BETA

16 Amendments of Eija-Riitta KORHOLA related to 2013/0314(COD)

Amendment 228 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
(2) benchmark' means any tradable or widely used commercial index by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument is determined or an index that is used to measure the performance of an investment fund;
2013/12/19
Committee: ECON
Amendment 231 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
(4) 'administrator' means the natural or legal person that has control over the provision of a critical benchmark;
2013/12/19
Committee: ECON
Amendment 234 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5
(5) 'user of a benchmark' means any person who issues or owns a financial instrument or is party to a financial contract which references a critical benchmark;
2013/12/19
Committee: ECON
Amendment 439 #
Proposal for a regulation
Article 18
Article 18 Assessment of suitability 1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer’s knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to that benchmark is suitable for him. 2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, the supervised entity shall warn the consumer in writing with reasons.deleted
2013/12/20
Committee: ECON
Amendment 451 #
Proposal for a regulation
Article 19 – paragraph 1
A supervised entity may use a benchmark in the Union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund if it is provided by an administrator authorised in accordance with Article 23 or an administrator located in a third country that is registered in accordance with Article 21.
2013/12/20
Committee: ECON
Amendment 455 #
Proposal for a regulation
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:. Where such benchmarks are critical, they may be used provided that the 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. ESMA shall maintain a register of third countries and benchmark providers that it considers can be relied upon as a basis for compliance with international standards without further evidence. ESMA shall update that list using its own information and in consideration of evidence submitted by supervised entities.
2013/12/20
Committee: ECON
Amendment 458 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
(a) the Commission has adopted an equivalence decision in accordance with paragraph 2, recognising the legal framework and supervisory practice of that third country as equivalent to the requirements of this Regulation;deleted
2013/12/20
Committee: ECON
Amendment 462 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
(b) the administrator is authorised or registered in, and is subject to supervision in, that third country;deleted
2013/12/20
Committee: ECON
Amendment 465 #
Proposal for a regulation
Article 20 – paragraph 1 – point c
(c) the administrator has notified ESMA of its consent that its actual or prospective benchmarks may be used by supervised entities in the Union, the list of the benchmarks which may be used in the Union and the competent authority responsible for its supervision in the third country;deleted
2013/12/20
Committee: ECON
Amendment 469 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
(d) the administrator is duly registered under Article 21; andeleted
2013/12/20
Committee: ECON
Amendment 472 #
Proposal for a regulation
Article 20 – paragraph 1 – point e
(e) the cooperation arrangements referred to in paragraph 3 of this Article are operational.deleted
2013/12/20
Committee: ECON
Amendment 475 #
Proposal for a regulation
Article 20 – paragraph 2
2. The Commission may adopt a decision stating that the legal framework and supervisory practice of a third country ensures that: (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 country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013; and (b) the binding requirements are subject to effective supervision and enforcement on an on-going basis in that third country. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 38(2).deleted
2013/12/20
Committee: ECON
Amendment 493 #
Proposal for a regulation
Article 22 – paragraph 1
1. An administrator shall apply for authorisation to provide critical benchmarks if it provides indices which are used or intended to be used to reference financial instruments or financial contracts or to measure the performance of an investment fund.
2013/12/20
Committee: ECON
Amendment 567 #
Proposal for a regulation
Article 39 – paragraph 1
1. An administrator providing a critical benchmark on [the date of entry into force of this Regulation] shall apply for authorisation under Article 23 within [24 months after the date of application].
2013/12/20
Committee: ECON
Amendment 573 #
Proposal for a regulation
Article 39 – paragraph 3
3. Where an existing benchmark does not meet the requirements of this Regulation, but changing that benchmark to conform with the requirements of this Regulation would result in a force majeure event, frustrate or otherwise breach or change the terms of any financial contract or financial instrument which references that benchmark, paragraph 4 of this Article shall apply.
2013/12/20
Committee: ECON
Amendment 576 #
Proposal for a regulation
Article 39 – paragraph 4
4. The use of a benchmark shall be permitted by the relevant competent authority of the Member State where the administrator is located until such time as the benchmark references financial instruments and financial contracts worth no more than 5% by valueuntil the termination of the financial instruments and financial contracts that referenced this benchmark at the time of entry into force of this Regulation. No new financial instruments or financial contracts shall reference such an existing benchmark after the entry into application of this Regulation.
2013/12/20
Committee: ECON