[ParlTrack]

Proposal for a regulation
Recital 33 a (new)

(33a) The Commission and ESMA should also be able to impose all the additional requirements they deem necessary to guarantee the financial stability of the EU on the CCP of a third country of systemic importance.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)

Regulation (EU) 648/2012
Article 17 – paragraph 4 – subparagraph 4

(2a) In Article 17(4), the fourth subparagraph is replaced by the following: Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of ~~two- thirds of~~ the college have expressed a negative opinion, any of the competent authorities concerned~~, based on that majority of two-thirds of the college,~~ may, within 30 calendar days of the adoption of that negative opinion, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)

Regulation (EU) No 648/2012
Article 18 – paragraph 4 – subparagraph 1 a (new)

(ca) In paragraph 4, the following subparagraphs are added: To make ESMA’s supervisory role easier and ensure members of the colleges play an active part in this role, if a college member believes, based on the information shared in accordance with (b), that the risk management practices of a CCP do not meet all the requirements stipulated in this regulation, or that they might jeopardise their resilience, this member may submit a recommendation to the competent authority and the college to rectify the situation and to improve the CCP’s resilience. The college may adopt the recommendation by a simple majority of its members. In the 30 days following the recommendation’s adoption by the college, ESMA shall carry out an investigation and decide whether there is scope for taking specific supervisory measures in accordance with Article 21a, paragraph 3. It shall inform the competent authority and college immediately of its decision.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)

Regulation (EU) No 648/2012
Article 19 – paragraph 1 a (new)

(3a) In Article 19, after paragraph 1 the following subparagraph is inserted: At the request of each college member and once it has been adopted by the college by a simple majority, the opinion may include recommendations for improving the resilience of the CCP.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b a (new)

Regulation (EU) No 648/2012
Article 21 – paragraph 6 – subparagraph 2 – point a

(ba) in paragraph 6, point (a) of the second subparagraph is replaced by the following: (a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010, in addition to a comparative analysis of the risk management practices of all the CCPs authorised in accordance with Article 14 of this Regulation; and”

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 1 a (new)

1a. Where ESMA deems that a draft decision submitted by a competent authority in accordance with paragraph 1 should be subject to the procedures laid down in Articles 15 or 49, it shall inform the competent authority and the college. Where ESMA makes such a decision, the competent authority shall not adopt that decision. The competent authority shall inform the CCP, implement the appropriate procedure and prepare and submit a draft decision in accordance with paragraph 1.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21a – paragraph 2 –subparagraph 1

Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 41, 44, 46, 50 and 54.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)

Regulation (EU) No 648/2012
Article 22 a (new)

7a. The following Article 22a is inserted: Article 22a ESMA CCP Supervisory Committee 1. ESMA shall establish a permanent internal committee pursuant to Article 41 of Regulation (EU) 1095/2010 for the purposes of preparing decisions and carrying out the tasks relating to the supervision of Union and third-country CCPs. The CCP Supervisory Committee established pursuant to the first subparagraph shall submit to the Board of Supervisors complete draft decisions for adoption in accordance with Article 22c. 2. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) a Chair, appointed in accordance with Article 22b, who shall be voting; (ii) a representative of the Commission, who shall be non-voting; and (iii) a representative of the ECB, who shall be non-voting; (b) the following non-permanent members specific to each CCP in relation to which the CCP Supervisory Committee is convened: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP is convened, who shall be voting; and (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where and as appropriate and necessary, other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP. Where the CCP Supervisory Committee is exercising any of the tasks referred to in point (b) of paragraph 3, authorities of third country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012 may be invited, where and as appropriate and necessary, as observers. Where discussing decisions pertaining to Article 25(2a) and (2b), Article 25b and Articles 41, 44 and 46, central banks of issue of the financial instruments cleared or to be cleared by the third country CCP in relation to which the CCP Supervisory Committee convenes may be invited to participate in the CCP Supervisory Committee as observers. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. The CCP Supervisory Committee shall meet at least five times a year. Where a task of the CCP Supervisory Committee does not relate to a specific CCP established in the Union, the Committee shall be composed only of the permanent members referred in point (a) of this paragraph and, where relevant, the central banks of issue referred to in point (b)(ii) of this paragraph. 3. The CCP Supervisory Committee shall be responsible for all of the following: (a) providing the consent referred to in Article 21a(1) of Regulation (EU) No 648/2012; (b) recognising and supervising third- country CCPs in accordance with Article 25 of Regulation (EU) No 648/2012, the monitoring of regulatory and supervisory developments in third countries under Chapter 2 of Title II of Regulation (EU) No 648/2012; and (c) the tasks referred to in the first subparagraph of Article 5(1), the first subparagraph of Article 9(3), Articles 9(4), 13(1) and (4), 17(2) and (3), 18(1), 20(2) and (6), Articles 21(1), (3) and (6), Articles 21a and 21c, Articles 23 and 24, Articles 29(3), 38(5), 48(3), 49(1) and 54(3) of Regulation (EU) No 648/2012. 4. The Chair of the CCP Supervisory Committee shall be a full-time, independent professional. The Chair shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. The Chair shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The Chair is invited to the Board of Supervisors as an observer. 5. The CCP Supervisory Committee shall be supported by a dedicated staff possessing sufficient knowledge, skills and experience and shall be granted adequate resources by ESMA to carry out its tasks. 6. The CCP Supervisory Committee shall inform the relevant supervisory college of the complete draft decisions it submits to the Board of Supervisors pursuant to paragraph 1. 7. The CCP Supervisory Committee shall ensure that members of the college referred to in Article 18(2), the authorities referred to in Article 25(3) of Regulation (EU) No 648/2012 and the ESRB, in accordance with Article 15 of Regulation (EU) No 1092/2010, have access to all information necessary for the purpose of carrying out their tasks. 8. For the purposes of this Regulation, ESMA shall ensure structural separation between the CCP Supervisory Committee and other functions referred to in Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)

Regulation (EU) No 648/2012
Article 22 a (new)

7b. the following Article 22a is inserted: Article 22a ESMA CCP Supervisory Committee 1. ESMA shall establish a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1095/2010 for the purposes of preparing decisions and carrying out the tasks relating to the supervision of Union and third-country CCPs. The CCP Supervisory Committee established pursuant to the first subparagraph shall submit to the Board of Supervisors complete draft decisions for adoption in accordance with Article 22c. 2. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) a Chair, appointed in accordance with Article 22b, who shall be voting; (ii) a representative of the Commission, who shall be non-voting; and (iii) a representative of the ECB, who shall be non-voting; (b) the following non-permanent members specific to each CCP in relation to which the CCP Supervisory Committee is convened: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP is convened, who shall be voting; and (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where and as appropriate and necessary, other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee. Where the CCP Supervisory Committee is exercising any of the tasks referred to in point (b) of paragraph 3, authorities of third country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012 may be invited, where and as appropriate and necessary, as observers. Where discussing decisions pertaining to Article 25(2a) and (2c), Article 25b and Articles 41, 44 and 46, central banks of issue of the financial instruments cleared or to be cleared by the third country CCP in relation to which the CCP Supervisory Committee convenes may be invited to participate in the CCP Supervisory Committee as observers. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. The CCP Supervisory Committee shall meet at least five times a year. Where a task of the CCP Supervisory Committee does not relate to a specific CCP established in the Union, the Committee shall be composed only of the permanent members referred in point (a) of this paragraph and, where relevant, the central banks of issue referred to in point (b)(ii) of this paragraph. 3. The CCP Supervisory Committee shall be responsible for all of the following: (a) providing the consent referred to in Article 21a(1) of Regulation (EU) No 648/2012; (b) recognising and supervising third- country CCPs in accordance with Article 25 of Regulation (EU) No 648/2012, the monitoring of regulatory and supervisory developments in third countries under Chapter 2 of Title II of Regulation (EU) No 648/2012; and (c) the tasks referred to in the first subparagraph of Article 5(1), the first subparagraph of Article 9(3), Articles 9(4), 13(1) and (4), 17(2) and (3), 18(1), 20(2) and (6), Articles 21c, 23 and 24, Articles 29(3), 38(5), 48(3), 49(1) and 54(3) of Regulation (EU) No 648/2012. 4. The Chair of the CCP Supervisory Committee shall be a full-time, independent professional. The Chair shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. The Chair shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The Chair is invited to the Board of Supervisors as an observer. 5. The CCP Supervisory Committee shall be supported by a dedicated staff possessing sufficient knowledge, skills and experience and shall be granted adequate resources by ESMA to carry out its tasks. 6. The CCP Supervisory Committee shall inform the relevant supervisory college of the complete draft decisions it submits to the Board of Supervisors pursuant to paragraph 1. 7. The CCP Supervisory Committee shall ensure that members of the college referred to in Article 18(2), the authorities referred to in Article 25(3) of Regulation (EU) No 648/2012 and the ESRB, in accordance with Article 15 of Regulation (EU) No 1092/2010, have access to all information necessary for the purpose of carrying out their tasks. 8. For the purposes of this Regulation, ESMA shall ensure structural separation between the CCP Supervisory Committee and other functions referred to in Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)

Regulation (EU) No 648/2012
Article 22 b (new)

7c. The following Article 22b is inserted: Article 22b Decision-making within the CCP Supervisory Committee The CCP Supervisory Committee shall take its decisions by a simple majority of its members, except for decisions relating to Articles 17, 20 and 25, which must be adopted by a majority of two thirds of the CCP Supervisory Committee. The Chair shall have a casting vote in the event of a tie vote.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point d a (new)

(da) The effect that the default or disruption of the CCP would have on the liquidity of the markets supplied, or on the implementation of the monetary policy of the central banks of issue

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point d b (new)

(db) The substitutability of clearing services provided by the CCP.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b a (new)

(ba) The CCP shall comply with any additional requirements set by the Commission (or ESMA);

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) 648/2012
Article 25 – paragraph 2 c – point d

(d) the CCP has put in place all necessary measures and procedures t~~hat~~o ensure the effective compliance with the requirements laid down in points (a), (bb) and (c);

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c

Regulation (EU) No 648/2012
Article 25 – paragraph 5

5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union and in any case at least every two years. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, further to the review referred to in Article 25(5), ESMA determines that a previously recognised CCP [entry into force of this Regulation] meets the criteria of a level 2 CCP referred to in Article 25(2a), or where a third-country CCP recognised as a level 1 CCP must be recognised as a level 2 CCP, ESMA shall set an appropriate adaptation period of no more than 12 months in which time the CCP must meet the requirements laid down in Article 25(2b). Where, pursuant to Article 25(2c), the Commission concludes that a CCP or one of its clearing services should not be recognised, ESMA shall set an appropriate adaptation period of no more than twelve months in which time the CCP may be temporarily recognised.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g a (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e a (new)

(ga) in paragraph 7 the following point is added: (ea) Where decision-making powers are given to ESMA in accordance with Article 25(c), the procedures will guarantee the effective implementation of these powers.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g b (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e b (new)

(gb) in paragraph 7, the following point is added.: (eb) Procedures that relate to emergency situations, including the agreement of third-country authorities to notify ESMA without delay of any emergency situation that relates to a CCP, including developments in financial markets that may have an adverse effect on market liquidity or on the stability of the financial system in one of the Member States or the EU as a whole, including the agreement of third-country authorities guaranteeing the appropriate involvement of ESMA and the central banks concerned in decisions taken in these emergencies.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 b – paragraph 3

3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010, and in coordination with the assessments laid down in Article 21(6b) of Regulation (EU) 648/2012.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 d – paragraph 1 –subparagraph 1 a (new)

The central banks of issue of financial instruments cleared by the CCP may ask ESMA for permission to take part in these investigations if they would help them to carry out their monetary policy tasks.

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 d – paragraph 4

4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority concerned may, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the third-country competent authority concerned may also attend the investigations. ~~Investigations in accordance with this Article shall be conducted provided that the relevant third-country authority does not object to them.~~

2018/04/13
Committee: ECON

Thierry CORNILLET

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 e – paragraph 3 – subparagraph 1

In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the on-site inspection without prior notice to the CCP. ~~Inspections in accordance with this Article shall be conducted provided that the relevant third-country authority has confirmed that it does not object to those inspections.~~

2018/04/13
Committee: ECON

21 Amendments of Thierry CORNILLET related to 2017/0136(COD)

ParlTrack - 2011-2024