6 Amendments of Sven GIEGOLD related to 2017/0810(COD)
Amendment 17 #
Proposal for a decision
Recital 5
Recital 5
Bank (5) On 29 March 2017, tThe United Kingdom of Great Britain and Northern Ireland notified the European Council of its intention to withdraw from the European Union. The withdrawal of the United Kingdom willmay lead to a fundamental change in how certain systemically important euro- denominated clearing activities are regulated, overseen and supervised, thereby adversely affecting the Eurosystem’s ability to monitor and manage risks relevant to the smooth operation of payment systems, and having a direct impact on the implementation of the Eurosystem’s monetary policy.
Amendment 21 #
Proposal for a decision
Recital 7
Recital 7
Bank (7) In order to address these issues, on 13 June 2017 the Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it is of utmost importance that it has the relevant powers under the Treaty and the Statute of the ESCB. In particular, the Eurosystem should have regulatory powers to adopt binding assessments and require remedial action, in full respect and consistency with the regulatory powers provided for in the relevant Union legislative acts and in close cooperation with other Union authorities. Moreover, where necessary to protect the stability of the euro, the ECB should also have the regulatory powers to adopt specific additional requirements provided for in the relevant Union legislation related to the Union recognition of clearing systems established in third countries for CCPs involved in the clearing of significant amounts of euro-denominated transactions.
Amendment 24 #
Proposal for a decision
Recital 7 a (new)
Recital 7 a (new)
Amendment 26 #
Proposal for a decision
Recital 8
Recital 8
Bank (8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. The tasks conferred therein should accordingly only be used for monetary policy purposes. Those tasks should relate to areas that are of relevance to the conduct of monetary policy and be limited to requirements allowing to monitor the activities of the clearing system, such as reporting requirements or requirements relevant for assessing the risks and the resilience of the system to adverse market conditions. They could also include specific requirements which fully respects and are fully consistent with Union legislative acts necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions, critical Union markets, or the broader financial system of the Union limited to liquidity, settlement, collateral, interoperability and margin requirements imposed on the basis of provisional measures related to systemic liquidity risks, with a view in particular to facilitate the transmission of monetary policy and the smooth functioning of payment systems.
Amendment 28 #
Proposal for a decision
Recital 8 a (new)
Recital 8 a (new)
Amendment 38 #
Proposal for a decision
Article 1 – paragraph 1
Article 1 – paragraph 1
Statute of the European System of Central Banks and of the European Central Bank
Article 22
Article 22
Bank The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and within the Union and with other countries. In order to achieve the objectives of the ESCB and perform its tasks, the ECB may make regulations concerning clearing systems for financial instruments, within the Union and with other countries. s well as regulations related to the Union recognition of clearing systems established in third countries, provided that it does so in a manner that fully respects and is fully consistent with the legislative acts adopted by the European Parliament and the Council in this area, as well as measures adopted under such acts and in any case limited to requirements allowing to monitor the activities of the clearing system, reporting requirements or requirements relevant for assessing the risks and the resilience of the system to adverse market conditions. Such requirements may also include specific requirements provided for in Union legislative acts necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions, critical Union markets, or the broader financial system of the Union limited to liquidity, settlement, collateral, interoperability and margin requirements.