Activities of Jean-Paul BESSET related to 2012/0029(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC PDF (681 KB) DOC (494 KB)
Amendments (19)
Amendment 178 #
Proposal for a regulation
Recital 33
Recital 33
(33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed indispensible for eliminating any danger of transmission of the risks from the banking services, such as credit and liquidity risks, to the provision of core services of CSDs. There are no less intrusive measures available for eliminating those credit and liquidity risks in order to ensure the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSD and banking services within the same group of undertakings, the requirement that banking services be carried out by a separate credit institution should not prevent that credit institution from belonging to the same group of undertakings as the CSD. If both CSD and banking services are provided within the same group of undertakings, in order to increase the safety and efficiency of the services provided, the activities of the credit institution providing banking services should be limited to the provision of banking services ancillary to settlement. Furthermore, a derogation to the obligation to separate banking services ancillary to settlement from core CSD services should be available in the absence of any danger of transmission of credit and liquidity risks from the banking services to the provision ofAt the same time, this restriction on credit institutions must be strictly regulated so as to prevent CSDs’ being exposed to the failure of a credit institution the activities of which do not support settlement operations, i.e. being in effect indirectly exposed to the risks taken by the credit institution. CSDs must therefore be able to interact with banks that are licensed only for activities in support of settlement operations. Furthermore, in order to permit CSD restructuring, there should be provision for temporary derogation from the requirement that banking services ancillary to settlement be separated from CSD core services of CSDs. In order to ensure a consistent application of the possibility to derogate from the obligation on CSDs not to provide any banking type of ancillary services, the Commission should be empowered to decide, at the request of a national competent authority, whether any such derogation is permitted in view of the absence of systemic risk incurred by the provision of both CSD core and banking services by the same legal entity. In any case, the activities of a CSD benefiting from any such temporary derogation and authorised as a credit institution should be limited exclusively to the provision of banking services ancillary to settlement.
Amendment 207 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘central securities depository’ ('‘CSD'’) means a legal person that operates a securities settlement system listed in point 3 of Section A of the Annex and performs at least one other core service listed in Section A of the Annex;
Amendment 234 #
Proposal for a regulation
Article 2 – paragraph 1 – point 31 a (new)
Article 2 – paragraph 1 – point 31 a (new)
(31a) ‘limited-purpose settlement bank’ means a licensed credit institution as defined in the Capital Requirements Directive (CRD), which provides banking- type ancillary services as defined in Section C of the Annex to this Regulation.
Amendment 243 #
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
1. Any companlegal entity that issues transferable securities or units in collective investment undertakings as defined in Article 2(25) which are admitted to trading on regulated markets or traded in trading venues shall arrange for such securities to be represented in book-entry form as immobilisation through the issuance of a global note, which represents the whole issue, or subsequent to a direct issuance of the securities into a dematerialised form.
Amendment 249 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The authorities of the Member State where the companlegal entity that issues securities is established shall be competent for ensuring that Article 3(1) is applied.
Amendment 259 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. As regards the transferable securities and units in collective investment undertakings referred to in paragraph 1 which are traded on regulated markets, MTFs or OTFs, the intended settlement date shall be no later than on the second business day after the trading takes place.
Amendment 446 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. For each securities settlement system it operates a CSD shall keep records and accounts that shall enable it, at any time and without delay, to distinguish to segregate in the accounts with the CSD the securities of any one participant from the securities of any other participant and, if applicable, from the CSD’s own assets.
Amendment 451 #
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
3. A CSD shall offer to keep records and accounts enabling a participant to distinguishsegregate the securities of each of that participant’s clients, if and as required by that participant (‘individual client segregation’).
Amendment 484 #
Proposal for a regulation
Article 44 – paragraph 3 – subparagraph 1
Article 44 – paragraph 3 – subparagraph 1
ESMA shall develop in consultation with the ERSB and the members of the ESCB draft regulatory technical standards to specify the capital, retained earnings and reserves of a CSD referred to in paragraph 1 and the features of the plan referred to in paragraph 2.
Amendment 498 #
Proposal for a regulation
Article 46 – paragraph 1
Article 46 – paragraph 1
1. AWithout prejudice to Articles 2, 9 and 10 of Directive 98/26/EC, any question with respect to proprietary aspects in relation to financial instruments held by a CSD shall be governed by the law of the country where the account is maintained. The account shall be considered to be maintained in the country in which the CDS has its habitual residence, in accordance with Article 19 of Regulation (EC) No 593/2008 of the European Parliament and of the Council.
Amendment 500 #
Proposal for a regulation
Article 46 – paragraph 2
Article 46 – paragraph 2
2. Where the account is used for settlement in a securities settlement systemcase-law of the Member State in which the account is maintained differs from the case-law regulating the settlement system, and where the settlement system has been designated in accordance with Article 2 of Directive 98/26/EC, the applicable case-law shall be the one governing that securitiesregulating said settlement system.
Amendment 502 #
Proposal for a regulation
Article 46 – paragraph 3
Article 46 – paragraph 3
Amendment 540 #
Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 1
Article 52 – paragraph 2 – subparagraph 1
Amendment 542 #
Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 2
Article 52 – paragraph 2 – subparagraph 2
Amendment 547 #
Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 3
Article 52 – paragraph 2 – subparagraph 3
Amendment 571 #
Proposal for a regulation
Article 52 – paragraph 4
Article 52 – paragraph 4
4. The authorisation referred to in paragraph 3 shall cover the ancillary services set out in Section C of the Annex that the designated credit institution or a CSD that has been granted a derogation under paragraph 2 of this ArticleArticle 67(4) (new) of this Regulation may want to provide for its participants.
Amendment 579 #
Proposal for a regulation
Article 52 – paragraph 5
Article 52 – paragraph 5
5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, the authorisation as provided in Title II of Directive 2006/48/EC of such designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 3 of this Article. The same requirement applies in respect of a CSD that has been granted a derogation under paragraph 2 of this ArticleArticle 67(4) (new) of this Regulation.
Amendment 612 #
Proposal for a regulation
Article 57 – paragraph 1
Article 57 – paragraph 1
1. A credit institution designated to provide banking type of ancillary services shall be a limited-purpose settlement bank, as defined in Article 2(1)(31a) (new) and provide the services set out in Section C of the Annex that are covered by the authorisation.
Amendment 643 #
Proposal for a regulation
Article 67 – paragraph 4 a (new)
Article 67 – paragraph 4 a (new)