Activities of Dorien ROOKMAKER related to 2022/0403(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets
Amendments (10)
Amendment 222 #
Proposal for a regulation
Recital 14
Recital 14
(14) Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non-financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system. The exemption for those transactions from reporting requirements has, however, limited the ability of ESMA, the ESRB and other authorities to clearly identify and assess the risks taken by non- financial counterparties. To ensure more visibility on intragroup transactions, considering their potential interconnectedness with the rest of the financial system and taking into account recent market developments, in particular strains on energy markets as a result of Russia’s unprovoked and unjustified aggression against Ukraine, that exemption should be removed. __________________ 34 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42).
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Articles 7 a and 7 b
Articles 7 a and 7 b
Amendment 293 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraphs 3 and 4
Article 9 – paragraph 1 – subparagraphs 3 and 4
Amendment 303 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 10 − paragraph 2 a
Article 10 − paragraph 2 a
2a. The relevant competent authoritiepersons of the non-financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions and evaluate and assess the level of exposure in OTC derivative contracts at the group level.
Amendment 335 #
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 2
Article 17 – paragraph 2
2. The applicant CCP shall provide all information necessary to demonstrate that it has established, at the time of the initial authorisation, all the necessary arrangements to meet the requirements laid down in this Regulation. Where an applicant CCP is requesting authorisation pursuant to Article 15, it shall provide all information necessary to demonstrate that at the time such extension of authorisation under Article 15 is granted, it will have established all additional arrangements to meet any requirements laid down in this Regulation in respect of such new authorisation.
Amendment 350 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point d
Article 1 – paragraph 1 – point 11 – point d
(b) is notified as a system pursuant to Directive 98/26/EC. In respect of point (a) of the first subparagraph of Article 17(4), where an applicant CCP is requesting authorisation pursuant to Article 15, the competent authority may rely on the assessment of any requirement previously made pursuant to this article to the extent that no change to its assessment of such requirement would arise as a result of such new request for authorisation.
Amendment 469 #
Proposal for a regulation
Article 1 – paragraph 1 – point 30 – point a
Article 1 – paragraph 1 – point 30 – point a
Regulation (EU) No 648/2012
Article 38 – paragraph 7
Article 38 – paragraph 7
Clearing members providing clearing services and clients providing clearing services shall informprovide to their clients in a clear and transparent manner offormation on the way the margin models of the CCP work, including in stress situations, and provide them with acces to CCP simulations of the margin requirements they mayat they might be subject to under different scenarios. This shall include both the margins required by the CCP and any additional margins required by the clearing members and theWhere relevant, they should also provide simulations of any additional margins required by the clearing members and the clients providing clearing services themselves. A CCP shall provide its clearing members providing clearing services and clients providing clearing services with any information they require to comply with the provisions under the first subparagraph, unless that information is already provided pursuant to the provisions as referred to in paragraphs 1 to 7 of this Article. Upon request by one of its clearing members providing clearing services and clients providing clearing services, themselves.; CCP shall transmit that information without delay.
Amendment 481 #
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
Article 46 – paragraph 1
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 which may be uncollateralised, 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 493 #
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 – subparagraph 2
Article 49 – paragraph 1 – subparagraph 2
The adopted models, including any significant change thereto, shall be subject to an opinion of the college in accordance with this Article. Where a CCP intends to adopt a change that does not qualify as non-significant pursuant to paragraph 1a of Article 49 and does not qualify significant under paragraph 1g of Article 49, such change shall be directly implemented by the CCP and shall not be subject to the procedures referred to in paragraph 49.
Amendment 521 #
Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point c
Article 1 – paragraph 1 – point 34 – point c
Regulation (EU) No 648/2012
Article 49 – paragraph 5
Article 49 – paragraph 5
ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards specifying the list of required documents that shall accompany an application for validation pursuant to paragraph 1a and shall specify the information such documents shall contain to demonstrate that the CCP complies with all relevant requirements of this Regulat the time such authorisation under Article 49 is granted, will have established all additional arrangements to meet any requirements laid down in this Regulation in respect of such new authorisation.