24 Amendments of Danuta Maria HÜBNER related to 2014/0017(COD)
Amendment 96 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2a) Subsequently on 14 October 2014 the FSB published a regulatory framework for haircuts on collateral posted in non- centrally cleared SFTs. In the absence of clearing, such operations can cause risks if they are not properly collateralised. While enhancing transparency on the re- use of collateral is a first step towards facilitating counterparties' capacity to analyse and prevent the build-up of risks, the FSB also considered it necessary to propose further reforms in the area of haircuts on assets received as collateral for non-centrally cleared SFTs with non- banks. These proposals are intended to prevent excessive leverage and mitigate concentration and default risk. The FSB is due to complete its work on those collateral haircuts by 2016, with the development of a final set of recommendations on haircuts for collateral delivered in non-centrally cleared non-bank-to-non-bank SFTs. It is therefore appropriate to wait for these proposals to be agreed upon and be subjected to a full impact assessment by ESMA and the EBA to assess the most appropriate way to introduce these internationally agreed provisions into the EU. A coherent approach for transactions involving financial and non-financial counterparties as well as those involving only non-financial counterparties should be considered so as to avoid market distorting behaviour.
Amendment 100 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) In order to ensure the effective implementation of the reporting of securities financing transactions a phased implementation of the requirements by counterparty is necessary. This should consider the effective ability of the counterparty to comply with the reporting obligations and so start with more advanced counterparties such as broker dealers, followed by different categories for different sizes of asset managers and finally non-financial counterparties.
Amendment 101 #
Proposal for a regulation
Recital 8 b (new)
Recital 8 b (new)
(8b) In order to reduce the administrative burden faced by both financial and non- financial counterparties, the ability to delegate the reporting requirements should be reinforced in order to make clear that any delegation of the requirement to report a transaction would also cause all legal liability for reporting the transaction to pass to the delegate.
Amendment 102 #
Proposal for a regulation
Recital 8 c (new)
Recital 8 c (new)
(8c) In the case of certain activities such as securities lending and margin lending, detailed position reporting may be a better indication to supervisors of build-up of systemic risk and it should allow for simpler aggregation of data.
Amendment 104 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11a) In addition, SFTs are also used by some other financial and non-financial counterparties. Information in a high level, aggregate form should be given to shareholders about these transactions as part of disclosures as provided for in Directive 2014/95/EU of the European Parliament and of the Council1a . ________________ 1a Directive2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non- financial and diversity information by certain large undertakings and groups (OJ L 330, 15.11.2014, p. 1)
Amendment 122 #
Proposal for a regulation
Article 2 – paragraph 2 – introductory part
Article 2 – paragraph 2 – introductory part
2. TArticles 4 and 15 of this Regulation shall not apply to:
Amendment 128 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
2a. Article 4 of this Regulation shall not apply to transactions to which the bodies listed in points (a) and (b) of paragraph 2 are counterparty.
Amendment 133 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5 a (new)
Article 3 – paragraph 1 – point 5 a (new)
5a. "buy-sell back transaction" and "sell- buy back transaction" mean any transaction in which a counterparty buys or sells securities or commodities or guaranteed rights, agreeing respectively to sell or buy back securities or commodities or guaranteed rights of the same description at a specified price on a future date, that transaction being a buy-sell back transaction for the counterparty buying the securities or commodities or guaranteed rights and a sell-buy back transaction for the counterparty selling them. Buy-sell back transactions and sell- buy back transactions are not governed by a repurchase agreement or a reverse repurchase agreement as defined in point (82) of Article 4(1) of Regulation (EU) No 575/2013;
Amendment 137 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 – indent 3 a (new)
Article 3 – paragraph 1 – point 6 – indent 3 a (new)
- a margin lending transaction as defined in point (3) of Article 272 of Regulation (EU) No 575/2013. For the purposes of this Regulation, margin lending transactions are not limited to transactions governed by agreements between institutions as defined in Regulation (EU) No 575/2013 and their counterparties;
Amendment 138 #
Proposal for a regulation
Article 3 – paragraph 1 – point 6 – indent 3 b (new)
Article 3 – paragraph 1 – point 6 – indent 3 b (new)
- "total return swap" as defined in point (7) of Annex 1 to Regulation (EU) No 231/2013. For the purposes of this regulation, total return swaps are not limited to transactions between counterparties as defined in Directive 2011/61/EU.
Amendment 139 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7
Article 3 – paragraph 1 – point 7
7. ‘rehypothecationuse’ means the use by a receiving counterparty of financial instruments received as collateral in its own name and for its own account or for the account of another counterpartydelivered in one transaction as collateral;
Amendment 140 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
Article 3 – paragraph 1 – point 7 a (new)
7a. Title Transfer Collateral Arrangement (TTCA) mean the transfer of collateral as defined in point (b) of Article 2(1) of Directive 2002/47/EC.
Amendment 147 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
1. Counterparties to SFTs shall report the details of such transactions or positions to a trade repository registered in accordance with Article 5 or recognised in accordance with Article 19. The details shall be reported no later than the third working day following the conclusion, modification or termination of the transaction. but as soon as is practically possible.
Amendment 152 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3
Article 4 – paragraph 1 – subparagraph 3
A counterparty which is subject to the reporting obligation may delegate the reporting of the details of SFTs. All legal liability for reporting the transaction shall be passed to the delegated entity.
Amendment 153 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 3a (new)
Article 4 – paragraph 1 – subparagraph 3a (new)
Where a financial counterparty concludes an SFT with a non-financial counterparty which on its balance sheet dates does not exceed the limits of at least two of the three criteria defined in Article 3(3) of Directive 2013/34/EU, the reporting obligations of both counterparties apply only to the financial counterparty.
Amendment 160 #
Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b a (new)
Article 4 – paragraph 7 – subparagraph 1 – point b a (new)
(b a) the date or dates from which the reporting obligation takes place using a phased implementation by types of counterparty;
Amendment 161 #
Proposal for a regulation
Article 4 – paragraph 7 – subparagraph 1 – point b b (new)
Article 4 – paragraph 7 – subparagraph 1 – point b b (new)
(b b) for which activities reporting of positions instead of transactions is appropriate.
Amendment 163 #
Proposal for a regulation
Article 4 – paragraph 8 – subparagraph 1a (new)
Article 4 – paragraph 8 – subparagraph 1a (new)
These draft implementing technical standards shall also specify how reporting of duplicate transaction or position data can be avoided or managed. ESMA shall consider a number of approaches, including whether all counterparties to a transaction shall report to the trade repository.
Amendment 181 #
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
1a. Financial and non-financial institutions referred to in Article 19a of Directive 2013/34/EU shall include in the report referred to in Directive 2014/95/EU a description of their use of SFTs and their reuse of collateral.
Amendment 185 #
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1a (new)
Article 13 – paragraph 2 – subparagraph 1a (new)
The detailed information on SFTs is provided to ESMA and the national competent authorities. The aggregate data are also communicated to retail investors who invested in the related fund or sub- fund.
Amendment 204 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. The conditions set out in paragraphs 1 and 2 shall not apply where the providing counterparty is providing collateral under a TTCA.
Amendment 215 #
Proposal for a regulation
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
Amendment 243 #
Proposal for a regulation
Article 26 – paragraph 1 a (new)
Article 26 – paragraph 1 a (new)
Within eighteen months of the entry into force of this regulation, ESMA and the EBA shall provide a report to the Commission on the final conclusions of the Financial Stability Board's work on a regulatory framework for haircuts on collateral posted in non-centrally cleared SFTs. In full consideration of this report, the Commission shall submit a full impact assessment of the FSB proposals and consider whether new legislative proposals to implement its recommendations are necessary.
Amendment 248 #
Proposal for a regulation
Article 28 – paragraph 2 – point a
Article 28 – paragraph 2 – point a
(a) Article 4(1), which shall apply 18 months after the date of entry into force via the phased-in approach developed in the delegated act adopted under Article 4(7); and