[ParlTrack]

Proposal for a regulation
Recital 5 a (new)

(5a) The architecture for the supervision of CCP relies on the building of competences, expertise, capabilities, as well as cooperative relationships and exchanges with other institutions. Since all of those are processes that develop over time and following their own dynamic, the design of a functional, effective and efficient supervisory system for CCPs should take into account its potential evolution in the long term.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Recital 6 a (new)

(6a) All CCPs have characteristics that make them systemic, to some degree, for the Union or for a Member State, but their size, business model and risk profile differ. The approach taken to the supervision of CCPs should be proportionate and a proper balance should be established between national and Union-wide supervision, taking into account the systemic nature of the CCPs concerned.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Recital 6 b (new)

(6b) In order to allow for a proportionate approach to the supervision of CCPs, a tiering system shall be established by ESMA, distinguishing between significant Union CCPs and less significant Union CCPs on the basis of the degree of systemic risk that the CCP presents to the financial stability of the Union. ESMA shall assess the degree of systemic risk on the basis of objective and transparent criteria set out in this Regulation. In order to properly involve ESMA in the setting of those criteria, they should be further specified through a Regulatory Technical Standard.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Recital 6 c (new)

(6c) This Regulation establishes new tasks to be carried out by ESMA relating to the supervision of significant Union CCPs. As regards the supervision of less significant Union CCPs, ESMA should be able to issue general instructions to national competent authorities, according to which their tasks are performed and supervisory decisions are adopted, as well as, where necessary to ensure consistent application of high supervisory standards, decide, at any time, on its own initiative after consulting with national competent authorities or upon request by a national competent authority, exercise directly itself any supervisory task over CCPs. Those powers over less significant Union CCPs should be additional and complementary to other tasks and powers conferred to ESMA and already exercised over those CCPs under this Regulation or under Regulation 1095/2010.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Recital 8

(8) The Treaties have established an economic and monetary union whose currency is the euro, and the European Central Bank (ECB) as an Institution of the Union ~~for this purpose. The Treaties also provide that the ESCB shall be governed by the decision-making bodies of the ECB, and the ECB alone may authorise the issue~~. The ECB, together with the national central banks of the Member States whose currency is the euro, which constitute the Eurosystem, conduct the monetary policy of the ~~euro~~Union. The specific role of the ~~ECB within the ESCB~~Eurosystem as the central bank of issue of the single currency of the Union should thus be acknowledged.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Recital 35

(35) ESMA should also be able to take into account the extent to which the compliance of a systemically-important third-country CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. In carrying out its assessment under this paragraph, ESMA should take into account the implementing acts adopted in accordance with Article 25(6) of this Regulation. The Commission should adopt a delegated act specifying further the modalities and conditions to assess such comparable compliance

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 2 a (new)

Regulation (EU) No 648/2012
Article 17 – paragraph 4 – subparagraph 4

2a. In Article 17, the fourth subparagraph of paragraph 4 is replaced by the following: ‘Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of ~~two- thirds of~~ the college haves expressed a negative opinion, any of the competent authorities concerned~~, based on that majority of two-thirds of the college,~~ may, within 30 calendar days of the adoption of that negative opinion, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.’

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)

Regulation (EU) No 648/2012
Article 18 – paragraph 4 a (new)

(ca) The following paragraph 4a is inserted: 4a. Where any member of the college assesses, on the basis of information exchanged pursuant to point (b), that the risk management practices of a CCP does not comply with all the requirements laid down in this Regulation or otherwise entail shortcomings in its resilience, the member may submit to the competent authority and the college a recommendation to address the issue and improve the resilience of the CCP. The college may adopt the recommendation on the basis of a simple majority of its members. Within 30 days of the adoption of the recommendation by the college, ESMA shall assess the issue and the recommendation and decide whether to request any specific supervisory action pursuant to Article 21a (3). It shall immediately inform the competent authority and the college. The competent authority shall keep the college informed of any subsequent action or absence thereof with respect to the recommendation. Where the competent authority has failed to take action within 90 days after the adoption of the recommendation and where failing to take action may result in non-compliance with the requirements laid down in this Regulation, any member of the college may, within 30 days after the end of the 90 days period, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 3 a (new)

Regulation (EU) No 648/2012
Article 19 – paragraph 1 a (new)

3a. In Article 19, the following paragraph 1a is inserted: ‘1a. At the request of any member of the college and upon adoption by a majority of the college, the opinion may include recommendations to improve the resilience of the CCP.’

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b a (new)

Regulation (EU) No 648/2012
Article 21 – paragraph 6 – subparagraph 2 – point a

(ba) in paragraph 6, point (a) of the second subparagraph is replaced by the following: “(a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010 and a comparative analysis of the risk management practices of all CCPs authorised in accordance with Article 14 this Regulation; and”

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21a – Title

Pr~~eparation of draft decision~~ocedures for cooperation and decision- making with regards to authorised CCPs

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph -1 a (new)

-1a. For the purpose of this Article, ESMA shall determine the following two categories of CCPs authorised within the Union: (a) Significant CCPs; (b) Less significant CCPs. This division shall be established by ESMA on the basis of the following criteria: (a) the nature, size and complexity of the CCP’s business, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its counterparties; (b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States; (c) the CCP’s clearing membership structure; (d) the CCP’s relationship, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system. By [12 months after the entry into force of this amending Regulation] ESMA shall adopt draft Regulatory Technical Standards further specifying the criteria referred to in point (a) to (d) of the second subparagraph. Power is conferred on the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph -1 b (new)

-1b. With regard to decisions relating to CCPs referred to in point (a) of paragraph 1a, ESMA and national competent authorities shall cooperate in the manner set out in paragraphs 1 to 7.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 – paragraph 1 – point a

(a) decisions adopted pursuant to Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 35, 491, 44, 46, 49, 50 and 54 of this Regulation and Articles 35 and 36 of Regulation (EU) No 600/2014;

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 2

2. Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 44, 46, 50 and 54. Competent authorities shall obtain, in accordance with Article 21(b) the consent of the central banks of issue referred to in the first subparagraph in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks.deleted

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 7 a (new)

7a. With regards to the supervision of CCPs referred to in point b) of paragraph -1a, national competent authority shall be in charge of supervision. ESMA shall, in addition to its coordination role under paragraph 6 of Article 21, have the following powers: (a) power to issue general instructions to national competent authorities, according to which the tasks listed in points a) and b) of paragraph 1 are performed and supervisory decisions are adopted by national competent authorities; (b) when necessary to ensure consistent application of high supervisory standards, power to, at any time, on its own initiative after consulting with national competent authorities or upon request by a national competent authority, exercise directly itself any of the tasks referred to in points a) and b) of paragraph 1for one or more authorised CCPs.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – Title

Cons~~ent~~ultation of the Central Bank of Issue

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – paragraph 1

1. The consent referred to in Article 21a(2) shall be deemed to be given unless the central bank of issue proposes amendments or objects to the draft decision within a maximum period of 15 calendar days after its submission. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing. Where ESMA has proposed amendments pursuant to Article 21a(4) to the draft decisions to be adopted pursuant to Articles 14, 15, 20 and 54, it shall also submit them also to the central bank of issue. In that case, the deadline referred to in the first subparagraph shall be extended by 5 days.deleted

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – paragraph 2

2. Where the central bank of issue proposes amendments, the competent authority may only adopt the decision as amended by that central bank of issue. Where the central bank of issue objects to a draft decision, the competent authority shall not adopt that decision.deleted

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b – paragraph 2 a (new)

2a. When taking decisions under Articles 14, 15, 17, 20, 41, 44, 46, 50, and 54, the CCP Supervisory Committee shall consult the central banks of issue referred to in Article 25(3)(f) in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks. The central banks concerned shall reply to any request for consultation within 15 business days. In emergency situations, this period shall not exceed 24 hours. The Supervisory Committee shall endeavour to comply with any amendments to a draft supervisory decision suggested by the central banks of issue. Where the Supervisory Committee decides, in its decision to object or not to object a draft supervisory decision, or in the amendments it proposes to a draft supervisory decision, not to follow the opinion of a central bank of issue, the Supervisory Committee shall provide full and detailed reasons for its decision, in writing, to the central bank concerned.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)

Regulation (EU) No 648/2012
Article 22 a (new)

7a. The following Article 22a is inserted: Article 22a ESMA CCP Supervisory Committee 1. ESMA shall establish a permanent internal committee pursuant to Article 41 of Regulation (EU) No 1095/2010 for the purposes of preparing decisions and carrying out the tasks relating to the supervision of Union and third country CCPs. The CCP Supervisory Committee established pursuant to the first subparagraph shall submit to the Board of Supervisors complete draft decisions for adoption in accordance with Article 22c. 2. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) a Chair and two directors, appointed in accordance with Article 22b, who shall be voting; (ii) a representative of the ECB, who shall be non-voting; (iii) a representative of the Commission, who shall be non-voting. (b) the following non-permanent members specific to each CCP in relation to which the CCP Supervisory Committee is convened: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP is convened, who shall be voting; (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting; (iii) where the supervisory committee is convened in relation to decisions or discussions pertaining to Articles 41, 44, 46, 50 and 54, representatives of those central banks of issue of Union currencies cleared or to be cleared by the CCP in relation to which the CCP Supervisory Committee is convened which are not members under point (ii). The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where and as appropriate and necessary, other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee. Where the CCP Supervisory Committee is exercising any of the tasks referred to in point (b) of paragraph 3, authorities of third country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012 may be invited, where and as appropriate and necessary, as observers. Where discussing decisions pertaining to Article 25(2a) and (2c), Article 25b and Articles 41, 44 and 46, central banks of issue of the financial instruments cleared or to be cleared by the third country CCP in relation to which the CCP Supervisory Committee convenes may be invited to participate in the CCP Supervisory Committee as observers. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. The CCP Supervisory Committee shall meet at least five times a year. Where a task of the CCP Supervisory Committee does not relate to a specific CCP established in the Union, the Committee shall be composed only of the permanent members referred in point (a) of this paragraph and, where relevant, the central banks of issue referred to in point (b)(ii) of this paragraph. 3. The CCP Supervisory Committee shall be responsible for all of the following: (a) providing the consent referred to in Article 21a(1) of Regulation (EU) No 648/2012; (b) recognising and supervising third- country CCPs in accordance with Article 25 of Regulation (EU) No 648/2012, the monitoring of regulatory and supervisory developments in third countries under Chapter 2 of Title II of Regulation (EU) No 648/2012; and (c) the tasks referred to in the first subparagraph of Article 5(1), the first subparagraph of Article 9(3), Articles 9(4), Article 13(1) and 13 (4), Article 17(2) and 17(3), Article 18(1), Article 20(2) and 20(6), Article 21(1), Article 21(3), Article 21(6), Article 21a, Articles 21c, Article 21a, Article 23, Article 24, Articles 29(3), Article 38(5), Article 48(3), Article 49(1) and Article 54(3) of Regulation (EU) No 648/2012. 4. The Chair of the CCP Supervisory Committee and the Directors referred to in point (i) of Article 22a(1)(a) shall be full-time, independent professionals. They shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. They shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The Chair and the Directors referred to in point (i) of Article 22a(2)(a) shall be full- time, independent professionals. shall not hold any other office at national, Union, or international level. The Commission shall provide to the European Parliament a shortlist of candidates for the position of Chair of the CCP Supervisory Committee and Directors referred to in point (i) of Article 22a(2)(a) shall inform the Council of the shortlist. The Commission shall submit a proposal for the appointment of the Chair of the CCP Supervisory Committee and Directors referred to in point (i) of Article 22a(2)(a)to the European Parliament for approval. Following the approval of that proposal, the Council shall adopt an implementing decision to appoint the Chair of the CCP Supervisory Committee and Directors referred to in point (i) of Article 22a(2)(a). The Council shall act by qualified majority. Where the Chair of the CCP Supervisory Committee or one of the Directors referred to in point (i) of Article 22a(2)(a) no longer fulfil the conditions required for the performance of his or her duties or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt an implementing decision to remove him or her from office. The Council shall act by qualified majority. The European Parliament or the Council may inform the Commission that they consider the conditions for the removal of the Chair of the CCP Supervisory Committee or of one of the Directors referred to in point (i) of Article 22a(2)(a) to be fulfilled, to which the Commission shall respond. 5. The CCP Supervisory Committee shall be supported by a dedicated staff possessing sufficient knowledge, skills and experience and shall be granted adequate resources by ESMA to carry out its tasks. 6. The CCP Supervisory Committee shall inform the relevant supervisory college of the complete draft decisions it submits to the Board of Supervisors pursuant to paragraph 1. 7. The CCP Supervisory Committee shall ensure that members of the college referred to in Article 18(2), the authorities referred to in Article 25(3) of Regulation (EU) No 648/2012 and the ESRB, in accordance with Article 15 of Regulation (EU) No 1092/2010, have access to all information necessary for the purpose of carrying out their tasks. 8. For the purposes of this Regulation, ESMA shall ensure structural separation between the CCP Supervisory Committee and other functions referred to in Regulation (EU) No 1095/2010.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)

Regulation (EU) No 648/2012
Article 22 b (new)

7b. the following Article 22c is inserted: Article 22b Decision-making within the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides, by a simple majority of its members, to reject them within five working days of its transmission. In emergency situations, the period for deciding whether to reject a draft decision shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point a

(a) the nature, size and complexity of the CCP's business in the Union, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP for clearing members or their clients established in the Union, or the aggregate exposure of the CCP engaged in clearing activities to its counterparties;

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point c

(c) the ~~CCP's~~proportion of clearing members~~hip structure~~, as well as of their clients and indirect clients, which is located in the Union;

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point d a (new)

(da) the effect that the failure of or a disruption to the CCP would have on the liquidity of the markets served or on the monetary policy implementation of the central banks of issue

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 2

The Commission shall adopt a delegated act in accordance with Article 82 to further specify the criteria set out in the first subparagraph within [~~six~~12 months from the entry into force of this Regulation].

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b

(b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an application, that the CCP complies with any requirements imposed by those central banks of issue in the carrying out of their monetary policy tasks. Where the relevant central bank of issue has not provided a written response to ESMA within the deadline, ESMA may consider this requirement to be fulfilled; the following requirements that those central banks of issue may have imposed on this CCP in relation to the carrying out of their monetary policy tasks: (i) the requirement to report any requested information to the relevant central bank of issue where that information has not otherwise been obtained by ESMA, (ii) the right of the central bank of issue, upon a reasoned request, to participate in on-site inspections together with ESMA; (iii) the opening by the CCP of a cash account at a central bank, where such accounts are made available on non- discriminatory terms and provided the CCP fulfils the relevant access requirements; (iv) the commitment from the CCP to duly and fully cooperate with the central bank of issue in the context of its assessment of the CCP's resilience to adverse market conditions; (v) requirements imposed on the basis of provisional measures adopted by the central bank of issue to confront an exceptional situation related to systemic liquidity risks, with a view in particular to guarantee the transmission of monetary policy and the smooth functioning of payment systems. Where the relevant central bank of issue has not provided a written response to ESMA within the deadline, ESMA may consider this requirement to be fulfilled. Any central bank of issue may submit to the Commission a duly justified request to add one or more requirements to the list set out in the first paragraph of this point. On the basis of this request, the Commission may adopt a delegated act adding the requirements concerned to the list set out in the first paragraph of this point. Where, further to a request submitted pursuant to the previous paragraph, the Commission decides not to add to the list set out in the first paragraph of this point one or more of the requirements that the central bank asked for in its request, it shall provide full and detailed reasons for its decision to the central bank concerned, in writing. The Commission may also adopt, on its own initiative, a delegated act adding one or more requirements to the list set out in the first paragraph of this point.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b a (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 3 – introductory part

(ba) in paragraph 3 the introductory part is replaced by the following: "3. When assessing whether the conditions referred to in paragraph 2 or 2a, as applicable, are met, ESMA shall consult:"

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b b (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 3 – point f

(bb) in paragraph 3, point (f) is replaced by the following: "(f) the central banks of issue of ~~the most relevant~~all Union currencies of the financial instruments cleared or to be cleared."

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b b (new)

(bb) in paragraph 4, the subparagraph 6 is replaced by the following: "ESMA shall publish on its website a list of the CCPs recognised in accordance with this Regulation., together with a mention of their categorisation as Tier 1 CCPs or Tier 2 CCPs."

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point d a (new)

(da) the express consent from the third country to the sharing of any information it provides to ESMA and to the central banks of issue under point (a), (b) and (c) with the authorities referred to in paragraph 3, subject to the professional secrecy requirements set out in Article 83.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point d b (new)

(db) where rights on decisions are granted to ESMA in accordance with Article 25b, procedures concerning the effective enforcement of these rights.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g a (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – point e a (new)

(ga) in paragraph 7 the following point is added: (ea) procedures for cooperation in emergency situations, including the following: (i) the agreement of third-country authorities to inform ESMA without undue delay of any emergency situation relating to a CCP, including developments in financial markets, which may have an adverse effect on market liquidity, the transmission of monetary policy, the smooth operation of payment systems and the stability of the financial system in any of the Member States or in the Union as a whole; (ii) the agreement of third-country authorities to appropriately involve ESMA and the relevant Union central banks of issue in decisions taken in such situations.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point g b (new)

Regulation (EU) No 648/2012
Article 25 – paragraph 7 – subparagraph 1 a (new)

(gb) in paragraph 7, the following subparagraph is added: Where ESMA considers that a third country competent authority fails to apply any of the provisions laid down in a cooperation arrangement concluded in accordance with this paragraph, it shall inform the Commission confidentially and without delay thereof. In such a case, the Commission may decide to review the implementing act adopted in accordance with paragraph 6.

2018/04/13
Committee: ECON

Danuta Maria HÜBNER