BETA

23 Amendments of Anne SANDER related to 2017/0136(COD)

Amendment 205 #
Proposal for a regulation
Recital 33 a (new)
(33a) The Commission and ESMA should also be able to impose to the systemically important third-country CCP any additional requirements that they consider necessary to guarantee the EU financial stability.
2018/04/13
Committee: ECON
Amendment 278 #
Proposal for a regulation
Article 2 – paragraph 1 – point -1 (new)
Regulation (EU) No 648/2012
Article 2 – paragraph 1 – point 29 a (new)
(-1) In Article 2, the following point (29a) is added: “(29a) ‘Non-EU Group’ means, for the purposes of Article 4, a group as defined in Article 2(11) of Directive 2013/34/EU.”
2018/04/13
Committee: ECON
Amendment 279 #
Proposal for a regulation
Article 2 – paragraph 1 – point -1 a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 – point a – point v a (new)
(-1a) In Article 4, paragraph 1, point (a), point (va) is added as follows: (va) between (a) entities established in a third country, belonging to the same non-EU Group comprising at least one entity that would be subject to the clearing obligation as per one of the paragraphs (i) to (v) above if it were established in the Union, and taking positions in euro denominated OTC derivatives contracts and, (b) a financial counterparty, or a non-financial counterparty that meet the conditions referred to in article 10(1)(b), or an entity established in a third country that would be subject to the clearing obligation as per one of the paragraphs (i) to (v) above if it were established in the Union. Each non-EU Group shall calculate annually, its aggregate month-end average position over 30 working days by including all OTC derivative contracts entered into by all entities within its non- EU Group. When such positions exceed the clearing thresholds, any entity within the non-EU Group shall immediately notify ESMA and the relevant competent authority thereof and all entities of the same non-EU Group shall become subject to the clearing obligation as specified above.
2018/04/13
Committee: ECON
Amendment 285 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)
Regulation (EU) No 648/2012
Article 17 – paragraph 4 – subparagraph 4
(2a) In Article 17, the fourth subparagraph of paragraph 4 is replaced by the following: “Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of two- thirds of the college haves expressed a negative opinion, any of the competent authorities concerned, based on that majority of two-thirds of the college, may, within 30 calendar days of the adoption of that negative opinion, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010. ” Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 299 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)
Regulation (EU) No 648/2012
Article 18 – paragraph 4 – subparagraph 1 a (new)
(ca) in paragraph 4, the following subparagraph is added: To facilitate ESMA’s supervisory task and involve closely college members, where any member of the college assesses, on the basis of information exchanged pursuant to point (b), that the risk management practices of a CCP do not comply with all the requirements laid down in this Regulation or otherwise entail shortcomings in its resilience, the member may submit to the competent authority and the college a recommendation to address the issue and improve the resilience of the CCP. The college may adopt the recommendation on the basis of a simple majority of its members. Within 30 days of the adoption of the recommendation by the college, ESMA shall assess the issue and the recommendation and decide whether to request any specific supervisory action pursuant to Article 21a (3). It shall immediately inform the competent authority and the college. The competent authority shall keep the college informed of any subsequent action or absence thereof with respect to the recommendation. Where the competent authority has failed to take action within 90 days after the adoption of the recommendation and where failing to take action may result in non-compliance with the requirements laid down in this Regulation, any member of the college may, within 30 days after the end of the 90 days period, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010. “ Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 301 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)
Regulation (EU) No 648/2012
Article 19 – paragraph 1 – subparagraph 3 a (new)
3a. In Article 19, the following subparagraph is added in paragraph 1: At the request of any member of the college and upon adoption by a majority of the college, the opinion may include recommendations to improve the resilience of the CCP. Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 317 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b a (new)
Regulation (EU) No 648/2012
Article 21 – paragraph 6 – subparagraph 2 – point a
(ba) point (a) of the second subparagraph of paragraph 6 is replaced by the following: (a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010; and and a comparative analysis of the risk management practices of all CCPs authorised in accordance with Article 14 this Regulation; and” Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 330 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1 – point b
(b) any decisions adopted in the carrying out of their duties resulting from the requirements set out in Article 16 and Titles IV and V. When ESMA determines that a draft decision submitted by a competent authority pursuant to paragraph 1 should be subject to the procedures pursuant to Article 15 or Article 49, it shall inform the competent authority and the college. Where ESMA makes such a determination, the competent authority shall not adopt its decision. The competent authority informs the CCP, applies the relevant procedure and prepares and submits a draft decision in accordance with paragraph 1.
2018/04/13
Committee: ECON
Amendment 342 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 1
Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 41, 44, 46, 50 and 54.
2018/04/13
Committee: ECON
Amendment 398 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 648/2012
Article 22 a (new)
7a. The following Article 22a is inserted: "Article 22a ESMA CCP Supervisory Committee 1. ESMA shall establish a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1095/2010 for the purposes of preparing decisions and carrying out the tasks relating to the supervision of Union and third country CCPs. The CCP Supervisory Committee established pursuant to the first subparagraph shall submit to the Board of Supervisors complete draft decisions for adoption in accordance with Article 22c. 2. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) a Chair, appointed in accordance with Article 22b, who shall be voting; (ii) a representative of the Commission, who shall be non-voting; and (iii) a representative of the ECB, who shall be non-voting; (b) the following non-permanent members specific to each CCP in relation to which the CCP Supervisory Committee is convened: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP is convened, who shall be voting; and (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where and as appropriate and necessary, other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee. Where the CCP Supervisory Committee is exercising any of the tasks referred to in point (b) of paragraph 3, authorities of third country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012 may be invited, where and as appropriate and necessary, as observers. Where discussing decisions pertaining to Article 25(2a) and (2c), Article 25b and Articles 41, 44 and 46, central banks of issue of the financial instruments cleared or to be cleared by the third country CCP in relation to which the CCP Supervisory Committee convenes may be invited to participate in the CCP Supervisory Committee as observers. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. The CCP Supervisory Committee shall meet at least five times a year. Where a task of the CCP Supervisory Committee does not relate to a specific CCP established in the Union, the Committee shall be composed only of the permanent members referred in point (a) of this paragraph and, where relevant, the central banks of issue referred to in point (b)(ii) of this paragraph. 3. The CCP Supervisory Committee shall be responsible for all of the following: (a) providing the consent referred to in Article 21a(1) of Regulation (EU) No 648/2012; (b) recognising and supervising third- country CCPs in accordance with Article 25 of Regulation (EU) No 648/2012, the monitoring of regulatory and supervisory developments in third countries under Chapter 2 of Title II of Regulation (EU) No 648/2012; and (c) the tasks referred to in the first subparagraph of Article 5(1), the first subparagraph of Article 9(3), Articles 9(4), 13(1) and (4), 17(2) and (3), 18(1), 20(2) and (6), Article 21(1), Article 21(3), Article 21(6), Article 21a Articles 21c, 23 and 24, Articles 29(3), 38(5), 48(3), 49(1) and 54(3) of Regulation (EU) No 648/2012. 4. The Chair of the CCP Supervisory Committee shall be a full-time, independent professional. The Chair shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. The Chair shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The Chair shall be an observer at the Board of Supervisor." Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52017PC0331)
2018/04/13
Committee: ECON
Amendment 407 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Regulation (EU) No 648/2012
Article 22 b (new)
7b. the following Article 22b is inserted: "Article 22b Decision-making within the CCP Supervisory Committee The CCP Supervisory Committee shall take its decisions by a simple majority of its members, except for decisions pursuant to Articles 17, 20 and 25 which shall be adopted by a majority of two- thirds in the CCP Supervisory Committee. In the event of a tie, the Chair shall have the casting vote. Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648)
2018/04/13
Committee: ECON
Amendment 468 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b a (new)
(ba) the CCP complies with any additional requirement imposed by the Commission (or ESMA);
2018/04/13
Committee: ECON
Amendment 472 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point d
(d) the CCP has put in place all necessary measures and procedures that ensure the effective compliance with the requirements laid down in points (a), (ba) and (c);
2018/04/13
Committee: ECON
Amendment 489 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 2
After submission of the recommendation referred to in the first subparagraph, the Commission may adopt, provided that the decision will not create anti-competitive situation between counterparties, whether they are based in a third country or not, an implementing act declaring that that CCP shall not be recognised pursuant to paragraph 2b and that it may only provide clearing services in the Union after it has been granted authorisation in accordance with Article 14.
2018/04/13
Committee: ECON
Amendment 499 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c
Regulation (EU) No 648/2012
Article 25 – paragraph 5
5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union and in any case at least every two years. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, following the review referred to in Article 25 (1), ESMA determines that a CCP recognised before [entry into force of this Regulation] qualifies as a Tier 2 CCP in accordance with Article 25 (2a), or that a third-country CCP which has been recognized as Tier 1 CCP should be recognised as Tier 2 CCP, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP must comply with the requirements referred to in Article 25(2b). Where, following Article 25 paragraph 2c the Commission concludes that a CCP or one of its clearing services should not be recognised, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP may be temporarily recognised.
2018/04/13
Committee: ECON
Amendment 515 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g a (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e a (new)
(ga) in paragraph 7 the following point is added: (ea) where rights on decisions are granted to ESMA in accordance with Article 25b, the procedures concerning the effective enforcement of these rights.
2018/04/13
Committee: ECON
Amendment 516 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g b (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e b (new)
(gb) in paragraph 7 the following point is added: (eb) the procedures concerning emergency situations, including the agreement of third-country authorities to inform ESMA without undue delay of any emergency situation relating to a CCP including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in any of the Member States or in the EU as a whole, and including the agreement of third- country authorities to appropriately involve ESMA and the relevant EU central banks of issue in decisions taken in such situations.
2018/04/13
Committee: ECON
Amendment 522 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
(ba) the effect that the failure of or a disruption to the CCP would have on the liquidity of the markets served or on the monetary policy implementation of the central banks of issue;
2018/04/13
Committee: ECON
Amendment 523 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 a – paragraph 3 – subparagraph 1 – point b b (new)
(bb) the substitutability of the clearing services offered by the CCP
2018/04/13
Committee: ECON
Amendment 548 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 3
3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010, and in coordination with assessments initiated pursuant to Article 21 (6) (b) of Regulation (EU) No 648/2012.
2018/04/13
Committee: ECON
Amendment 557 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 1 – point e a (new)
(ea) The central banks of issue of the financial instruments cleared by the CCP may submit a request to ESMA to participate in such investigations where relevant for the carrying-out of their monetary policy tasks.
2018/04/13
Committee: ECON
Amendment 561 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 d – paragraph 4
4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority concerned may, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the third-country competent authority concerned may also attend the investigations. Investigations in accordance with this Article shall be conducted provided that the relevant third-country authority does not object to them.
2018/04/13
Committee: ECON
Amendment 565 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 e – paragraph 3 – subparagraph 1
In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the on-site inspection without prior notice to the CCP. Inspections in accordance with this Article shall be conducted provided that the relevant third-country authority has confirmed that it does not object to those inspections.
2018/04/13
Committee: ECON