Activities of René REPASI related to 2022/0074(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories
Amendments (11)
Amendment 106 #
Proposal for a regulation
Recital 19 a (new)
Recital 19 a (new)
(19 a) ESMA should be granted further supervisory powers in relation to International Central Securities Depositories based in the Union that are active in the cross-border settlement of internationally traded securities. In performing those tasks, ESMA should cooperate closely with other relevant authorities involved in the authorisation and supervision of such CSDs.
Amendment 107 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24 a) Some CSDs established in the Union operate securities settlement systems that apply netting arrangements. Such CSDs should adequately monitor and manage the risks stemming from the application of the netting arrangements put in place for settlement on a net basis.
Amendment 108 #
Proposal for a regulation
Recital 26
Recital 26
(26) In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should settle, whenever practical and available, the cash leg of the securities transaction through accounts opened with a central bank. Where that option is not practical and available, including where a CSD does not meet the conditions to access a central bank other than that of its home Member State, that CSD should be able to settle the cash leg of transactions in foreign currencies through accounts opened with institutions authorised to provide banking services under the conditions provided in Regulation (EU) No 909/2014. The efficiency of the settlement market would be better served by enhancing the possibilities for CSDs to provide settlement in foreign currencies through the use of accounts opened with institutions authorised to provide banking services, within appropriate risk limits, with a view to deepen capital markets and enhance cross-border settlement. For that purpose, CSDs authorised to provide banking-type ancillary services in accordance with Regulation (EU) No 909/2014 and for which the relevant risks are already monitored, should be able to offer such services to other CSDs that do not hold such license irrespective if the latter are part of the same group of companies. Designated credit institutions and CSDs authorised to provide banking-type ancillary services should only be authorised to provide such services for the purposes of settlement of the cash leg of the transactions in the securities settlement system of the CSD seeking to use the banking-type ancillary services in a currency or currencies other than that of the country where the settlement takes place, and not to carry out any other activities.
Amendment 115 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 909/2014
Article 2 – paragraph 1 – point 26
Article 2 – paragraph 1 – point 26
(1 a) In Article 2(1), point (26) is replaced by the following: (26) ‘default’, in relation to a participant, means a situation where insolvency proceedings, as defined in point (j) of Article 2 of Directive 98/26/EC, are opened against a participant or an event stipulated in the CSD’s internal rules as constituting a default, including an event that leads to a failure to complete a transfer of funds or securities in accordance with those rules;
Amendment 130 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) No 909/2014
Article 12 – paragraph 1 – point c a (new)
Article 12 – paragraph 1 – point c a (new)
(3 a) In Article 12(1), the following point is added: (ca) ESMA for central securities depositories that are active in the cross- border settlement of internationally traded securities’
Amendment 178 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 909/2014
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
(12 a) in Article 29, the following paragraph is inserted: '2a. Prior to using the services of a CSD, issuers shall be required to obtain and transmit to the CSD a valid legal entity identifier (LEI). CSDs shall be prohibited from providing services under this Regulation to an issuer prior to obtaining the LEI from that issuer.’
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 a (new)
Article 1 – paragraph 1 – point 14 a (new)
Regulation (EU) No 909/2014
Article 47a (new)
Article 47a (new)
(14a) the following Article is inserted : 'Article 47a Netting CSDs shall expressly indicate in their internal rules whether they apply netting arrangements. CSDs applying netting arrangements shall measure, monitor, and manage the credit and liquidity risks arising from netting arrangements. ESMA shall, in close cooperation with the EBA and the members of the ESCB, develop draft regulatory technical standards to further specify details of the frameworks for the monitoring, measuring, management, reporting and public disclosure of the risks stemming from netting arrangements. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by … [one year after the date of entry into force of this amending 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 1093/2010.’
Amendment 186 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b – point i
Article 1 – paragraph 1 – point 17 – point b – point i
Regulation (EU) No 909/2014
Article 54 – paragraph 4 – subparagraphs 1a and 1 b (new)
Article 54 – paragraph 4 – subparagraphs 1a and 1 b (new)
Where a CSD seeks to designate a credit institution which does not itself carry out any of the core services referred to in Section A of the Annex, the authorisation referred to in point (a) of the first subparagraph is used only to provide the banking-type ancillary services referred to in Section C of the Annex for settlement of the cash leg of the transactions in the securities settlement system of the CSD seeking to use the banking-type ancillary services in a currency or currencies other than that of the country where the settlement takes place, and not to carry out any other activities. Where a CSD seeks to use a CSD that is authorised pursuant to paragraph 3, the authorisation referred to in point (a) of the first subparagraph is used only to provide the banking-type ancillary services in Section C of the Annex for the settlement of the cash leg of the transactions in the securities settlement system of the CSD seeking to use the banking-type ancillary services in a currency or currencies other than that of the country where the settlement takes place, and not to carry out any other activities.
Amendment 191 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point d
Article 1 – paragraph 1 – point 17 – point d
Regulation (EU) No 909/2014
Article 54 – paragraph 9 – subparagraph 1
Article 54 – paragraph 9 – subparagraph 1
EBA shall, in close cooperation with ESMA and the members of the ESCB, develop draft regulatory technical standards to determine the maximum amount referred to in paragraph 5, taking into account: (a) the need to balance the credit and liquidity risks for CSDs that result from the settlement of cash payments through accounts opened with credit institutions and the need to allow CSDs to settle in foreign currencies through accounts opened with such credit institutions. When develop(b) that it can not underminge the use draft regulatory technof central bank money where practical standards the EBA shall also determine, where necessary, any accompanying appropriate risk managemevailable; (c) the existing global guidance and principles related to this activity; (d) the implications for the market stability that could derive from a change of risk profile of CSDs, taking into and prudential mitigating requiremenccount their systemic importance for the functioning of securities markets.
Amendment 192 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a – point iii
Article 1 – paragraph 1 – point 19 – point a – point iii
Regulation (EU) No 909/2014
Article 59 – paragraph 4 – point k
Article 59 – paragraph 4 – point k
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 1 – point 25
Article 1 – paragraph 1 – point 25
(ba) further regulate the practice of internalised settlement;