BETA

Activities of Roberto GUALTIERI related to 2017/0136(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs PDF (834 KB) DOC (132 KB)
2016/11/22
Committee: ECON
Dossiers: 2017/0136(COD)
Documents: PDF(834 KB) DOC(132 KB)

Amendments (70)

Amendment 135 #
Proposal for a regulation
Recital 10
(10) A specific Executive Session (“CCP Executive SessionSMA internal committee (“CCP Supervisory Committee”) should be createstablished within the Board of Supervisors of ESMA to handle tasks related to CCPs in general, and supervise Union and third- country CCPs in particular. In order to guarantee a smooth establishment of the CCP Executive SessionSupervisory Committee, it is necessary to clarify its interactions with the Board of Supervisors of ESMA, its organisation and the tasks it should perform.
2018/04/13
Committee: ECON
Amendment 138 #
Proposal for a regulation
Recital 11
(11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP Executive SessionSupervisory Committee should be composed of permanent and CCP-specific members. Permanent members should include the Head of the CCP Executive SessionChair and Vice-Chair of the CCP Supervisory Committee and twofive independent Directors, who should act independently and objectively in the interest of the Union as a whole. The Commission and the ECB should also appoint permanent members. Members specific to each CCP should include a representative of the competent national authorities of the Member States where the CCP is established, designated in accordance with Regulation (EU) No 648/2012, and a representative of the relevant central bank(s) of issue. The HeadChair of the CCP Executive SessionSupervisory Committee should be able to invite members of the supervisory college, as well as representatives of authorities of third- country CCPs recognised by ESMA as observers on a case by case basis to ensure that the views of the other relevant authorities are taken into account by the CCP Executive SessionSupervisory Committee. While the permanent members should participate in all meetings of the CCP Executive SessionSupervisory Committee, CCP specific members and observers should participate only where necessary and appropriate for CCPs under their supervision. The presence of an independent permanent membersChair and CCP-specific members should ensure that decisions made in the CCP Executive SessionSupervisory Committee are consistent, appropriate and proportionate across the Union and that the relevant national competent authorities, central banks of issue and observers are involved in the decision-making on issues concerning a CCP established in a Member State.
2018/04/13
Committee: ECON
Amendment 141 #
Proposal for a regulation
Recital 12
(12) When deciding on issues concerning a CCP established within a Member State, the CCP Executive SessionSupervisory Committee should convene and ensure that its permanent members and the relevant member(s) representing the competent national authorities designated by the Member State in accordance with Regulation (EU) No 648/2012 are involved in the decision-making process as well as observers appointed by the relevant central banks of issue. When deciding on a third- country CCP, only the permanent members, the relevant central bank(s) of issue and any relevant observers of the CCP Executive SessionSupervisory Committee should participate in the decision-making process.
2018/04/13
Committee: ECON
Amendment 143 #
Proposal for a regulation
Recital 13
(13) In order to ensure an appropriate, effective and swift decision-making process, the HeadChair, the twoVice-Chair and the Directors of the CCP Executive SessionSupervisory Committee, and the representative of the competent authority of the Member State where the CCP is established should have voting rights. The representatives of the ECB, of the Commission and of the relevant central bank(s), as well as observers, should have no voting rights. The CCP Executive SessionSupervisory Committee should take its decisions by a simple majority of its members, and the HeadChair should have a casting vote in case of a tie.
2018/04/13
Committee: ECON
Amendment 145 #
Proposal for a regulation
Recital 14
(14) The CCP Executive SessionSupervisory Committee should be responsible for specific tasks assigned to it pursuant to Regulation (EU) No 648/2012 to ensure the proper functioning of the internal market as well as the financial stability of the Union and its Member States.
2018/04/13
Committee: ECON
Amendment 148 #
Proposal for a regulation
Recital 15
(15) In order to ensure effective supervision, the CCP Executive SessionSupervisory Committee should have a dedicated staff and adequate resources to guarantee its autonomy, independence and adequate functioning in relation to its tasks. The budgetary impact needs to be considered in the statement made by ESMA in accordance with Regulation (EU) No 1095/2010.
2018/04/13
Committee: ECON
Amendment 153 #
Proposal for a regulation
Recital 16
(16) To provide for an appropriate level of expertise and accountability, the HeadChair, the Vice-Chair and the two Directors of the CCP Executive SessionSupervisory Committee should be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, as well as experience relevant to the supervision and regulation of CCPs. They should be chosen on the basis of an open selection procedure. The Commission should submit a proposal for the appointment of candidates to the European Parliament for approval. Following the European Parliament’s approval of that proposal, the Council should adopt an implementing decision.
2018/04/13
Committee: ECON
Amendment 155 #
Proposal for a regulation
Recital 17
(17) In order to ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the HeadChair, the Vice-Chair and the two Directors of the CCP Executive SessionSupervisory Committee should be accountable to the European Parliament and to the Council for any decisions taken on the basis of this Regulation.
2018/04/13
Committee: ECON
Amendment 159 #
Proposal for a regulation
Recital 18
(18) The HeadChair, the Vice-Chair and the two Directors of the CCP Executive SessionSupervisory Committee should act independently and objectively in the interest of the Union. They should ensure that appropriate account is taken of the proper functioning of the internal market as well as financial stability in each Member State and in the Union.
2018/04/13
Committee: ECON
Amendment 161 #
Proposal for a regulation
Recital 19
(19) In order to promote consistency in the supervision of Union and third-country CCPs across the Union, the HeadChair of the CCP Executive SessionSupervisory Committee should chair and manage colleges, and the permanent members of the CCP Executive SessionSupervisory Committee should attend them. The ECB should, where relevant and in accordance with Council Regulation (EU) No 1024/2013, also join the colleges to be able to exercise its mandate in accordance with Article 127 of the TFEU.
2018/04/13
Committee: ECON
Amendment 163 #
Proposal for a regulation
Recital 20
(20) In order to ensure an appropriate and effective decision-making process, the permanent members of the CCP Executive SessionChair of the CCP Supervisory Committee should have one vote each in the colleges, with the exception ofhile the Vice-Chair, the Directors of the CCP Supervisory Committee and the representative of the Commission, who should be non-voting. The current members of the colleges should continue to exercise their current voting rights.
2018/04/13
Committee: ECON
Amendment 167 #
Proposal for a regulation
Recital 21
(21) While national competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, there is a need to better reflect the mandates of the central banks of issue concerning their monetary policy responsibilities, due to the potential risks that the malfunctioning of a CCP could pose to the implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Therefore, the prior consentconsultation of the relevant central banks of issue should be required on certain decisions envisaged by national competent authorities, in particular when it relates to a CCP’s payment and settlement arrangements and related liquidity risk management procedures for the transactions denominated in that central bank of issue’s currency. Upon conclusion of the period for consulting the central banks of issue, every effort should be made to comply with the amendments, proposed by them. In case, the draft decision doesn’t include the amendments proposed by a central bank of issue, the central bank of issue shall be informed in writing with the full reasons and an explanation of any significant deviation from these amendments.
2018/04/13
Committee: ECON
Amendment 185 #
Proposal for a regulation
Recital 29
(29) When considering the application of a third-country CCP for recognition, ESMA should assess the degree of systemic risk that the CCP presents to the financial stability of the Union or of one or more of its Member States on the basis of objective and transparent criteria set out in this Regulation. A Commission delegated act should further specify these criteria. In this regard, specific features concerning certain agricultural derivative contracts listed and executed on regulated markets in third countries, which relate to markets that largely serve domestic non-financial counterparties in that third country who manage their commercial risks through those contracts, may pose a negligible risk to clearing members and trading venues in the Union as they have a low degree of systemic interconnectedness with the rest of the financial system.
2018/04/13
Committee: ECON
Amendment 189 #
Proposal for a regulation
Recital 30
(30) CCPs that are not systemically important to the financial stability of the Union or onf one or more of its Member States should be considered as ‘Tier 1’ CCPs. CCPs that are systemically important, or likely to become systemically important, to the financial stability of the Union or of one or more of its Member States should be considered as ‘Tier 2’ CCPs. Where ESMA determines that a third-country CCP is not systemically important to the financial stability of the Union or of one or more of its Member States, the existing recognition conditions under Regulation (EU) No 648/2012 should apply to that CCP. Where ESMA determines that a third-country CCP is systemically important, additional requirements proportionate to the degree of risk presented by that CCP should be establishedthe CCP should comply with additional requirements. ESMA should only recognise such a CCP where that CCP complies with these requirements.
2018/04/13
Committee: ECON
Amendment 195 #
Proposal for a regulation
Recital 32
(32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil any additional requirements that the central bank(s) of issue consider necessary according to this Regulation. The central bank(s) of issue should provide ESMA with confirmation whether or not the CCP complies with any additional requirements as quickly as possible and in any case 180 days from the CCP’s application to ESMAin the deadline to respond to the consultation in the framework of the recognition of a third-country CCP.
2018/04/13
Committee: ECON
Amendment 201 #
Proposal for a regulation
Recital 33
(33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and, in agreement with the relevant central bank(s) of issue, concludes that a third-country CCP is of such systemic importance that compliance with the additional requirements will not ensureset out in this Regulation does not sufficiently address the financial stability ofrisk for the Union or for one or more of its Member States, ESMA should be able to recommend to the Commission that that CCP should not be recognised. The Commission should be able to adopt an implementing delegated act declaring that the third- country CCP should be established in the Unionany Member State and authorised as such to provide clearing services in the Union.
2018/04/13
Committee: ECON
Amendment 207 #
Proposal for a regulation
Recital 34
(34) ESMA should regularly review the recognition of third-country CCPs as well as their classification as Tier 1 or Tier 2 CCPs. In this regard, ESMA should consider amongst others, the changes in the nature, size and complexity of the third- country CCP’s business. Such reviews should take place at least every two years and more frequently where necessary.
2018/04/13
Committee: ECON
Amendment 208 #
Proposal for a regulation
Recital 35
(35) ESMA should also be able to take into account the extent to which the compliance of a systemically-important third-country CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. When conducting this assessment, ESMA should take into account, where relevant, whether the Commission has adopted an implementing acts determining that the legal and supervisory arrangements of the third country where the CCP is established are equivalent to those of this Regulation and any conditions which the application of that implementing act may be subject to. When conducting this assessment, to ensure proportionality, ESMA should also consider the extent to which the financial instruments cleared by the CCP are denominated in Union currencies. The Commission should adopt a delegated act specifying further the modalities and conditions to assess such comparable compliance.
2018/04/13
Committee: ECON
Amendment 211 #
Proposal for a regulation
Recital 36
(36) ESMA should have all the powers necessary to supervise recognised third- country CCPs to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In certain areas, ESMA’s decisions should be subject tothe central bank(s) of issue shall be consulted on those aspects of the draft decision which relate to the currency it issues. Upon conclusion of the period for consent of the relevant central bank(s) of issueulting the central banks of issue, every effort shall be made to comply with the amendments proposed by them. In case the decision doesn’t include the amendments proposed by a central bank of issue, the central bank of issue shall me informed in writing with the full reasons and an explanation of any significant deviation from these amendments.
2018/04/13
Committee: ECON
Amendment 226 #
Proposal for a regulation
Recital 47
(47) The validation of significant changes to models and parameters adopted to calculate a CCP’s margin requirements, default fund contributions, collateral requirements, and other risk- control mechanisms should be aligned with the new requirement of a prior consent of ESMA with certain decisions of the national competent authority with regard to CCPs established in the Union. To simplify the model validation proceedings, one validation by the national competent authority that is subject to ESMA’s prior consent should replace the two validations that national competent authority and ESMA were required to conduct independently. In addition, the interplay of that validation and the college decision should be clarified. The preliminary adoption of a significant change to that models or parameters should be possible where needed, especially where their swift change is necessary to ensure the soundness of the CCP’s risk management.deleted
2018/04/13
Committee: ECON
Amendment 235 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1095/2010
Article 6 – point 1 a
2. In Article 6, the following point (1a) is inserted: ‘ (1a) a Board of Supervisors in Executive Session for CCPs (CCP Executive Session), which shall exercise the tasks set out in Article 44b; ‘deleted
2018/04/13
Committee: ECON
Amendment 239 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation 1095/2010
Article 40 – paragraph 1 – point f
4. In Article 40(1), the following point (f) is added: ‘ (f) the permanent members of the CCP Executive Session, referred to in point (i) of Article 44a(1)(a), who shall be non-voting. ‘deleted
2018/04/13
Committee: ECON
Amendment 242 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Regulation (EU) No 1095/2010
Article 42 – subparagraph 1
5. In Article 42, the first subparagraph is replaced by the following: ‘When carrying out the tasks conferred upon it by this Regulation, the Chairperson, the voting permanent members and the voting members specific to each CCP of the CCP Executive Session referred to in point (i) of Article 44a(1)(a) and the voting members of the Board of Supervisors shall act independently and objectively in the sole interest of the Union as a whole and shall neither seek nor take instructions from Union institutions or bodies, from any government of a Member State or from any other public or private body. ‘deleted
2018/04/13
Committee: ECON
Amendment 246 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation (EU) No 1095/2010
Article 43 – paragraphs 1 and 8
6. Article 43 is amended as follows: (a) paragraph 1 is replaced by the following: ‘1. The Board of Supervisors shall give guidance to the work of the Authority. It shall be responsible for the tasks referred to in Chapter II, except for those tasks for which the CCP Executive Session is responsible pursuant to Article 44b(1). ‘ (b) following: ‘8. exercise disciplinary authority over the Chairperson and may remove him or her from office in accordance with Article 48(5). The Board of Supervisors, in agreement with the CCP Executive Session, shall exercise disciplinary authority over the Executive Director and may remove him or her from office in accordance with Article 51(5). ‘deleted paragraph 8 is replaced by the The Board of Supervisors shall
2018/04/13
Committee: ECON
Amendment 248 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1095/2010
Chapter III – section 1A
[...]deleted
2018/04/13
Committee: ECON
Amendment 253 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1095/2010
Chapter III – Section 3 – title
8. The title of Section 3 of Chapter III is replaced by the following: ‘Chairperson, Head and Directors’deleted
2018/04/13
Committee: ECON
Amendment 256 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 1095/2010
Article 48 a
[...]deleted
2018/04/13
Committee: ECON
Amendment 259 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Regulation (EU) No 1095/2010
Article 49
10. Article 49 is replaced by the following: ‘Without prejudice to the role of the Board of Supervisors, in relation to the tasks of the Head of the CCP Executive Session and the Directors referred to in point (i) of Article 44a(1)(a) and Chairperson, shall neither seek or take instructions from the Union institutions or bodies, from any government of a Member State or from any other public or private body. Neither Member States, the Union institutions or bodies, nor any other public or private body shall seek to influence the Head of the CCP Executive Session and the Directors referred to in point (i) of Article 44a(1)(a) or the Chairperson in the performance of his or her tasks. In accordance with the Staff Regulations referred to in Article 68, the Chairperson, the Head of the CCP Executive Session and the Directors referred to in point (i) of 44a(1)(a) shall, after leaving service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits. ‘deleted
2018/04/13
Committee: ECON
Amendment 262 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
11. Article 50 is replaced by the following: ‘1. Council may invite the Chairperson or his alternate, or the Head of the CCP Executive Session, to make a statement while fully respecting their independence. The Chairperson or the Head shall make a statement before the European Parliament and answer any questions put by its members, whenever so requested. 2. The Chairperson or the Head of the CCP Executive Session shall report in writing on the main activities of Board of Supervisors and of the CCP Executive Session, respectively, to the European Parliament where requested and at least 15 days before making the statement referred to in paragraph 1. 3. referred to in Articles 11 to 18 and Articles 20 and 33, the Chairperson shall report any relevant information requested by the European Parliament on an ad-hoc basis. In addition to the information referred to in Article 33, the Head of the CCP Executive Session shall report any relevant information requested by the European Parliament on an ad-hoc basis.’deleted The European Parliament or the In addition to the information
2018/04/13
Committee: ECON
Amendment 265 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
12. Article 53 is amended as follows: (a) following: ‘2. responsible for implementing the annual work programme of the Authority under the guidance of the Board of Supervisors and the CCP Executive Session and under the control of the Management Board. ‘ (b) following: ‘4. prepare a multi-annual work programme, as referred to in Article 47(2). For the tasks and powers referred to in Article 44b(1), the Executive Director shall obtain the consent of the CCP Executive Session prior to submitting it to the Management Board. ‘ (c) following: ‘7. shall prepare a draft report with a section on the regulatory and supervisory activities of the Authority and a section on financial and administrative matters. For the tasks and powers referred to in Article 44b(1), the Executive Director shall obtain the consent of the CCP Executive Session prior to submitting it to the Management Board. ‘deleted Paragraph 2 is replaced by the The Executive Director shall be Paragraph 4 is replaced by the The Executive Director shall Paragraph 7 is replaced by the Each year the Executive Director
2018/04/13
Committee: ECON
Amendment 266 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 – point a
2. The Executive Director shall be responsible for implementing the annual work programme of the Authority under the guidance of the Board of Supervisors and the CCP Executive SessionSupervisory Committee and under the control of the Management Board.
2018/04/13
Committee: ECON
Amendment 267 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 – point b
Regulation (EU) No 1095/2010
Article 53 – paragraph 4
4. The Executive Director shall prepare a multi-annual work programme, as referred to in Article 47(2). For the tasks and powers referred to in Article 44b(1), the Executive Director shall obtain the consent of the CCP Executive SessionSupervisory Committee prior to submitting it to the Management Board.
2018/04/13
Committee: ECON
Amendment 270 #
Proposal for a regulation
Article 1 – paragraph 1 – point 13
Regulation (EU) No 1095/2010
Article 63 – paragraph 1 a
13. In Article 63, the following paragraph 1a is inserted: ‘1a. ESMA’s expenditure and fees relating to the tasks and powers referred to in Article 44b (1) shall be separately identifiable within the statement of estimates referred to in paragraph 1. Prior to the adoption of that statement of estimates, the draft prepared by the Executive Director relating to such expenditure and fees shall be approved by the CCP Executive Session. The annual accounts of ESMA drawn up and published in accordance with Article 64(6) shall include the income and expenses related to the tasks referred to in Article 44b(1). ‘deleted
2018/04/13
Committee: ECON
Amendment 271 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14
14. In Article 70, paragraph 1 is replaced by the following: ‘1. Supervisors, the CCP Executive Session and the Management Board, the Executive Director, and members of the staff of the Authority, including officials seconded by Member States on a temporary basis and all other persons carrying out tasks for the Authority on a contractual basis, shall be subject to the requirements of professional secrecy pursuant to Article 339 TFEU and the relevant provisions in Union legislation, even after their duties have ceased. ‘deleted Members of the Board of
2018/04/13
Committee: ECON
Amendment 275 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Regulation (EU) No 1095/2010
Article 76 – paragraph 2 a
15. In Article 76, the following paragraph 2a is inserted: ‘2a. Until such time as the Head of the CCP Executive Session and the Directors of the CCP Executive Session referred to in Article 44a(1) take up their duties following their appointment in accordance with Article 48a, the functions of the CCP Executive Session shall be carried out by the Board of Supervisors. ‘deleted
2018/04/13
Committee: ECON
Amendment 281 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Regulation (EU) No 648/2012
Article 6 – paragraph 2 – point b a (new)
(1a) In Article 6, paragraph 2, point (ba) is inserted: (ba) the Tier of the third-country CCP, where applicable;
2018/04/13
Committee: ECON
Amendment 289 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a
Regulation (EU) No 648/2012
Article 18 – paragraph 1 – subparagraph 2
The HeadChair of the CCP Executive SessionSupervisory Committee referred to in Article 48a of Regulation (EU) No 1095/201022b shall chair and manage the college.
2018/04/13
Committee: ECON
Amendment 294 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) No 648/2012
Article 18 – paragraph 2 – point a
(a) the permanent members of the CCP Executive SessionSupervisory Committee referred to in Article 44a of Regulation (EU) No 1095/201022b;
2018/04/13
Committee: ECON
Amendment 297 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point c a (new)
Regulation (EU) No 648/2012
Article 18 – paragraph 4 – point c a (new)
(ca) in paragraph 4, point (ca) is inserted: (ca) the preparation of an opinion to the CCP Supervisory Committee where that committee is required to provide its consent or is consulted in accordance with Article 21a.
2018/04/13
Committee: ECON
Amendment 305 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 19 – paragraph 3 – subparagraph 4
The representative of the Commission shall be non-voting member. The other permanent members of the CCP Executive SessionChair of the CCP Supervisory Committee shall have one vote, the Vice-Chair and the Directors of the CCP Supervisory committee shall havbe none -vote eaching members in the colleges.
2018/04/13
Committee: ECON
Amendment 324 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 1
1. Competent authorities s: (a) Shall prepare and submit draft decisions to ESMA for consent prior to adoption of any of the following decisions: (a) decisions adopted pursuant to Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 35, 49 and 54 of this Regulation and Articles 35 and 36 of Regulation (EU) No 600/2014; (b) anydecisions adopted pursuant to or in the carrying out of their duties resulting from the requirements set out in Articles 7, 8, 14, 15, 16, 20, 21, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 39, 40, 42, 43, 44, 45, 47, 48, 49, 50, 51, 52, 53, 54 of this Regulation and Articles 35 and 36 of Regulation (EU) No 600/2014; (b) Shall prepare and submit draft decisions to ESMA for consultation prior to adoption of any of the decisions adopted pursuant to or in the carrying out of their duties resulting from the requirements set out in Article 16s 41 and Titles IV and V46 of this Regulation.
2018/04/13
Committee: ECON
Amendment 335 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 1
CWith regards to decisions pursuant to Articles 14, 15, 20, 44, 46, 50 and 54, the competent authoritiesy shall prepare and submit draft decisions to theconsult each central bank of issue referred to in Article 18(2)(h) on those aspects of the draft decision which relate to the currency it issues. Each central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 44, 46, 50 and 54. shall respond to the request for consultation within 10 working days as of the transmission of the draft decision. In emergency situations, the aforementioned period shall not exceed 24 hours. Upon conclusion of the period for consulting the central banks of issue, the competent authority shall make every effort to comply with the amendments proposed by them. Where the competent authority does not reflect in its draft decision to be submitted to the Board of Supervisors the amendments proposed by a central bank of issue, competent authority shall inform that central bank of issue in writing stating its full reasons and an explanation of any significant deviation from these amendments.
2018/04/13
Committee: ECON
Amendment 346 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 a – paragraph 2 – subparagraph 2
Competent authorities shall obtain, in accordance with Article 21(b) the consent of the central banks of issue referred to in the first subparagraph in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks.deleted
2018/04/13
Committee: ECON
Amendment 368 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b
[...]deleted
2018/04/13
Committee: ECON
Amendment 373 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – Title
Consent of the Central Bank of Issuedeleted
2018/04/13
Committee: ECON
Amendment 382 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 1
1. The consent referred to in Article 21a(2) shall be deemed to be given unless the central bank of issue proposes amendments or objects to the draft decision within a maximum period of 15 calendar days after its submission. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing. Where ESMA has proposed amendments pursuant to Article 21a(4) to the draft decisions to be adopted pursuant to Articles 14, 15, 20 and 54, it shall also submit them also to the central bank of issue. In that case, the deadline referred to in the first subparagraph shall be extended by 5 days.deleted
2018/04/13
Committee: ECON
Amendment 386 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Regulation (EU) No 648/2012
Article 21 b – paragraph 2
2. Where the central bank of issue proposes amendments, the competent authority may only adopt the decision as amended by that central bank of issue. Where the central bank of issue objects to a draft decision, the competent authority shall not adopt that decision.deleted
2018/04/13
Committee: ECON
Amendment 402 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 648/2012
Article 22 a (new)
7a. The following Article 22a is inserted: Article 22a Composition 1. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) the Chair, a Vice-Chair and five Directors, appointed in accordance with Article 22d, who shall be voting; (ii) a representative of the ECB, who shall be non-voting: (iii) a representative of the Commission, who shall be non-voting; (b) the following non-permanent members specific to each CCP: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be voting; (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite, where appropriate and necessary, as observers to the meetings of the CCP Supervisory Committee: (a) other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee; (b) authorities of third-country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012,on a case by case base. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. Where a task of the CCP Supervisory Committee does not relate to a specific Union CCP, it shall be composed only of the permanent members referred in point (a) and, where relevant, the central banks of issue referred to in point (b)(ii).
2018/04/13
Committee: ECON
Amendment 405 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Regulation (EU) No 648/2012
Article 22 b (new)
7b. The following Article 22b is inserted: Article 22b Tasks and powers of the CCP Supervisory Committee The CCP Supervisory Committee shall be responsible for Preparing draft decisions to be submitted to the Board of Supervisors: a) where ESMA is required to provide its consent or is consulted in accordance with Article 21a of this Regulation b) where ESMA recognises and supervises third-country CCPs in accordance with Articles 25, 25a, 25b, 25c, 25d, 25e, 25f, 25g, 25h, 25i, 25j, 25m and 25n of this Regulation
2018/04/13
Committee: ECON
Amendment 412 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 c (new)
Regulation (EU) No 648/2012
Article 22 c (new)
7c. The following Article 22c is inserted: Article 22c Decision-making The CCP Supervisory Committee shall take its decisions by a simple majority of its members. The Chair shall have the casting vote.
2018/04/13
Committee: ECON
Amendment 416 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 d (new)
Regulation (EU) No 648/2012
Article 22 d (new)
7d. The following Article 22d is inserted: Article 22d Appointment and tasks of the Chair, the Vice-Chair and Directors of the CCP Supervisory Committee 1. The Chair of the CCP Supervisory Committee shall be responsible for preparing the work of the CCP Supervisory Committee and shall chair its meetings. 1a. The Chair shall be assisted by a Vice-Chair. The Vice-Chair shall carry out the functions of the Chair in his or her absence or reasonable impediment, in accordance with this Regulation. 2. The Chair, the Vice-Chair and Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) shall be full-time, independent professionals. They shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. They shall be chosen on the basis of an open selection procedure organised by the Commission, which shall respect the principles of gender balance, experience and qualification. The European Parliament and the Council shall be kept duly informed at every stage of that procedure in a timely manner. 3. The term of office of the Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of Article 44a(1)(a) shall be five years and may be extended once. The Chair, Vice-Chair of the Supervisory Committee and the Directors referred to in point (i) of Article 22a(1)(a) shall not hold any other office at national, Union, or international level. 4. After hearing the Board of Supervisors, the Commission shall provide to the European Parliament a shortlist of candidates for the positions of Chair, Vice-Chair and Directors referred to in point (i) of Article 22a(1)(a) and shall inform the Council of the shortlist. The Commission shall submit a proposal for the appointment of the Chair, Vice- Chair of the CCP Supervisory Committee and Directors referred to in point (i) of Article 22a(1)(a) to the European Parliament for approval. Following the approval of that proposal, the Council shall adopt an implementing decision to appoint the Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i)Article 22a(1)(a). The Council shall act by qualified majority. 5. Where the Chair, the Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) no longer fulfil the conditions required for the performance of his or her duties as referred to in paragraph 2 or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt an implementing decision to remove him or her from office. The Council shall act by qualified majority. The European Parliament or the Council may inform the Commission that they consider the conditions for the removal of the Chair or the Vice-Chair or the Directors of the CCP Supervisory Committee from office to be fulfilled, to which the Commission shall respond.”
2018/04/13
Committee: ECON
Amendment 419 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 e (new)
Regulation (EU) No 648/2012
Article 22 e (new)
7e. The following Article22e is inserted: Article 22e Independence In relation to the tasks of the Chair, Vice- Chair and Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) shall neither seek or take instructions from the Union institutions or bodies, from any government of a Member State or from any other public or private body. Neither Member States, the Union institutions or bodies, nor any other public or private body shall seek to influence the Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) in the performance of his or her tasks. In accordance with the Staff Regulations referred to in Article 68 of Regulation (EU) No 1095/2010, Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of 22a(1)(a)shall, after leaving service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
2018/04/13
Committee: ECON
Amendment 420 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 f (new)
Regulation (EU) No 648/2012
Article 22 f (new)
7f. The following Article 22f is inserted: Article22f Report 1. The European Parliament or the Council may invite the Chair, Vice-Chair and the Directors of the CCP Supervisory Committee, to make a statement while fully respecting their independence. The Chair shall make a statement before the European Parliament and answer any questions put by its members, whenever so requested. 2. The Chair of the CCP Supervisory Committee shall report in writing on the main activities of Board of Supervisors and of the CCP Supervisory Committee, respectively, to the European Parliament where requested and at least 15 days before making the statement referred to in paragraph 1. 3. The Chair shall report any relevant information requested by the European Parliament on an ad-hoc basis. 4. Upon request, the Chair of the CCP Supervisory Committee shall hold confidential oral discussions behind closed doors with the Chair and Vice- Chairs of the competent committee of the European Parliament where such discussions are required for the exercise of the European Parliament's powers under the TFEU. An agreement shall be concluded between the European Parliament and the CCP Supervisory Committee on the detailed modalities of organising such discussions, with a view to ensuring full confidentiality in accordance with the requirements of professional secrecy imposed on the CCP Supervisory Committee by this Regulation. 5. During any investigations by the European Parliament, the CCP Supervisory Committee shall cooperate with the European Parliament, subject to the TFEU and Regulations referred to in Article 226 thereof. Within six months of the appointment of the Chair, the Vice Chair and the Directors and the European Parliament shall conclude appropriate arrangements on the practical modalities of the exercise of democratic accountability and oversight over the exercise of the tasks conferred on the CCP Supervisory Committee by this Regulation. Subject to the power of the European Parliament pursuant to Article 226 TFEU, those arrangements shall cover, inter alia, access to information, including rules on the handling and protection of classified or otherwise confidential information, cooperation in hearings, confidential oral discussions, reports, responding to questions, investigations and information on the selection procedure of the Chair, the Vice- Chair, and the five Directors referred to in Article 22a(1)(a) of this Regulation.
2018/04/13
Committee: ECON
Amendment 422 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 g (new)
Regulation (EU) No 648/2012
Article 22 g (new)
7g. The following Article 22gis inserted: Article 22g Decision-making at the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors pursuant to Articles 21a(1) only in reference to 14, 15, 20, 41, 44, 46, 50, 54 and 25(2), 25a, 25(2a), 25(2b), 25(2c), 25(5), for Tier 2 CCPs in accordance with Article 25(2b), Article 54 the Board of Supervisors shall decide in accordance with Article 44 of Regulation (EU) No 648/2012. Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors pursuant to Articles other than those referred to in the first subparagraph, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a qualified majority, as defined in Article 16(4) of the Treaty on European Union and in Article 238(2) of the Treaty on the Functioning of the European Union to reject the draft decision within ten working days as of its transmission. In emergency situations the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
2018/04/13
Committee: ECON
Amendment 425 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point a
Regulation (EU) No 648/2012
Article 25 – paragraph 2 – point e
(e) the CCP has not been determined as not systemically important or not likely to become systemically important (Tier 1 CCP) in accordance with paragraph 2a.
2018/04/13
Committee: ECON
Amendment 426 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – introductory part
ESMA shall, after consulting the relevant central bank(s) of issue of Union currencies of the financial instruments cleared or to be cleared by that CCP, determine whether a CPCP is systemically important or likely to become systemically important for the financial stability of the Union or ofor one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:
2018/04/13
Committee: ECON
Amendment 432 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point a
(a) the nature, size and complexity of the CCP's business, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its counterparties;learing members in the European Union, and to the extent possible their clients and indirect clients established in the Union, including where any of those members or clients have been designated as other systemically important institutions (O- SIIs) pursuant to Article 131 of Directive 2013/36/EU.
2018/04/13
Committee: ECON
Amendment 437 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point b
(b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States, or on the financial stability of the Union or one or more of its Member States;
2018/04/13
Committee: ECON
Amendment 449 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point d
(d) the CCP's relationship, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system. to the extent that this likely impacts the financial stability of the Union or of one or more of its Member States;
2018/04/13
Committee: ECON
Amendment 463 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b
(b) followingwithin the deadline to respond to the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an application, that the CCP complies with any requirements imposed by thos that the CCP complies with the following requirements imposed by those central banks of issue in the carrying out of their monetary policy tasks: (i) the CCP has committed to submit any information which the central bank of issue may require upon its reasoned request; (ii) the CCP has committed to fully and duly cooperate with the central bank of issue in the context of its assessment of the CCP's resilience to adverse market conditions; (iii) the CCP has opened an overnight deposit account with the central banks of issue in the carrying out of their monetary policy tasksaccordance with relevant access criteria and requirements of the central bank of issue. (iv) requirements imposed as part of targeted and provisional measures adopted by the CBI to confront an exceptional situation related to systemic liquidity risks, with a view in particular to guarantee the transmission of monetary policy and the smooth functioning of payment systems. The central bank of issue may propose amendments of the list referred to in this point. The Commission shall be empowered to adopt delegated acts in accordance with Article 82 to adopt amended list set out in point (b) of this paragraph. Where the relevant central bank of issue has not provided a written response to ESMA within the deadline, ESMA may consider this requirement to be fulfilled;
2018/04/13
Committee: ECON
Amendment 480 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 1
ESMA, in agreement with the relevant central banks of issue of the financial instruments cleared or to be cleared by that CCP, and commensurate with the degree of systemic importance of the CCP in accordance with paragraph 2a, may conclude that a CCP is, on the basis of a fully reasoned assessment, conclude that a CCP or some of its clearing services, are of such substantial systemic importance that compliance with the conditions set out in paragraph 2b does not sufficiently ensure the financial stability of the Union or of one or more of its Member States and should not therefore be recogniszed. In such a caseits assessment, ESMA shall: (a) explain why compliance with the conditions set out in paragraph 2b does not sufficiently address the financial stability risk for the Union or for one or more of its Member States; (b) provide an assessment of the costs and benefits of a decision not to recognise the CCP. On the basis of its assessment, ESMA shall recommend that the Commission adopt an implementing delegated act confirming that that CCP should not be recognised in accordance with paragraph 2b.
2018/04/13
Committee: ECON
Amendment 486 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 2
After submission of the recommendation referred to in the firstsecond subparagraph, the Commission may adopt an implementing act declaring that that CCP shall not be recogn delegated act specifying: (a) that following the adaptation period specified by the Commission in accordance with point (b) some or all services provided by that CCP shall only be provided to clearing members and trading venues established pursuant to paragraph 2b and that it may only provide clearing services in the Union after it has been granted authorisation in accordance with Article 14. in the Union only by a CCP authorised in accordance with Article 14; (b) an appropriate adaptation period for the CCP, its clearing members and their clients; (c) the conditions under which that CCP may be temporarily recognised during the adaptation period referred to in point(b); (d) any measures that shall be taken during the adaptation period, in order to limit the potential costs to clearing members and their clients, in particular those established in the Union. In specifying the services and adaptation period referred to in points (a) and (b) of the third second subparagraph, the Commission shall consider: (a) the characteristics of the services offered by the CCP and their potential substitutability in the Union; (b) based on the legal and economic consequences of whether and to what extent including the outstanding cleared transactions shall be included within the scope of the implementing act; (c) the potential cost implications to clearing members and their clients, in particular those established in the Union.
2018/04/13
Committee: ECON
Amendment 497 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point c
Regulation (EU) No 648/2012
Article 25 – paragraph 5
5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of thea CCP established in a third country: (a) where thate CCP has extended the range of its activities and services in the Union; and in any case(b) At least every two years where that CCP clears an amount of financial instruments exceeding the level set in the delegated act referred to in the fifth subparagraph, and at least every twofive years in all other cases. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, following the review referred to in the first subparagraph, ESMA determines that a third country CCP that has been recognized as Tier 1 CCP should be recognised as a Tier 2 CCP, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP must comply with the requirements referred to in paragraph (2b). ESMA may extend that adaptation period up to additional 6 months upon the reasoned request of the CCP or competent authority responsible for the supervision of the clearing members, where such extension is justified by exceptional circumstances and implications to the clearing members established in the Union. The Commission, in order to ensure the consistent application of this Article, shall, after consulting the central banks of issue of all Union currencies on aspects which related to the currency they issue, adopt a delegated act specifying the level referred to in point (b) of the first subparagraph The Commission shall adopt the delegated act referred to in the fifth subparagraph in accordance with Article 82.
2018/04/13
Committee: ECON
Amendment 501 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point d
Regulation (EU) No 648/2012
Article 25 – paragraph 6 – introductory part
The Commission may adopt an implementing act under Article 5 of Regulation (EU) No 182/2011 delegated act in accordance with Article 82, determining the following:
2018/04/13
Committee: ECON
Amendment 525 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25b – paragraph 2 – subparagraph 1
ESMA shall prepare and submit draft decisions to the central bank of issue of the relevant currency referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 41, 44, 46, 50, and 54. With regard to decisions pursuant to Articles 41, 44, 46, 50 and 54, the CCP Supervisory Committee shall consult the central bank(s) of issue of the financial instruments cleared or to be cleared by the third country CCP on those aspects of the draft decision which relate to the currency it issues. Each central bank of issue shall respond to ESMA's request for consultation within 10 working days as of the transmission of the draft decision. In emergency situations, the aforementioned period shall not exceed 24 hours. Upon conclusion of the period for consulting the central banks of issue, the CCP Supervisory Committee shall make every effort to comply with the amendments proposed by them. Where the CCP Supervisory Committee does not reflect in its draft decision to be submitted to the Board of Supervisors the amendments proposed by a central bank of issue, the CCP Supervisory Committee shall inform that central bank of issue in writing stating its full reasons and an explanation of any significant deviation from these amendments.
2018/04/13
Committee: ECON
Amendment 531 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
ESMA shall obtain, in accordance with this paragraph, the consent of the relevant central bank of issue in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks. The consent of the central bank of issue referred to in the second subparagraph shall be deemed to be given unless it proposes amendments or objects to the draft decision within 15 calendar days after having been notified of the draft decision. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing.deleted
2018/04/13
Committee: ECON
Amendment 539 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 3
Where the central bank of issue objects to a draft decision, ESMA shall not adopt that decision. Where the central bank of issue proposes amendments, ESMA may only adopt the decision as amended by that central bank of issue.deleted
2018/04/13
Committee: ECON
Amendment 553 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b a (new)
Article 25ba College for third country CCPs 1. ESMA shall establish a college for third country CCPs to facilitate the sharing of information in accordance with Article XX. 2. The college shall consist of: (a) the permanent members of the CCP Supervisory Committee; (b) the competent authorities responsible for supervision of CCPs designated by the Member States pursuant to Article 22; (c) the competent authorities responsible for the supervision of the clearing members established in the Union; (d) the competent authorities responsible for the supervision of trading venues established in the Union, served or to be served by the CCP; (e) the competent authorities supervising central securities depositories established in the Union to which the CCP is linked or intends to be linked; (f) the members of the ESCB. 3. The college may request the CCP Supervisory Committee to discuss specific matters in relation to a CCP established in a third country. The CCP Supervisory Committee shall duly consider such requests and provide an appropriate response. 4. The Chair of the CCP Supervisory Committee shall chair the college. The establishment and functioning of the college shall be based on a written agreement between all its members.
2018/04/13
Committee: ECON
Amendment 608 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 89 – paragraph 3 b
3b. ESMA shall review the recognition decisions adopted pursuant to Article 25(1) before [entry into force of this Regulation] within 128 months from the entry into force of the delegated act referred to in the second subparagraph of Article 25(2a), in accordance with Article 25(5).
2018/04/13
Committee: ECON
Amendment 610 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12 a (new)
Regulation (EU) No 648/2012
Article 89 – paragraph 9 a (new)
12a. In Article 89, paragraph 9a is added: "By June X the Commission shall review the implementation of Titles III, IV and V of this Regulation relating to the authorisation, recognition and supervision of CCPs. It shall assess the transfer of more tasks to ESMA in particular the functioning and efficiency of the role conferred on ESMA and the supervisory colleges in Titles III, IV and V. The Commission shall submit a report thereon to the European Parliament and to the Council. Where appropriate that report shall be accompanied by a legislative proposal."
2018/04/13
Committee: ECON