6 Amendments of Sari ESSAYAH related to 2010/0250(COD)
Amendment 240 #
Proposal for a regulation
Article 1 – paragraph 4 – point b b (new)
Article 1 – paragraph 4 – point b b (new)
Amendment 315 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1 a. There shall be no clearing obligation in the case of derivative contracts between subsidiary undertakings of the same parent company or between a parent company and a subsidiary undertaking. ‘Parent companies’ and ‘subsidiary companies’ for the purposes of this provision shall be companies thus defined under the relevant EU rules. Furthermore, there shall be no clearing obligation in case of derivatives contracts entered into between credit institutions affiliated to the same central body as defined under Article 3(1) of the Banking Directive 2006/48/EC (recast) or undertakings of the same financial group as defined in Article 80(7) of the Banking Directive 2006/48/EC (recast) or of the same institutional protection scheme as defined in Article 80(8) of the Banking Directive 2006/48/EC (recast). This derogation shall not affect the reporting obligation under Article 6 or the obligations in relation to risk mitigation techniques under Article 8.
Amendment 760 #
Proposal for a regulation
Article 37 – paragraph 1
Article 37 – paragraph 1
1. A CCP shall keep records and accounts that shall enable it, at any time and without delay, to identifydistinguish and segregate the assets and positions of one clearing member from the assets and positions of any other clearing member and from its own assets.
Amendment 764 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each clearing member to distinguish and segregate in accounts with the CCP the assets and positions of that clearing member from those of its clients. A CCP shall allow clients to have a more detailed segregation of their assets and positions. The CCP shall publicly disclose the risks and costs associated with the different levels of (“omnibus segregation”).
Amendment 772 #
Proposal for a regulation
Article 37 – paragraph 2 a (new)
Article 37 – paragraph 2 a (new)
Amendment 773 #
Proposal for a regulation
Article 37 – paragraph 2 b (new)
Article 37 – paragraph 2 b (new)
2 b. For the purpose of this article ‘segregation’ shall mean the establishment of such legally effective arrangements including but not limited to accounting, record keeping, safe-keeping and deposit arrangements that ensure that collateral and positions of one person or, where relevant a group of persons, shall not be used to discharge the liabilities of or claims against any other person from whom it is intended that it is segregated, and shall not be available for any such purpose except when provided for under this Regulation or otherwise so agreed by the persons in writing. In case of full segregation according to paragraph 2a a clearing member shall ensure that collateral securing client’s positions is kept separately from the collateral belonging to other clients of the clearing member by means of differently titled accounts on the books of the CCP or the books of an independent third party which is not linked by control to the clearing member through whom the client maintains its positions.