62 Amendments of Pedro MARQUES related to 2022/0403(COD)
Amendment 197 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) The clearing system must benefit from more clearing options and alternatives to ensure banks and the real economy have continuous access to safe and efficient clearing solutions. The EU must make a significant contribution by developing and offering safe, efficient and innovative clearing infrastructures. The evolution of clearing markets brings with it new product offerings, risk profiles and approaches to risk management. This requires supervisory and regulatory approaches to be adapted and regulators and the industry to work closely together
Amendment 198 #
Proposal for a regulation
Recital 3 b (new)
Recital 3 b (new)
(3b) The clearing system is evolving quickly. New financial products that support hedging activities by market participants and the real economy are being made available for clearing. New market participants are entering the clearing space, seeking to benefit from efficient and resilient post-trade mechanisms.
Amendment 201 #
Proposal for a regulation
Recital 6
Recital 6
(6) Given the fact that entities that are established in countries that are listed as high-risk third countries that have strategic deficiencies in their regime on anti-money laundering and counter terrorist financing, as referred to in Article 9 of Directive (EU) 2015/849 of the European Parliament and of the Council32 , or in third countries that are listed in Annex I and Annex II to the Council conclusions on the revised EU list of non- cooperative jurisdictions for tax purposes33 are subject to a less stringent regulatory environment, their operations may increase the risk, including due to increased counterparty credit risk and legal risk, for the Union financial stability. Consequently, such entities should not be eligible to be considered in the framework of intragroup transactions. __________________ 32 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73). 33 Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes and the Annexes thereto (OJ C 413 I, 12.10.2021, p. 1).
Amendment 206 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 211 #
Proposal for a regulation
Recital 11
Recital 11
(11) It is necessary to ensure that the calibration of the level of the clearing activity to be maintained in accounts at Union CCPs can be adapted to changing circumstances. ESMA has an important role in the assessment of the substantial systemic importance of third-country CCPs and their clearing services. ESMA, in cooperation with the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the ESRB, and after having consulted the European System of Central Banks (ESCB), should therefore develop draft regulatory technical standards specifying the details of the level of substantially systemicTo reduce financial stability risks and ensure that a sufficient level of clearing services to be maintainare cleared in the in active accounts in Union CCPs by, financial and non-financial counterparties subject to the clearing obligation. Such calibration should not go beyond what is necess should be required to cleary and proportionate to reduce clearing in the identified clearing services at Tier 2 CCPs concerned. In that regard, ESMA should consider the costs, risks and the burden such calibration entails for financial and non-financial counterparties, the impact on their competitiveness, and the risk that those costs are passed on to non-financial firms. Furthermore,t least 40 per cent in active accounts in Union CCPs. Two years after the entry into force of this Regulation, ESMA, in cooperation with the EBA, EIOPA and the ESRB and after consulting the ESMACB should also ensube required that the envisaged reduction in clearing in those instruments, identifieo undertake an assessment whether this quantitative threshold has of substantial systemic importance, results in them no longer being considered ofled to a sufficient reduction of excessive exposures in substantially systemic importance when ESMA reviews the recognition ofclearing services offered by the relevant CCPs which according to Article 25(5) of that Regulation and where such a review should be done at least every five years. In addition, suitable phase-in periods for the progressive implementation of the requirement to hold a certain level of the clearing activity in the accounts at Union CCPs Tier 2 CCPs to the extent necessary to safeguard financial stability. Following this assessment, the European Commission may be empowered to adopt a delegated act to increase this quantitative threshould be foreseen.
Amendment 217 #
Proposal for a regulation
Recital 12
Recital 12
(12) To ensure that clients are aware of their options and can take an informed decision as where to clear their derivative contracts, clearing members and clients that provide clearing services in both Union and recognised third-country CCPs should inform their clients about the option to clear a derivative contract in a Union CCP so that clearing in those services identified as of substantial systemic importance is reduced in Tier 2 CCPs in order to ensure the financial stability of the Union. However, this obligation to inform clients should be distinct from the active account requirement. Relevant clearing members should also systematically propose Union clearing alternatives to clients even for services that are not determined as being of substantial systemic importance by the European Securities and Markets Authority (ESMA).
Amendment 231 #
Proposal for a regulation
Recital 26
Recital 26
(26) ESMA should have the means to identify potential risks to the Union’s financial stability. ESMA should therefore, in cooperation with the ESRB, EBA, EIOPA, and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/201336 , identify the interconnections and interdependencies between different CCPs and legal persons, including shared clearing members, clients and indirect clients, shared material service providers, shared material liquidity providers, cross-collateral arrangements, cross-default provisions and cross-CCP netting, cross-guarantee agreements and risks transfers and back-to-back trading arrangements. __________________ 36 […]
Amendment 247 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 648/2012
Article 3 – paragraph 4 – point b
Article 3 – paragraph 4 – point b
(b) where the third country is listed in Annex I and Annex II to the Council conclusions on the revised EU list of non- cooperative jurisdictions for tax purposes*2 and their subsequent updates which are specifically approved twice a year, customarily in February and October, and published in series C of the Official Journal of the European Union.
Amendment 250 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4 a – paragraph 3 − subparagraph 1
Article 4 a – paragraph 3 − subparagraph 1
Amendment 258 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 1
Article 7 a – paragraph 1
1. Financial counterparties or a non- financial counterparties that are subject to the clearing obligation in accordance with Articles 4a and 10 on the [OP: please insert date of entry into force of this Regulation] or become subject to the clearing obligation thereafter and clear any of the categories of the derivative contracts referred to in paragraph 2 shall clear at least a proportion40 per cent of such contracts at accounts at CCPs authorised under Article 14.
Amendment 259 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 1 a (new)
Article 7 a – paragraph 1 a (new)
1a. Financial counterparties belonging to a group shall fall under the obligation set out in paragraph 1 if any entity in the group clears any of the categories of the derivative contracts referred to in paragraph 2
Amendment 260 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 1 b (new)
Article 7 a – paragraph 1 b (new)
1b. Financial counterparties and non- financial counterparties that become subject to the obligation set out in paragraph 1 shall remain subject to this obligation as long as they clear the derivative contracts referred to in paragraph 2.
Amendment 261 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 2 – point c a (new)
Article 7 a – paragraph 2 – point c a (new)
(ca) any other categories of derivatives contracts that have been identified by ESMA as being of substantial systemic importance for the financial stability of the Union or one or more of its Member States pursuant to Article 25(2c).
Amendment 265 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 3
Article 7 a – paragraph 3
3. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall calculate its activities in the categories of derivative contracts referred to in paragraph 12 at CCPs authorised under Article 14 and, separately, at CCPs recognised under Article 25.
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
4. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall report to its respective competent authority and the competent authority of the CCP or CCPs it uses the outcome of the calculation referred to in paragraph 23 on an annual quarterly basis, confirming their compliance with the obligation set out in that paragraph 1. The CCP’s competent authority shall immediately transmit that information to ESMA and the Joint Monitoring Mechanism referred to in Article 23c.
Amendment 277 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 5 – point b
Article 7 a – paragraph 5 – point b
(b) the methodology for calculation under paragraph 3. , ensuring that (i) financial counterparties include the categories of derivative contracts referred to in paragraph 2 entered into by themselves or entered into by other entities within the group to which they belong; (ii) there is no double counting of the positions of clearing members and clients.
Amendment 285 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 5 a (new)
Article 7 a – paragraph 5 a (new)
(5a) ESMA shall, in cooperation with the EBA, EIOPA and ESRB and after consulting the ESCB, develop draft implementing technical standards specifying the format of the information to be submitted to the competent authorities referred to in paragraph 4. ESMA shall submit those draft implementing technical standards to the Commission by [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 286 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a – paragraph 6 a (new)
Article 7 a – paragraph 6 a (new)
(6a) ESMA in cooperation with EBA, EIOPA and the ESRB and after consulting the ESCB shall undertake [two years after the entry into force of this Regulation] whether the quantitative threshold referred to in paragraph 1 has led to a sufficient reduction of excessive exposures in substantially systemic clearing services offered by the relevant Tier 2 CCPs to the extent necessary to safeguard financial stability. Following this assessment, the European Commission may be empowered to adopt a delegated act to increase the quantitative threshold referred to in paragraph 1.
Amendment 287 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 b – paragraph 1
Article 7 b – paragraph 1
1. Clearing members and clients that provide clearing services both at a CCP authorised under Article 14 and at a CCP recognised under Article 25 shall, when one of their clients submits a contract for clearing, inform that client about the possibility to clear such contract at the CCP authorised under Article 14. Clearing members and clients that provide clearing services shall also provide information to their clients, for a given client portfolio, on the costs associated with the provision of client clearing services and the costs associated with clearing at either CCP.
Amendment 288 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 b – paragraph 1 a (new)
Article 7 b – paragraph 1 a (new)
1a. ESMA shall, in consultation with the EBA, develop draft regulatory technical standards specifying the type of information to be provided by clearing members and clients providing clearing services on costs to their clients.
Amendment 289 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Clearing members and clients that are established in the Union or are part of a group subject to consolidated supervision in the Union and that clear in a CCP authorised under Article 14 or recognised under Article 25, shall report to their respective competent authority the scope of their clearing activity in such CCP on an annual quarterly basis, specifying all of the following:
Amendment 305 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 10 − paragraph 3
Article 10 − paragraph 3
3. In calculating the positions referred to in paragraph 1, the non-financial counterparty shall include all the OTC derivative contracts that are not cleared in a CCP authorised under Article 14 or recognised under Article 25 entered into by the non-financial counterparty which are not objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity ofentered into by the non-financial counterparty or by other non-financial entities within the group to which the non-financial counterparty belongs.
Amendment 308 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 10 – paragraph 4 – point a
Article 10 – paragraph 4 – point a
Amendment 311 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 11 – paragraph 2 – subparagraph 2
Article 11 – paragraph 2 – subparagraph 2
A non-financial counterparty becoming subject for the first time to the obligations laid down in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a). A non-financial counterparty shall be exempted from those obligations for contracts entered into during the four months following that notification.;
Amendment 314 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 11 − paragraph 3– subparagraph 1 a
Article 11 − paragraph 3– subparagraph 1 a
Counterparties shall notify to ESMA the models used for initial margin calculation at least three months prior to their usage. ESMA may object to the use of a specific initial margin model by the counterparty if the model does not meet the conditions laid down in the regulatory technical standards referred to in paragraph 15. Where ESMA objects to the use of a specific initial margin model, the counterparty is entitled to continue using the initial margin model up to 6 months following receipt of the objection. Where counterparties cease using such models, they shall notify ESMA by the end of the quarter in which they ceased using the model. Financial counterparties shall report information on the risk- management procedures mentioned in the first subparagraph, including, where relevant, in relation to initial margin models used, to ESMA and shall disclose key information on these risk- management procedures.
Amendment 317 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 11 – paragraph 3– subparagraph 2
Article 11 – paragraph 3– subparagraph 2
A non-financial counterparty becoming subject for the first time to the obligations laid out in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a). A non-financial counterparty shall be exempted from those obligations for contracts entered into during the four months following that notification.
Amendment 318 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 11 – paragraph 3– subparagraph 3
Article 11 – paragraph 3– subparagraph 3
Amendment 321 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point c
Article 1 – paragraph 1 – point 7 – point c
Regulation (EU) No 648/2012
Article 11 – paragraph 15 – subparagraph 1– points (aa) and (ab)
Article 11 – paragraph 15 – subparagraph 1– points (aa) and (ab)
(c) in paragraph 15, first subparagraph, point (aa) is deleted. is amended as follows: (i) point (aa) is replaced by the following: “(aa) the supervisory requirements for counterparties in connection with initial margin models additional to those specified in point (a);”; (ii) the following point (ab) is inserted: “(ab) the data standards, formats and type of information to be reported and disclosed on risk-management procedures, including where relevant on initial margin models, in accordance with the supervisory requirements referred to in point (aa);
Amendment 331 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b
Article 1 – paragraph 1 – point 11 – point b
Regulation (EU) No 648/2012
Article 17 – paragraph 1– subparagraph 2
Article 17 – paragraph 1– subparagraph 2
The CCP’s competent authority shall, within 2ten working days after such application has been received, acknowledge receipt of the application, stating to the CCP whether it contains the documents required pursuant to Article 14(6) and (7) or, where the CCP has applied for an extension of its authorisation, pursuant to Article 15(3) and (4).
Amendment 343 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point c
Article 1 – paragraph 1 – point 11 – point c
Regulation (EU) No 648/2012
Article 17 – paragraph 3 a
Article 17 – paragraph 3 a
3a. During the risk assessment period referred to in paragraph 3, the CCP’s competent authority, ESMA or any of the college members may submit questions directly to the CCP. Where the CCP does not respond to such questions within the time period set by the requesting authority, the CCP’s competent authority, ESMA or the college may take a decision in the absence of the CCP’s response or may decide to extend the assessment period by a maximum of 120 working days, if, in their view, the question is material for the assessment.
Amendment 345 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point c
Article 1 – paragraph 1 – point 11 – point c
Regulation (EU) No 648/2012
Article 17 – paragraph 3 b – subparagraph 1
Article 17 – paragraph 3 b – subparagraph 1
Within 120 working days of receipt of both the ESMA opinion and the college opinion, the CCP’s competent authority shall adopt its decision and transmit it to ESMA and the college.
Amendment 357 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point e
Article 1 – paragraph 1 – point 11 – point e
Regulation (EU) No 648/2012
Article 17 – paragraph 7 – subparagraph 1
Article 17 – paragraph 7 – subparagraph 1
ESMA shall maintain a central database providing access to the CCP’s competent authority, ESMA, and the members of the college for that CCP (‘registered recipients’), to all documents registered within the database for that CCP. The CCP shall submit the application referred to in Article 14, Article 15(1), second subparagraph, point (a), and Article 49 via that database. Questions submitted by the CCP’s competent authority, ESMA, and the members of the college during the risk assessment period referred to in Article 17(3a) shall be included in the central database.
Amendment 362 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 b – paragraph 1 – point b
Article 17 b – paragraph 1 – point b
Amendment 366 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 a – paragraph 2 a (new)
Article 17 a – paragraph 2 a (new)
1a. ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards further specifying the elements to be considered when assessing the conditions referred to in points (a) to (e) of this paragraph. ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. 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.
Amendment 373 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
(ea) 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.
Amendment 376 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 b – paragraph 3
Article 17 b – paragraph 3
Amendment 379 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 b – paragraph 4
Article 17 b – paragraph 4
4. Within 10 working days of receipt of an application pursuant to paragraph 2, the CCP’s competent authority shall, after considering the input of the joint supervisory team set up for that CCP pursuant to Article 23b, decide whether the application shall be subject to the non- objection procedure set out in this Article or, if the CCP’s competent authority has identified material risks as a result of the proposed extension of the CCP’s business to additional clearing services or activities, that the procedure set out in Article 17 shall apply. The CCP’s competent authority shall notify the applicant CCP of its decision. Where the CCP’s competent authority has decided that the procedure set out in Article 17 shall apply, the CCP shall, within 5 working days after receipt of such notification, cease providing such clearing service or activity.
Amendment 380 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 a – paragraph 4
Article 17 a – paragraph 4
4. Within 120 working days of receipt of an application pursuant to paragraph 2, the CCP’s competent authority shall, after considering the input of the joint supervisory team set up for that CCP pursuant to Article 23b, decide whether the application shall be subject to the non- objection procedure set out in this Article or, if the CCP’s competent authority has identified material risks as a result of the proposed extension of the CCP’s business to additional clearing services or activities, that the procedure set out in Article 17 shall apply. The CCP’s competent authority shall notify the applicant CCP of its decision. Where the CCP’s competent authority has decided that the procedure set out in Article 17 shall apply, the CCP shall, within 5 working days after receipt of such notification, cease providing such clearing service or activity.
Amendment 381 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 17 a – paragraph 5
Article 17 a – paragraph 5
5. Where a CCP’s competent authority, after considering the input of the joint supervisory team set up for that CCP pursuant to Article 23b, has not expressed its objection to the CCP’s proposed additional services or activities within 120 working days of receipt of the application where paragraph 1 applies or of receipt of the notification referred to in paragraph 4, where that paragraph applies, confirming that the non-objection procedure set out in this Article applies, the authorisation shall be deemed as granted.
Amendment 416 #
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Regulation (EU) No 648/2012
Article 23b – paragraph 1
Article 23b – paragraph 1
1. A joint supervisory team shall be established for the supervision of each CCP authorised under Article 14. Each joint supervisory team shall be composed of staff members from the CCP’s competent authority, ESMA and the members of the college referred to in Article 18, points (c), (g) and (h). Other members of the college may also request to participate in the joint supervisory team. Joint supervisory teams shall work under the coordination of a designated competent authority staff member. Joint supervisory team members shall follow the JST coordinator’s instructions as regards their tasks in the joint supervisory team. This shall not affect their tasks and duties within their respective competent authorities. Unless justified, the JST coordinator shall not be from the country where the CCP has its headquarter. The CCP Supervisory Committee shall ensure that the JST is composed of staff with sufficient degree and diversity of knowledge, background, expertise and experience.
Amendment 422 #
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Regulation (EU) No 648/2012
Article 23c – paragraph 1 – subparagraph 2 – point c a (new)
Article 23c – paragraph 1 – subparagraph 2 – point c a (new)
(c a) the central banks of issue of the currencies other than the euro in which the derivative contracts referred to in paragraph 2 of Article 7a are denominated.
Amendment 427 #
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Regulation (EU) No 648/2012
Article 23c – paragraph 2 – point c
Article 23c – paragraph 2 – point c
(c) contribute to the development of Union-wide assessments of the resilience of CCPs focussing on liquidity, credit and operational risks concerning CCPs, clearing members and clients;
Amendment 428 #
Proposal for a regulation
Article 1 – paragraph 1 – point 18
Article 1 – paragraph 1 – point 18
Regulation (EU) No 648/2012
Article 23c – paragraph 2 – point d
Article 23c – paragraph 2 – point d
(d) monitor and identify concentration risks, in particular in client clearing, due to the integration of Union financial markets, including where several CCPs, clearing members or clients use the same service providers, including when client clearing services are concentrated in a small number of clearing members, or to clients accessing the same CCP via different clearing members of that CCP, or due to clients maintaining large positions in markets of products that the CCP clears;
Amendment 434 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 648/2012
Article 24 – paragraph 4 – point f (new)
Article 24 – paragraph 4 – point f (new)
(e a) the relevant central bank of issue.
Amendment 435 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19
Article 1 – paragraph 1 – point 19
Regulation (EU) No 648/2012
Article 24 – paragraph 4
Article 24 – paragraph 4
Where a meeting of the CCP Supervisory Committee is held pursuant to an emergency situation as specified in point c of subparagraph 1, the relevant central banks of issue shall be invited to the meeting.
Amendment 439 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20 – point a
Article 1 – paragraph 1 – point 20 – point a
Regulation (EU) No 648/2012
Article 24a – paragraph 1 – point e
Article 24a – paragraph 1 – point e
(ii a) 1) point (e) is added: ‘(e) the competent authorities responsible for the supervision of the three clearing members with the largest contributions, calculated on an aggregate basis over a one-year period, to the default fund, referred to in Article 42 of this Regulation, of each of the CCPs authorised in accordance with Article 14 or recognised in accordance with Article 25 of this Regulation, including, where relevant, the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the Single Supervisory Mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013, who shall be non-voting.’
Amendment 441 #
Proposal for a regulation
Article 1 – paragraph 1 – point 20 – point b
Article 1 – paragraph 1 – point 20 – point b
Regulation (EU) No 648/2012
Article 24a – paragraph 3
Article 24a – paragraph 3
3. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where appropriate and necessary, members of the colleges referred to in Article 18, representatives from the relevant authorities of clients where they are known and from the relevant Union institutions and bodies.;
Amendment 444 #
Proposal for a regulation
Article 1 – paragraph 1 – point 21 – point -a (new)
Article 1 – paragraph 1 – point 21 – point -a (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 2 – point a
Article 25 – paragraph 2 – point a
(-a) (aa) in paragraph 2, the following point (point (point (ca)) is inserted after point (c): ‘(ca) the CCP has provided ESMA with a written statement, signed by its legal representative, expressing the unconditional consent of the CCP to pay the applicable fees in accordance with Article 25d’;
Amendment 445 #
Proposal for a regulation
Article 1 – paragraph 1 – point 21 – point c
Article 1 – paragraph 1 – point 21 – point c
Regulation (EU) No 648/2012
Article 25 – Paragraph 6
Article 25 – Paragraph 6
Amendment 453 #
Proposal for a regulation
Article 1 – paragraph 1 – point 21 – point e
Article 1 – paragraph 1 – point 21 – point e
Regulation (EU) No 648/2012
Article 25 – paragraph 7b – point e
Article 25 – paragraph 7b – point e
(e) the procedures for third-country authorities to promptly inform ESMA of the following n aspects set out in points (i) and (ii) and to consult ESMA on aspects set out in point (i)with a focus on aspects relevant for the Union or one or more of its Member States:
Amendment 460 #
Proposal for a regulation
Article 1 – paragraph 1 – point 23 a (new)
Article 1 – paragraph 1 – point 23 a (new)
Regulation (EU) No 648/2012
Article 25p (1) – point f
Article 25p (1) – point f
(23 a) in Article 25p(1), the following point (f) is added: (f) the CCP concerned has not paid the applicable fees in accordance with Article 25d and has not remedied to the situation within an appropriate timeframe set by ESMA.
Amendment 465 #
Proposal for a regulation
Article 1 – paragraph 1 – point 29 – point b
Article 1 – paragraph 1 – point 29 – point b
Regulation (EU) No 648/2012
Article 37 – paragraph 1 a – subparagraph 2
Article 37 – paragraph 1 a – subparagraph 2
The competent authority of a CCP accepting non-financial counterparties as clearing members shall regularly review such arrangements and report to ESMA and the college on their appropriateness.
Amendment 466 #
Proposal for a regulation
Article 1 – paragraph 1 – point 29 – point b a (new)
Article 1 – paragraph 1 – point 29 – point b a (new)
Regulation (EU) No 648/2012
Article 35 – paragraphs 4 and 5
Article 35 – paragraphs 4 and 5
Amendment 468 #
Proposal for a regulation
Article 1 – paragraph 1 – point 29 – point c
Article 1 – paragraph 1 – point 29 – point c
Regulation (EU) No 648/2012
Article 37 – paragraph 7
Article 37 – paragraph 7
ESMA shall, after having consulted the EBA and the ESCB, develop draft regulatory technical standards further specifying : (i) the elements to be considered when laying down the admission criteria referred to in paragraph 1; (ii) the participation requirements for accepting non-financial counterparties as clearing members in accordance with paragraph 1a.
Amendment 473 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point a
Article 1 – paragraph 1 – point 31 – point a
Regulation (EU) No 648/2012
Article 41 – paragraph 2
Article 41 – paragraph 2
2. A CCP shall adopt models and parameters in setting its margin requirements that capture the risk characteristics of the products cleared and take into account the interval between margin collections, market liquidity and the possibility of changes over the duration of the transaction. The models and paramaters shall be validated by the competent authority and subject to an opinion in accordance with Article 19 and an opinion by ESMA in accordance with Article 24a(7), first subparagraph, point (bc), issued in accordance with the procedure under Article 17b.
Amendment 474 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point a
Article 1 – paragraph 1 – point 31 – point a
Regulation (EU) No 648/2012
Article 41 – paragraph 3
Article 41 – paragraph 3
3. A CCP shall call and collect margins on an intraday basis, at least when predefined thresholds are exceeded. In doing so a CCP shall consider the potential impact of its intraday margin collections and payments on the liquidity position of its participants and on the resilience on the CCP. A CCP shall strive to the best of its ability not to hold intraday variation margin calls after all payments due have been received.;
Amendment 480 #
Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point a
Article 1 – paragraph 1 – point 33 – point a
Regulation (EU) No 648/2012
Article 46 – paragraph 1 – point a
Article 46 – paragraph 1 – point a
1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP may accept public guarantees or public bank or commercial bank guarantees,guarantees under specific conditions. For non-financial counterparties only, a CCP may accept commercial bank guarantees under specific conditions. Any guarantee a CCP accepts as collateral shall be committed and provided that they are unconditionally available upon request within the liquidation period referred to in Article 41. Where bank guarantees are provided to a CCP, that CCP shall take them into account when calculating its exposure to the bank that is also a clearing member. The CCP shall apply adequate haircuts to asset values and guarantees to reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts. When revising the level of the haircuts it applies to the assets it accepts as collateral, the CCP shall take into account any potential procyclicality effects of such revisions.;
Amendment 484 #
Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point b – introductory part
Article 1 – paragraph 1 – point 33 – point b – introductory part
(b) in paragraph 3, first subparagraph, points (b) isand (ba) are replaced by the following:
Amendment 485 #
Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point b
Article 1 – paragraph 1 – point 33 – point b
Regulation (EU) No 648/2012
Article 46 – paragraph 1 – point b a (new)
Article 46 – paragraph 1 – point b a (new)
(b a) the conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted as collateral under paragraph 1.
Amendment 491 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point a
Article 1 – paragraph 1 – point 34 – point a
Regulation (EU) No 648/2012
Article 49 – paragraph 1
Article 49 – paragraph 1
A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms. It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted. The CCP shall obtain independent validation, shall inform its competent authority and ESMA of the results of the tests performed and shall obtain their validation in accordance with paragraphs 1a, to 1e before adopting any significant change to the models. and paramaters
Amendment 525 #
Proposal for a regulation
Article 1 – paragraph 1 – point 35 a (new)
Article 1 – paragraph 1 – point 35 a (new)
Regulation (EU) No 648/2012
Article 81 – paragraph 3 – point s (new)
Article 81 – paragraph 3 – point s (new)
1 a. In Article 81(3), the following point (s) is inserted: ‘(s) the designated national macroprudential authorities entrusted with the conduct of macroprudential policy referred to in Recommendation B1 of the Recommendation of the the Recommendation of the European Systemic Risk Board (ESRB) of 22 December 2011 on the macroprudential mandate of national authorities (ESRB/2011/3).
Amendment 531 #
Proposal for a regulation
Article 1 – paragraph 1 – point 37 – point b
Article 1 – paragraph 1 – point 37 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 1 – point b
Article 85 – paragraph 1 – point b
1b. By [PO: please insert the date = 1 year after the entry into force of this Regulation] ESMA shall, in cooperation with the ESRB, submit a report to the Commission on the possibility and feasibility to require the segregation of accounts across the clearing chain of non- financial and financial counterparties. The report shall be accompanied by a cost- benefit analysis.; Based on this report, the Commission shall, where appropriate, submit legislative proposal to the European Parliament and to the Council;