1 Amendments of Paulo RANGEL related to 2017/0810(COD)
Amendment 13 #
Proposal for a decision
Recital 3
Recital 3
Bank (3) On 4 March 2015, the General Court delivered its judgment in United Kingdom v ECB, Case T-496/1177, which held that "the ECB does not have the competence necessary to regulate the activity of clearing systems, so that, in so far as the Policy Framework imposes on CCPs involved in the clearing of securities a requirement to be located within the euro area, it must be annulled for lack of competence". The General Court stated that Article 129(3) of the Treaty enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB, to amend Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’). Therefore, the Court concluded that “it would be for the ECB, should it consider that the grant to it of a power to regulate infrastructures clearing transactions in securities is necessary for proper performance of the task referred to in the fourth indent of Article 127(2) TFEU, to request the EU legislature to amend Article 22 of the Statute, by the addition of an explicit reference to securities clearing systems.” _________________ 7 1 ECLI: EU:T:2015:133.