10 Amendments of Wolf KLINZ related to 2017/0136(COD)
Amendment 202 #
Proposal for a regulation
Recital 33
Recital 33
(33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and the relevant central bank(s) of issue conclude that a third-country CCP is of such systemic importance that additional requirements will not ensure the financial stability of the Union, ESMA should be able to recommend to the Commission that that CCP should not be recognised. TOn the basis of that recommendation, the Commission should be able to adopt an implementing act declaring that one or more clearing services of the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union.
Amendment 312 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 2
Article 21 – paragraph 3 – subparagraph 2
The CCPs shall be subject to on-site inspections. ESMA staff shall be invited to participate in these on-site inspections, unless ESMA decides otherwise.
Amendment 466 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b
Article 25 – paragraph 2 b – point b
(b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an applicationthe deadline to respond to the consultation referred to in point (f) of paragraph 3, that the CCP complies with any requirements imposed by those central banks of issue in the carrying out of their monetary policy tasks. Where the relevant central bank of issue has not provided a written response to ESMA within the deadline, ESMA may consider this requirement to be fulfilled;relation to stress testing, reporting, liquidity or collateral, on-site inspections, or the opening by the CCP of a cash account at a central bank.
Amendment 474 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point e a (new)
Article 25 – paragraph 2 b – point e a (new)
(ea) taking effect on 1.1.2021, the CCP is located in the European Economic Area.
Amendment 488 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 2
Article 25 – paragraph 2 c – subparagraph 2
After submission of the recommendation referred to in the first subparagraph, the Commission may adopt an implementing act declaring that that CCP shall not be recognised pursuant to paragraph 2b and that it may only provide clearing services in the Union after it has been granted authorisation in accordance with Article 14. This implementing act shall specify a transition period during which the CCP remains recognised. When determining the length of this transition period the Commission shall endeavour to minimise market disruption.
Amendment 492 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b a (new)
Article 2 – paragraph 1 – point 9 – point b a (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 3 – introductory part
Article 25 – paragraph 3 – introductory part
(ba) paragraph 3 is amended as follows: "3. When assessing whether the conditions referred to in paragraph 2 or paragraph 2a are met, ESMA shall consult: Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32012R0648)
Amendment 550 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 3 a (new)
Article 25 b – paragraph 3 a (new)
3a. Where, further to the review referred to in the paragraph 3a, ESMA determines that a Tier 1 CCP has become significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 2 CCP, Articles 25b to 25f shall start to apply to that CCP within one year following the notification to that CCP by ESMA that it will be reclassified as a Tier 2 CCP. Where, following the review referred to in paragraph 4, ESMA assesses that a Tier 2 CCP is no longer significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 1 CCP, Articles 25b to 25f shall cease to apply to that CCP.
Amendment 592 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 m – paragraph 1 – subparagraph 3 a (new)
Article 25 m – paragraph 1 – subparagraph 3 a (new)
The withdrawal of the recognition shall not apply to financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition, as well as to contractual obligations arising from financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition.
Amendment 596 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 m a (new)
Article 25 m a (new)
Article 25ma Where a CCP would cease to be authorised solely as a result of being established in a Member State which ceases to be a member of the European Union, the CCP shall remain authorised for a transition period of 90 days from the date of which the Member State in which the CCP is established ceases to be a member of the European Union. The Commission may adopt an implementing act prolonging this transition period. When determining the length of this transition period the Commission shall endeavour to minimise market disruption.
Amendment 605 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 89 – paragraph 3 a
Article 89 – paragraph 3 a
3a. ESMA shall not exercise its powers pursuant to paragraph 2a, 2b and 2c of Article 25 until [insert date of entry into force of the delegated act referred to in the second subparagraph of paragraph 32a of that Article]