BETA

35 Amendments of Marisa MATIAS related to 2011/0295(COD)

Proposal for a regulation
Recital 11

(11) Reasonable investors base their investment decisions on information already available to them, that is to say, on ex ante available information. Therefore, the question whether, in making an investment decision, a reasonable investor would be likely to take into account a particular piece of information should be appraised on the basis of the ex ante available information. Such an assessment has to take into consideration the anticipated impact of the information in light of the totality of the related issuer’s activity, the reliability of the source of information and any other market variables likely to affect the financial instruments, the related spot commodity contracts~~, or the auctioned products based on the emission allowances in the given circumstances~~.

2012/05/02
Committee: ENVI

Proposal for a regulation
Recital 13

(13) Legal certainty for market participants should be enhanced through a closer definition of two of the elements essential to the definition of inside information, namely the precise nature of that information and the significance of its potential effect on the prices of the financial instruments, or the related spot commodity contracts~~, or the auctioned products based on the emission allowances~~. For derivatives which are wholesale energy products, notably information required to be disclosed according to Regulation [Regulation (EU) No…of the European Parliament and the Council on Wholesale Energy Market Integrity and Transparency] should be considered as inside information.

2012/05/02
Committee: ENVI

Proposal for a regulation
Recital 16

(16) As a consequence of the classification of emission allowances as financial instruments as part of the review of the Markets in Financial Instruments Directive, those instruments will also come within the scope of this Regulation. Bearing in mind the specific nature of those instruments and structural features of the carbon market, it is necessary to ensure that the activity of Member States, the European Commission and other officially designated bodies involving emission allowances is not restricted in the pursuit of the Union’s climate policy. Moreover, the duty to disclose inside information needs to be addressed to the participants in that market in general. Nevertheless, in order to avoid exposing the market to reporting that is not useful and as well as to maintain cost-efficiency of the measure foreseen, it appears necessary to limit the regulatory impact of that duty to only those EU ETS operators, that – by virtue of their size and activity – can reasonably be expected to be able to have a significant effect on the price of emission allowances. Where emission allowance market participants already comply with equivalent inside information disclosure duties, notably pursuant to Regulation on energy market integrity and transparency (Regulation (EU) No…of the European Parliament and the Council on Wholesale Energy Market Integrity and Transparency), the obligation to disclose inside information concerning emission allowances should not lead to the duplication of mandatory disclosures with substantially the same content.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Recital 17

(17) Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and the Council establishing a scheme for greenhouse gas emission allowances trading within the Community provided for two parallel market abuse regimes applicable to the auctions of emission allowances. However, as a consequence of the classification of emission allowances as financial instruments, this Regulation should constitute a single rulebook of market abuse measures applicable to the entirety of the primary and secondary market in emission allowances. The Regulation shall also apply to the auctioning of emission allowances or other auctioned products based thereon pursuant to Commission Regulation No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to Directive 2003/87/EC of the European Parliament and the Council establishing a scheme for greenhouse gas emission allowances trading within the Communitydeleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Recital 42

(42) The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty. In particular, delegated acts should be adopted in respect of the conditions for buy-back programmes and stabilisation of financial instruments, the indicators for manipulative behaviour listed in Annex 1, ~~the threshold for determining the application of the public disclosure obligation to emission allowance market participants,~~ the conditions for drawing up insider lists and the threshold and conditions relating to managers’ transactions. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and Council.

2012/05/02
Committee: ENVI

Proposal for a regulation
Recital 48 a (new)

(48a) The Emissions Trading System (ETS) has the mission to cut down greenhouse gas emissions and is not a financial product as such. Nevertheless, the ETS is failing to comply with the objective and proving to be vulnerable to theft and frauds. If Regulation N° 1031/2010 is not working efficiently it should be revised and adapted.

2012/05/02
Committee: ENVI

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

(d) behaviour or transactions, including bids, relating to the auctioning of emission allowances or other auctioned products based thereon pursuant to Commission Regulation No 1031/2010. Without prejudice to any specific provisions referring to bids submitted in the context of an auction, any requirements and prohibitions in this Regulation referring to orders to trade shall apply to such bids.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 4 – paragraph 1 a (new)

1a. This Regulation does not apply to behaviour of transactions, including bids, relating to the auctioning of emission allowances or other auctioned products based thereon pursuant to Commission Regulation No 1031/2010.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 6 – paragraph 1 – point c

(c) in relation to emission allowances or auctioned products based thereon, information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more such instruments, and which, if it were made public, would be likely to have a significant effect on the prices of such instruments or on the prices of related derivative financial instruments.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 6 – paragraph 2

2. For the purposes of applying paragraph 1, information shall be deemed to be of a precise nature if it indicates a set of circumstances which exists or may reasonably be expected to come into existence or an event which has occurred or may reasonably be expected to do so and if it is specific enough to enable a conclusion to be drawn as to the possible effect of that set of circumstances or event on the prices of the financial instruments, or the related spot commodity contracts~~, or the auctioned products based on the emission allowances~~.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 6 – paragraph 3

3. For the purposes of applying paragraph 1, information which, if it were made public, would be likely to have a significant effect on the prices of the financial instruments, or the related spot commodity contracts~~, or the auctioned products based on the emission allowances~~ shall mean information a reasonable investor would be likely to use as part of the basis of his investment decisions.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 7 – paragraph 9

9. In relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to Regulation (No) 1031/2010, the prohibition under paragraph 1 shall also apply to the use of inside information by submitting, modifying or withdrawing a bid for own account of the person that possesses inside information or for the account of a third party.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 8 – paragraph 3 – point e

(e) the buying or selling on the secondary market of emission allowances or related derivatives prior to the auction held pursuant to Regulation No 1031/2010 with the effect of fixing the auction clearing price for the auctioned products at an abnormal or artificial level or misleading bidders bidding in the auctions.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 12 – paragraph 2

2. An emission allowance market participant shall publicly, effectively and in a timely manner disclose inside information concerning emission allowances which it holds in respect of its business, including aviation activities as specified in Annex I of Directive 2003/87/EC or installations within the meaning of Article 3(e) of the same Directive which the participant concerned, or parent undertaking or related undertaking, owns or controls or for which the participant, or its parent undertaking or related undertaking, is responsible for operational matters, either in whole or in part. With regard to installations, such disclosure shall include relevant information to the capacity and utilisation of installations, including planned or unplanned unavailability of such installations. The first subparagraph shall not apply to an emission allowance market participant where the installations or aviation activities that it owns, controls or is responsible for, in the preceding year have had emissions not exceeding a minimum threshold of carbon dioxide equivalent and, where they carry out combustion activities, have had a rated thermal input not exceeding a minimum threshold. The Commission shall adopt, by means of a delegated act in accordance with Article 31, measures establishing a minimum threshold of carbon dioxide equivalent and a minimum threshold of rated thermal input for the purposes of application of the exemption provided for in the second subparagraph.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 12 – paragraph 4 – subparagraph 1 – introductory part

Without prejudice to paragraph 5, an issuer of a financial instrument ~~or an emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, may under his own responsibility delay the public disclosure of inside information, as referred to in paragraph 1, such as not to prejudice his legitimate interests provided that both of the following conditions are met:

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 12 – paragraph 4 – subparagraph 1 – indent 2

– the issuer of a financial instrument ~~or emission allowance market participant~~ is able to ensure the confidentiality of that information.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 12 – paragraph 4 – subparagraph 2

Where an issuer of a financial instrument ~~or emission allowance market participant~~ has delayed the disclosure of inside information under this paragraph it shall inform the competent authority that disclosure of the information was delayed immediately after the information is disclosed to the public.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 12 – paragraph 6

6. Where an issuer of a financial instrument ~~or an emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, or a person acting on his behalf or for his account, discloses any inside information to any third party in the normal exercise of his duties resulting from employment or profession, as referred to in Article 7(4), he must make complete and effective public disclosure of that information, simultaneously in the case of an intentional disclosure, and promptly in the case of a non-intentional disclosure. This paragraph shall not apply if the person receiving the information owes a duty of confidentiality, regardless of whether such duty is based on a law, on regulations, on articles of association, or on a contract.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 13 – paragraph 1 – introductory part

1. Issuers of a financial instrument ~~or emission allowance market participants~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, and any person acting on their behalf or on their account, shall:

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 13 – paragraph 4

4. The Commission shall adopt, by means of delegated acts in accordance with Article 31, measures determining the content of a list as referred to in paragraph 1, including information as to the identities and the reasons for persons to be included on an insider list, and the conditions under which issuers of a financial instrument ~~or emission allowance market participants~~, or entities acting on their behalf, are to draw up such a list, including the conditions under which such lists are to be updated, the time for which they are kept, and the responsibilities of the persons thereon.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 13 – paragraph 5

5. This Article shall also apply to any auction platform, auctioneer and auction monitor in relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to Regulation (No) 1031/2010.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 14 – paragraph 1

1. Persons discharging managerial responsibilities within an issuer of a financial instrument ~~or an emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, as well as persons closely associated with them, shall ensure that information is made public about the existence of transactions conducted on their own account relating to the shares of that issuer, or to derivatives or other financial instruments linked to them, or in emission allowances. Such persons shall ensure that the information is made public within two business days after the day on which the transaction occurred.

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 14 – paragraph 4

4. This Article shall also apply to any auction platform, auctioneer and auction monitor in relation to auctions of emission allowances or other auctioned products based thereon that are held pursuant to Regulation (No) 1031/2010.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 19 – paragraph 7 – subparagraph 2

In relation to emission allowances, the co- operation and exchange of information provided for under the preceding subparagraph shall also be ensured with: (a) the auction monitor, with regard to auctions of emission allowances or other auctioned products based thereon that are held pursuant to Regulation (No) 1031/2010; (b) competent authorities, registry administrators, including the Central Administrator, and other public bodies charged with the supervision of compliance under Directive 2003/87/EC.deleted

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point h

(h) an issuer of a financial instrument ~~or emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, fails to inform the public as soon as possible of inside information or to post on its Internet site inside information to be disclosed publicly, in breach of Article 12 (1);

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point i

(i) an issuer of a financial instrument ~~or an emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, delays the disclosure of inside information where such a delay is likely to mislead the public or without ensuring the confidentiality of that information, in breach of Article 12 (2);

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point j

(j) an issuer of a financial instrument ~~or an emission allowance market participant~~, not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, fails to inform the competent authority that the disclosure of inside information was delayed, in breach of Article 12 (2);

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point k

(k) an issuer of a financial instrument ~~or an emission allowance market participant~~, or a person acting on ~~their~~its behalf or on ~~their~~its account fails to disclose to the public the inside information disclosed to any person in the normal exercise of duties resulting from employment or profession, in breach of Article 12 (4);

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point l

(l) an issuer of a financial instrument, ~~an emission allowance market participant,~~ not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, or a person acting on ~~their~~its behalf or on ~~their~~its account fails to draw up, regularly update or transmit to the competent authority on request a list of insiders, in breach of Article 13 (1);

2012/05/02
Committee: ENVI

Proposal for a regulation
Article 25 – paragraph 1 – point m

(m) a person discharging managerial responsibilities within an issuer of financial instruments, ~~an emission allowance market participant,~~ not exempted pursuant to the second subparagraph of paragraph 2 of Article 12, or a person closely associated with it~~hem~~ fails to make public the existence of transactions conducted on their own account, in breach of Article 14 (1) and (2);

2012/05/02
Committee: ENVI

Proposal for a regulation
Annex 1 – part A – paragraph 1 – point a

(a) the extent to which orders to trade given or transactions undertaken represent a significant proportion of the daily volume of transactions in the relevant financial instrument, or related spot commodity contract, ~~or auctioned product based on emission allowances,~~ in particular when these activities lead to a significant change in their prices;

2012/05/02
Committee: ENVI

Proposal for a regulation
Annex 1 – part A – paragraph 1 – point b

(b) the extent to which orders to trade given or transactions undertaken by persons with a significant buying or selling position in a financial instrument, or a related spot commodity contract, ~~or a auctioned product based on emission allowances,~~ lead to significant changes in the price of that financial instrument, related spot commodity contract, or auctioned product based on emission allowances;

2012/05/02
Committee: ENVI

Proposal for a regulation
Annex 1 – part A – paragraph 1 – point c

(c) whether transactions undertaken lead to no change in beneficial ownership of a financial instrument, or a related spot commodity contract~~, or a auctioned product based on emission allowances~~;

2012/05/02
Committee: ENVI

Proposal for a regulation
Annex 1 – part A – paragraph 1 – point d

(d) the extent to which orders to trade given or transactions undertaken include position reversals in a short period and represent a significant proportion of the daily volume of transactions in the relevant financial instrument, or a related spot commodity contract, ~~or a auctioned product based on emission allowances,~~ and might be associated with significant changes in the price of a financial instrument, a related spot commodity contract, or a auctioned product based on emission allowances;

2012/05/02
Committee: ENVI

Proposal for a regulation
Annex 1 – part A – paragraph 1 – point f

(f) the extent to which orders to trade given change the representation of the best bid or offer prices in a financial instrument, or a related spot commodity contract, ~~or a auctioned product based on emission allowances,~~ or more generally the representation of the order book available to market participants, and are removed before they are executed;

2012/05/02
Committee: ENVI