14 Amendments of Udo BULLMANN related to 2010/0250(COD)
Amendment 230 #
Proposal for a regulation
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1 a. Articles 3 through 5 shall not apply to derivative contracts executed on a regulated market or on a multilateral trading venue provided that such contracts are cleared by a CCP. This is without prejudice to the clearing obligation applying to the same contracts when executed OTC.
Amendment 295 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
That clearing obligation shall apply to all OTC derivative contracts that are classified as eligible for the clearing obligation following publication of the ESMA decision pursuant to Article 4(2)a.
Amendment 318 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 (new)
Article 3 – paragraph 2 – subparagraph 1 (new)
When complying with the clearing obligation under paragraph 1, clearing members shall distinguish in separate accounts with the CCP the positions of each client. Clients shall be known to the CCP.
Amendment 415 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 521 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point a
Article 8 – paragraph 1 – subparagraph 1 – point a
(a) where possible,adequate electronic means ensuring the timely confirmation of the terms of the OTC derivative contract;
Amendment 523 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) standardised processes which are robust, resilient and auditable processes in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts.
Amendment 553 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The authorisation shallto the CCP shall be granted only for activities linked to clearing and specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by the authorisation.
Amendment 628 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Competent authorities shall cooperate closely with each other and with ESMA. ESMA shall be provided with adequate resources by the European Institutions in order to effectively perform the tasks it is allocated in this Regulation.
Amendment 630 #
Proposal for a regulation
Article 20 – paragraph 1 – subparagraph 2
Article 20 – paragraph 1 – subparagraph 2
No confidential information they may receive in the course of their duties may be divulged to any person or authority whatsoever, except in summary or aggregate form such that an individual CCP, trade repository or any other person cannot be identified, without prejudice to cases covered by criminal law or taxation law or the other provisions of this Regulation.
Amendment 688 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. A CCP shall establish a risk committee, which shall be composed of representatives of its clearing members and independent members of the boardmarket experts including at least one representative of the designated competent authority. The risk committee may invite employees of the CCP to attend risk committee meetings in a non-voting capacity. The advice of the risk committee shall be independent from any direct influence by the management of the CCP.
Amendment 741 #
Proposal for a regulation
Article 33 – paragraph 1 – point i a (new)
Article 33 – paragraph 1 – point i a (new)
(i a) activities linked to risk management shall not be outsourced.
Amendment 832 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. A CCP shall establish the minimum size of contributions to the default fund and the criteria to calculate the contributions of the single clearing members. The contributions shall be proportional to the exposures of each clearing member, in order to ensure that the contributions to the default fund at least enable the CCP to withstand the default of the two clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is larger.
Amendment 840 #
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. A CCP shall develop scenarios of extreme but plausible market conditions, which include the most volatile periods that have been experienced by the markets for which the CCP provides its services. The default fund referred to in Article 40 and the other financial resources referred to in paragraph 1 shall at all times enable the CCP to withstand the default of the two clearing members to which it has the largest exposures and shall enable the CCP to withstand sudden sales of financial resources and rapid reductions in market liquidity.
Amendment 940 #
Proposal for a regulation
Article 64 – paragraph 6
Article 64 – paragraph 6
6. A trade repository shall publicly disclose the prices and fees associated with services provided. It shall disclose the prices and fees of single services and functions provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-relatednot be higher than the cost incurred by the trade repository.