BETA

24 Amendments of Burkhard BALZ related to 2017/0136(COD)

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 as provided for in 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 ESMA.

2018/04/13
Committee: ECON

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 to the prior consent of~~ should consult the relevant central bank(s) of issue.

2018/04/13
Committee: ECON

Proposal for a regulation
Article 1

~~[...]~~deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point a

Regulation (EU) No 648/2012
Article 18 – paragraph 1

(a) paragraph 1 is replaced by the following: ‘1. submission of a complete application in accordance with Article 17, the CCP’s competent authority shall establish a college to facilitate the exercise of the tasks referred to in Articles 15, 17, 49, 51 and 54. The Head of the CCP Executive Session referred to in Article 48a of Regulation (EU) No 1095/2010 shall chair and manage the college. ‘deleted Within 30 calendar days of the

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b

Regulation (EU) No 648/2012
Article 18 – paragraph 2 – point a

~~(b) in paragraph 2, point (a) is replaced by the following: ‘ (a) the permanent members of the CCP Executive Session referred to in Article 44a of Regulation (EU) No 1095/2010; ‘~~deleted

2018/04/13
Committee: ECON

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 Session shall have one vote each.~~deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 6

Regulation (EU) No 648/2012
Article 21 – paragraphs 1 and 3

6. Article 21 is amended as follows: (a) following: ‘1. college, the competent authorities referred to in Article 22, in cooperation with ESMA, shall review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation and evaluate the risks to which CCPs are, or might be, exposed. ‘ (b) following: ‘3. frequency and depth of the review and evaluation referred to in paragraph 1 having regard to the size, systemic importance, nature, scale and complexity of the activities of the CCPs concerned. The review and evaluation shall be updated at least on an annual basis. The CCPs shall be subject to on-site inspections. ESMA staff shall be invited to participate in these on-site inspections. The competent authority shall forward to ESMA any information received from the CCPs and shall request from the relevant CCP any information sought by ESMA which it cannot provide. ‘deleted paragraph 1 is replaced by the Without prejudice to the role of the paragraph 3 is replaced by the ESMA shall establish the

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a

~~[...]~~deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – Title

~~Preparation of draft decisions~~deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 1

1. Competent authorities shall prepare and submit draft decisions to ESMA for consent prior to adoption of any of the following decisions: (a) 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) carrying out of their duties resulting from the requirements set out in Article 16 and Titles IV and V.deleted decisions adopted pursuant to any decisions adopted in the

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 2

2. Competent authorities shall prepare and submit draft decisions to the 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. 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

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 3

3. ESMA shall transmit to competent authorities any relevant information which may result in the adoption of a decision referred to in paragraph 1 and may request specific supervisory action, including withdrawal of authorisation. Competent authorities shall keep ESMA informed of any subsequent action or inaction thereto.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 4

4. For the purposes of paragraph 1, the consent of ESMA shall be deemed to be given unless it proposes amendments or objects to the draft decision within a maximum period of 15 calendar days after having been notified of that decision. Where ESMA proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 5

5. Where ESMA proposes amendments, the competent authority may only adopt the decision as amended by ESMA. Where ESMA objects to a final draft decision, the competent authority shall not adopt that decision.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 6

6. Where the competent authority disagrees with the proposed amendment or the objection of ESMA, it may submit within 5 days a reasoned request to the Board of Supervisors referred to in Article 6(1) of Regulation (EU) No 1095/2010 to assess that objection or amendment. The Board of Supervisors shall either endorse or reject ESMAs objections or amendments within 10 days of that request and paragraph 5 shall apply accordingly.deleted

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 a – paragraph 7

7. Without prejudice to the powers of the Commission under Article 258 TFEU, ESMA may adopt a decision addressed to a financial market participant requiring the necessary action to comply with its obligations under Union law, including the cessation of any practice in the following cases: (a) not comply with paragraph 5 in case of ESMAs objection or amendments to a final draft decision; (b) where a competent authority, following a request from ESMA in accordance with paragraph 3, fails to take the requested action within a reasonable time where that failure results in a financial market participant breaching the applicable requirements in Titles IV and V of this Regulation. Decisions adopted pursuant to the first subparagraph shall prevail over any previous decision adopted by the competent authorities on the same matter.deleted where a competent authority does

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 7

Regulation (EU) No 648/2012
Article 21 b

~~[...]~~deleted

2018/04/13
Committee: ECON

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 Issue~~deleted

2018/04/13
Committee: ECON

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

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

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) following the consultation referred to in ~~point (f) of~~ paragraph 32a, 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~~the following requirements ~~imposed by thos~~the central banks of issue inmay have imposed in relation to 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 bank of issue in accordance with relevant access criteria and requirements of the central bank of issue. 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

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 1

~~ESMA shall p~~With repgar~~e and submit draft decisions to~~d to decisions pursuant to Articles 41, 44, 46, 50 and 54 ESMA shall consult the central bank(s) of issue of the ~~releva~~financial instruments c~~urrency referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 41, 44, 46, 50, and 54~~leared 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.

2018/04/13
Committee: ECON

Proposal for a regulation
Article 2 – paragraph 1 – point 10

Regulation (EU) No 648/2012
Article 25 b – paragraph 2 – subparagraph 2

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 ofUpon conclusion of the period for consulting the central banks 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, the ESMA shall make every effort to comply with the amendments proposed by them.

2018/04/13
Committee: ECON

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 issueESMA does not reflect in its decision the amendments proposed by a central bank of issue, ESMA 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