24 Amendments of Anne SANDER related to 2017/0090(COD)
Amendment 45 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Where a class of OTC derivatives is no longer considered to be eligible for clearing and the clearing obligation for that class has been subsequently suspended, the trading obligation under Regulation (EU) No 600/2014 for counterparties to trade derivatives subject to the clearing obligation on trading venues should also be suspended.
Amendment 50 #
Proposal for a regulation
Recital 12
Recital 12
(12) 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. Those transactions therefore do not significantly contribute to systemic risk and interconnectedness, yet the obligation to report those transactions imposes important costs and burdens on non- financial counterparties. Intragroup transactions where at least one ofboth the counterparties is are non-financial counterpartyies should therefore be exempted from the reporting obligation.
Amendment 63 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) In order to avoid international regulatory divergence and bearing in mind the particular nature of such derivatives’ trades, the mandatory exchange of variation margins on physically settled foreign exchange forward and physically settled foreign exchange swap derivatives should only apply to transactions between the most systemic counterparties, credit institutions and investment firms.
Amendment 77 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)
Article 1 – paragraph 1 – point -1 (new)
Regulation (EU) No 648/2012
Article 1 – paragraph 4
Article 1 – paragraph 4
Amendment 79 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 a (new)
Article 1 – paragraph 1 – point -1 a (new)
Regulation (EU) No 648/2012
Article 1 – paragraph 5 – point a
Article 1 – paragraph 5 – point a
Amendment 80 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) No 648/2012
Article 2 – point 8
Article 2 – point 8
(1) In Article 2, point (8) is replaced by the following: ‘(8) “financial counterparty” means an investment firm authorised in accordance with Directive 2014/65/EC of the European Parliament and of the Council31 , a credit institution authorised in accordance with Regulation (EU) No 575/2013, an insurance of reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council32 , a UCITS authorised in accordance with Directive 2009/65/EC, except if this UCITS is related to an employee share purchase plan, an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, an AIF as defined inalternative investment fund (AIF) within the meaning of Article 4(1)(a) of dDirective 2011/61/EU, a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council33 and a securitisation special purpose entity as defined in Article 4(1)(66) of which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered under that Directive, except if this AIF is related to an employee share purchase plan, and a central securities depository authorised in accordance with Regulation (EU) No 575909/20134 of the European Parliament and of the Council34 3;’. _________________ 31 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173 12.6.2014, p. 349). 32 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1). 33 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257 28.8.2014, p. 1). 34Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (OJ L 176, 27.6.2013, p. 1).
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 1
Article 4a – paragraph 1 – subparagraph 1
A financial counterparty taking positions in OTC derivative contracts shall calculate, annually, its aggregate month-end average position for the months March, April and May in accordance with paragraph 3 its rolling average position over 30 working days in accordance with paragraph 3. If the positions of the financial counterparty do not exceed the clearing threshold referred to in paragraph 2, the financial counterparty shall no longer be subject to the clearing obligation set out in Article 4, provided that it immediately notifies ESMA and the relevant competent authority thereof.
Amendment 104 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 – subparagraph 2
Article 4a – paragraph 1 – subparagraph 2
Amendment 113 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 1 a (new)
Article 4a – paragraph 1 a (new)
1a. A financial counterparty that wishes to rely on the exemption referred to in paragraph 1 shall calculate, annually, its rolling average position over 30 working days. In calculating its positions referred to in paragraph 1, the financial counterparty shall include all OTC derivative contracts entered into by that financial counterparty or entered into by other entities within the group to which that financial counterparty belongs.
Amendment 118 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) No 648/2012
Article 4a – paragraph 3
Article 4a – paragraph 3
3. In calculating the positions referred to in paragraph 1, the financial counterparty shall include all OTC derivative contracts entered into by that financial counterparty or entered into by other entities within the group to which that financial counterparty belongs.; Where the result of that calculation exceeds the clearing thresholds specified pursuant to Article 10(4)(b), the financial counterparty shall: (a) immediately notify ESMA and the relevant competent authority thereof; (b) be subject to the clearing obligation referred to in Article 4 for future OTC derivative contracts, irrespective of the asset class or asset classes for which the clearing threshold has been exceeded; (c) clear the contracts referred to in point (b) within four months of becoming subject to the clearing obligation; (d) notify its counterparties of the change in status of the financial counterparty before entering into any new OTC derivative contracts subject to the clearing obligation.
Amendment 129 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 1 – introductory part
Article 6b – paragraph 1 – introductory part
In circumstances other than those referred to in Article 6a(1), ESMA may request that the Commissiontemporarily suspend the clearing obligation referred to in Article 4(1) for a specific class of OTC derivative or for a specific type of counterparty where one of the following conditions is met:
Amendment 135 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 648/2012
Article 6b – paragraph 1 – subparagraph 2
Article 6b – paragraph 1 – subparagraph 2
Before suspending the clearing obligation, ESMA shall notify the Commission of the proposed suspension, providing reasons and submitting evidence that at least one of the conditions laid down in the first subparagraph is fulfilled. For the purposes of point (c) of the first subparagraph, ESMA shall consultalso notify the ESRCB prior to the request referred to thereibefore suspending the clearing obligation.
Amendment 139 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 2
Article 6b – paragraph 2
2. The request referred to in paragraph 1 shall not be made publicESMA's decision to suspend the clearing obligation shall be published on its website and in the public register set out in Article 6.
Amendment 141 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 3
Article 6b – paragraph 3
3. The Commission shall, within 48 hours of the requestA suspension shall be valid for an initial period not exceeding four months from the date of the publication of the suspension notice on ESMA's website. ESMA may extend the suspension referred to in paragraph 1 and based on the reasons and evidence provided by ESMA, eifor an additional period of four months, with the total period of ther suspend the clearing obligatsion not exceeding 12 months. An extension ofor the specific class of OTC derivative or for the specific type of counterparty referred to in paragraph 1, or reject the requesteduspension shall be published on ESMA's website and in the public register referred to in Article 6 at least one month prior to expiry of the suspension.
Amendment 144 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 4
Article 6b – paragraph 4
4. TWhe Commission’s decision to suspend the clearing obligation shall be communicated to ESMAre the suspension is not renewed by the end of the initial period or by the end of andy shall be published in the Offubsequent renewal period, it shall automaticial Journal of the European Unly expire. the suspension, onf the Commission’s website and in the public register referred to in Article 6trading obligation shall also expire with the expiration of the suspension of clearing obligation.
Amendment 145 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 5
Article 6b – paragraph 5
5. A suspension of the clearing obligation pursuant to this Article shall be valid for a period of threCounterparties affected by the suspension shall not be required to comply with Article 4(1) in relation to OTC derivative mconths from the date of the publicatracts concluded during the periond of thate suspension in the Official Journal of the European Unor with Article 11(3) for the duration of the suspension.
Amendment 155 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012
Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012
Amendment 156 #
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 9 – paragraph 1 – subparagraph 2 – point a
Article 9 – paragraph 1 – subparagraph 2 – point a
Amendment 159 #
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 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
The reporting obligation shall not apply to intragroup transactions referred to in Article 3 where one of the counterparties is a non-financial counterparty.; both of the counterparties are non-financial counterparties and to transactions between a non-financial counterparty and a third country entity which is part of the same group, provided that the third country entity would be qualified as a non-financial counterparty if it were established in the Union.
Amendment 171 #
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 9 – paragraph 1a – subparagraph 1 – point b
Article 9 – paragraph 1a – subparagraph 1 – point b
(b) financial counterparties shall be responsible for reporting on behalf of both counterpaand non- financial counterparties that meet the conditions referred to in the second subparagraph of Article 10(1) shall be responsible for reportiesng the details of OTC derivative contracts concluded with a non- financial counterparty that is not subject to the conditions referred to in the second subparagraph of Article 10(1) as well as for ensuring the accuracy of the details reported;
Amendment 172 #
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 9 – paragraph 1a – subparagraph 1 – point e
Article 9 – paragraph 1a – subparagraph 1 – point e
(e) financial counterparties, non- financial counterparties that meet the conditions referred to in the second subparagraph of Article 10(1) and CCPs shall ensure that the details of their derivative contracts are reported accurately and without duplication.
Amendment 191 #
Amendment 268 #
Proposal for a regulation
Article 2 – paragraph 1 a (new)
Article 2 – paragraph 1 a (new)
This Regulation shall apply from [PO please add the date 6 months after the entry into force].
Amendment 270 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2