14 Amendments of Hermann WINKLER related to 2010/0250(COD)
Amendment 34 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities. Where non-financial counterparties which are not subject to the clearing obligation conclude OTC derivative contracts with other financial or non-financial counterparties, a clearing obligation shall not be triggered.
Amendment 40 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2
Article 4 – paragraph 3 – subparagraph 2
Before taking a decision, ESMA shall conduct a public consultation and, where appropriate, consult with the competent authorities of third countries consult with the competent European and third country authorities responsible for specific trading markets. Their expert opinion shall be taken into account before taking the decision on the eligibility of a class of derivatives for the clearing obligation referred to in Article 3.
Amendment 41 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2 a (new)
Article 4 – paragraph 3 – subparagraph 2 a (new)
The following classes of commodities markets derivatives, in particular, shall be excluded from being eligible for the clearing obligation pursuant to paragraphs 2 and 3 of this Article, in view of their unsuitability for being standardised: – long-term energy purchase and supply contracts; – energy purchase and supply contracts providing volume flexibility; – energy purchase and supply contracts stipulating take or pay obligations; – contracts linking prices to illiquid indexes or indexes which are not determined on a daily basis.
Amendment 43 #
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
5. ESMA shall, on its own initiative and in consultation with the European Systemic Risk Board (ESRB), as well as following consultation with the competent European and third country authorities responsible for specific trading markets, identify and notify to the Commission the classes of derivatives contracts that should be included in its public register, but for which no CCP has yet received authorisation. All
Amendment 48 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
2. Where a non-financial counterparty takes positions in OTC derivative contracts exceeding the clearing threshold to be determined pursuant to paragraph 3(b), it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts that exceed the clearing threshold and are not objectively measurable as directly linked to its commercial activity pursuant to paragraph 4.
Amendment 60 #
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. In calculating the positions referred to in paragraph 2, OTC derivative contracts entered into by a non-financial counterparty that are objectively measurable as directly linked to the commercial activity of that counterparty shall not be taken into account. Transactions which help to hedge or optimise commercial activity shall, in particular, be deemed objectively measurable as directly linked to the commercial activity of that counterparty.
Amendment 65 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1
Article 8 – paragraph 1 – subparagraph 1
1. Financial counterparties or the non- financial counterparties referred to in Article 7(2), that enter into an OTC derivative contract not cleared by a CCP, shall ensure that appropriate procedures and arrangements are in place to measure, monitor and mitigate operational and credit risk, including at leastin particular:
Amendment 66 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
Amendment 68 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
Amendment 69 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
Amendment 70 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 3
Article 8 – paragraph 2 – subparagraph 3
Amendment 71 #
Proposal for a regulation
Article 8 – paragraph 3 – subparagraph 1
Article 8 – paragraph 3 – subparagraph 1
Amendment 72 #
Proposal for a regulation
Article 8 – paragraph 3 – subparagraph 2
Article 8 – paragraph 3 – subparagraph 2
Amendment 73 #
Proposal for a regulation
Article 8 – paragraph 3 – subparagraph 3
Article 8 – paragraph 3 – subparagraph 3