31 Amendments of Leonardo DOMENICI related to 2011/0296(COD)
Amendment 102 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make European markets more transparent, safer, more efficient, and to level the playing field between various venues offering trading services, it is necessary to introduce a newclarify the existing categoryies of organised trading facility (OTF). This new category is broadly definedtrading venues so that all functionally identical trading is subject to identical rules. These clarifications should cover all the major sources of ambiguity so that now and in the future ithe existing trading venues should be able to capture all types of organised execution and arranging of trading which do not correspond to the functionalities or regulatory specifications of existing venues. Consequently appropriate, identical organisational requirements and transparency rules which support efficient price discovery need to be applied. The new category includesas well as identical rules aimed at ensuring objective, non- discretionary execution and non- discriminatory access to the platforms need to be applied. The clarifications of the RM, MTF and SI definitions should ensure that broker crossing systems, which can be described as internal electronic matching systems operated by an investment firm which execute client orders against other client orders. The new category, are regulated either as MTFs or SIs, depending on which trading functionality they have. The clarified definitions of RMs, MTFs and SIs should also encompasses systems eligible for trading clearing-eligible and sufficiently liquid derivatives. IBy contrast, it shall not include facilities where there is no genuine trade execution or arranging taking place in the system, such as bulletin boards used for advertising buying and selling interests, other entities aggregating or pooling potential buying or selling interests, or electronic post-trade confirmation services., should continue to be defined as OTC. (This amendment (i.e. the deletion of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout including the definition in article 2.)
Amendment 111 #
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organisede clarification of the existing types of trading venues is needed to ensure that all multilateral and bilateral trading facility will complement the existing types of trading venues. Whiletivities are subject to the same rules. In particular, the clarifications of the definitions of and the regimes imposed on regulated markets and multilateral trading facilities are characterised byshould clarify that both trading venues must have non- discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. The non- discretionary execution of transactions in a RM or MTF is fully separate from, and complementary to, the client-facing requirements imposed on intermediaries when executing client orders. Consequently, conduct of business rules, best execution and client order handling obligations should continue to apply to the transactions concluded on an O RM or MTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading pthe market- facing regulatform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internay duties associated with operating a trading platform are different from the client-facing duties of an intermediary, both types of platforms must continue to be subject to the requirement to delisvers in the OTF operated by them non-discretionary execution.
Amendment 166 #
Proposal for a regulation
Recital 31
Recital 31
Amendment 168 #
Proposal for a regulation
Recital 32
Recital 32
Amendment 205 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
(2 b) 'Bilateral system' means a system that brings together or facilitates the buying and selling interests in financial instruments, whereby the operator of the investment firms takes on capital risk;
Amendment 272 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
2 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 3. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 312 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or traded on a MTF for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 323 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Amendment 342 #
Proposal for a regulation
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3 a. Competent authorities shall be able to withdraw the authorisation for regulated markets, market operators or investment firms to use one of the waivers specified in paragraph 4. Competent authorities shall withdraw the authorisation if they observe that the waiver is used in a way that is deviating from its original purpose or if they believe that the waiver is used to circumvent the rules established in this article. Before withdrawing the authorisation to use a waiver, competent authorities shall notify ESMA and other competent authorities of their intention providing a full explanation of the rationale behind such an intention. Notification of the intention to withdraw the authorisation to use a waiver shall be made as soon as possible. Within 1 month following receipt of the notification, ESMA shall issue a non-binding opinion to the competent authority in question. After receiving the opinion, the competent authority shall make its decision effective.
Amendment 367 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real- time as is technically possible. The level of disclosure and the frequency of publication shall be calibrated proportionately to issuance, transaction size and characteristics of national markets.
Amendment 458 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments admitted to trading on a regulated market or which are traded on an MTF or an OTF, shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 463 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. The information which is made public in accordance with paragraph 1 and the time- limits within which it is published shall comply with the requirements adopted pursuant to Article 6. Where the measures adopted pursuant to Article 6 provide for deferred reporting for certain categories of transaction in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments, this possibility shall also apply to those transactions when undertaken outside regulated markets, MTFs or OTFs.
Amendment 467 #
Proposal for a regulation
Article 19 – paragraph 3 a (new)
Article 19 – paragraph 3 a (new)
3 a. ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of shares, depositary receipts, exchange- traded funds, certificates and other financial instruments. In such cases, ESMA shall prescribe specific provisions as it regards the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 470 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 478 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The information which is made public in accordance with paragraph 1 and the time- limits within which it is published shall comply with the requirements adopted pursuant to Article 10. Where the measures adopted pursuant to Article 10 provide for deferred reporting for certain categories of transaction in bonds, structured finance products, emission allowances or derivatives, this possibility shall also apply to those transactions when undertaken outside regulated markets, MTFs or OTFs.
Amendment 482 #
Proposal for a regulation
Article 20 – paragraph 3 – point b a (new)
Article 20 – paragraph 3 – point b a (new)
(b a) ESMA shall identify the principles and criteria where the provisions regarding the use of APAs as per paragraph 1 shall be waived for investment firms which execute relatively small volumes of transactions in respect of bonds, structured finance products, emission allowances and derivatives. In such cases, ESMA shall prescribe specific provisions with regards to the minimum content and format of the information published through the use of own proprietary disclosure systems.
Amendment 521 #
Proposal for a regulation
Article 24 – title
Article 24 – title
Obligation to trade on regulated markets, MTFs or OMTFs
Amendment 528 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
Article 24 – paragraph 1 – point c
Amendment 542 #
Proposal for a regulation
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
5 a. The obligation to trade on regulated markets or MTFs shall be implemented by 31st December 2013. All technical standards and delegated acts that refer to this obligation should be completed in time before this deadline.
Amendment 547 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – introductory part
Article 26 – paragraph 1 – subparagraph 1 – introductory part
ESMA shall develop draft implementing technical standards to determine the following:
Amendment 549 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point a
Article 26 – paragraph 1 – subparagraph 1 – point a
Amendment 558 #
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) the class of derivatives or a relevant subset thereof has to be admitted to trading or traded on at least one regulated market, MTF or OMTF referred to in Article 24(1), and
Amendment 561 #
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid to trade only on the venues referred to in Article 24(1)shall be subject to the CCP clearing obligation laid out in Article 4 paragraphs 2 and 4 of Regulation [ ] 'EMIR'.
Amendment 566 #
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
Amendment 589 #
Proposal for a regulation
Article 26 – paragraph 4
Article 26 – paragraph 4
Amendment 590 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 1
Article 26 – paragraph 4 – subparagraph 1
Amendment 592 #
Proposal for a regulation
Article 26 – paragraph 4 – subparagraph 2
Article 26 – paragraph 4 – subparagraph 2
Amendment 594 #
Proposal for a regulation
Article 26 – paragraph 5
Article 26 – paragraph 5
Amendment 596 #
Proposal for a regulation
Article 26 – paragraph 6
Article 26 – paragraph 6
Amendment 598 #
Proposal for a regulation
Article 28
Article 28
Amendment 621 #
Proposal for a regulation
Article 29
Article 29