14 Amendments of Othmar KARAS related to 2021/0385(COD)
Amendment 235 #
Proposal for a regulation
Article 1 – paragraph 3 – point b a (new)
Article 1 – paragraph 3 – point b a (new)
Regulation (EU) No 600/2014
Article 4, paragraph 6, point (e a)
Article 4, paragraph 6, point (e a)
(b a) in paragraph 6, the following point is added: '(e a) the minimum size of an order that may be matched using the trading methodology referred to in paragraph 1(a), which shall be determined taking into account the international best practices, the competitiveness of Union firms, significant market impact as well as efficient price formation.;'
Amendment 274 #
Proposal for a regulation
Article 1 – paragraph 7 a (new)
Article 1 – paragraph 7 a (new)
Regulation (EU) No 600/2014
Article 13 – paragraph 3a (new)
Article 13 – paragraph 3a (new)
3 a. For developing the draft technical standards referred to in paragraph 3, ESMA shall take into account the economic feasibility of market participants of all sizes, in particular in the case of mandatory consumption of a consolidated tape. In that case, ESMA shall ensure that all market players are able to consume the consolidated tape at a price that does not put signifiant economic burden on current business models.
Amendment 292 #
Proposal for a regulation
Article 1 – paragraph 8 – point b a (new)
Article 1 – paragraph 8 – point b a (new)
Regulation (EU) No 600/2014
Article 14 – paragraph 6b (new)
Article 14 – paragraph 6b (new)
Amendment 297 #
Proposal for a regulation
Article 1 – paragraph 8 d (new)
Article 1 – paragraph 8 d (new)
Regulation (EU) No 600/2014
Article 15 – paragraph 1
Article 15 – paragraph 1
(8 a) In Article 15, paragraph 1, the following subparagraph is added after third subparagraph: 'Upon the request of competent authorities, systematic internalisers shall provide the competent authority with a detailed description of the functioning of the systematic internaliser, including any links to or participation by a regulated market, an MTF, an OTF or a systematic internaliser owned by the same investment firm.'
Amendment 329 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 1a
Article 22a – paragraph 1a
1 a. Regulated markets whose average daily trading volume of shares represents less than 1 % of the average daily trading volume of the Union shall not be required to provide market data to the CTP;
Amendment 334 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 2a (new)
Article 22a – paragraph 2a (new)
2 a. Regulated markets whose average daily trading volume of shares exceeds 1 % of the average trading volume of the Union shall not be required to provide market data to the CTP if: (i) the regulated market accounts for more than 70 % of the average daily trading volume of shares that were first admitted to trading on that regulated market; or (ii) the average daily trading volume of shares first admitted on a regulated market on MTFs and systematic internalisers is 20 % or less of the average daily trading volume of those shares. ESMA shall publish on its website a list of regulated markets exempted from providing market data to the CTP and shall update that list regularly.
Amendment 335 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 2 b (new)
Article 22a – paragraph 2 b (new)
2 b. Notwithstanding paragraphs 2 and 2a, smaller regulated markets may decide to provide market data to the CTP, subject to the provisions of paragraph 1, by notifying ESMA. Those regulated markets that decide to subject themselves to the requirement to provide market data in accordance with paragraph 1 should start providing market data to the CTP within 30 working days of the date of the notification to ESMA.
Amendment 366 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 1
Article 27da – paragraph 1
1. By [OP insert date 3 months as of entry into force], ESMA shall organise a selection procedure for the appointment of the CTP for a five year term. ESMA shall organise a separate selection procedure for each of the following asset classes:asset class prioritising bonds over shares and shares, over exchange traded funds, bonds and derivatives (or relev. Each selection procedure shall be initiated no later thant subclasses of derivatives)ix months following the initiation of the preceding one.
Amendment 369 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 1 a (new)
Article 27da – paragraph 1 a (new)
1 a. By [OP insert date 9 months as of entry into force] the Commission shall, in close collaboration with ESMA, assess the introduction of a consolidated tape for derivatives (or relevant subclasses of derivatives), including a cost benefit analysis and an evaluation of the scope of different subclasses of derivatives, and report to the European Parliament and the Council. On the basis of that report and taking into due account the goals of the capital markets union, the Commission shall, where appropriate, submit to the European Parliament and the Council a legislative proposal by [OP insert date 15 months as of entry into force].
Amendment 399 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
Article 27da – paragraph 4
4. The selection of the CTP for shares shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP for shares that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets, with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. In addition, the revenue participation scheme shall ensure for adequate proportionality for smaller regulated markets, which may receive proportionally higher revenues when compared to larger regulated markets. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.
Amendment 451 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a – title
Article 39a – title
Article 39a Ban on payment forRules on execution and forwarding of retail client orders for execution
Amendment 453 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a – paragraph -2 (new)
Article 39a – paragraph -2 (new)
-2. Investment firms shall take all sufficient steps to obtain, when executing orders, the best possible result for their clients taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. Nevertheless, where there is a specific instruction from the client the investment firm shall execute the order following the specific instruction. Where an investment firm executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the client which are directly relating to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. For the purposes of delivering best possible result in accordance with the first subparagraph where there is more than one competing venue to execute an order for a financial instrument, in order to assess and compare the results for the client that would be achieved by executing the order on each of the execution venues listed in the investment firm’s order execution policy that is capable of executing that order, the investment firm’s own commissions and the costs for executing the order on each of the eligible execution venues shall be taken into account in that assessment. ESMA shall assess the appropriateness of the current best execution regime outlined in the first three subparagraphs and may suggest an alternative best execution regime, taking into account the effects of consolidated tapes in the respective asset classes on the execution of client orders, and report to the Commission by 31 December 2024. On the basis of that report and taking into due account the goals of the capital markets union, the Commission shall, where appropriate, submit to the European Parliament and the Council a legislative proposal by 31 July 2025.
Amendment 454 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
-1. Where there is more than one competing venue to execute an order for a financial instrument, investment firms shall use consolidated core market data made available by a consolidated tape provider.
Amendment 460 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a
Article 39a
1. Investment firms acting on behalf of clients shall not receive any fee or commission or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.; unless all of the following conditions are met: a. The investment firm meets the requirements on conflicts of interest or inducements set out in Article 27(1), Article 16(3) and Articles 23 and 24 of Directive 2014/65/EU.; b. The investment firm acting on behalf of clients offers the client at least one alternative venue from whom the investment firm does not receive any fee or commission or non-monetary benefits for their execution. c. The client may choose on a per-trade basis, the venue for execution with complete price transparency.; Or. en (Directive 2014/65/EU)