5 Amendments of Thierry CORNILLET related to 2017/0090(COD)
Amendment 62 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) Post trade risk reduction services can serve to reduce counterparty exposures as well as to reduce operational and counterparty risks from a build-up of market participants' gross outstanding positions. In order to ensure that these benefits may be fully realised, it is appropriate to exempt certain post trade risk reduction services from the clearing obligation, which would also align the provisions under this Regulation with those under Regulation (EU) No 600/20141a. _________________ 1aRegulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173 12.6.2014, p. 84).
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 648/2012
Article 2 – point 8 a (new)
Article 2 – point 8 a (new)
(1a) In Article 2, after point 8 the following point is inserted: ‘(8a) “portfolio compression” means portfolio compression as defined in Article 2(1) of Regulation (EU) 600/2014;’.
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point -a (new)
Article 1 – paragraph 1 – point 2 – point -a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
Amendment 163 #
Proposal for a regulation
Article premier – paragraph 1 – point 7 – point a
Article premier – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
Article 9 – paragraph 1 – subparagraph 3
Article 9 – paragraph 1 – subparagraph 3
Amendment 164 #
Proposal for a regulation
Article premier – paragraph 1 – point 7 – point b
Article premier – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 1
Article 9 – paragraph 1a – subparagraph 1
The details of OTC derivative contracts referred to in paragraph 1 shall be reported as follows:concluded between a financial counterparty and a non-financial counterparty not subject to the conditions referred to in the second subparagraph of Article 10(1) shall be reported in the following ways: (-a) financial counterparties shall be solely responsible and only they can be held legally liable for declaring a single set of data and ensuring its accuracy; (-aa) notwithstanding point (i), non- financial counterparties not subject to the conditions laid down in the second subparagraph of Article 10 may choose to report the details of OTC derivative contracts with a financial counterparty to a trade repository. A non-financial counterparty that chooses to declare the details of OTC derivative contracts in accordance with point (ii) shall inform the financial counterparties of its decision before the conclusion of any OTC derivative contract. A non-financial counterparty that chooses to report the details of OTC derivative contracts is solely responsible, and only that counterparty can be held legally liable, for reporting a single set of data and ensuring its accuracy; (a) CCPs shall be responsible for reporting on behalf of both counterparties the details of derivative contracts that are not OTC derivative contracts as well as for ensuring the accuracy of the details reported; (b) financial counterparties shall be responsible for reporting on behalf of both counterparties the details of OTC derivative contracts concluded with a non- financial counterparty that is not subject to the conditions referred to in the second subparagraph of Article 10(1) as well as for ensuring the accuracy of the details reported; (c) the management company of a UCITS shall be responsible for reporting the details of OTC derivative contracts to which that UCITS is a counterparty as well as for ensuring the accuracy of the details reported; (d) the manager of an AIF shall be responsible for reporting the details of OTC derivative contracts to which that AIF is a counterparty as well as for ensuring the accuracy of the details reported; (e) counterparties and CCPs shall ensure that the details of their derivative contracts are reported accurately and without duplication.