11 Amendments of Paul RÜBIG related to 2010/0250(COD)
Amendment 31 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
1. A financial counterparty and a non- financial counterparty as referred to in Article 7(2) shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties in the relevant CCPs listed in the register as referred to in Article 4(4).
Amendment 32 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
The clearing obligation referred to in the first subparagraph shall not apply to OTC derivative contracts concluded by a financial counterparty or a non-financial counterparty as referred to in Article 7(2) with its parent undertaking, subsidiary or another subsidiary of its parent undertaking.
Amendment 35 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
Thatere shall be no clearing obligation shall also apply to financial counterparties and to theupon either of the counterparties if at least one of them is a non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entitiesy which is below the clearing threshold as referred to in Article 7(2).
Amendment 46 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Amendment 47 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
2. Where a non-financial counterparty takes net positions and exposures in OTC derivative contracts exceeding the clearing threshold to be determined pursuant to paragraph 3(b) during a period of 90 consecutive days, it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts and notify the competent authority designated in accordance with Article 48 of Directive 2004/39/EC thereof.
Amendment 52 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point a
Article 7 – paragraph 3 – subparagraph 1 – point a
Amendment 55 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 a (new)
Article 7 – paragraph 3 – subparagraph 1 a (new)
The criteria in accordance with which an OTC derivative contract is deemed to be objectively measurable as directly linked to commercial activity. The regulatory technical standards referred to in the first subparagraph shall take into account existing regulations and general accepted standards and audit procedures.
Amendment 61 #
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. In calculating the positions referred to in paragraph 2this Article, OTC derivative contracts entered into by a non-financial counterparty that are objectively measurable as directly linked to the commercial activity of that counterparty, of the parent undertaking or the subsidiary of that counterparty, or of another subsidiary of its parent undertaking, shall not be taken into account.
Amendment 63 #
Proposal for a regulation
Article 7 – paragraph 4 a (new)
Article 7 – paragraph 4 a (new)
4a. The clearing obligation referred to in Article 3(1) shall not apply to OTC derivative contracts that have been concluded by that non-financial counterparty prior to the date on which that non-financial counterparty becomes subject to that clearing obligation.
Amendment 64 #
Proposal for a regulation
Article 7 – paragraph 4 b (new)
Article 7 – paragraph 4 b (new)
4b. The clearing obligation shall subsist as long as the non-financial counterparty’s net positions and exposures in OTC derivative contracts exceed the clearing threshold and shall end once those net positions and exposures are below the clearing threshold.
Amendment 84 #
Proposal for a regulation
Article 68 – paragraph 1 – subparagraph 2
Article 68 – paragraph 1 – subparagraph 2
By the same date, the Commission shall, in coordination with ESMA and the relevant sectoral authorities, assess the systemic importance of the transactions of non- financial firms in OTC derivatives and shall submit a report to the European Parliament and the Council, together with any proposals on the continued appropriateness of, or amendments to, the clearing obligation under Article 7 for non-financial firms.