16 Amendments of Dorien ROOKMAKER related to 2023/0379(COD)
Amendment 83 #
Proposal for a regulation
Recital 21
Recital 21
(21) To ensure a seamless transition to the rules introduced under this Regulation and to avoid that administrators have to go through a procedure for registration or authorisation more than once, competent authorities and ESMA should provide less burdensome application procedures for administrators that are already, administrators previously registered, authorised, recognised, endorsed or equivalent under Regulation (EU) 2016/1011 should continue to be registered, authorised, registercognised, endorsed or recognised and that apply for a new authorisation, registration, endorsement or recognition within two years from the date of application of this amendingequivalent without needing to re-apply, to the extent that they administer any in-scope benchmark or voluntarily opt in to the Regulation.
Amendment 83 #
Proposal for a regulation
Recital 21
Recital 21
(21) To ensure a seamless transition to the rules introduced under this Regulation and to avoid that administrators have to go through a procedure for registration or authorisation more than once, competent authorities and ESMA should provide less burdensome application procedures for administrators that are already, administrators previously registered, authorised, recognised, endorsed or equivalent under Regulation (EU) 2016/1011 should continue to be registered, authorised, registercognised, endorsed or recognised and that apply for a new authorisation, registration, endorsement or recognition within two years from the date of application of this amendingequivalent without needing to re-apply, to the extent that they administer any in-scope benchmark or voluntarily opt in to the Regulation.
Amendment 84 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) 2016/1011
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. Titles II, III, with the exception of Articles 23a to 23d IV and VI . apply only in respect of critical benchmarks, significant benchmarks, EU Climate Transition Benchmarks and, EU Paris- aligned Benchmarks and ESG Benchmarks. Title III, with the exception of Articles 23a to 23d, and Titles IV and VI apply to commodity benchmarks subject to Annex II.;
Amendment 84 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) 2016/1011
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. Titles II, III, with the exception of Articles 23a to 23d IV and VI . apply only in respect of critical benchmarks, significant benchmarks, EU Climate Transition Benchmarks and, EU Paris- aligned Benchmarks and ESG Benchmarks. Title III, with the exception of Articles 23a to 23d, and Titles IV and VI apply to commodity benchmarks subject to Annex II.;
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
Regulation (EU) 2016/1011
Article 19 – paragraph 1 – subparagraph 2
Article 19 – paragraph 1 – subparagraph 2
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
Regulation (EU) 2016/1011
Article 19 – paragraph 1 – subparagraph 2
Article 19 – paragraph 1 – subparagraph 2
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2016/1011
Article 19a – paragraph 4
Article 19a – paragraph 4
Amendment 91 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2016/1011
Article 19a – paragraph 4
Article 19a – paragraph 4
Amendment 116 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) 2016/1011
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6a. Administrators of benchmarks which do not meet the requirements to be considered as critical, significant, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks or ESG Benchmarks may voluntarily apply for access to the register provided for in Article 36 either by means of authorisation, registration recognition or endorsement. Administrators who voluntarily opt in to this Regulation shall do so, in writing with their current supervisory authority, per benchmark and each of those benchmarks shall be deemed to be significant benchmarks under Regulation (EU) 2016/1011. Administrators of benchmarks that were authorised, registered, endorsed or recognised on ...[ date of application of this amending Regulation] who use this voluntary opt in within six months after entry into application of this amending regulation, shall not be obliged to re-apply for authorisation registration, recognition, or endorsement.
Amendment 116 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) 2016/1011
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6a. Administrators of benchmarks which do not meet the requirements to be considered as critical, significant, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks or ESG Benchmarks may voluntarily apply for access to the register provided for in Article 36 either by means of authorisation, registration recognition or endorsement. Administrators who voluntarily opt in to this Regulation shall do so, in writing with their current supervisory authority, per benchmark and each of those benchmarks shall be deemed to be significant benchmarks under Regulation (EU) 2016/1011. Administrators of benchmarks that were authorised, registered, endorsed or recognised on ...[ date of application of this amending Regulation] who use this voluntary opt in within six months after entry into application of this amending regulation, shall not be obliged to re-apply for authorisation registration, recognition, or endorsement.
Amendment 123 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c
Article 1 – paragraph 1 – point 14 – point c
Regulation (EU) 2016/1011
Article 29 – paragraph 1a
Article 29 – paragraph 1a
1ab. A supervised entity that uses a benchmark in existing financial contracts or financial instruments that is subject to a public notice under Article 24a(5) shall replace that benchmark with an appropriate alternative within 612 months following the publication of that notice, or issue and publish a statement on its website informing clients of the absence of an appropriate alternativeprovide a reasoned explanation for not being able to do so.;
Amendment 123 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c
Article 1 – paragraph 1 – point 14 – point c
Regulation (EU) 2016/1011
Article 29 – paragraph 1a
Article 29 – paragraph 1a
1ab. A supervised entity that uses a benchmark in existing financial contracts or financial instruments that is subject to a public notice under Article 24a(5) shall replace that benchmark with an appropriate alternative within 612 months following the publication of that notice, or issue and publish a statement on its website informing clients of the absence of an appropriate alternativeprovide a reasoned explanation for not being able to do so.;
Amendment 126 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c a (new)
Article 1 – paragraph 1 – point 14 – point c a (new)
Regulation (EU) 2016/1011
Article 29 – paragraph 1 b a(new)
Article 29 – paragraph 1 b a(new)
1ba. The prohibition in paragraph 1 of this Article shall not apply to the following: (a) market making in support of client activity related to transactions executed before the effective date of the prohibition; (b) transactions or other activities that reduce or hedge the supervised entity's or any client of the supervised entity's exposure to the prohibited benchmark; (c) novations of transactions; (d) transactions executed for the purposes of participation in a central counterparty auction procedure in the case of a member default, including transactions to hedge the resulting exposure; (e) interpolation or other use provided for in contractual fallback arrangements in connection with the prohibited benchmark.
Amendment 126 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c a (new)
Article 1 – paragraph 1 – point 14 – point c a (new)
Regulation (EU) 2016/1011
Article 29 – paragraph 1 b a(new)
Article 29 – paragraph 1 b a(new)
1ba. The prohibition in paragraph 1 of this Article shall not apply to the following: (a) market making in support of client activity related to transactions executed before the effective date of the prohibition; (b) transactions or other activities that reduce or hedge the supervised entity's or any client of the supervised entity's exposure to the prohibited benchmark; (c) novations of transactions; (d) transactions executed for the purposes of participation in a central counterparty auction procedure in the case of a member default, including transactions to hedge the resulting exposure; (e) interpolation or other use provided for in contractual fallback arrangements in connection with the prohibited benchmark.
Amendment 133 #
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Article 1 – paragraph 1 – point 21
Regulation (EU) 2016/1011
Article 51 – paragraph 4c
Article 51 – paragraph 4c
4c. Competent authorities and ESMA shall ensure that a benchmark administrators that was were authorised, registered, endorsed or recognised by a competent authority under this Regulation before on [PO please insert the date = date of application of this amending Regulation] shall retain such status under this Regulation where one or several of that administrator’s benchmarks exceed the significant benchmark threshold referred to in Article 24 or such administrator voluntarily chooses to retain such authorisation, registration, endorsement or recognition under this Regulation. Benchmark administrators with an existing authorisation, registration, endorsement or recognition prior to [PO please insert the date = date of application of this amending Regulation] which administer one or several benchmarks which exceed the significant benchmark threshold referred to in Article 24 or which choose to retain such authorisation, registration, endorsement or recognition on a voluntary basis shall not be required to re- apply for authorisation, registration, endorsement or recognition, as appropriate, under this Regulation based on its revised scope, can benefit from a simplified procedure where they apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1), (2), or (3), as applicable, by … [PO please insert the date = date of application of this amending Regulation + two years];’
Amendment 133 #
Proposal for a regulation
Article 1 – paragraph 1 – point 21
Article 1 – paragraph 1 – point 21
Regulation (EU) 2016/1011
Article 51 – paragraph 4c
Article 51 – paragraph 4c
4c. Competent authorities and ESMA shall ensure that a benchmark administrators that was were authorised, registered, endorsed or recognised by a competent authority under this Regulation before on [PO please insert the date = date of application of this amending Regulation] shall retain such status under this Regulation where one or several of that administrator’s benchmarks exceed the significant benchmark threshold referred to in Article 24 or such administrator voluntarily chooses to retain such authorisation, registration, endorsement or recognition under this Regulation. Benchmark administrators with an existing authorisation, registration, endorsement or recognition prior to [PO please insert the date = date of application of this amending Regulation] which administer one or several benchmarks which exceed the significant benchmark threshold referred to in Article 24 or which choose to retain such authorisation, registration, endorsement or recognition on a voluntary basis shall not be required to re- apply for authorisation, registration, endorsement or recognition, as appropriate, under this Regulation based on its revised scope, can benefit from a simplified procedure where they apply for authorisation registration, recognition, or endorsement pursuant to Article 24a(1), (2), or (3), as applicable, by … [PO please insert the date = date of application of this amending Regulation + two years];’