20 Amendments of Pablo ZALBA BIDEGAIN related to 2011/0296(COD)
Amendment 140 #
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an bilateral, organised, frequent and systematic basis, deal on own account by executing client orderprofessional or retail client orders for particular classes of financial instruments outside a regulated market, an MTF or an OTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out withas a result of the execution of an order with professional or retail clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any non intra-group multi-dealer system or facility in which multiple third -party, buying and selling interests interact in the system, a systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 150 #
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 228 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ‘organised trading facility (OTF)’ means any non intra group multi-dealer system or facility, which is not a regulated market or MTF, operated by an investment firm or a market operator, in which multiple third-party buying and selling interests in financial instruments are able to interact in the system in a way that results in a contract in accordance with the provisions of Title II of Directive [new MiFID];
Amendment 318 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus as required by Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 424 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes in bthe following instruments: (i) Bonds and structured finance products admitted to trading on a regulated market orand for which a prospectus as required in Directive 2003/71/EC has been published, e; (ii) Emission allowances; and d(iii) Derivatives which are clearing-eligible or are admitted to trading, based upon the client requesting the quote, are mandated to be centrally cleared and traded on a regulated market or are traded on, an MTF or an OTF when the following conditions are fulfilled:ith no rules restricting client access.
Amendment 426 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 427 #
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
Amendment 435 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1 available to other clients of the investment firm in an objective non- discriminThe quoting obligation referred in the first paragraph shall only apply where all the following conditions are fulfilled: a) the systematic internaliser is prompted for a quote by a client willing to execute an order; b) the quote refers to an instrument that is liquid; c) the quote is at ory way on the basis of their commercial policy. below normal market size; d) the systematic internaliser agrees to provide the quote.
Amendment 439 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. They shall undertake to enter into transactions with any other client to whomSystematic internalisers shall be entitled to update or modify their quote is made available under the published conditions when the quoted size is at or below a size specific to the instruments at any time to reflect changes in market conditions or to correct technical errors.
Amendment 440 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 442 #
Proposal for a regulation
Article 17 – paragraph 5
Article 17 – paragraph 5
Amendment 443 #
Proposal for a regulation
Article 17 – paragraph 6
Article 17 – paragraph 6
Amendment 476 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus as required in Directive 2003/71/EC has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF, provided the relevant transaction is subject to mandatory clearing, shall make public the volume and price of those transactions and the time at which they were concluded, provided that the transaction relates to liquid financial instrument and the transaction is at or below normal market size. This information shall be made public through an APA.
Amendment 531 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
Article 24 – paragraph 1 – point c
(c) OTFs; or with no rules restricting client access;
Amendment 537 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1 a. The obligation above shall not be applicable if the financial entity concluding the transaction, or either of them in the case of two financial entities, is considered a systematic internaliser complying on a voluntary basis with the pre- and post-trade transparency obligations under Articles 7 and 9 respectively;
Amendment 602 #
Proposal for a regulation
Article 28
Article 28
Amendment 625 #
Proposal for a regulation
Article 29
Article 29
Amendment 660 #
Proposal for a regulation
Article 30
Article 30
Amendment 816 #
Proposal for a regulation
Article 44 – subparagraph 1 a (new)
Article 44 – subparagraph 1 a (new)
The following subparagraph shall be added to Article 71.3 of Regulation [ ] (EMIR): "Articles [3] and [8] shall not apply to intra-group transactions until 5 years after the entry into force of this regulation. For this purpose, conditions 2(a)(i) and 2(a)(iv) shall be removed from the definition of intra-group transactions in Article [2a] of this regulation during this 5 year period."
Amendment 820 #
Proposal for a regulation
Article 45 – paragraph 1 a (new)
Article 45 – paragraph 1 a (new)
1a. Title V of the present regulation shall not apply to intra-group transactions until 5 years after the entry into force of this regulation. For this purpose, conditions 2(a)(i) and 2(a)(iv), shall be removed from the definition of intra-group transactions in Article [2a] of Regulation (EMIR) during this 5 year period.