35 Amendments of Marisa MATIAS related to 2013/0314(COD)
Amendment 37 #
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) The administrator shall obtain the input data from a reliable and representative panel or sample of contributors so as to ensure that the resultant benchmark is reliable and representative of the market or economic reality that the benchmark is intended to measure (‘Representative contributors’). In case of transactional based benchmarks the administrator shall obtain the data in an aggregated form from trade repositories and regulators according to the Markets in Financial Instruments Directive (MiFID), in the Regulation on Energy Market Integrity and Transparency (REMIT) and the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR)
Amendment 41 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The administrator shall adopt in cooperation with the contributors a code of conduct for each benchmark clearly specifying the administrator's and contributors' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided, and at least the elements set out in Section D of Annex I.
Amendment 85 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013 as well as IOSCO Principles for Oil Price Reporting Agencies published on 5 October 2012 that will be reviewed in April 2014; and
Amendment 100 #
Proposal for a regulation
Article 40 – paragraph 1 a (new)
Article 40 – paragraph 1 a (new)
By June 2014 the Commission shall assess if this Regulation, in what concerns the Commodity Benchmarks, is in line with the Final Report on the IOSCO Principles for Oil Price Reporting Agencies that is going to be published in April 2014, and present its recommendations and proposals to the European Parliament to encompass the international agreements, if it is considered to be adequate.
Amendment 108 #
Proposal for a regulation
Annex I – section C – part II – point 2 – point a
Annex I – section C – part II – point 2 – point a
(a) shall take into account factors including the size and normal liquidity of the market, the degree of development of the market, the transparency of trading and the positions of market participants, market concentration, market dynamics, and the adequacy of any sample to represent the economic reality that the benchmark is intended to measure;
Amendment 251 #
Proposal for a regulation
Recital 8
Recital 8
(8) The scope of this Regulation should be as broad as necessary to create a preventive regulatory framework. The production of benchmarks involves discretion in their determination and is inherently subject to certain types of conflicts of interest, which implies the existence of opportunities and incentives to manipulate those benchmarks. These risk factors are common to all benchmarks, and all of them should be made subject to adequate governance and control requirements. The degree of risk, however, is variable, and the approach adopted in each case should therefore invariably be tailored to the particular circumstances. Since the vulnerability and importance of a benchmark varies over time, restricting the scope by reference to currently important or vulnerable indices would not address the risks that any benchmark may pose in the future. In particular, benchmarks that are currently not widely used may be so used in the future, so that, in their regard, even a minor manipulation may have significant impact.
Amendment 252 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Physical commodities present unique characteristics which must be taken into account in order to avoid undermining the integrity of commodity benchmarks and ensure the existing transparency in the commodity market. Accordingly Annex III of this Regulation reflects the principles developed for commodities benchmarks by IOSCO, the International Energy Agency and the International Energy Forum specially designed to apply to all commodity benchmarks within this Regulation.
Amendment 260 #
Proposal for a regulation
Recital 27
Recital 27
(27) Many benchmarks are determined from input data that is provided by regulated venues, energy exchanges and emission allowance auctions. These venues are subject to regulation and supervision that ensures the integrity of the input data, provides for governance requirements and procedures for the notification of breaches. Therefore these benchmarks are released from certain obligations in order to avoid dual regulation and because their supervision ensures the integrity of the input data used. Many benchmarks, however, are based on data contributions from outside entities which are not necessarily termed APAs, ARMs, or CTPs within the meaning of MiFID 2. The fact of using such data, provided that they have been obtained directly from market observation, should not serve to exclude the benchmarks concerned from the scope of this Regulation.
Amendment 276 #
Proposal for a regulation
Recital 35 a (new)
Recital 35 a (new)
(35a) This Regulation also establishes a recognition system allowing benchmark administrators located in a third country to supply their benchmarks in the Union, provided that these conform to the requirements set out in this Regulation or to internationally agreed IOSCO principles, and that effective cooperation arrangements exist with their home- country supervisors.
Amendment 279 #
Proposal for a regulation
Recital 37 a (new)
Recital 37 a (new)
(37a) In the cases where this Regulation captures or potentially captures supervised entities and markets covered by Regulation (EU) No 1227/2011/EU of the European Parliament and of the Council1a (REMIT), the Agency for the Cooperation of Energy Regulators (ACER) should be consulted by ESMA in order to draw on ACER's expertise in energy markets and to mitigate dual regulation. ______________ 1a Regulation (EU) No 1227/2011/EU of the European Parliament and of the Council on wholesale energy market integrity and transparency (OJ L 326, 8.12.2011, p. 1).
Amendment 281 #
Proposal for a regulation
Recital 41
Recital 41
(41) This Regulation respects the fundamental rights and observes the principles recognised in the Treaty on the Functioning of the European Union (TFEU) and in the Charter of Fundamental Rights of the European Union, in particular the right to respect for private and family, the protection of personal data, the right to freedom of expression and information, the freedom to conduct a business, the right to property, the right to consumer protection, the right to an effective remedy, the right of defence. ThereforeAccordingly,, this Regulation should be interpreted and applied in accordance with those rights and principles. Notably, when this Regulation refers to rules governing the freedom of expression in other media and the rules or codes governing the journalist professions, consideration should be given to these freedoms as they are guaranteed in the Union as in the Member States and as recognised under Article 11 of the Charter of Fundamental Rights and other relevant provisions.
Amendment 303 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point b
Article 7 – paragraph 1 – subparagraph 1 – point b
(b) The administrator shall obtain the input data from a reliable and representative panel or sample of contributors so as to ensure that the resultant benchmark is reliable and representative of the market or economic reality that the benchmark is intended to measure (‘Representative contributors’). In case of transactional based benchmarks the administrator shall obtain the data in an aggregated form from trade repositories and regulators according to the Markets in Financial Instruments Directive (MiFID), the Regulation on Energy Market Integrity and Transparency (REMIT) and the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR)
Amendment 305 #
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) commodity benchmarks which comply with the IOSCO Principles of 5 October 2012 for Oil Price Reporting Agencies or the IOSCO Principles of 17 July 2013 for Financial Benchmarks, until such time as ESMA, on the basis of the review of the IOSCO Principles for Oil Price Reporting Agencies, and of Annex III of this Regulation, has determined whether and how commodity benchmarks can be encompassed within the scope of this Regulation or whether they should be governed by their own rules.
Amendment 323 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The administrator shall adopt in cooperation with the contributors a code of conduct for each benchmark clearly specifying the administrator's and contributors' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided, and at least the elements set out in Section D of Annex I.
Amendment 339 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘regulated data’ means input data that is contributed directly from a trading venue as defined in point (25) of paragraph 1 of Article 2 of [MIFIR] or approved publication arrangement as defined in point (18) of paragraph 1 of Article 2 of [MIFIR] or an approved reporting arrangement as defined in point (20) of paragraph 1 of Article 2 of [MIFIR] in accordance with mandatory post -trade data requirements or an electricity exchange as referred to in point (j) of paragraph 1 of Article 37 of Directive 2009/72/EC19 or a natural gas exchange as referred to in point (j) of paragraph 1 of Article 41 of Directive 2009/73/EC20 or an auction platform referred to in Article 26 or in Article 30 of Regulation (EU) No 1031/2010 of the European Parliament and of the Council, or data contributed by third countries or groupings of third countries or other competent public authorities under the technical conditions set out above; __________________ 19 OJ L 211, 14.8.2009 p. 55. 20 OJ L 9, 14.8.2009 p. 112.
Amendment 385 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point b
Article 7 – paragraph 1 – subparagraph 1 – point b
(b) The administrator shall obtain the input data from a reliable and representative panel or sample of contributors so as to ensure that the resultant benchmark is reliable and representative of the market or economic reality that the benchmark is intended to measure (‘Representative contributors’). In case of transactional based benchmarks the administrator shall obtain the data in an aggregated anonymous form from trade repositories and regulators according to Directive 2014/65/EU [MIFID], in Regulation (EU) No 1227/2011 [REMIT] and Regulation (EU) No 648/2012 [EMIR].
Amendment 403 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. The administrator of benchmarks under Article 5 shall ensure that there are adequate systems and effective controls designed to ensure the integrity of the input data for the purpose of paragraph 2.
Amendment 409 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. The administrator shall adopt in collaboration with the contributors a code of conduct for each benchmark clearly specifying the administrator's and contributors' responsibilities and obligations with respect to the provision of the benchmark which shall include a clear description of the input data to be provided, and at least the elements set out in Section D of Annex I.
Amendment 413 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 2
Article 9 – paragraph 3 – subparagraph 2
The Commission shall take into account the different characteristics of benchmarks and contributors, notably in terms of differences in input data and methodologies, whether the contributors are voluntary, the risks of input data being manipulated and international convergence of supervisory practices in relation to benchmarks. of this regulation. ESMA shall provide guidelines, after close consultation with ACER, with regard to applicability of legally binding codes of conduct in particular with regard to non-regulated entities and price reporting agencies within the EU.
Amendment 458 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the contributors to a critical benchmark have ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, the competent authority of the administrator of a critical benchmark shall have the power to:
Amendment 475 #
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. For a critical benchmark, tThe supervised entities that are required to contribute in accordance with paragraph 1 shall be determined by the competent authority of the administrator on the basis of the following criteria:
Amendment 478 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013 as well as IOSCO Principles for Oil Price Reporting Agencies published in 5 October 2012 that will be reviewed in April 2014; and
Amendment 511 #
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15a Disclosure or dissemination of information in the media Where information is disclosed or disseminated and where recommendations are produced or disseminated for the purpose of journalism, such disclosure or dissemination of information shall be assessed taking into account the rules of governing the freedom of expression, the freedom and pluralism of the media and the rules or codes of governing the journalist profession, unless: a) the persons concerned or persons closely associated with them derive, directly or indirectly, an advantage or profits from the disclosure or the dissemination of the information in question; or b) the disclosure or the dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of financial instruments.
Amendment 537 #
Proposal for a regulation
Article 31 – paragraph 2 – point e
Article 31 – paragraph 2 – point e
(e) a temporary ban prohibiting any natural person, who is held responsible for such breach, from exercising managementy functions in administrators or contributors;
Amendment 554 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013; and with the IOSCO Principles for Oil Price Reporting Agencies, published on 5 October 2012, and with the IOSCO Principles for the Regulation and Supervision of Commodity Derivative Markets published on 15 September 2011, when oil or commodity benchmarks are involved; and
Amendment 581 #
Proposal for a regulation
Article 40 – paragraph 1 a (new)
Article 40 – paragraph 1 a (new)
By June 2014 the Commission shall assess if this Regulation, in what concerns the Commodity Benchmarks, is in line with the Final Report on the IOSCO Principles for Oil Price Reporting Agencies that is going to be published in April 2014 and present its recommendations and proposals to the European Parliament to encompass the international agreements, if it is considered to be adequate.
Amendment 625 #
Proposal for a regulation
Annex 1 – section 3 – part II – point 2 – point a
Annex 1 – section 3 – part II – point 2 – point a
(a) shall take into account factors including the size and normal liquidity of the market, the degree of development of the market, the transparency of trading and the positions of market participants, market concentration, market dynamics, and the adequacy of any sample to represent the economic reality that the benchmark is intended to measure;
Amendment 651 #
Proposal for a regulation
Annex 3 – point 3 – point b a (new)
Annex 3 – point 3 – point b a (new)
(ba) for the continued publication of the benchmark according to the previous methodology so as to compare its integrity to that of the new methodology and ensure a transition period for entities using it for their contracts.
Amendment 657 #
Proposal for a regulation
Article 31 – paragraph 2 – point e
Article 31 – paragraph 2 – point e
(e) a temporary ban prohibiting any natural person, who is held responsible for such breach, from exercising managementy functions in administrators or contributors;
Amendment 708 #
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. Performing its role in the implementation and monitoring of Regulation (EU) No 1227/2011, the Agency for the Cooperation of Energy Regulators (ACER) shall cooperate with ESMA for the purposes of this Regulation and, without delay, shall supply all information necessary to fulfil its obligations.
Amendment 709 #
Proposal for a regulation
Article 35 – paragraph 3 a (new)
Article 35 – paragraph 3 a (new)
3a. As regards commodity benchmarks, ESMA, on the basis of the review of the IOSCO Principles of 5 October 2012 for Oil Price Reporting Agencies, and of Annex III of this Regulation, which is to serve as a guide, shall, within 18 months of the entry into force of this Regulation, determine whether and how commodity benchmarks can be encompassed within the scope of this Regulation or whether they should be governed by their own rules. It shall submit its findings to the European Parliament and the Commission.
Amendment 712 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3(2), 5(3), 7(3), 9(3), 11(4), 12(3), 16(2), and 23(7) shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of this Regulation] period of five years from [date of entry into force of this Regulation]. The Commission shall draw up a report in respect of the delegation of power not later than nine months before the end of the five-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension no less than three months before the end of each period.
Amendment 728 #
Proposal for a regulation
Article 40 – paragraph 1 – introductory part
Article 40 – paragraph 1 – introductory part
By 1 July 2018, the Commission shall review and rassess if this Regulation, in what concerns the Commodity Benchmarks, is in line with the Final Report ton the European Parliament and the Council on this Regulation and in particular:IOSCO Principles for Oil Price Reporting Agencies, and present its recommendations and proposals to the European Parliament to encompass the international agreements, if it is considered to be adequate.
Amendment 780 #
Proposal for a regulation
Annex III – point 1 – point e
Annex III – point 1 – point e
(e) criteria that address the assessment periods where the submitted data fall below the methodology's recommended transaction data threshold or the requisite administrator's quality standards, including any alternative methods of assessment including theoretical estimation models. The criteria shall explain the procedures used where no transaction data exists;
Amendment 781 #
Proposal for a regulation
Annex III – point 3 – point b a (new)
Annex III – point 3 – point b a (new)
(ba) for the continued publication of the benchmark according to the previous methodology so as to compare its integrity to that of the new methodology and ensure a transition period for entities using it for their contracts.