Activities of José GUSMÃO related to 2021/0385(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising the trading obligations and prohibiting receiving payments for forwarding client orders
Amendments (15)
Amendment 108 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4 a) Whereas the current most pressing issue is inflation, especially in energy and food sectors, the review of the Markets in Financial Instruments Directive (MIFID II) and regulation (MiFIR) should focus mainly in tackling market volatility and price speculation in those sectors; whereas the review proposal by the European Commission made in 2021, focused in market availability for investors, is therefore outdated and should be updated in a timely manner;
Amendment 116 #
Proposal for a regulation
Recital 7
Recital 7
(7) Dark trading is trading without pre- trade transparency, using the reference price waiver laid down in Article 4(1), point (a) of Regulation (EU) No 600/2014 and the negotiated trade waiver laid down in Article 4(a) point (a), point (i) of that Regulation. The use of both waivers is capped by the double volume cap (‘DVC’). The DVC is a mechanism that limits the level of dark trading to a certain proportion of total trading in an equity instrument. The amount of dark trading in an equity instrument on an individual venue may not exceed 4% of total trading in that instrument in the Union. When this threshold is breached, dark trading in that instrument on that venue is suspended. Secondly the amount of dark trading in an equity instrument in the Union may not exceed 8% of total trading in that instrument in the Union. When this threshold is breached all dark trading in that instrument is suspended. The venue specific threshold leaves room for continued use of those waivers on other platforms on which trading in that equity instrument is not yet suspended, until the Union wide threshold is breached. This causes complexity in terms of monitoring the levels of dark trading and of enforcing the suspension. To simplify the double volume cap while keeping its effectiveness, the new single volume cap should rely solely on the EU-wide threshold. That threshold should be lowered to 75 % to compensate for a potential increase of trading under those waivers as a consequence of abolishing the venue specific threshold.
Amendment 179 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) Whereas the end goal of Markets in Financial Instruments Directive (MIFID II) and regulation (MiFIR) should be the protection of retail investors and mitigating the systemic risks on financial markets; Whereas any kind of conflict of interest should be stopped and therefore all payments of inducements to financial advisers should be banned; Whereas the use of gamification techniques by neobrokers should be investigated and addressed in the upcoming EU Retail Investment Strategy;
Amendment 182 #
Proposal for a regulation
Article 1 – paragraph 2 – point c
Article 1 – paragraph 2 – point c
Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 35
Article 2 – paragraph 1 – point 35
(35) ‘consolidated tape provider’ or ‘CTP’ means a person authorised in accordance with Title IVa, Chapter 1 of this Regulation to provide the service of collecting market data for shares, ETFs, bonds or derivatives, from market data contributors, and of consolidating those data into a continuous electronic live data stream providing core market data per share, ETF, bond or derivatives and of providing them to user of market data;, guarantying the quality of the data, it’s free access to retail investors and in a user-friendly way ;
Amendment 237 #
Proposal for a regulation
Article 1 – paragraph 4 – point b
Article 1 – paragraph 4 – point b
Regulation (EU) No 600/2014
Article 5 – Paragraph 1
Article 5 – Paragraph 1
1. Trading venues shall suspend their use of the waivers referred to in Article 4(1), point (a), and 4(1), point (b)(i) where the percentage of volume traded in the Union in a financial instrument carried out under those waivers exceeds 75% of the total volume traded in that financial instrument in the Union. Trading venues shall base their decision to suspend the use of those waivers on and upon order of ESMA after the data published by ESMA in accordance with paragraph 4, and shall take such decision within two working days after this publication of those data and for a period of six months.;
Amendment 244 #
Proposal for a regulation
Article 1 – paragraph 4 – point d
Article 1 – paragraph 4 – point d
Regulation (EU) No 600/2014
Article 5 – paragraph 4
Article 5 – paragraph 4
4. ESMA shall publish within fiveour working days of the end of each calendar month all of the following data:
Amendment 247 #
Proposal for a regulation
Article 1 – paragraph 4 – point e a (new)
Article 1 – paragraph 4 – point e a (new)
Regulation (EU) No 600/2014
Article 5 – paragraph 6
Article 5 – paragraph 6
(e a) paragraph 6 is replaced as following: 6. "In the event that the report referred to in paragraph 4 identifies that overall Union trading in any financial instrument carried out under the waivers has exceeded 74,75 % of the total Union trading in the financial instrument, based on the previous 12 months’ trading, ESMA shall publish an additional report within five working days of the 15th on the day of the calendar month in which the report referred to in paragraph 4 is published. That report shall contain the information specified in paragraph 4 in respect of those financial instruments where 7,75 % has been exceeded. Or. en(reg 600/2014)
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 4 a (new)
Article 1 – paragraph 4 a (new)
Regulation (EU) No 600/2014
Article 8 – Paragraph 8
Article 8 – Paragraph 8
(f a) Article 8 is replaced by the following: 1. Market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for bonds, and structured finance products, emission allowances and derivatives traded on a trading venue. That requirement shall also applyies to actionable indication of interests. Market operators and investment firms operating a trading venue shall make that information available to the public on a continuous basis during normal trading hours. That publication obligation does not apply to those derivative transactions of non-financial counterparties which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of the non- financial counterparty or of that group. 2. The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems, including order-book, quote-driven, hybrid, periodic auction trading and voice trading systems. 3. Market operators and investment firms operating a trading venue shall give access, on reasonable commercial terms and on a non-discriminatory basis, to the arrangements they employ for making public the information referred to in paragraph 1 to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 18. 4. Market operators and investment firms operating a trading venue shall, where a waiver is granted in accordance with Article 9(1)(b), make public at leastn indicative pre-trade bid and offer prices which are close to the price of the trading interests advertised through their systems in bonds, structured finance products, emission allowances and derivatives traded on a trading venue. Market operators and investment firms operating a trading venue shall make that information available to the public through appropriate electronic means on a continuous basis during normal trading hours. Those arrangements shall ensure that information is provided on reasonable commercial terms and on a non- discriminatory basis. Or. en(reg 600/2014)
Amendment 258 #
Proposal for a regulation
Article 1 – paragraph 6 – point a – point i
Article 1 – paragraph 6 – point a – point i
Regulation (EU) No 600/2014
Article 11 – Paragraph 1– Subaragraph 1
Article 11 – Paragraph 1– Subaragraph 1
Based on the deferral regime as set out in paragraph 4, only competent authorities shallcan authorise market operators and investment firms operating a trading venue to defer the publication of the price of transactions until the end of the trading day, or the volume of transactions for a maximum of twoone weeks.;
Amendment 311 #
Proposal for a regulation
Article 1 – paragraph 9 c (new)
Article 1 – paragraph 9 c (new)
Regulation (EU) No 600/2014
Article 21 – parapragh 4
Article 21 – parapragh 4
Amendment 323 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
1. MAll the market data contributors shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC derivatives as defined in Article 2(7) of Regulation (EU) No 648/2012 that are subject to the clearing obligation as referred to in Article 4 of that Regulation, provide the CTP with all the market data as set out in Article 22b(2) as needed for the CTP to be operational. Those market data shall be provided in a harmonised format, through a high quality transmission protocol, and as close to real-time as is technically possible.
Amendment 378 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point g
Article 27da – paragraph 2 – point g
Amendment 413 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – subparagraph 1 – point b
Article 27h – paragraph 1 – subparagraph 1 – point b
(b) collect monthly subscription fees from useprofessional investors, but guarantee free use for retails investors;
Amendment 447 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a (new) – title
Article 39a (new) – title
Article 39a Ban on payment for forwarding client orders for execution and on the payment of inducements
Amendment 461 #
Proposal for a regulation
Article 1 – paragraph 26
Article 1 – paragraph 26
Regulation (EU) No 600/2014
Article 39a
Article 39a
1. Investment firms acting on behalf of clients shall not receive any fee or commission or non-monetary benefits from any third party for forwarding client orders to such third party for their execution.; 1a. Financial advisers shall not receive any kind of inducements in order to avoid possible conflit of interests and to advice in the best interest of the client.