21 Amendments of Jean-Paul GAUZÈS related to 2012/0029(COD)
Amendment 153 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20 a) The authorised CSDs should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 205 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘central securities depository’ ('‘CSD'’) means a legal person that operates a securities settlement system listed in point 3 of Section A of the Annex and performs at least onthe otheree core services listed in Section A of the Annex;
Amendment 230 #
Proposal for a regulation
Article 2 – paragraph 1 – point 31 a (new)
Article 2 – paragraph 1 – point 31 a (new)
(31 a) 'issuance account' means a unique account at CSD level, on which any legal entity or an issuer agent acting on behalf of the legal entity, that issues transferable securities will hold the total position ( in units or in nominal value depending of the underlying security) of the capital of the issued transferable security;
Amendment 233 #
Proposal for a regulation
Article 2 – paragraph 1 – point 31 b (new)
Article 2 – paragraph 1 – point 31 b (new)
(31 b) 'single beneficiary securities account' means an account held with a CSD on which securities are recorded that are owned by only one single end investor;
Amendment 338 #
Proposal for a regulation
Article 16 – paragraph 4 a (new)
Article 16 – paragraph 4 a (new)
4 a. An authorised CSD should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 375 #
Proposal for a regulation
Article 21 – paragraph 2 – point b
Article 21 – paragraph 2 – point b
(b) a programme of operations stating in particular the services which it intends to provide and the currencies it processes;
Amendment 379 #
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. Within three months from the receipt of the information referred to in paragraph 2, the competent authority shall communicate that information to the competent authority and the relevant authorities referred to in Article 11 of the host Member State unless, by taking into account the provision of services envisaged, it has reasons to doubt the adequacy of the administrative structure or the financial situation of the CSD wishing to provide its services in the host Member State.
Amendment 380 #
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. Where the competent authority refuses to communicate the information to the competent authorityies of the host Member State, it shall give reasons for its refusal to the CSD concerned within three months of receiving all the information.
Amendment 382 #
Proposal for a regulation
Article 21 – paragraph 5 – point b
Article 21 – paragraph 5 – point b
(b) in the absence of any receipt of a communication, after two months from the date of transmission of the communication referred to in paragraph 3 and (ba) unless the authorities in the host Member State, having considered the services provided in that Member State substantial, subject the authorization to a specific assessment and consequently object to it on consideration of systemic risk. In case of disagreement between the home and the host authority, ESMA shall settle the issue in accordance with Article 19 of Regulation (EU) No 1095/2010, and where the disagreement refers to the SSS operated by the CSD, in consultation with the members of the ESCB.
Amendment 388 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. Where a CSD authorised in one Member State has established a branch in another Member State, the competent authority of the home Member State of the CSD, in the exercise of its responsibilities and after informing, may require cooperation of the competent authority of the host Member State, mayin particular when carrying out on-site inspections in that branch.
Amendment 390 #
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. The competent authority of the home Member State of the CSD shall, on the request of the competent authority or of the relevant authority referred to under Article 11 of the host Member State and within an appropriate time frameout undue delay, communicate the identity of the issuers and participants to the securities settlement systems operated by the CSD which provides services in that host Member State and any other relevant information concerning the activities of that CSD in the host Member State in particular information concerning adverse developments, results of risks assessments, remedial measures, in order to coordinate oversight and supervision activities with the host authorities.
Amendment 391 #
Proposal for a regulation
Article 22 – paragraph 4
Article 22 – paragraph 4
4. When, taking into account the situation of the securities markets in the host Member State, the activities of a CSD that has established a branch or interoperability links with other CSDs or security settlement systems in that host Member State have become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the home and host relevant and competent authorities shall establish cooperation arrangements for the supervision of the activities of that CSD in the host Member Statea college of supervisors and overseers to facilitate the cooperation under Article 12 and paragraphs 1, 2 and 3 of Article 22. The establishment and functioning of the college shall be based on written arrangements. These arrangements shall specify the operational organisation of the college, the membership and the participation in college activities, the governance and the sharing of information.
Amendment 398 #
Proposal for a regulation
Article 22 – paragraph 7 – subparagraph 1
Article 22 – paragraph 7 – subparagraph 1
ESMA, shall, in close cooperation with the members of the ESCB, develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation arrangements referred to in paragraphs 1, 3 and 5, and for the establishment of colleges referred to in paragraph 4.
Amendment 465 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with a central bank operating in such currency whenever practical and available.
Amendment 466 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. When it is not practical and available to settlement in central bank accounts is not available, a CSD may offer to settle the cash payments for all or part of its securities settlement systems through accounts opened with a credit institution. If a CSD offers to settle in accounts opened with a credit institution, it shall do so in accordance with the provisions of Title IV.
Amendment 468 #
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
Amendment 470 #
Proposal for a regulation
Article 37 – paragraph 4
Article 37 – paragraph 4
Amendment 471 #
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. The Commission shall be empowered to adopt, in close cooperation with the members of the ESCB, delegated acts in accordance with Article 64 concerning measures defining the cases when the settlement of the cash payments in a specific currency through accounts opened with a central bank is not practical and available and the methods of assessment thereof.
Amendment 495 #
Proposal for a regulation
Article 46
Article 46
Applicable law to proprietary aspects 1. Any question with respect to proprietary aspects in relation to financial instruments held by a CSD shall be governed by the law of the country where the account is maintained. 2. Where the account is used for settlement in a securities settlement system, the applicable law shall be the one governing that securities settlement system. 3. Where the account is not used for settlement in a securities settlement system, that account shall be presumed to be maintained at the place where the CSD has its habitual residence as determined by Article 19 of Regulation (EC) No 593/2008 of the European Parliament and the Council. 4. The application of the law of any country specified in this Article shall comprise the application of the rules of law in force in that country other than its rules of private international law.rticle 46 deleted
Amendment 532 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
Amendment 575 #
Proposal for a regulation
Article 52 – paragraph 5
Article 52 – paragraph 5
5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, tThe authorisation as provided in Title II of Directive 2006/48/EC of suchthe designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 3 of this Article. The same requirement applies in respect of a CSD that has been granted a derogation under paragraph 2 of this Article.