6 Amendments of Corien WORTMANN-KOOL related to 2012/0029(COD)
Amendment 176 #
Proposal for a regulation
Recital 33
Recital 33
(33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed indispensible for eliminating any danger of transmission of the risks from the banking services, such as credit and liquidity risks, to the provision of core services of CSDs. There are no less intrusive measures availabIn order to increase the safety and resilience of securities settlement systems, the risk mitigation measures in the securities settlement systems applicable in particular to credit and liquidity risk should be reinforced. Taking into account the CPSS-IOSCO Principles for eliminating those credit and liquidity risks in order to ensFinancial Market Infrastructures, the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSDstrengthening of prudential requirements on the measurement, monitoring and bmanking services within the same group of undertakings, the requirement that banking services be carried out by a separate credit institution should not prevent that credit institution from belonging to the same group of undertakings as the CSD. If both CSD and banking serviagement of liquidity risk as well as the introduction of a full collateralization requirement for the credit exposures to each participant seem neces sare provided within the same group of undertakings, in order to increase the safety and efficiency of the services provided, the activities of the credit institution providing banking services should be limited to the provision of banking services ancillary to settlement. Furthermore, a derogation to the obligation to separate banking services ancillary to settlement from core CSD services should be available in the absence of any danger of transmission of credit and liquidity risks from the banking services to the provision of core services of CSDs. In order to ensure a consistent application of the possibility to derogate from the obligation on CSDs noty, irrespective of the legal structure of the settlement model. The stricter prudential requirements should help to foster the resilience and stability of the whole settlement system. Banking type of ancillary services may be carried out by a CSD or by a credit institution designated by the CSD for these specific services, if this designation is authorized by the competent authority. If a CSD designates a credit institution to provide any banking type of ancillary services, the Commissdesignation should be empowered to decide, at the request of a national competent authority, whether any such derogation is permitted in view of the absence of systemic risk incurred bynot prevent that credit institution from belonging to the same group of undertakings as the CSD in order to secure the efficiencies resulting from the provision of both CSD core and banking services bywithin the same legal entity. In any case, the activities of a CSD benefiting from any such derogation and authorised as a credit institutiongroup of undertakings. If both CSD and banking services are provided within the same group of undertakings, in order to increase the safety and efficiency of the services provided, the activities of the credit institution providing banking services should be limited exclusively to the provision of banking services ancillary to settlement.
Amendment 453 #
Proposal for a regulation
Article 35 – paragraph 3 a (new)
Article 35 – paragraph 3 a (new)
3 a. A CSD shall allow its participants to open and to hold both omnibus securities accounts and single beneficiary securities accounts concurrently. Those services should be provided on reasonable commercial terms, including costs. Member States shall not prevent CSDs from fulfilling the obligation in the first subparagraph.
Amendment 520 #
Proposal for a regulation
Title 4
Title 4
Amendment 522 #
Proposal for a regulation
Article 52 – title
Article 52 – title
Authorisation to provide banking type of ancillary services by designating an authorised credit institution
Amendment 586 #
Proposal for a regulation
Article 52 a (new)
Article 52 a (new)
Amendment 631 #
Proposal for a regulation
Article 58 – paragraph 1 a (new)
Article 58 – paragraph 1 a (new)
1 a. If a CSD authorised as a credit institution that has notified its competent authority according to Article 52a (3) is not in compliance with Article 57 (3) and (4) of this Regulation, the competent authority may notwithstanding any measures under the Directive 2006/48/EC withdraw the authorisation of the CSD in accordance with Article 18 of this Regulation.