Activities of Ivailo KALFIN related to 2011/0298(COD)
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast)
Amendments (7)
Amendment 14 #
Proposal for a directive
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) persons, including jointly managed undertakings, which provide investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;
Amendment 16 #
Proposal for a directive
Article 2 – paragraph 1 – point d – subparagraph 1
Article 2 – paragraph 1 – point d – subparagraph 1
Amendment 22 #
Proposal for a directive
Article 2 – paragraph 1 – point n
Article 2 – paragraph 1 – point n
(n) transmission and distribution system operators as defined in Article 2(4) and Article 2 (6) of Directive 2009/72/EC or Article 2(4) of Directive 2009/73/EC when carrying out their tasks under those Directives or Regulation (EC) 714/2009 or Regulation (EC) 715/2009 or network codes or guidelines adopted pursuant those Regulations, as well as their service providers for the activities, exclusively related to the above entities.
Amendment 26 #
Proposal for a directive
Article 3 – paragraph 2
Article 3 – paragraph 2
2. Persons excluded from the scope of this Directive according to paragraph 1 cannot benefit from the freedom to provide services and/or activities or to establish branches as provided for in Articles 36 and 37 respectively. In case of a subsidiary, the comparison should be made with the capital, employed for the group's activities.
Amendment 28 #
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Transaction objectively measurable as reducing risks directly related to the commercial activity or treasury financing activity' means transaction which objective, when considered at group level and in combination with other contracts, is to reduce: (i) the potential exposure to changes in mark-to-market value of assets, service, inputs, products, commodities, liabilities that the counterparty or its group owns, produces, manufactures, processes, provides, purchases, merchandises leases, sells or incurs or reasonably anticipates owning, producing, manufacturing, processing, providing, purchasing, merchandising, leasing, selling or incurring in the ordinary course of its business; or (ii) the potential exposure to changes in mark-to-market value of assets, service, inputs, products, commodities, liabilities referred to in letter a, resulting from fluctuation of interest rates, inflation rates, foreign exchange rates, commodity or emission allowances prices, or other relevant variables.
Amendment 34 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
1. Member States shall ensure that regulated markets, operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contracexposure to such investments which any given market members or participants can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 46 #
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 to determine the limits or alternative arrangements on the number of contractexposure to commodity derivatives which any person can enter into over a specified period of time and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1, as well as the conditions for exemptions. The limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits that have been set by regulated markets, MTFs and OTFs. The limits or alternative arrangements determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to Article 72(1) paragraph (g) of this Directive.