Activities of Sebastian Valentin BODU related to 2010/0251(COD)
Plenary speeches (5)
Explanations of vote
Explanations of vote
Explanations of vote
Explanations of vote
Short selling and certain aspects of credit default swaps (debate)
Amendments (15)
Amendment 34 #
Proposal for a regulation
Recital 20
Recital 20
(20) In the case of adverse developments, or the creation of asset bubbles, which constitute a serious threat to financial stability or to market confidence in a Member State or the Union, competent authorities should have powers of intervention to require further transparency or to impose temporary restrictions on short selling, long selling, credit default swap transactions or other transactions to prevent a disorderly decline in the price of a financial instrument. Such measures could be necessary due to a variety of adverse events or developments including not just financial or economic events but also for example natural disasters or terrorist acts. Furthermore, some adverse events or developments requiring measures could arise simply in one Member State only and not have any cross border implications. The powers need to be flexible enough to deal with a range of different exceptional situations.
Amendment 35 #
Proposal for a regulation
Recital 22 a (new)
Recital 22 a (new)
(22a) In the event of excessive growth clearly out of proportion to previous values and bearing no connection with the actual financial situation of the issuer, and which is therefore liable to create systemic risks in the form of asset bubbles, the competent authorities should have the possibility of temporarily prohibiting the sale of the respective instrument on that venue, in order to be able to intervene rapidly where appropriate.
Amendment 36 #
Proposal for a regulation
Recital 27
Recital 27
(27) Powers of intervention of competent authorities and ESMA to restrict short selling, long selling, credit default swaps and other transactions should only be temporary in nature and should only be exercised for such a period and to the extent necessary to deal with the specific threat.
Amendment 39 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. A relevant notification threshold is a percentage that equals 0.21% of the value of the issued share capital of the company concerned and each 0.1% above that.
Amendment 42 #
Proposal for a regulation
Article 6
Article 6
A trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing orderforwarding sell orders to intermediaries on the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share. The trading venue shall publish at least daily a summary of the volume of orders marked as short orders.
Amendment 61 #
Proposal for a regulation
Article 12 – paragraph 1 – point c a (new)
Article 12 – paragraph 1 – point c a (new)
(ca) the legal or natural person is certain that the share or sovereign debt instrument can be acquired at the date on which the transaction is to be settled, and there is no risk of its failing to be executed.
Amendment 66 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
(a) by posting firm, simultaneousregular and permanent two way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market;
Amendment 67 #
Proposal for a regulation
Article 15 – paragraph 1 – point b a (new)
Article 15 – paragraph 1 – point b a (new)
(ba) where an investment firm executes an order for a client, through which the client is covering a long open position.
Amendment 69 #
Proposal for a regulation
Article 15 – paragraph 6
Article 15 – paragraph 6
6. The competent authority of the home Member State may prohibit the use of the exemption if it considers that the natural or legal person does not satisfy the conditions of the exemption. Any prohibition shall be imposed within the thirtyfifteen calendar day period referred to in the first subparagraph or subsequently if the competent authority becomes aware that there has been any changes in the circumstances of the person so that they no longer satisfy the conditions.
Amendment 75 #
Proposal for a regulation
Article 17 – paragraph 2 – point b a (new)
Article 17 – paragraph 2 – point b a (new)
(ba) A long sale, when excessive growth in a financial instrument is noted that is clearly out of proportion to previous values and bears no connection with the actual financial situation of the issuer, and which is therefore liable to create systemic risks in the form of asset bubbles.
Amendment 78 #
Proposal for a regulation
Article 19 – paragraph 4 – subparagraph 1
Article 19 – paragraph 4 – subparagraph 1
The fall in value shall be 105% or more in the case of a share and for other classes of financial instruments an amount to be specified by the Commission.
Amendment 79 #
Proposal for a regulation
Article 19 – paragraph 5 – subparagraph 1
Article 19 – paragraph 5 – subparagraph 1
Powers are delegated to the Commission to adopt regulatory technical standards specifying the method of calculation of the 105% fall for shares and of the fall in value specified by the Commission as referred to in paragraph 4.
Amendment 80 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. ABoth the ESMA and the competent authority shall publish on its website notice of any decision to impose or renew any measure referred to in Articles 16 to 19.
Amendment 86 #
Proposal for a regulation
Article 27 – paragraph 3 – point a
Article 27 – paragraph 3 – point a
(a) an explanation about the purpose of the transaction and whether it is for the purposes of hedging against a risk or otherwise;
Amendment 87 #
Proposal for a regulation
Article 27 – paragraph 3 – point b
Article 27 – paragraph 3 – point b