6 Amendments of Ivailo KALFIN related to 2010/0250(COD)
Amendment 29 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
1. A financial counterparty and a non- financial counterparty as referred to in Article 7(2) shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties in the relevant CCPs listed in the register as referred to in Article 4(4). There shall be no clearing obligation upon either of the counterparties if at least one of them is a non-financial counterparty which is below the clearing threshold.
Amendment 33 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities which are similarly either financial counterparties or non-financial counterparties exceeding the clearing threshold.
Amendment 42 #
Proposal for a regulation
Article 4 – paragraph 3 b (new)
Article 4 – paragraph 3 b (new)
3b. In order to ensure uniform conditions of application of paragraphs 3 and 3a, ESMA may develop draft implementing technical standards for determining whether counterparties or OTC derivative contracts are likely to present a threat to the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the Union. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010*. ESMA shall submit those draft implementing technical standards to the Commission by 30 June 2012. * OJ: Please insert the number of the Regulation contained in document PE- CONS 42/10.
Amendment 44 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
Article 6 – paragraph 2 – subparagraph 1
2. Where a trade repository is not able to record the details of an OTC derivative contract, financial counterparties shall report the details of their positions in thosOTC derivative contracts to the competent authority designated in accordance with Article 48 of Directive 2004/39/EC.
Amendment 45 #
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 4
Article 6 – paragraph 4 – subparagraph 4
ESMA shall developsubmit those draft regulatory technical standards for submission to the Commissto the Commission, following public consultation, by 30 June 2012.
Amendment 59 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2 a (new)
Article 7 – paragraph 3 – subparagraph 2 a (new)
The systemic relevance of the sum of net positions and exposures of OTC derivatives shall be assessed on the basis of appropriate quantitative and qualitative criteria per class of OTC derivatives, in particular on the credit risk exposures to systemically relevant financial institutions.