16 Amendments of Lara COMI related to 2013/0314(COD)
Amendment 381 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 2
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 2
The input data shall be transaction data. If available or, where appropriate, non-transaction based data, is not sufficient to represenncluding committed quotes and verifiable estimates provided that it accurately and reliably represents the market or economic reality that the benchmark is intended to measure, input data which is not transaction data may be used provided that such data is verifiable.
Amendment 388 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point c
Article 7 – paragraph 1 – subparagraph 1 – point c
(c) Where the input data of a critical benchmark is not transaction data and a contributor is a party to more than 50% of value of transactions in the market which that the benchmark intends to measure, the administrator shall verify where possible that the input data represents a market subject to competitive supply and demand forces. Where the administrator finds that the input data does not represent a market subject to competitive supply and demand forces, it shall either change the input data, the contributors or the methodology to ensure that the input data represents a market subject to competitive supply and demand forces, or cease to provide that benchmark (‘Market impact’). Any change referred to in this paragraph shall not be intended as a breach of any financial contract or financial instrument which references that benchmark.
Amendment 457 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of thIf one or more contributors to a critical benchmark haveintend to ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, the competent authority input data, they shall promptly notify the benchmark administration in writing, which shall inform ESMA without delay and submit to it an assessment of the implications of the capability of the benchmark to measure the underlying market or economic reality. In case ESA considers that the representativeness ofr the administratorcontinuity of a critical benchmark is put at risk, it, shall have the power to:
Amendment 461 #
Proposal for a regulation
Article 14 – paragraph 1 – point a
Article 14 – paragraph 1 – point a
(a) require supervised entities, selected in accordance with paragraphs 2, to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules;
Amendment 462 #
Proposal for a regulation
Article 14 – paragraph 1 – point a a (new)
Article 14 – paragraph 1 – point a a (new)
(aa) require supervised entities which are not already contributors to the relevant critical benchmark, selected in accordance with paragraph 2, to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules;
Amendment 465 #
Proposal for a regulation
Article 14 – paragraph 1 – point b
Article 14 – paragraph 1 – point b
(b) determine the form in which, and the time by which, any input data is to be contributed, without incurring an obligation to either trade or commit trade;
Amendment 467 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) change the code of conduct, methodology or other rules of the critical benchmark; contributors which notified their intention to cease contributing input data shall continue contributing input data until ESMA has finished its assessment.
Amendment 474 #
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. For a critical benchmark, tThe supervised entities that are required to contribute in accordance with paragraph 1 point a a (new) shall be determined by the competent authority of the administratorESMA on the basis of the following criteria:
Amendment 479 #
Proposal for a regulation
Article 14 – paragraph 2 – point b
Article 14 – paragraph 2 – point b
(b) the supervised entity's expertise and ability to provide input data of the necessary quality. New contributors which are required to contribute input data in accordance with paragraph 1 point a a (new) shall have a period of time of at least 1 year to set up the necessary arrangements to make such contribution.
Amendment 481 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The competent authority of a supervised contributor that has been required to contribute to a benchmark through measures taken in accordance with points (a) and (b) of paragraph 1 shall assist the competent authority of the administratoraragraph 1 shall support ESMA in the enforcement of such measures.
Amendment 489 #
Proposal for a regulation
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
4. The competent authority of the administrator shESMA shall annually review each measure adopted under paragraph 1 one year following its adoption. It shall revoke it if:
Amendment 490 #
Proposal for a regulation
Article 14 – paragraph 4 – point a – introductory part
Article 14 – paragraph 4 – point a – introductory part
Amendment 491 #
Proposal for a regulation
Article 14 – paragraph 4 – point a – point 1
Article 14 – paragraph 4 – point a – point 1
Amendment 492 #
Proposal for a regulation
Article 14 – paragraph 4 – point a – point 2
Article 14 – paragraph 4 – point a – point 2
(2) a written report by the administrator to the competent authority providing evidence for its assessment that the criticala) judges that the benchmark's continued viability can be assured once mandatory participation has been revoked which shall be evidenced by a written report provided by the administrator.
Amendment 493 #
Proposal for a regulation
Article 14 – paragraph 4 – point b
Article 14 – paragraph 4 – point b
(b) judges that an acceptable substitute benchmark is available and users of the critical benchmark can switch to this substitute at minimal costs which shall be evidenced by at least a written report by the administrator detailing the means of transition to a substitute benchmark and the ability and costs to users of transferring to this benchmark.
Amendment 498 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The administrator shall notify the relevant competent authorityESMA in the event that any contributors breach the requirements of paragraph 1 of this Article as soon as is technically possible.