22 Amendments of Jürgen KLUTE related to 2010/0251(COD)
Amendment 143 #
Proposal for a regulation
Recital 4
Recital 4
(4) To set an end to the current fragmented situation in which some Member States have taken divergent measures and to restrict the possibility of divergent measures being taken by competent authorities it is important to address the potential risks arising from short selling and credit default swaps in a harmonised manner. The requirements to be imposed should address the identified risks without unduly detracting from the benefits that short selling provides to the quality and efficiency of markethaving a detrimental effect on the stability of European financial markets and their ability to provide liquidity to the real economy. Nevertheless Member States should not be prevented from establishing a stricter regulation of credit default swaps and short sales.
Amendment 149 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Credit default swaps, naked short sales and commodity short sales should be fought and legally banned on Union financial markets. Naked short sales, commodity short sales and credit default swaps do not provide any macroeconomic benefits and carry considerable systemic risks that can be assessed ex ante only with great difficulty. Risk hedging should be replaced by other, less detrimental instruments.
Amendment 199 #
Proposal for a regulation
Recital 22
Recital 22
(22) In the case of a significant fall in the price of a financial instrument on a trading venue a competent authority should also have the ability to temporarily restrict short selling of the financial instrument on that venue in order to be able to intervene rapidly where appropriate and for a 24 hour period to prevent a disorderly price fall of the instrument concerned. The period of the trade restriction should take into account the seriousness of the disruption in the markets.
Amendment 207 #
Proposal for a regulation
Recital 37
Recital 37
(37) Since some Member States have already put in place restrictions on short selling, and since delegated acts and binding technical standards are provided for which should be adopted before the framework to be introduced can be us effective Union-wide Regulation needs to be adopted and implemented as soon as possible. The persistent instability of the markets and the imminent threat presented by practices relating to the trade in credit defaully applied, it is necessary to provide for a sufficient pert swaps to the economic and political basis of Union integration contribute to the urgent need for a strict regulatiodn of timeshort selling and credit default swaps.
Amendment 213 #
Proposal for a regulation
Article 1 – point 3
Article 1 – point 3
(3) debt instruments issued by a Member State or the Union and derivatives set out in Annex I Section C points (4) to (10) of Directive 2004/39/EC that relate to such debt instruments issued by a Member State or the Union or to an obligation of a Member State or the Union or to an obligation issued by a systematically relevant institution established or resident in the Union.
Amendment 222 #
Proposal for a regulation
Article 2 – paragraph 1 – point p
Article 2 – paragraph 1 – point p
(p) "short sale" in relation to a share or debt means any sale of the share or debt which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the share or debt for delivery at settlement;
Amendment 230 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a short sale of a share issued by the company or a debt instrument issued by the Member State or Union or a system relevant institution;
Amendment 237 #
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. For the purposes of this Regulation, a position resulting from either of the following shall be considered a long position relating to the issued share capital of a company or issued sovereign debtdebt instruments of a Member State or the Union:
Amendment 245 #
Proposal for a regulation
Article 3 – paragraph 6
Article 3 – paragraph 6
6. The calculation under paragraphs 1 to 5 for sovereign debtdebt instruments shall be for each single Member State or for the Union or for a system relevant institution domiciled or established in the Union, even if separate entities within the Member State or the Union issue sovereign debt on behalf of the Member State or Union.
Amendment 252 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. For the purposes of this Regulation, a natural or legal person shall be considered to have an uncovered position in a credit default swap relating to an obligation of a Member State or the Union, to the extent that the credit default swap is not serving to hedge against the risk of default of the issuer where the natural or legal person has a long position in the sovereign debt of that issuer or any long position in the debt of an issuer for which the price of its debt has a high correlation withThe trade with credit default swaps and other instruments aiming to hedge the pricesk of the obligation of a Member State or the Union. The party under a credit default swap that is obliged to make the payment or pay the compensation in the event of a default or a credit event relating to the reference entity does not by reason of that obligation have an uncovered position for the purposes of this paragrapha credit default shall be prohibited on Union financial markets.
Amendment 299 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) a net short position relating to the issued sovereign debt of a Member State or of the Union or a system relevant institution established or resident in the Union;
Amendment 301 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
Amendment 332 #
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. A natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument where one of the following conditions is fulfilled:
Amendment 346 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the natural or legal person has entered into an agreement to borrow the share or sovereign debt instrument;
Amendment 349 #
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
Amendment 368 #
Proposal for a regulation
Article 12 – paragraph 2 a (new)
Article 12 – paragraph 2 a (new)
2a. Short sales of commodity shares and bonds shall be prohibited.
Amendment 370 #
Proposal for a regulation
Article 12 – paragraph 2 b (new)
Article 12 – paragraph 2 b (new)
Amendment 372 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Naked short sales Naked short sales shall be prohibited.
Amendment 405 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
Amendment 473 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The measure shall apply for a period not exceeding the end of the trading day following the trading day on which the fall in price occursbe limited to a period appropriate to the extent of the price collapse.
Amendment 488 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
Any such measure may be renewed for further periods not exceeding appropriate to the seriousness of three months at a timarket disturbance.
Amendment 493 #
Proposal for a regulation
Article 24 – paragraph 1 – subparagraph 1 – point c
Article 24 – paragraph 1 – subparagraph 1 – point c