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Activities of Nicola BEER related to 2021/0384(COD)

Shadow reports (1)

REPORT on the proposal for a directive of the European Parliament and of the Council amending Directive 2014/65/EU on markets in financial instruments
2023/03/02
Committee: ECON
Dossiers: 2021/0384(COD)
Documents: PDF(221 KB) DOC(67 KB)
Authors: [{'name': 'Danuta Maria HÜBNER', 'mepid': 96779}]

Amendments (6)

Amendment 24 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a directive
Recital 7
(7) Article 27(3) and 27 (6) of Directive 2014/65/EU contains the requirement for execution platforms to publish a list of details relating to best execution. Factual evidence and feedback from stakeholders has shown that those reports are rarely read and do not enable investors or any users of those reports to make meaningful comparisons based on the information provided in those reports. As a consequence, Directive (EU) 2021/338 of the European Parliament and of the Council21 suspended the reporting requirement under Article 27 (3) for two years in order for that requirement to be reviewed. Regulation (EU) XX/XXXX22 has amended Regulation (EU) No 600/2014 to remove the obstacles that have prevented the emergence of a consolidated tape. Among the data that the consolidated tape is expected to provide are post-trade information regarding all transactions in financial instrumentsxed income. That information can be used for proving best execution. The reporting requirement laid down in Article 27(3) and 27 (6) of Directive 2014/65/EU will therefore no longer be relevant and should therefore be deleted. __________________ 21 Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis (OJ L 68, 26.2.2021, p. 14). 22 COM 727
2022/10/20
Committee: ECON
Amendment 30 #
Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU
Proposal for a directive
Article 1 – paragraph 1 – point 2
Directive 2014/65/EU
Article 2 – paragraph 1 – point d – point ii
(ii) are members of or participants in a regulated market or an MTF with the exception for non-financial entities who execute transactions on a trading venue for the purpose of commercial activity or treasury financing activity;
2022/10/20
Committee: ECON
Amendment 33 #
Nicola BEER, Ondřej KOVAŘÍK, Engin EROGLU
Proposal for a directive
Article 1 – paragraph 1 – point 3 a (new)
Directive 2014/65/EU
Article 4 – paragraph 1 – point 20
3 a. in Article 4, paragraph 1, point 20 is replaced by the following: "(20) ‘systematic internaliser’ means an investment firm which, on an organised, frequent systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system; The frequent and systematic basis shall be measured by the number of OTC trades in the financial instrument carried out by the investment firm on own account when executing client orders. The substantial basis shall be measured either by the size of the OTC trading carried out by the investment firm in relation to the total trading of the investment firm in a specific financial instrument or by the size of the OTC trading carried out by the investment firm in relation to the total trading in the Union in a specific financial instrument. The definition of a systematic internaliser shall apply only where the pre-set limits for a frequent and systematic basis and for a substantial basis are both crossed or where an investment firm chooses to opt-in under the systematic internaliser regime; (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)" Or. en
2022/10/20
Committee: ECON
Amendment 39 #
Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point –a 1 (new)
Directive 2014/65/EU
Article 27 – paragraph 1 – subparagraph 2
Where an(-a1) in paragraph 1, second subparagraph is replaced by the following: "Third party payments may be received if conflicts of interests are properly managed and disclosed. This is assumed under the following circumstances: (a) the investment firm is executes an order on behalf of a retail client, the best possible result shall be determined in terms of the toing the order following a specific instruction from the client. (i) is executing the order following a specific instruction from the client (ii) does not steer the client to the use of an execution platform preferred by the investment firm (iii) does not advertise its services as costless towards retail consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014L0065-20220228)lients. (b) The order is executed on a regulated market- (c) In case the investment firm acts on behalf of a retail client and the order is not executed on a regulated market the order process shall achieve best possible result as defined in the second subparagraph of Article 27 (1). (d) The investment firm must disclose to the client any remuneration, discount or non-monetary benefit for having routed the client orders to the particular trading venue or execution venue. (e) In the case of equities, the Investment firm must not systematically route its client orders to a single market maker, a systematic internaliser or other trading venue. At least one alternative execution venue must be offered. Such alternative venue must be a regulated market or a multilateral trading facility. Upon request, the client must be provided with the execution prices at these venues as well as the execution costs as defined in the third subparagraph of Article 27 (1). " Or. en
2022/10/20
Committee: ECON
Amendment 41 #
Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a
Directive 2014/65/EU
Article 27 – paragraph 3
(a) paragraph 3 is deleted;replaced by the following: "3. Member States shall require that for financial instruments subject to the trading obligation in Articles 23 and 28 Regulation (EU) No 600/2014 that following execution of a transaction on behalf of a client the investment firm shall inform the client where the order was executed. "
2022/10/20
Committee: ECON
Amendment 42 #
Nicola BEER, Ondřej KOVAŘÍK, Billy KELLEHER, Engin EROGLU
Proposal for a directive
Article 1 – paragraph 1 – point 4 – point a a (new)
Directive 2014/65/EU
Article 27 – paragraph 6
(a a) paragraph 6 is deleted
2022/10/20
Committee: ECON
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