BETA

Activities of Werner LANGEN related to 2011/0296(COD)

Plenary speeches (2)

Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
2016/11/22
Dossiers: 2011/0296(COD)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
2016/11/22
Dossiers: 2011/0296(COD)

Amendments (36)

Amendment 1 #
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 or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. 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. This publication obligation does not apply to derivative transactions of non-financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/04
Committee: ITRE
Amendment 2 #
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 or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. 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. This publication obligation does not apply to derivative transactions of non-financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/04
Committee: ITRE
Amendment 3 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes 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 admitted to trading onsubject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 when the following conditions are fulfilled:
2012/05/04
Committee: ITRE
Amendment 4 #
Proposal for a regulation
Article 17 – paragraph 5 – subparagraph 1 a (new)
This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/04
Committee: ITRE
Amendment 5 #
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 [6] of Regulation [EMIR] or are admitted to trading subject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 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. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/04
Committee: ITRE
Amendment 6 #
Proposal for a regulation
Article 24 – paragraph 2 a (new)
2a. The trading obligation shall not apply to wholesale energy products which are subject to appropriate monitoring by the competent prudential-supervision authorities as defined in Regulation (EU) No 2011/1227 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency.
2012/05/04
Committee: ITRE
Amendment 9 #
Proposal for a regulation
Article 46 – paragraph 2 a (new)
2a. For persons whose main business consists of dealing on own account in commodities and/or commodity derivatives, the Regulation shall apply in full only from ...*. Where the persons that deal on own account in commodities and/or commodity derivatives are part of a group the main business of which is the provision of investment services under Directive 2004/39/EG or banking services under Directive 2000/12/EG, the Regulation shall apply in accordance with paragraph 2. __________ * OJ: Please enter date two years on from the date of entry into force of this regulation.
2012/05/04
Committee: ITRE
Amendment 136 #
Proposal for a regulation
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OMTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bIn the case of stock markets, these criteria should be determined for individual shares; in the case of non-stock markets, they should be determined for each asset class. The introduction of quantitative criteria should help to assess whether the activities play an essential economic role as a systematic internaliser of an undertaking for the institution itself or the market by considering togeither third partye relevant share in the buysing and selling interestess of the undertaking itself or the share in the trading activities per individual share or an asset class other than shares.
2012/05/14
Committee: ECON
Amendment 149 #
Proposal for a regulation
Recital 18
(18) It is appropriate to ensure that as much trading as possible which occurs outside regulated execution venues takes place in organised systems to which appropriate transparency requirements apply. It is not the intention of this Regulation to require the application of pre-trade transparency rules to OTC transactions carried out on an OTC basisinvolving primary issuance, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser instruments are bespoke and designed for the specific requirements of wholesale financial or non-financial counterparties. It has to be kept in mind that firms whose main business is producing and/or supplying a commodity and which trade on own account in commodity derivatives as an ancillary activity are already subject to tailor-made regulatory oversight and to regulatory reporting obligations specifically to spot and physical forward transactions by virtue of Regulation 2011/1227/EC (REMIT) and are subject to regulatory reporting obligations in respect of standard derivative transactions and regulatory oversight by virtue of Regulation [ ] (EMIR).
2012/05/14
Committee: ECON
Amendment 169 #
Proposal for a regulation
Recital 32
(32) In addition to requirements in Directive 2004/39/EC that prevent Member States from unduly restricting access to post-trade infrastructure such as CCP and settlement arrangements, it is necessary that this Regulation removes various other commercial barriers that can be used to prevent competition in the clearing of financial instruments. To avoid any discriminatory practices, CCPs should accept to clear transactions executed in different trading venues, to the extent that those venues comply with the operational and technical requirements established by the CCP. Access should only be denied if certain access criteria specified in delegated acts are not met.deleted
2012/05/14
Committee: ECON
Amendment 173 #
Proposal for a regulation
Recital 33
(33) Trading venues should also be required to provide access including data feeds on a transparent and non- discriminatory basis to CCPs that wish to clear transactions executed on the trading venue. Licensing and access to information about indices and other benchmarks that are used to determine the value of financial instruments should also be provided to CCPs and other trading venues on a non-discriminatory basis. The removal of barriers and discriminatory practices is intended to increase competition for clearing and trading of financial instruments in order to lower investment and borrowing costs, eliminate inefficiencies and foster innovation in Union markets. The Commission should continue to closely monitor the evolution of post-trade infrastructure and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market.deleted
2012/05/14
Committee: ECON
Amendment 292 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
2 a. The arrangements regulated markets and investment firms and market operators operating an MTF employ for making public the information under paragraph 1 shall conform to the regulatory requirements of an APA.
2012/05/14
Committee: ECON
Amendment 316 #
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 or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. 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. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/14
Committee: ECON
Amendment 370 #
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 or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. 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. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/14
Committee: ECON
Amendment 422 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes 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 admitted to trading subject to the trading obligations as referred to in Article 24 when the following conditions a regulated market or are traded on an MTF or an OTF when the following conditions are fulfilled: fulfilled: This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/14
Committee: ECON
Amendment 474 #
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 [6] of Regulation [EMIR] or are admitted to trading subject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 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. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
2012/05/14
Committee: ECON
Amendment 522 #
Proposal for a regulation
Article 24 – title
Obligation to trade on regulated markets, or MTFs or OTFs(This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
2012/05/14
Committee: ECON
Amendment 529 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
(c) OTFs; ordeleted (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
2012/05/14
Committee: ECON
Amendment 538 #
Proposal for a regulation
Article 24 – paragraph 2 a (new)
2a. The obligation defined in paragraph 1 should not apply to wholesale trading in energy products which is subject to appropriate supervision by the competent supervisory authority as defined in Regulation (EU) No 1227/2011 (REMIT).
2012/05/14
Committee: ECON
Amendment 543 #
Proposal for a regulation
Article 24 – paragraph 5 a (new)
5 a. The obligation to trade on regulated markets and MTFs shall be in place by 1st January 2014. All technical standards and delegated acts related to it should be completed in due time so that the obligation to trade can be effected by that date.
2012/05/14
Committee: ECON
Amendment 544 #
Proposal for a regulation
Article 24 a (new)
Article 24 a Third country regime for trading venues 1. A trading venue established in a third country may provide services in the Union only where that venue is recognised by ESMA. 2. ESMA, after consulting the relevant authorities may recognise a trading venue established in a third country that has applied for recognition to provide certain investment services or activities only where the following conditions are met: (a) the Commission has adopted an implementing act in accordance with paragraph 3; (b) the trading venue is authorised in the relevant third country, and is subject to, effective supervision and enforcement ensuring a full compliance with the prudential requirements applicable in that third country; (c) cooperation arrangements have been established pursuant to paragraph 4. (d) the trading venue is established or authorised in a third country that is considered as having equivalent AML/CFT (anti-money laundering/combating the financing of terrorism) systems to the Union in accordance with the criteria set out in common understanding between Member States on third-country equivalence under Directive 2005/60/EC. 3. When assessing whether the conditions referred to in paragraph 2 are met, ESMA shall consult : (a) the competent authority of a Member State in which the trading venue provides or intends to provide investment services and which has been selected by the trading venue; (b) the competent authorities responsible for the supervision of CCPs located in the Union, served or to be served by the trading venue; (c) the relevant members of the ESCB of the Member States in which the trading venue provides or intends to provide clearing services and the relevant members of the ESCB responsible for the oversight of the trading venue with whom interoperability arrangements have been established; (d) the central banks of issue of the most relevant Union currencies of the financial instruments cleared or to be cleared. 4. The trading venue referred to in paragraph 1 shall submit its application to ESMA. The applicant trading venue shall provide ESMA with all information deemed necessary for its recognition. Within 30 working days of receipt of the application, ESMA shall assess whether the application is complete. If the application is not complete, ESMA shall set a deadline by which the applicant trading venue has to provide additional information. The recognition decision shall be based on the conditions set out in paragraph 2 and shall be independent of any assessment as the basis for the equivalence decision as referred to in Article 24. ESMA shall consult the authorities and institutions referred to in paragraph 3 prior to taking its decision. Within 180 working days of the submission of a complete application, ESMA shall inform the applicant trading venue in writing with a fully reasoned explanation whether the recognition has been granted or refused. ESMA shall publish on its website a list of the trading venues recognised in accordance with this Regulation. 5. ESMA shall, in consultation with the authorities and institutions referred to in paragraph 3, review the recognition of the trading venue established in a third country where that trading venue has extended its range of activities and services in the Union. That review shall be conducted in accordance with paragraphs 2, 3 and 4. ESMA may withdraw the recognition of that trading venue where the conditions and requirements set out in paragraph 2 are no longer met and in the same circumstances as those described in Article 16. 6. The Commission may adopt an implementing act under Article 5 of Regulation (EU) No 182/2011, determining that the legal and supervisory arrangements of a third country ensure that trading venues authorised in that third country comply with legally binding requirements which are equivalent to the requirements set out under Title IV of this Regulation, that these trading venues are subject to effective supervision and enforcement in that third country on an ongoing basis and that the legal framework of that third country provides for an effective equivalent system for the recognition of trading venues authorised under third country legal regimes. 7. ESMA shall establish cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as equivalent to this Regulation in accordance with paragraph 3. Such arrangements shall specify at least: (a) the mechanism for the exchange of information between ESMA and the competent authorities of third countries concerned, including access to all information regarding the trading venues authorised in third countries that is requested by ESMA; (b) the mechanism for prompt notification to ESMA where a third country competent authority deems a trading venue it is supervising to be in breach of the conditions of its authorisation or other legislation with which it is obliged to comply; (c) the mechanism for prompt notification to ESMA by a third country competent authority where a trading venue it is supervising has been granted the right to provide clearing services to clearing members or clients established in the Union; (d) the procedures concerning the coordination of supervisory activities including, where appropriate, on-site inspections. 8. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the information that the applicant trading venue shall provide ESMA in its application for recognition. ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012. 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
Amendment 556 #
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 or traded on at least one regulated market, MTF or O or on an MTF referred to in Article 24(1), and
2012/05/14
Committee: ECON
Amendment 562 #
Proposal for a regulation
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid to trade only on the venues referred to in Article 24(1).; and
2012/05/14
Committee: ECON
Amendment 563 #
Proposal for a regulation
Article 26 – paragraph 2 – point b a (new)
(ba) effective risk management is facilitated by non-financial counterparties with OTC derivatives which are not subject to the clearing obligation pursuant to Article [7/10] of Regulation [ ] (EMIR); and
2012/05/14
Committee: ECON
Amendment 564 #
Proposal for a regulation
Article 26 – paragraph 2 – point b b (new)
(b b) the class of derivatives or a relevant subset thereof shall be subject to the clearing obligation as indicated in Article 4 paragraphs 2 and 4 of Regulation [ ] (EMIR);
2012/05/14
Committee: ECON
Amendment 578 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
(ca) the characteristics of the derivative, particularly whether they are tailored to particular needs or whether they serve hedging purposes as defined by ESMA/the EU Commission in regulation (EMIR).
2012/05/14
Committee: ECON
Amendment 600 #
Proposal for a regulation
Article 28
[...]deleted
2012/05/14
Committee: ECON
Amendment 623 #
Proposal for a regulation
Article 29
[...]deleted
2012/05/14
Committee: ECON
Amendment 659 #
Proposal for a regulation
Article 30
[...]deleted
2012/05/14
Committee: ECON
Amendment 686 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – point b
(b) a type of financial activity or practice. Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management shall be excepted from the prohibitions and restrictions provided for by this article.
2012/05/14
Committee: ECON
Amendment 689 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2 a (new)
The power granted by paragraph 1 shall not apply to derivatives of a non-financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
2012/05/14
Committee: ECON
Amendment 704 #
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 1 a (new)
The power granted by paragraph 1 shall not apply to derivatives of a non-financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
2012/05/14
Committee: ECON
Amendment 711 #
Proposal for a regulation
Article 32 – paragraph 2 – subparagraph 1 – point e
(e) the action does not have a discriminatory effect on services or activities provided from another Member State. Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management pursuant to Article [10] of Regulation […] (EMIR) shall be excepted from the prohibitions and restrictions provided for by this article.
2012/05/14
Committee: ECON
Amendment 739 #
Proposal for a regulation
Article 35 – paragraph 1 – point c a (new)
(ca) Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management pursuant to Article [10] of Regulation […] (EMIR) shall be excepted from the measures provided for by this article.
2012/05/14
Committee: ECON
Amendment 741 #
Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 1 a (new)
The power granted by paragraph 1(b) and (c) shall not apply to derivatives of a non- financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
2012/05/14
Committee: ECON
Amendment 824 #
Proposal for a regulation
Article 46 – paragraph 3 a (new)
3a. In relation to persons who were previously excluded pursuant to Article 2(1)(k) of Directive 2004/39/EC, this Regulation shall enter into force [two years after the entry into force of the Regulation].
2012/05/14
Committee: ECON