13 Amendments of Anne E. JENSEN related to 2011/0298(COD)
Amendment 228 #
Proposal for a directive
Recital 12
Recital 12
(12) All trading venues, namely regulated markets, MTFs, and OTFs, should lay down transparent rules governing access to the facility. However, while regulated markets and MTFs should continue to be subject to highly similar requirements regarding whom they may admit as members or participants, OTFs providing organised execution and arranging of trading in financial instruments other than equities should be able to determine and restrict access based inter alia on the role and obligations which their operators have in relation to their clients. For OTFs providing organised execution and arranging of trading in equities any discretion with regard to determining or restricting access should be limited to allowing the operator of the OTF to only provide access to its clients excluding credit institutions and investment firms. In addition OTFs providing execution and arranging of trading in equities should, if it achieves significant market share of the trading in the relevant shares remove any access restrictions.
Amendment 335 #
Proposal for a directive
Recital 78
Recital 78
(78) The introduction of a commercial solution for a consolidated tape for equities should contribute to creating a more integrated European market and make it easier for market participants to gain access to a consolidated view of trade transparency information that is available. The envisaged solution is based on an authorisation of providers working along pre-defined and supervised parameters which are in competition with each other in order to achieve technically highly sophist at reasonable prices compared to the production costs. The envisaged solution would be operated by a single entity. However, this entity would be a commercial undertaking that is appointed following a publica ted and innovative solutions, serving the market to the greatest extent possiblender every third year upon the merit of its bid submitted to the European Commission.
Amendment 363 #
Proposal for a directive
Recital 111
Recital 111
(111) The Commission should submit a report to the European Parliament and the Council assessing the functioning of organised trading facilities, the functioning of the regime for SME growth markets, the impact of requirements regarding automated and high-frequency trading, the experience with the mechanism for banning certain products or practices, the impact of the introduction of a consolidated tape for equities including the development in prices on market data in general and the impact of the measures regarding commodity derivatives markets.
Amendment 650 #
Proposal for a directive
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Member States shall require that investment firms and market operators operating an OTFs that provide organised execution and arranging of trading in equities establish arrangements preventing the execution of client orders in an OTF against the proprietary capital of the investment firm or market operator operating the OTF. The investment firm shall not act as a systematic internaliser in an OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interact.
Amendment 653 #
Proposal for a directive
Article 20 – paragraph 1 a (new)
Article 20 – paragraph 1 a (new)
1 a. Member States shall ensure that any access restrictions imposed by investment firms and market operators operating OTFs that provide organised execution and arranging of trading in equities only restrict access to the OTF to the investment firm's or operator's clients.
Amendment 655 #
Proposal for a directive
Article 20 – paragraph 1 b (new)
Article 20 – paragraph 1 b (new)
1 b. With regard to paragraph 1a clients do not include entities listed in Annex II, section I, (1), (a) and (b).
Amendment 656 #
Proposal for a directive
Article 20 – paragraph 1 c (new)
Article 20 – paragraph 1 c (new)
1 c. For OTFs providing organised execution and arranging of trading in equities that have significant market share Member States shall require that the rules mentioned in Article 18(3) governing access to an OTF comply with the conditions established in Article 55(5).
Amendment 665 #
Proposal for a directive
Article 20 – paragraph 4 a (new)
Article 20 – paragraph 4 a (new)
4 a. ESMA shall develop draft implementing technical standards to determine when an OTF is considered to have significant market share as referred to in paragraph 1c.
Amendment 690 #
Proposal for a directive
Article 24 – paragraph 3 – subparagraph 1 – indent 1
Article 24 – paragraph 3 – subparagraph 1 – indent 1
– the investment firm and its services; when investment advice is provided, information shall specify in advance whether the advice is provided on an independent basiin conjunction with the acceptance or receipt of third-party inducements and whether it is based on a broad or on a more restricted analysis of the market and shall indicate whether the investment firm will provide the client with the on- going assessment of the suitability of the financial instruments recommended to clients, a periodical assessment of the suitability of the financial instruments recommended to clients and inform its client as to the total cost of investment advice as a single monetary amount including both fees paid directly by the client to the investment adviser as well as any inducements paid by a third party. This disclosure shall be provided to the client prior to the provision of the investment advice. The disclosure of services and costs of advice shall be provided in a key services document not exceeding [2 pages] setting out the principal services to be provided to the client, details of the qualification of the adviser as set out in [Article 24(8a)] and the aggregate cost of the advice to be provided to the client. ESMA shall prepare binding technical standards setting out the mandatory contents of the key services document. Where the cost of fees and inducements cannot be ascertained prior to the provision of the advice, then the manner of calculation shall be disclosed in a comprehensive, accurate and understandable manner in the key services documents with the total aggregate cost of the advice being disclosed to the client as soon as practically possible thereafter. Where investment advice is provided on an ongoing basis disclosure as to the cost of investment advice, including inducements shall be provided on a periodic basis and at least annually. The periodic report shall disclose all inducements paid or received in the preceding period.
Amendment 720 #
Proposal for a directive
Article 24 – paragraph 5
Article 24 – paragraph 5
Amendment 785 #
Proposal for a directive
Article 24 – paragraph 8 a (new)
Article 24 – paragraph 8 a (new)
8 a. The provision of financial advice to retail investors is subject to the adviser being qualified to a minimum standard European level. ESMA shall provide binding technical standards setting out the mandatory contents of the underlying certification and training programmes. ESMA shall agree in consultation with national competent authorities which existing qualifications shall be deemed equivalent to this standard.
Amendment 1281 #
Proposal for a directive
Article 96 – paragraph 1 – point a a (new)
Article 96 – paragraph 1 – point a a (new)
(aa) the impact of the introduction of a consolidated tape for equities;
Amendment 1282 #
Proposal for a directive
Article 96 – paragraph 1 – point a b (new)
Article 96 – paragraph 1 – point a b (new)
(ab) the development in prices on market data in general;