8 Amendments of Carl HAGLUND related to 2010/0250(COD)
Amendment 154 #
Proposal for a regulation
Recital 12 b (new)
Recital 12 b (new)
(12 b) For long term savings institutions, the posting of government and high quality corporate bonds as an alternative to cash shall be permitted to cover initial and variation margins.
Amendment 169 #
Proposal for a regulation
Recital 16 b (new)
Recital 16 b (new)
(16 b) Where an exemption from clearing is provided this should normally ensure that a similar exemption is provided for in any prudential requirements.
Amendment 171 #
Proposal for a regulation
Recital 17
Recital 17
(17) A contract entered into by a fund, whether managed by a fund manager or not, should be considered within the scope of this Regulation. However, a fund whose investment policy is solely to develop or invest in physical real estate (directly or indirectly through subsidiary entities, co- ownership or joint venture participations) shall not be considered a financial counterparty for the purposes of this Regulation.
Amendment 296 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
There shall be no clearing obligation in the case of derivative contracts between subsidiary undertakings of the same parent company of 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) or undertakings of the same financial group as defined in Article 80 (7) 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 relations to risk mitigation techniques under Article 8.
Amendment 319 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Derivative contracts that are objectively measurable as reducing risks directly related to the financial solvency of a pension scheme or other liability driven investment shall be excluded from the clearing obligation set out in Article 3.
Amendment 340 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2 a. ESMA may define under certain conditions and circumstances under which financial counterparties and non- financial counterparties referred to in Article 7(2) and certain OTC derivative contracts may be exempted from the clearing obligation.
Amendment 533 #
Proposal for a regulation
Article 8 – paragraph 1 b (new)
Article 8 – paragraph 1 b (new)
1 b. For pension scheme investments under IORP or a scheme where the law of the Member State recognises the scheme for retirement planning, resilient bilateral collateralisation of derivatives used for risk mitigation may take account of counterparty creditworthiness. Capital requirements in prudential regulation should be in line with those of centrally cleared contracts.
Amendment 855 #
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. It 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. For non-financial counterparties, CCPs may accept bank guarantees.