13 Amendments of Jean-Paul GAUZÈS related to 2011/0296(COD)
Amendment 107 #
Proposal for a regulation
Recital 7 a (new)
Recital 7 a (new)
Amendment 108 #
Proposal for a regulation
Recital 7 b (new)
Recital 7 b (new)
(7b) In order to guarantee the quality of the price formation process on stock markets, provision should be made to ensure that internal trade-matching systems which are not subject to pre- negotiation transparency rules do not absorb too large a volume of orders in relation to the general volume of the market. To this end, it should not be permitted to link such systems, and it should be laid down that above a certain threshold these systems will be required to obtain MTF status or, where appropriate, MR status. EMSA should draw up technical standards to determine this threshold.
Amendment 109 #
Proposal for a regulation
Recital 7 c (new)
Recital 7 c (new)
(7c) ‘Internal trade-matching systems’ means any electronic trade-matching system relating to shares or similar securities operated by an investment firm to allow its customers' orders and, where appropriate, orders for its own account, to be cross-executed.
Amendment 233 #
Proposal for a regulation
Article 2 – paragraph 1 – point 8 a (new)
Article 2 – paragraph 1 – point 8 a (new)
(8 a) 'Over-the-counter' trading or "OTC" trading for equity and equity-like instruments designates trading that meets all the following criteria: − conducted, pre-trade, on a bilateral basis; and − conducted between eligible counterparties; and − conducted on a non-systematic, ad-hoc, irregular and infrequent basis, without the use of automated technology; and − characterised by transactions that are large in scale or that fall into a set of OTC categories defined by ESMA;
Amendment 262 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in Article 3(1) based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of: - orders that are large in scale compared with normal market size for the share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or type of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument in question; - a trading methodology by which the price is determined in accordance with a reference price generated by another system, where that reference price is widely published and is regarded generally by market participants as a reliable reference price.
Amendment 270 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an binding opinion to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this,For the avoidance of doubt, the opinion from ESMA being binding, a competent authority shall only grant the waiver if it is fully compatible with the ESMA decision. Where that competent authority may refgrants the waiver, the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010.is waiver shall become automatically applicable in all Member States ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 277 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The CommissionESMA shall adopt, by means of delegated acts in accordance with Article 41binding technical standards, measures specifying:
Amendment 279 #
Proposal for a regulation
Article 4 – paragraph 3 – point c
Article 4 – paragraph 3 – point c
Amendment 282 #
Proposal for a regulation
Article 4 – paragraph 3 – point c
Article 4 – paragraph 3 – point c
(c) the market model for which pre-trade disclosure may be waived under paragraph 1, and in particular, the applicability of the obligation to trading methods operated by regulated markettrading venues which conclude transactions under their rules by reference to prices established outside the regulated market or by periodic auction for each class of financial instrument concerned.
Amendment 311 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 337 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 6 months before the waiver is intended to take effect. Within 3 months following receipt of the notification, ESMA shall issue an binding / positive opinion to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraphs 4(b). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010 and (c). For the avoidance of doubt, the opinion from ESMA being binding, a competent authority shall only grant waivers in full compliance with ESMA's opinion. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 345 #
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. The CommissionESMA shall adopt, by means of delegated acts in accordance with Article 41binding technical standards, measures specifying:
Amendment 355 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii
Article 8 – paragraph 4 – point b – point iii
(iii) for bonds, structured products and emission allowances, the liquidity profile, including the number and type of market participants in a given market and any other relevant criteria for assessing liquidity;