11 Amendments of Marita ULVSKOG related to 2010/0250(COD)
Amendment 21 #
Proposal for a regulation
Recital 3
Recital 3
(3) On 23 September 2009, the Commission adopted proposals for three Regulations establishing the European System of Financial Supervisors, including the creation of three European Supervisory Authorities to contribute to a consistent application of Union legislation and to the establishment of high quality common regulatory and supervisory standards and practices. These are the European Supervisory Authority (European Banking Authority) (EBA) established by Regulation …/…EU…, the (EU) No 1093/2010…, the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation …/…EU…(EU) No 1094/2010, and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation …/…EU…(EU) No 1095/2010. Those authorities have a crucial role to play in safeguarding the stability of the financial sector. It is therefore essential continuously to ensure that the development of their work is a matter of high political priority and that they are adequately resourced.
Amendment 22 #
Proposal for a regulation
Recital 4
Recital 4
(4) Over-the-counter (OTC) derivatives lack transparency as they are privately negotiated contracts and any information concerning them is usually only available to the contracting parties. They create a complex web of interdependence which can make it difficult to identify the nature and level of risks involved. The financial crisis has demonstrated that such characteristics increase uncertainty in times of market stress and accordingly, pose risks to financial stability. This Regulation lays down conditions for mitigating those risks andby improving the transparency of derivative contracts. Greater OTC transparency will also foster trust between market actors, facilitate efficient price formation, strengthen the protection of investors and provide improved early warning of the build-up and scale of developing problems.
Amendment 25 #
Proposal for a regulation
Recital 25
Recital 25
(25) There should be effective, proportionate and dissuasive penalties with regard to the clearing and reporting obligations. Member States should enforce those penalties in a manner that does not reduce the effectiveness of those rules. Member States should ensure that the penalties imposed are publicly disclosed and that assessment reports on the effectiveness of existing rules are published at regular intervals.
Amendment 26 #
Proposal for a regulation
Recital 37
Recital 37
(37) A CCP should have a sound risk management framework to manage credit risks, liquidity risks, operational and other risks, including the risks that it bears or poses to other entities as a result of interdependencies. A CCP should have adequate procedures and mechanisms in place to deal with the default of a clearing member. In order to minimise the contagion risk of such a default, the CCP should have in place stringent participation requirements, collect appropriate initial margins, maintain a default fund and other financial resources to cover potential losses. As part of its risk management function and to cover its exposure to its clearing members, a CCP should accept only highly liquid collateral with minimal credit and market risk. The type of assets to be accepted as collateral could, to some extent, be adapted to the nature of the counterparty. Regarding non-financial counterparties, a CCP could, where appropriate, accept bank guarantees or equivalent assets as collateral.
Amendment 28 #
Proposal for a regulation
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) ’independent member of the board' means a member of the board that has no previous or current business, family or other relationship that raises a conflict of interest with the CCP, its controlling shareholder(s) or management or its clearing members or management;.
Amendment 74 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Member States shall lay down the rules on penalties applicable to infringements of the rules under this Title and shall take all measures necessary to ensure that they are implemented. Those penalties shall include at least administrative fines. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall consult ESMA when establishing and adjusting their rules on penalties.
Amendment 75 #
Proposal for a regulation
Article 9 – paragraph 2 – subparagraph 1
Article 9 – paragraph 2 – subparagraph 1
2. Member States shall ensure that the competent authorities responsible for the supervision of financial, and where, appropriate, non-financial counterparties disclose every penalty that has been imposed for infringements of Articles 3 to 8 to the public, unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Member States shall, at regular intervals, publish assessment reports on the effectiveness of their rules on penalties.
Amendment 76 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Each Member State shall ensure that the competent authorities have the resources and the supervisory and investigatory powers necessary for the exercise of their functions.
Amendment 77 #
Proposal for a regulation
Article 22
Article 22
The competent authority or any other authority shall inform ESMA, the college and other relevant authorities without undue delay of any potential or actual emergency situation relating to a CCP, including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in any of the Member States where the CCP or one of its clearing members are established.
Amendment 78 #
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. A CCP shall only accept highly liquid collateral with minimal credit and market risk to cover its exposure to its clearing members. ItRegarding non-financial counter-parties, bank guarantees or equivalent assets may where appropriate be accepted as collateral. The CCP shall apply adequate haircuts to asset values that reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts.
Amendment 83 #
Proposal for a regulation
Article 67 – paragraph 1
Article 67 – paragraph 1
1. A trade repository shall, at regular intervals and in an easily accessible way, publish aggregate positions by class of derivatives on the contracts reported to it.