Activities of Piia-Noora KAUPPI related to 2008/0082(COD)
Plenary speeches (2)
Securities settlement systems and financial collateral arrangements (debate)
Securities settlement systems and financial collateral arrangements (debate)
Reports (1)
REPORT Report on the proposal for a directive of the European Parliament and of the Council amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims PDF (266 KB) DOC (380 KB)
Amendments (14)
Amendment 26 #
Proposal for a directive – amending act
Article 1 – point -1 b (new)
Article 1 – point -1 b (new)
Directive 98/26/EC
Recital 14 b (new)
Recital 14 b (new)
(-1b) The following recital shall be inserted after recital 14a: “(14b) Whereas national supervisors should ensure, before approving the establishment of an interoperable system, that the operators of the systems establishing the interoperable system have agreed to the extent possible on common rules on the moment of entry into the interoperable system. National supervisors should ensure in advance that the rules on the moment of entry in an interoperable system are coordinated in order to avoid legal uncertainty in the event of default of a participating system.”
Amendment 29 #
Proposal for a directive – amending act
Article 1 – point 2 – subpoint -a (new)
Article 1 – point 2 – subpoint -a (new)
Directive 98/26/EC
Article 2 – point a – subparagraph 1
Article 2 – point a – subparagraph 1
(-a) In point (a), the first subparagraph shall be replaced by the following: “a) ‘system’ shall mean a formal arrangement: — comprising three or more participants, without counting the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing (whether or not through a central counterparty) or execution of transfer orders between the participants, — governed by the law of a Member State or established by a European Central Bank legal act, which is binding on participants by virtue of an arrangement entered into with the European Central Bank and governed by the law of a Member State, and — designated [...] as a system and notified to the Commission either by the Member State whose law is applicable, after that Member State is satisfied as to the adequacy of the rules of the system and without prejudice to other more stringent conditions of general application laid down by national law, or by the European Central Bank as a system established by a legal act on the part of the European Central Bank.”
Amendment 34 #
Proposal for a directive – amending act
Article 1 – point 2 – subpoint f
Article 1 – point 2 – subpoint f
Directive 98/26/EC
Article 2 – point o
Article 2 – point o
(o) ‘system operator’ shall mean the entity in charge of the day to dayor entities legally responsible for the operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house.
Amendment 36 #
Proposal for a directive – amending act
Article 1 – point 3 a (new)
Article 1 – point 3 a (new)
Directive 98/26/EC
Article 4
Article 4
(3a) Article 4 shall be replaced by the following: “Article 4 Member States may provide that the opening of insolvency proceedings against a participant or a system operator of an interoperable system shall not prevent funds or securities available on the settlement account of that participant from being used to fulfil that participant’s obligations in the system on the business day, as defined by the rules of the system, of the opening of the insolvency proceedings. Furthermore, Member States may also provide that such a participant’s credit facility connected to the system be used against available, existing collateral security to fulfil that participant’s obligations in the system or in the interoperable system.”
Amendment 38 #
Proposal for a directive – amending act
Article 1 – point 5 a (new)
Article 1 – point 5 a (new)
Directive 98/26/EC
Article 9 – paragraph 2
Article 9 – paragraph 2
(5a) Article 9(2) shall be replaced by the following: “2. Where securities (including rights in securities) are provided as collateral security to participants, system operators and/or central banks of the Member States or the [...] European Central Bank as described in paragraph 1, and their right (or that of any nominee, agent or third party acting on their behalf) with respect to the securities is legally recorded on a register, account or centralised deposit system located in a Member State, the determination of the rights of such entities as holders of collateral security in relation to those securities shall be governed by the law of that Member State.”
Amendment 39 #
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 1
Article 10 – paragraph 1
Member States, or the European Central Bank, where a system is established by a legal act on the part of the European Central Bank, shall specify the systems, and the respective system operators, which are to be included in the scope of this Directive and shall notify them to the Commission and inform the Commission of the authorities they have chosen in accordance with Article 6(2).
Amendment 42 #
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 2 a (new)
Article 10 – paragraph 2 a (new)
Member States may impose supervision or authorisation requirements on systems that fall under their jurisdiction.
Amendment 43 #
Proposal for a directive – amending act
Article 1 – point 6
Article 1 – point 6
Directive 98/26/EC
Article 10 – paragraph 2 b (new)
Article 10 – paragraph 2 b (new)
Anyone with a legitimate interest may require an institution to inform him or her of the systems in which it participates and to provide information about the main rules governing the functioning of those systems.
Amendment 46 #
Proposal for a directive – amending act
Article 2 – point 2 – subpoint a – subpoint i a (new)
Article 2 – point 2 – subpoint a – subpoint i a (new)
Directive 2002/47/EC
Article 2 – paragraph 1 – point c
Article 2 – paragraph 1 – point c
(ia) Point (c) shall be replaced by the following: “(c) ‘security financial collateral arrangement’ means an arrangement under which a collateral provider provides financial collateral by way of security in favour of, or to, a collateral taker, and where the full or qualified ownership of, or full entitlement to, the financial collateral remains with the collateral provider when the security right is established;”
Amendment 50 #
Proposal for a directive – amending act
Article 2 – point 3 – subpoint b
Article 2 – point 3 – subpoint b
Directive 2002/47/EC
Article 3 – paragraphs 3 and 4
Article 3 – paragraphs 3 and 4
(b) The following paragraph[s] 3 [and 4] is[are] added: “3. shall be added: “3. Without prejudice to Directive 93/13/EEC and national provisions concerning unfair contract terms Member States shall ensure that debtors of the credit claims may validly waive, in writing or in a legally equivalent manner: (i) their rights of set-off vis-à-vis the creditors of the credit claim and vis-à-vis persons to which the creditor assigned, pledged or otherwise mobilised the credit claim as collateral; and (ii) their rights arising from banking secrecy rules that would otherwise prevent or restrict the ability of the creditor of the credit claim to provide information on the credit claim or the debtor for the purposes of using the credit claim as collateral.” [4. Paragraphs 1, 2 and 3 shall be without prejudice to the Consumer Credit Directive …/xxx/EC
Amendment 51 #
Proposal for a directive – amending act
Article 2 – point 3 a (new)
Article 2 – point 3 a (new)
Directive 2002/47/EC
Article 4 – paragraph 1 – point b a (new)
Article 4 – paragraph 1 – point b a (new)
(3a) In Article 4(1), the following point shall be added: “(ba) credit claims, by sale or appropriation and by setting off their value against or applying their value in discharge of the relevant financial obligations.”
Amendment 52 #
Proposal for a directive – amending act
Article 2 – point 3 b (new)
Article 2 – point 3 b (new)
Directive 2002/47/EC
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(3b) In Article 4(2), point (b) shall be replaced by the following: “(b) the parties have agreed in the security financial collateral arrangement on the valuation of the financial instruments and the credit claims.”
Amendment 53 #
Proposal for a directive – amending act
Article 2 – point 4 a (new)
Article 2 – point 4 a (new)
Directive 2002/47/EC
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
(4a) In Article 5, the following paragraph shall be added: “5a. This Article shall not apply to credit claims.”
Amendment 54 #
Proposal for a directive – amending act
Article 2 - point 4 b (new)
Article 2 - point 4 b (new)
Directive 2002/47/EC
Article 9 a (new)
Article 9 a (new)
(4b) The following Article shall be inserted after Article 9: “Article 9a The provisions of this Directive shall be without prejudice to Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers*. ____________________ * OJ L 133, 22.5.2008, p. 66.”