76 Amendments of Syed KAMALL related to 2013/0314(COD)
Amendment 131 #
Proposal for a regulation
Recital 1
Recital 1
(1) The pricing of many financial instruments and financial contracts depends on the accuracy and integrity of benchmarks. Cases of manipulation of interest rate benchmarks such as LIBOR and EURIBOR, as well as allegations that energy, oil and foreign exchange benchmarks have been manipulated, have demonstrated that benchmarks whose setting processes share certain characteristics, such as being subject to conflicts of interest, the use of discretion and weak governance, may be vulnerable to manipulation. Failures in, or doubts about, the accuracy and integrity of indices used as benchmarks may undermine market confidence, cause losses to consumers and investors and distort the real economy. It is therefore necessary to ensure the accuracy, robustness and integrity of benchmarks and the benchmark -setting process for certain critical, vulnerable or systemically relevant benchmarks.
Amendment 134 #
Proposal for a regulation
Recital 3
Recital 3
(3) Benchmarks are vital in pricing cross- border transactions and thereby facilitating the effective functioning of the internal market in a wide variety of financial instruments and services. Many benchmarks used as reference rates in financial contracts, in particular mortgages, are produced in one Member State but used by credit institutions and consumers in other Member States. In addition, these credit institutions often hedge their risks or obtain the funding for granting these financial contracts in the cross border interbank market. Only two Member States have adopted national legislation on critical benchmarks, but their respective legal frameworks on benchmarks already show divergences regarding aspects such as the scope of application. In addition, the International Organisation Securities Commissions (IOSCO) has recently agreed principles on benchmarks and, since these principles provide a certain flexibility as to their exact scope and means of their implementation and in relation to certain terms, Member States are likely to adopt legislation at national level which would implement such principles divergentlthat should be taken into account to ensure global consistency.
Amendment 136 #
Proposal for a regulation
Recital 7
Recital 7
(7) It is appropriate and necessary for those rules to take the legislative form of a Regulation in order to ensure that provisions directly imposing obligations on persons involved in benchmark production, contribution and use are applied in a uniform manner throughout the Union. Since a legal framework for the provision of benchmarks necessarily involves measures specifying precise requirements on all different aspects inherent to the provision ofsome aspects of the provision of critical, vulnerable or systemically relevant benchmarks, even small divergences on the approach taken regarding one of these aspects could lead to significant impediments in the cross border provision of benchmarks. Therefore, the use of a Regulation, which is directly applicable without requiring national legislation, should reduce the possibility of divergent measures being taken at national level, and should ensure a consistent approach, greater legal certainty and prevent the appearance of significant impediments in the cross-border provision of benchmarks.
Amendment 137 #
Proposal for a regulation
Recital 8
Recital 8
(8) The scope of this Regulation should be as broad as necessary to create a preventive regulatory framewolimited to critical, vulnerable or systemically relevant benchmarks. The production of critical, vulnerable or systemically relevant benchmarks involves discretion in their determination and is inherently subject to certain types of conflicts of interest, which implies the existence of opportunities and incentives to manipulate those benchmarks. These risk factors are common to all benchmarks, and all of them should be made subject to adequate governance and control requirements. Since the vulnerability and importance of a benchmark varies over time, restricting the scope by reference to currently important or vulnerable indices would not address the risks that those critical, vulnerable or systemically relevanyt benchmark may pose in the future. In particular, benchmarks that are currently not widely used may be so used in the future, so that, in their regard, even a minor manipulation may have significant impacts, and should therefore be made subject to adequate governance and control requirements.
Amendment 144 #
Proposal for a regulation
Recital 9
Recital 9
(9) The critical determinant of the scope of this Regulation should be whether the output valuerisk-based and proportionate based ofn the benchmark determines the value of a financial instrument, financial contract or measures the performance of an investment fund. Therefore the scope should not be dependent on the nature of the input data. Benchmarks calculated from economic input data, such as share prices and non- economic number or values such as weather parameters should thus be included. The framework should cover those benchmarks subject to these risks, but should also provide for a proportionate response to the risks that different benchmarks pose. This Regulation should therefore cover all benchmarks which are used to price financial instruments listed or traded on regulated venuesway in which data is inputted into the benchmark setting process since it is at this point that a benchmark is manipulated. This means that a benchmark should only be deemed to be in the scope of this Regulation if it is deemed to be a critical, vulnerable or systemically relevant benchmark.
Amendment 153 #
Proposal for a regulation
Recital 12
Recital 12
(12) All bBenchmark administrators are potentially subject to conflicts of interest, exercise discretion and may have inadequate governance and control systems in place. Further, as administrators control the benchmark process, requiring authorisation and supervision of administrators is the most effective way of ensuring the integrity of benchmarks.
Amendment 155 #
Proposal for a regulation
Recital 14
Recital 14
(14) An administrator is the natural or legal person that has control over the provision of a benchmark, in particular who administers the benchmark, collects and analyses the input data, determines the benchmark and in some cases publishes the benchmark. However, where a person merely publishes or refers to a benchmark as part of his or her journalistic activities but does not have control over the provision of that benchmark, that person should not be subject to the requirements imposed on administrators by this Regulation.
Amendment 160 #
Proposal for a regulation
Recital 17
Recital 17
(17) Vulnerabilities in the process of providing a benchmark that are not subject to adequate governance create the possibility to manipulate a benchmark. Where benchmarks are available to the public the full extent of these risks may not be taken into account and so insufficient controls and governance may be implemented. In order to ensure the integrity of benchmarks, benchmark administrators should be required to implement adequate governance arrangements to control these conflicts of interest and to safeguard confidence in the integrity of benchmarks. Even where effectively managed, most administrators are subject to some conflicts of interest and may have to make judgements and decisions which affect a diverse group of stakeholders. It is therefore necessary that administrators have an independent function to oversee the implementation and effectiveness of the governance arrangements that provide effective oversight.
Amendment 166 #
Proposal for a regulation
Recital 26
Recital 26
(26) The integrity and accuracy of benchmarks depends on the integrity and accuracy of the input data provided by contributors. It is essential that the obligations of the contributors in respect of this input data are clearly specified, can be relied on and are consistent with the benchmark administrator's controls and methodology. It is therefore necessary that the benchmark administrator produces a code of conduct to specify these requirements, where proportionate, and that the contributors are bound by that code of conduct.
Amendment 172 #
Proposal for a regulation
Recital 29
Recital 29
(29) Different types of critical, vulnerable or systemically relevant benchmark and different benchmark sectors have different characteristics, vulnerabilities and risks. The provisions of this Regulation should be further specified for particular benchmark sectors and types. Interbank interest rate benchmarks are benchmarks that play an important role in the transmission of monetary policy and so it is necessary to specify how these provisions would apply to these benchmarks in this Regulation. Commodity benchmarks are widely used and have sector specific characteristics and so it is necessary to specify how these provisions would apply to these benchmarks in this Regulation.
Amendment 176 #
Proposal for a regulation
Recital 30
Recital 30
(30) The failure of certain critical benchmarks may have a significant impact on financial stability, market orderliness or investors and it is therefore necessary that additionalthe requirements in this Regulation apply to ensure the integrity and robustness of these critical benchmarks. Where a benchmark references a significant value of financial instruments it willmay have such an impact. It is therefore necessary that the Commission determines those benchmarks that reference financial instruments above a certain threshold and should be considered critical benchmarks.
Amendment 184 #
Proposal for a regulation
Recital 34
Recital 34
(34) This Regulation should take into account the Principles for financial benchmarks issued by the International Organization of Securities Commissions (IOSCO) (hereinafter referred to as ‘IOSCO Principles’) on the 17 July 2013 which serve as a global standard for regulatory requirements for benchmarks. It is necessary for investor protection that an assessment that the supervisionors and regulation in any third country are equivalent to Union supervision and regulation of benchmarks takes place before any benchmark provided from that third country can be used in the Unioncompliant with these principles.
Amendment 196 #
Proposal for a regulation
Recital 41
Recital 41
(41) This Regulation respects the fundamental rights and observes the principles recognised in the Treaty on the Functioning of the European Union (TFEU) and in the Charter of Fundamental Rights of the European Union, in particular the right to respect for private and family, the protection of personal data, the right to freedom of expression and information, the freedom to conduct a business, the right to property, the right to consumer protection, the right to an effective remedy, the right of defence. Therefore, this Regulation should be interpreted and applied in accordance with those rights and principles. In this regard, in order to uphold the rules governing the freedom of the press and the freedom of expression in other media, this Regulation shall not apply to the press, other media and journalists or in any way prevent Member States from applying their constitutional rules relating to freedom of the press or freedom of expression.
Amendment 204 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall apply to the provision of benchmarks, the contribution of input data to athe following benchmarks: a) critical benchmarks; b) benchmarks that the competent authority has investigated and concluded by way of a reasoned decision requires supervision due to its vulnerability ESMA shall develop draft regulatory technical standards, taking into account the different characteristics of benchmarks and the use of a benchmark within the Union. contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to determine the specific criteria for determining whether a benchmark is defined as laid out in paragraphs a) and b) ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 212 #
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(b a) the press, other media and journalists in the conduct of their journalistic activities, including the provision of information relating to or used as indices or benchmarks.
Amendment 259 #
Proposal for a regulation
Article 3 – paragraph 1 – point 20
Article 3 – paragraph 1 – point 20
Amendment 264 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘'critical benchmark’' means a benchmark, the majority of contributors to which are supervised entities and that reference financial instruments having a notional value of at least 500 billion euro;, is systemically-relevant and/or for which there is no reasonable substitute so that cessation of the benchmark would have a significant adverse impact on financial stability, the orderly functioning of the markets, consumers or the real economy.
Amendment 274 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 a (new)
Article 3 – paragraph 1 – point 22 a (new)
(22 a) 'expert judgement' means "the exercise of discretion by an Administrator or Submitter with respect to the use of data in determining a Benchmark. Expert Judgment includes extrapolating values from prior or related transactions, adjusting values for factors that might influence the quality of data such as market events or impairment of a buyer or seller's credit quality, or weighting firm bids or offers greater than a particular concluded transaction."
Amendment 279 #
Proposal for a regulation
Article 4
Article 4
Amendment 286 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
Amendment 288 #
Proposal for a regulation
Article 5 – paragraph 3 – introductory part
Article 5 – paragraph 3 – introductory part
3. The Commission shall be empowered to adopt delegated actsESMA shall develop draft regulatory technical standards, taking into accordance with Article 37 to further specify the governance and control requirements under Section A of Annex 1. The Commission shall take account of the following: (a) developments in benchmarks and financial markets in light of international convergence of supervisory practice in relation to governance requirements of benchmarks; (b) specific features of different types of benchmarks and administrators; (c) existing or potential conflicts of interest in the provision of benchmarks, the vulnerability of the benchmarks to manipulation and the importance of benchmarks to financial stability, markets and investorsunt the different characteristics of benchmarks and contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to further specify the governance and control requirements laid down in paragraph 1. ESMA shall focus specifically on requirements for governance and conflicts of interest management, oversight, control and accountability. ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 292 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 296 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Where an administrator outsources functions or any relevant services and activities in the provision of a benchmark to any service provider, it shall remain fully responsible for discharging all of its obligations under this Regulation. ESMA shall develop draft regulatory technical standards, taking into account the different characteristics of benchmarks and contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to determine the specific requirements on administrators where outsourcing takes place. ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 298 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 1
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 1
The input data shall be transaction data. If available transaction data is not sufficient to represent accurately and reliably the market or economic reality that the benchmark is intended to measure, input data which is not transaction data may be used provided that such data is verifiable or if expert judgement as defined in Article 3 paragraph 1 – point 21 b (new) is considered by the administrator to be necessary or publicly sourced from regulatory filings.
Amendment 308 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
Amendment 310 #
Proposal for a regulation
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 37 concerning measures to further specify the controls in respect of input data, the circumstances under which transaction data may not be sufficient and how this can be demonstrated to supervisors and the requirements for developing methodologies . The Commission shall take account of the following:ESMA shall develop draft regulatory technical standards, taking into account the different characteristics of benchmarks and contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to specify requirements to ensure: (a) Sufficient and accurate data and representative contribution requirements (b) Robust and reliable methodologies (c) Transparency of the methodology ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 311 #
Proposal for a regulation
Article 7 – paragraph 3 – point a
Article 7 – paragraph 3 – point a
Amendment 312 #
Proposal for a regulation
Article 7 – paragraph 3 – point b
Article 7 – paragraph 3 – point b
Amendment 313 #
Proposal for a regulation
Article 7 – paragraph 3 – point c
Article 7 – paragraph 3 – point c
Amendment 317 #
Proposal for a regulation
Article 8 – paragraph 2 – introductory part
Article 8 – paragraph 2 – introductory part
2. The administrator shall monitor the input data and contributors in order to identify breaches of the [Market Abuse Regulation] and any conduct that may involve manipulation or attempted manipulation of the benchmark and notify the relevant competent authority in accordance with Article 11(2) of the [Market Abuse Regulation] and provide all relevant information where it suspectsthe administrator has a reasonable suspicion that, in relation to the administrator's benchmark, there has been:
Amendment 326 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The code of conduct shall be signprovided by the administrator and the contributors and, insofar as is practicable with regard to the nature and location of the contributors, shall be legally binding on all parties to it.
Amendment 333 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 1
Article 9 – paragraph 3 – subparagraph 1
Amendment 334 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 2
Article 9 – paragraph 3 – subparagraph 2
Amendment 343 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. A supervised contributor shall comply with the requirements concerning systems and controls set out in Section E of Annex Ito be specified by ESMA, subject to paragraph 4.
Amendment 345 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
3. A supervised contributor shall fully cooperate with the administrator and the relevant competent authority in the auditing and supervision of the provision of a benchmark and make available the information and records kept in accordance with Section E of Annex 1standards to be specified by ESMA, subject to paragraph 4.
Amendment 347 #
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 1
Article 11 – paragraph 4 – subparagraph 1
Amendment 348 #
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 2
Article 11 – paragraph 4 – subparagraph 2
Amendment 351 #
Proposal for a regulation
Title 3
Title 3
SPECTORALIFIC REQUIREMENTS FOR INTERBANK INTEREST RATE BENCHMARKS AND CRITICAL BENCHMARKS
Amendment 353 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
Amendment 357 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 358 #
Proposal for a regulation
Article 12 – paragraph 3 – introductory part
Article 12 – paragraph 3 – introductory part
3. The Commission shall be empowered to adopt delegated actsESMA shall develop draft regulatory technical standards, taking into accordance with Article 39 to specify, or adjust, in light of market and technological developments and international developments, the following elements of Annexes II and III: unt the different characteristics of benchmarks and contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to determine the additional requirements for interbank interest rate benchmarks. These shall include:
Amendment 361 #
Proposal for a regulation
Article 12 – paragraph 3 – point a
Article 12 – paragraph 3 – point a
(a) The period of time after which input data shall be published (Annex II point 6)Requirements for accurate and sufficient data, where the input data is estimates or quotes.
Amendment 363 #
Proposal for a regulation
Article 12 – paragraph 3 – point b
Article 12 – paragraph 3 – point b
(b) The processes for election and nomination and responsibilities of the oversight committee (Annex II points 8, 9 and 10)Requirements for data transparency in addition to Article 16 in the case of input data composed of estimates
Amendment 364 #
Proposal for a regulation
Article 12 – paragraph 3 – point c
Article 12 – paragraph 3 – point c
(c) The frequency of audits (Annex II point 12)Requirements for administrator governance including an independent oversight function, internal and external audits
Amendment 365 #
Proposal for a regulation
Article 12 – paragraph 3 – point d
Article 12 – paragraph 3 – point d
(d) The processes by which input data is provided to be specified in the code of conduct (Annex II point 13)Requirements for a code of conduct in addition to those laid out in Article 9.
Amendment 366 #
Proposal for a regulation
Article 12 – paragraph 3 – point e
Article 12 – paragraph 3 – point e
(e) The systems and controls of a contributor (Annex II point 16)Requirements for contributor systems and controls in addition to those laid out in Article 11.
Amendment 367 #
Proposal for a regulation
Article 12 – paragraph 3 – point f
Article 12 – paragraph 3 – point f
Amendment 368 #
Proposal for a regulation
Article 12 – paragraph 3 – point g
Article 12 – paragraph 3 – point g
Amendment 369 #
Proposal for a regulation
Article 12 – paragraph 3 – point h
Article 12 – paragraph 3 – point h
Amendment 370 #
Proposal for a regulation
Article 12 – paragraph 3 – point i
Article 12 – paragraph 3 – point i
Amendment 372 #
Proposal for a regulation
Article 12 – paragraph 3 – point j
Article 12 – paragraph 3 – point j
Amendment 374 #
Proposal for a regulation
Article 12 – paragraph 3 – point k
Article 12 – paragraph 3 – point k
Amendment 376 #
Proposal for a regulation
Article 12 – paragraph 3 – point l
Article 12 – paragraph 3 – point l
Amendment 377 #
Proposal for a regulation
Article 12 – paragraph 3 – subparagraph 1 (new)
Article 12 – paragraph 3 – subparagraph 1 (new)
ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 395 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the contributors to a critical benchmark have ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, tThe competent authority of the administrator of a critical benchmark shall have the power to:
Amendment 401 #
Proposal for a regulation
Article 14 – paragraph 2 a (new)
Article 14 – paragraph 2 a (new)
2a. The competent authority of the administrator of the critical benchmark may include new and existing contributors in the determination laid down in paragraph 2.
Amendment 419 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) describes or listsprovides a non-exhaustive list of the purposes for which it is appropriate to use the benchmark and the circumstances in which it may cease to be fit for such purposes;
Amendment 421 #
Proposal for a regulation
Article 15 – paragraph 2
Article 15 – paragraph 2
2. In order to ensure compliance with paragraph 1, an administrator shall comply with the detailed requirements set out in Section F of Annex 1. ESMA shall develop draft regulatory technical standards, taking into account the different characteristics of benchmarks and contributors, in terms of differences in input data and methodologies, whether the contributions are voluntary, the risks of input data being manipulated, the need to ensure international convergence of supervisory practices and the need for proportionality, to specify detailed requirements for the content of a benchmark statement required for critical, vulnerable or systemically relevant benchmark ESMA shall submit those draft regulatory technical standards to the Commission by [...]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 427 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. An administrator shall publish the input data or the methodology used to determine the benchmark immediately aftat appropriate intervals except where publication of the benchmark except where publicationwould interfere with intellectual property rights, would cause the administrator to breach a duty of confidentiality or would have serious adverse consequences for the contributors or adversely affect the reliability or integrity of the benchmark. In such cases publication may be delayed for a period that significantly diminishes these consequences. Any pPersonal data included in input data shall not be published.
Amendment 437 #
Proposal for a regulation
Article 18
Article 18
Amendment 452 #
Proposal for a regulation
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. Benchmarks provided by an administrator established in a third country may be used by supervised entities in the Union provided that the following conditions are complied with:legal framework, supervisory practice, or rules of the producer or administrator of the benchmark in that third country comply with IOSCO principles for financial benchmarks or other international standards for benchmarks.
Amendment 457 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
Amendment 461 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
Amendment 464 #
Proposal for a regulation
Article 20 – paragraph 1 – point c
Article 20 – paragraph 1 – point c
Amendment 468 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
Amendment 471 #
Proposal for a regulation
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
Amendment 476 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third countrynational rules or legislation that ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013; and
Amendment 480 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point b
Article 20 – paragraph 2 – subparagraph 1 – point b
(b) the binding requirementsnational rules or legislation are subject to effective supervision and enforcement on an on-going basis in that third country.
Amendment 483 #
Proposal for a regulation
Article 20 – paragraph 3 – introductory part
Article 20 – paragraph 3 – introductory part
3. ESMA shall establish cooperation arrangements with the competent authorities of third countries whose legal framework and supervisory practice have been recognised as equivalent in accordance with paragraph 2complying with IOSCO principles for financial benchmarks or other international standards for benchmarks. Such arrangements shall specify at least:
Amendment 505 #
Proposal for a regulation
Article 25
Article 25
Amendment 534 #
Proposal for a regulation
Article 31 – paragraph 1 – point a
Article 31 – paragraph 1 – point a
(a) thepersistent or intentional breaches of Articles 5(1), 6, 7(1), 8, 9, 10, 11, 14, 15, 16, 17, 18, 19, 22 and 23 of this Regulation; and
Amendment 539 #
Proposal for a regulation
Article 32 – paragraph 1 – point b
Article 32 – paragraph 1 – point b
(b) the presence or absence of intent and degree of responsibility of the responsible person;
Amendment 566 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 2
Article 34 – paragraph 10 – subparagraph 2
Amendment 584 #
Proposal for a regulation
Annex 1
Annex 1
Amendment 638 #
Proposal for a regulation
Annex 2
Annex 2
Amendment 644 #
Proposal for a regulation
Annex 3
Annex 3