9 Amendments of Gunnar HÖKMARK related to 2011/0296(COD)
Amendment 147 #
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliserof vital importance that alternative market places can emerge, offering sellers and buyers a level field and balanced formation of prices not least for the settlement of large scale and irregular transactions.
Amendment 182 #
Proposal for a regulation
Recital 34
Recital 34
(34) The provision of services by third country firms in the Union is subject to national regimes and requirements. These regimes are highly differentiated and the firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is appropriate to introduce a common regulatory framework at Union level. The regime should harmonize the existing fragmented framework, ensure certainty and uniform treatment of third country firms accessing the Union, ensure that and equivalence assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of third countries and should provide for a comparable level of protections to investors in the EU receiving services by third country firms. In applying the requirements relating to third country firms, the Commission and Member States should have regard to the central role that the Union plays in worldwide financial markets, the importance of openness for attracting investments, the need to preserve European financial centres, the interdependence of EU and third country financial markets, and the benefits to EU investors and issuers, citizens, companies, public authorities, and the European economy, of worldwide international trade. Having regard to the wide scope of financial services requiring a licence under MIFID, the application of the third country requirements should not, except where justified by objective and evidence-based prudential concerns, have the effect of preventing EU investors and issuers from investing in or obtaining funding from third countries, nor of preventing third country investors and issuers from investing, raising capital, or obtaining other financial services in European markets.
Amendment 201 #
Proposal for a regulation
Article 1 – paragraph 4 a (new)
Article 1 – paragraph 4 a (new)
4 a. Member States may, fully or partially, exempt from the application of articles 7, 9, 17 and 20, financial instruments that are denominated in a domestic currency that is not a major trading currency. Member States shall notify ESMA of the intended use of this exemption.
Amendment 406 #
Proposal for a regulation
Article 13 a (new)
Article 13 a (new)
Article 13 a Obligation to trade OTC through systematic internalisers 1. All transactions in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments which are not intragroup transactions as referred to in Article 2a of Regulation (EU) No .../... [EMIR] and which are not concluded on a regulated market, MTF or OTF shall be concluded through a systematic internaliser unless the transaction involves the primary issuance of the instrument or is carried out OTC. 2. All transactions in bonds, structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are eligible for clearing or which are admitted to trading on a regulated market or are traded on an MTF or an OTF and which are not subject to the trading obligation under Article 26, which are not concluded on a regulated market, MTF, OTF or third-country trading venue assessed as equivalent in accordance with Article 26(4), shall be concluded through a systematic internaliser unless the transaction involves the primary issuance of the instrument or is carried out OTC.
Amendment 637 #
Proposal for a regulation
Article 29 – paragraph 4
Article 29 – paragraph 4
4. The competent authority of the trading venue may only deny a CCP access to a trading venue where such access would threaten the smooth or orderly functioning of markets or would result in reinforcing the position of a CCP having already a major market share of the European clearing business. If a competent authority denies access on that basis it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the CCP and the trading venue and the CCP including the evidence on which itsthe decision is based. Access rights of a CCP to a trading venue with respect to OTC derivatives shall be established in accordance with the provisions of Regulation [ ] (EMIR).
Amendment 654 #
Proposal for a regulation
Article 29 – paragraph 6 – point b a (new)
Article 29 – paragraph 6 – point b a (new)
(ba) what would constitute a threat to the smooth or orderly functioning of markets which would justify that competent authorities deny access pursuant to Article 29.4.
Amendment 655 #
Proposal for a regulation
Article 29 – paragraph 6 – point b b (new)
Article 29 – paragraph 6 – point b b (new)
(bb) what would constitute a major market share of the European clearing business for the purposes of Article 29.4.
Amendment 790 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
The Commission may adopt a decision in accordance with the procedure referred to in Article 42 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third country comply with legally binding requirements which have equivalent effect to the requirements set out in Directive No [MiFID], in this Regulation and in Directive 2006/49/EC [Capital Adequacy Directive] and in their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directivefundamental rules apply which safeguard equivalent surveillance and stability.
Amendment 794 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2 – introductory part
Article 37 – paragraph 1 – subparagraph 2 – introductory part
The prudential framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions: