Activities of Jürgen KLUTE related to 2011/0296(COD)
Plenary speeches (1)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories PDF (612 KB) DOC (509 KB)
Amendments (18)
Amendment 97 #
Proposal for a regulation
Recital 1
Recital 1
(1) The recent financial crisis has exposed weaknesses in the transparency of financial marketsonce more proven that markets are by no means efficient. Rather the opposite is true. Under-regulated markets tend to become intransparent which leads to excessive speculation and the creation of economic bubbles with devastating socio- economic effects. The objective of this review is to end harmful speculation and to support channelling savings into productive investment. Strengthening transparency is therefore one of the shared principles to strengthen the financial system as confirmed by the G20 declaration in London on 2 April 2009. In order to strengthen the transparency and improve the functioning of the internal market for financial instruments, a new framework establishing uniform requirements for the transparency of transactions in markets for financial instruments should be put in place. The framework should establish comprehensive rules for a broad range of financial instruments. It should complement requirements for the transparency of orders and transactions in respect of shares established in Directive 2004/39/EC of the European Parliament and the Council of 21 April 2004.
Amendment 210 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
(3) ‘'systematic internaliser’' means an investment firm which, on an organiszed, frequent and systematic basis, deals on own account by executing client orders outside a regulated market or an MTF or an OTF; and whose activity meets the following criteria: (a) the activity has a material commercial role for the firm, and is carried on in accordance with non-discretionary rules and procedures; the qualitative and quantitative criteria for assessing the materiality of the commercial role are to be defined by ESMA (b) the activity is carried on by personnel, or by means of an automated technical system, assigned to that purpose, irrespective of whether those personnel or that system are used exclusively for that purpose; (c) the activity is available to clients on a regular or continuous basis.
Amendment 229 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7 a) 'Over the counter (OTC) trading' means trading which is ad-hoc and irregular and carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size.
Amendment 433 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1when the quoted size is at or below a size specific to the instrument available to other clients of the investment firm in an objective non- discriminatory way on the basis of their commercial policy.
Amendment 681 #
Proposal for a regulation
Article 30 a (new)
Article 30 a (new)
Amendment 682 #
Proposal for a regulation
Article 31 – title
Article 31 – title
ESMA powers to temporarily intervene
Amendment 698 #
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31 a Any financial product shall be investigated, registered and admitted by ESMA in order to be marketed, distributed or traded inside the Union. Products existing before entry into force of this regulation are grandfathered as defined in Article 31 -1 of this Regulation. ESMA shall develop draft regulatory technical standards to specify the criteria which have to be investigated before a financial product could be registered. The criteria which should be investigated are including, but not limited to: - low risks for the economy and the society as a whole - transparency of the financial product for the public, the market participants and the relevant authorities - serving the needs of the real economy - possible causation or enhancement of price volatility in any market. - possible distortion of price formation - possible enhancement of excessive speculation To register a financial product in the Union, the issuer shall pay a fee to ESMA. The fee shall be related to the complexity of the respective product. The fees shall be set by ESMA and cover at least two thirds of the costs arising from the initial investigation for registering the respective financial product.
Amendment 700 #
Proposal for a regulation
Article 31 b (new)
Article 31 b (new)
Article 31b Financial products and funds which are related to commodity price development and products including such elements shall be prohibited from being marketed, distributed or sold in the Union.
Amendment 730 #
Proposal for a regulation
Article 35 – paragraph 1 – introductory part
Article 35 – paragraph 1 – introductory part
1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA shalltakes, where all conditions in paragraph 2 are satisfied, take(...) one or more of the following measures:
Amendment 732 #
Proposal for a regulation
Article 35 – paragraph 1 – point a
Article 35 – paragraph 1 – point a
(a) request from any person, class of persons or investment firm(s) information including all relevant documentation regarding the size and purpose of a position or exposure entered into via a derivative];
Amendment 734 #
Proposal for a regulation
Article 35 – paragraph 1 – point b
Article 35 – paragraph 1 – point b
(b) after analysing the information obtained, require any such person, class of persons or investment firm(s) to take steps to reduce the size of the position or exposure;
Amendment 736 #
Proposal for a regulation
Article 35 – paragraph 1 – point c
Article 35 – paragraph 1 – point c
(c) limit the ability of a person, class of persons or investment firm(s) from entering into a commodity derivative.
Amendment 740 #
Proposal for a regulation
Article 35 – paragraph 1 – point c a (new)
Article 35 – paragraph 1 – point c a (new)
(ca) apply limits on the number of commodity derivative contracts a person, class of persons or investment firm(s) can enter into over a specific period of time.
Amendment 743 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – introductory part
Article 35 – paragraph 2 – subparagraph 1 – introductory part
ESMA shall only take a decision under paragraph 1 if all of the following conditions are fulfilled:
Amendment 745 #
Proposal for a regulation
Article 35 – paragraph 2 – subparagraph 1 – point a
Article 35 – paragraph 2 – subparagraph 1 – point a
(a) the measures listed in points (a) to (c) of paragraph 1 prevent market abuse, reduce or eliminate excessive speculation, address a threat to the orderly functioning and integrity of financial markets and orderly pricing including in relation to delivery arrangements for physical commodities and price discovery for the underlying commodity market, or the stability of the whole or part of the financial system in the Union;
Amendment 748 #
Proposal for a regulation
Article 35 – paragraph 3 – point a
Article 35 – paragraph 3 – point a
(a) does significantly prevent market abuse, reduce or eliminate excessive speculation, address the threat to the orderly pricing, orderly functioning and integrity of financial markets or of delivery arrangements for physical commodities and price discovery for the underlying commodity market, or the stability of the whole or part of the financial system in the Union or significantly improve the ability of competent authorities to monitor the threat;
Amendment 750 #
Proposal for a regulation
Article 35 – paragraph 3 – point c
Article 35 – paragraph 3 – point c
(c) does not have a detrimental effect on the efficiency of financial markets, including reducing liquidity and underlying commodity markets, including distorting those markets or creating uncertainty for market participantseir price discovery function, that is disproportionate to the benefits of the measure.
Amendment 756 #
Proposal for a regulation
Article 35 – paragraph 8
Article 35 – paragraph 8
8. ESMA shall review its measures referred to in subparagraph (c) of paragraph 1 at appropriate intervals and at least every three months. If a measure is not renewed after that three month period, it shall automatically expire. Paragraphs 2 to 8 shall apply to a renewal of measures.