BETA

6 Amendments of Corien WORTMANN-KOOL related to 2012/0029(COD)

Amendment 176 #
Proposal for a regulation
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 available for eliminating those credit and liquidity risks in order to ensure the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSD and banking 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 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 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 not to provide any banking type of ancillary services, the Commission 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 by the provision of both CSD core and banking services by the same legal entity. In any case, the activities of a CSD benefiting from any such derogation and authorised as a credit institution should be limited exclusivelyIn 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 Financial Market Infrastructures, the strengthening of prudential requirements on the measurement, monitoring and management of liquidity risk as well as the introduction of a full collateralization requirement for the credit exposures to each participant seem necessary, 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 banking type of ancillary services, the designation should not 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 and banking services within the same group 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 to the provision of banking services ancillary to settlement.
2012/11/12
Committee: ECON
Amendment 453 #
Proposal for a regulation
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.
2012/11/12
Committee: ECON
Amendment 520 #
Proposal for a regulation
Title 4
Credit institutions designated to provideProvision of banking type of ancillary services for CSDs’ participaclients
2012/11/12
Committee: ECON
Amendment 522 #
Proposal for a regulation
Article 52 – title
Authorisation to provide banking type of ancillary services by designating an authorised credit institution
2012/11/12
Committee: ECON
Amendment 586 #
Proposal for a regulation
Article 52 a (new)
Article 52 a Provision of banking type of ancillary services by a CSD with a limited banking licence 1. A CSD shall not provide banking services, except as otherwise stated under this Title. 2. When providing banking type of ancillary services as set out in Section C of the Annex to its clients a CSD needs to be authorised as a credit institution as provided in Title II of Directive 2006/48 by the competent authority. 3. The CSD shall notify to the competent authority which banking type of ancillary services as set out in Section C of the Annex it intends to provide. The notification shall contain all the information that is necessary to enable the competent authority to satisfy itself that the CSD has established all the necessary arrangements to meet its obligations set out in this Regulation. It shall contain the information on how the CSD intends to meet the prudential requirements as set out in Article 57 (3) and (4). 4. The CSD shall comply at all times with the conditions necessary for authorisation under this Regulation in particular Article 57 and the applicable requirements under Directive 2006/48/EC. The CSD shall, without undue delay, notify the competent authorities of any material changes affecting the conditions for authorisation, the provision of banking type of ancillary services as set out in Section C of the Annex or any change in the scope of the banking services provided. 5. The competent authority shall inform all relevant authorities of any notification of a CSD received under this Article. 6. ESMA shall develop in consultation with the members of the ESCB draft regulatory technical standards to specify the information that the CSD shall provide to the competent authority for the notification in accordance with paragraphs 3 and 4. ESMA shall submit those draft regulatory technical standards to the Commission by six months from the date of entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
2012/11/12
Committee: ECON
Amendment 631 #
Proposal for a regulation
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.
2012/11/12
Committee: ECON