15 Amendments of Herbert DORFMANN related to 2012/0029(COD)
Amendment 223 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20
Article 2 – paragraph 1 – point 20
(20) ‘standard link access’' means a CSD link whereby a CSD is connected to another CSD as any other participant to the securities settlement system operated by the latter, and whereby the CSDs might agree to customise some aspects of their connectivity, such as communication standards and reporting, without this customisation resulting in any transfer of additional risk;
Amendment 323 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. The authorisation shall specifycover all the services set out in Sections A and B of the Annex, which the CSD is authorised to provide, and specify which services the CSD intends to provide. Whenever a CSD intends to offer a new service not provided at the time of the initial authorisation, it shall notify the competent authority with a view to update the ESMA register in accordance with Article 19. Where this new service is not explicitly listed in Section B of the Annex, it shall request prior authorisation from the competent authority.
Amendment 328 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. Securities settlement systems may be operated only by authorised CSDs, CCPs and central banks.
Amendment 337 #
Proposal for a regulation
Article 16 – paragraph 4
Article 16 – paragraph 4
4. An authorised CSD may only have a participation in a legal person whose activities are limited to the provision of services set out in Sections A and B of the Annex, unless the competent authority is confident that such participation does not significantly alter the risk profile of the CSD.
Amendment 340 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
(a) additional core and ancillary services not explicitly set out in the Sections A and B of the Annex not covered by the initial authorisation;
Amendment 342 #
Proposal for a regulation
Article 17 – paragraph 1 – point d
Article 17 – paragraph 1 – point d
(d) setting up any customised or interoperable CSD link.
Amendment 370 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. CSDs authorised under this Regulation are free to provide services directly in the different Member States of the Union. An authorised CSD may also carry out its activities within the territory of the Union, either by the establishment of a branch or by way of direct provision of services, provided that the types of activities concerned are covered by the authorisation.
Amendment 449 #
Proposal for a regulation
Article 35 – paragraph 3
Article 35 – paragraph 3
3. A CSD shall offer to keep records and accounts enabling a participant to distinguish the securities of each of that participant’s clients, if and as required by that participant (‘individual client segregation’). A CSD shall allow its participants to open and to hold both omnibus securities accounts and single beneficiary securities accounts concurrently.
Amendment 483 #
Proposal for a regulation
Article 43 – paragraph 4
Article 43 – paragraph 4
4. A CSD shall take into account its overall credit risk exposures to individual institutions in making its investment decisionwith which it holds its own assets and shall ensure that its overall risk exposure to any individualsuch institution remains within acceptable concentration limits.
Amendment 538 #
Proposal for a regulation
Article 52 – paragraph 2
Article 52 – paragraph 2
2. By way of derogation from paragraph 1, when a national competent authority referred to in Article 53(1) of this Regulation is satisfied that a CSD has all the necessary safeguards in place to allow it to exercise ancillary services, the competent authority may submit a request to the Commission to allow this CSD also to carry out the ancillary services set out in Section C of the Annex. This request shall include: (a) evidence justifying the request, explaining in detail the arrangements the CSD has put in place to deal with all associated risks; (b) a reasoned assessment that this solution is the most effective means to ensure systemic resilience; (c) an analysis of the expected impact on the relevant financial market and financial stability. Following a detailed impact assessment, a consultation of the undertakings concerned and after taking into account the opinions of the EBA, the ESMA and the ECB, the Commission shall adopt an implementing decision in accordance with the procedure referred to in Article 66. The Commission shall give reasons for its implementing decision. A CSD which benefits from a derogation shall be authorised as a credit institution as provided in Title II of Directive 2006/48/EC. This authorisation shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 4 and shall imply the fulfilment of the prudential and supervision requirements provided in Article 57 and 58. a CSD may provide banking type of ancillary services set out in Section C of the Annex only when it is authorised to do so by its competent authority under the conditions and procedures laid down in this Article. 2a. The competent authority shall grant an authorisation only when the following conditions are fulfilled: (a) the CSD is an authorised credit institution as provided in Title II of Directive 2006/48/EC and provides only the banking type of ancillary services and not other banking services or activities under that authorisation; (b) the CSD complies fully with the requirements of this Regulation, in particular with the prudential and supervisory requirements provided in Articles 57 and 58(3); (c) the resilience of the CSD is not affected by the provision of the banking type of ancillary services; (d) the CSD has adequate recovery and resolution plans to ensure the continuity of its core services, in particular when the banking type of ancillary services are subject to severe stress; (e) the CSD discloses all the costs that it would incur to use a separate legal entity for the provision of the banking type of ancillary services. 2b. The CSD applying for an authorisation referred to in paragraph 2 shall submit an application to its competent authority. The application shall contain all information necessary to satisfy the competent authority that the CSD is able to fulfil the conditions provided in paragraph 2a. 2c. Within 30 working days of receipt of the application, the competent authority shall assess whether the application is complete. If the application is not complete, the competent authority shall set a time limit by which the CSD shall provide additional information. 2d. After assessing that an application is complete, the competent authority shall immediately transmit all the information received from the CSD to the following authorities: (a) the competent authority referred to in Article 4 (4) of Directive 2006/48/EC; (b) the relevant authorities referred to in points (a) and (b) of Article 11 (1); (c) the competent authorities in the Member State where the CSD has established interoperability links with another CSD in accordance with Article 50; (d)the competent authorities in the host Member State where the activities of the CSD are of substantial importance for the functioning of the securities markets and the protection of investors within the meaning of Article 22(4); (e) the competent authorities responsible for the supervision of the participants of the CSD that are established in the three Member States with the largest settlement volumes in the CSD’s securities settlement system, on an aggregate basis over a one- year period; (f) EBA and ESMA; 2e. If the competent authority considers that the CSD is able to fulfil the conditions provided for in paragraph 2a, it shall draft a report assessing how these conditions are fulfilled. It shall send that report within three months from the submission of a complete application to the authorities referred to in paragraph 2d. 2f. The authorities referred to in points (a) to (e) of paragraph 2d shall issue a reasoned opinion on the authorisation within 30 days of receipt of the report referred to in paragraph 2e and shall send the opinion without delay to the competent authority. 2g. Where an authority does not provide an opinion within the deadline provided in the previous paragraph that authority shall be deemed to have a positive opinion. 2h. If at least one of the authorities referred to in paragraph 2f issues a negative opinion, the matter shall be referred to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. 2i. The competent authority of the CSD shall grant an authorisation only where: i) all authorities referred to in paragraph 2f issue positive opinions on the authorisation; ii) agreement is reached with an authority which issued a negative opinion through the procedure referred to in paragraph 2h; or iii) ESMA issues a binding opinion in accordance with Article 19(3) of Regulation (EU) No 1095/2010 which permits the competent authority to grant the authorisation. 2j. Within six months from the submission of a complete application, the competent authority shall take a decision and inform the CSD whether the authorisation has been granted or refused. 2k. The authorisation granted under this Article shall be limited exclusively to the provision of the banking type of ancillary services that the CSD is authorised to provide.
Amendment 627 #
Proposal for a regulation
Article 57 – paragraph 4 – point j
Article 57 – paragraph 4 – point j
(j) it shall ensure that it can re-use, with the informed consent of the customer, the collateral provided to it by a defaulting customer and re- hypothecate collateral only following written consent of the customer, except where the customer defaults.
Amendment 657 #
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 3
Annex 1 – section B – paragraph 1 – point 3
3. MaintainProviding, maintaining and/or operating securities accounts in relation to the settlement service, collateral management and other ancillary services; and related asset servicing services.
Amendment 659 #
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 3 a (new)
Annex 1 – section B – paragraph 1 – point 3 a (new)
3 a. Operational services related to netting and clearing services
Amendment 660 #
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 4 – point c
Annex 1 – section B – paragraph 1 – point 4 – point c
(c) Providing information, data and statistics to market/census bureaus or other entities;
Amendment 662 #
Proposal for a regulation
Annex 1 – section B – paragraph 1 – point 4 – point d
Annex 1 – section B – paragraph 1 – point 4 – point d
(d) Providing IT and operational services.