7 Amendments of Anni PODIMATA related to 2010/0251(COD)
Amendment 158 #
Proposal for a regulation
Recital 8
Recital 8
(8) The notification requirements for sovereign debt should apply to the debt issued by the Union and Member States, including any ministry, department, central bank, agency or instrumentality that issues debt on behalf of a Member State or the Union but excluding regional bodies or quasi public bodies that issue debt.
Amendment 177 #
Proposal for a regulation
Recital 13
Recital 13
(13) Buying credit default swaps without having a long position in underlying sovereign debt can be, economically speaking, equivalent to taking a naked short position on the underlying debt instrument. The calculation of a net short position in relation to sovereign debt should therefore include credit default swaps relating to an obligation of a sovereign debt issuer. The credit default swap position should be taken into account both for the purposes of determining whether a natural or legal person has a significant net short position relating to sovereign debt that needs to be notified to a competent authority or a significant uncovered position in a credit default swap relating to an issuer of sovereign debt that needs to be notified to the authority.
Amendment 190 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) Sovereign credit default swaps should be based on the insurable interest principle. Uncovered positions in sovereign credit default swaps are used to take uncovered short positions on sovereign bonds, take liquidity away from the relevant bond markets and artificially increase borrowing costs for Member States with detrimental effects on their ability to refinance their debt in times of crises. Uncovered positions in sovereign credit default swaps should therefore be prohibited.
Amendment 341 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
Amendment 374 #
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Restrictions on uncovered credit default swaps A natural or legal person shall enter into credit default swap transactions relating to an obligation of a Member State, the Union or a legal person only where that person has a long position in the debt of that issuer.
Amendment 385 #
Proposal for a regulation
Article 13 – paragraph 1 – point a
Article 13 – paragraph 1 – point a
(a) where a natural or legal person who sells shares or sovereign debt instruments on the venue is not able to deliver the shares or sovereign debt instrument for settlement within four trading days after the day on which the trade takes place, or six trading days after the day on which the trade takes place in the case of market making activities, then procedures are automatically triggered for the trading venue or central counterparty to buy-in the shares or sovereign debt instrument to ensure delivery for settlement;
Amendment 466 #
Proposal for a regulation
Article 18 – paragraph 2 a (new)
Article 18 – paragraph 2 a (new)
2a. A competent authority, which has taken a measure under paragraph 1, may ask ESA (ESMA) to consider exercising its powers under Article 24(1)(c) if the adverse events or developments addressed require that the measure be introduced at Union level.