitored by the single European banking supervisory authority attached to the European Central Bank. Commodity benchmarks are widely used and have sector specific characteristics and so it is necessary to specify how these provisions would apply to these benchmarks in this Regulation.
2013/12/19
Committee: ECON
Amendment 263 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
21. ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 2500 billion euro and whose non-availability would have serious repercussions for financial market stability and the functioning of the market;
2013/12/19
Committee: ECON
Amendment 271 #
Proposal for a regulation
Recital 34
(34) This Regulation should take into account the Principles for financial benchmarks issued by the International Organization of Securities Commissions (IOSCO) (hereinafter referred to as ‘IOSCO Principles’) on the 17 July 2013 which serve as a global standard for regulatory requirements for benchmarks. It is necessary for investor protection that an assessment that the supervisions and regulation in any third country arhould serve as a key criterion for the equivalent to Union supervision and regulation of benchmarks takes place beforeestion if any benchmark provided from thatby a third country firm can be used in the Union.
2015/01/23
Committee: ECON
Amendment 310 #
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
(ba) public authorities providing benchmarks for public policy purposes such as measures for employment, inflation or any other economic activity;
2015/01/23
Committee: ECON
Amendment 354 #
Proposal for a regulation
Article 12 – paragraph 1
(1) The administrator for interbank benchmark interest rates shall be the single banking supervisory authority attached to the European Central Bank. In addition to the requirements of the Title II, the specific requirements set out in Annex II shall apply to inter-bank interest rate benchmarks.
2013/12/20
Committee: ECON
Amendment 354 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
(21) ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro; furthermore, the manipulation or cessation of a 'critical benchmark' must potentially have an adverse impact on the stability of financial markets and/or the real economy; the decision if a benchmark is deemed to be critical shall be made by the national competent authorities in accordance with the provisions outlined in Article 13 of this regulation;
2015/01/23
Committee: ECON
Amendment 381 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
The Commission shall adopt a list of benchmarks located within the Union which are critical benchmarks, in accordance with the definition laid down in Article 3(21), and shall keep the European Parliament’s Committee on Economic and Monetary Affairs informed of changes to that list.
2013/12/20
Committee: ECON
Amendment 434 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
The Commission shall adopt a list of benchmarks located within the Union which are critical benchmarks, in accordance with the definition laid down in Article 3(21)A national competent authority of a Member State may classify a benchmark administered within its jurisdiction as critical where it has an average notional value totalling of EUR 500 000 000 000 or if the manipulation or cessation of a 'critical benchmark' could potentially have an adverse impact on the stability of financial markets and/or the real economy; if a national competent authority makes such a decision , it shall notify ESMA of its decision within ten days.
2015/01/23
Committee: ECON
Amendment 441 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 2
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 38(2).deleted
2015/01/23
Committee: ECON
Amendment 444 #
Proposal for a regulation
Article 13 – paragraph 2
2. Within 5 working days from the date of application of the decision including a critical benchmark in the list referred to in paragraph 1of this Article, the administrator of that critical benchmark shall notify the code of conduct to the relevant competent authority. The relevant competent authority shall verify within 30 days whether the content of the code of conduct complies with the requirements of this Regulation. In case the relevant competent authority finds elements which do not comply with the requirements of this Regulation, it shall inform the administrator. The administrator shall adjust the code of conduct to ensure that it complies with the requirements of this Regulation within 30 days of such a request.deleted
2015/01/23
Committee: ECON
Amendment 526 #
Proposal for a regulation
Article 18
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer's knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to that benchmark is suitable for him. 2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, the supervised entity shall warn the consumer in writing with reasons.Article 18 deleted Assessment of suitability
2015/01/23
Committee: ECON
Amendment 565 #
Proposal for a regulation
Article 21 a (new)
Article 21a Recognition of an administrator located in a third country 1. Until such time as an equivalence decision in accordance with Article 20(2) or 20 (2a) is adopted, benchmarks provided by an administrator located in a third country may be used by supervised entities in the Union provided that the administrator acquires prior recognition by ESMA in accordance with this Article. 2. An administrator located in a third country intending to obtain prior recognition as referred to in paragraph 1 shall comply with all the requirements established in in the relevant IOSCO principles hereto. The compliance shall be reviewed by an independent external auditor at least every two years and the reports shall be sent to ESMA.
2015/01/23
Committee: ECON