19 Amendments of Sylvie GOULARD related to 2010/0251(COD)
Amendment 160 #
Proposal for a regulation
Recital 9
Recital 9
(9) In order to ensure a comprehensive and effective transparency requirement, it is important to include not only short positions created by trading shares or sovereign debt on trading venues but also short positions created by trading outside trading venues and economic net short positions created by the use of derivatives(whether regulated markets, multilateral trading facilities, systematic internalisers or over-the- counter) and economic net short positions created by the use of derivatives, such as options, futures, contracts for differences and spread bets relating to shares or sovereign debt.
Amendment 171 #
Proposal for a regulation
Recital 12
Recital 12
(12) In addition to the transparency regime for the disclosurereporting of net short positions in shares, a requirement for the marking of sell orders that are executed on trading venues as short ordersas short orders as observed at the end of the day should be introduced to provide supplementary information about the volume of short sales of shares executed on trading venues. Information about short orders should be collated by the trading venue and published in summary formell orders that result in a short position as observed at the end of the day should be collated by the investment firm and communicated to the competent authority at least daily in order to also help competent authorities and market participants to monitor levels of short selling.
Amendment 195 #
Proposal for a regulation
Recital 18
Recital 18
(18) Shares are increasingly admitted to trading on different trading venues both within the Union and outside the Union. Many large companies based outside the Union also have shares admitted to trading on a trading venue within the Union. For reasons of efficiency, it is appropriate to exempt securities from certain notification and disclosure requirements,include even the securities where the principal venue for trading of that instrument is outside the Union.
Amendment 202 #
Proposal for a regulation
Recital 23
Recital 23
(23) Where an adverse event or development extends beyond one Member State or has other cross border implications, close consultation and co- operation between competent authorities is essential. ESA(ESMA) should perform a key co- ordination role in such a situation and try to ensure consistency between competent authorities. The composition of ESA(ESMA) which includes representatives of competent authorities will assist it in its ability to perform such a role.
Amendment 223 #
Proposal for a regulation
Article 2 – paragraph 1 – point r
Article 2 – paragraph 1 – point r
(r) "trading venue" means a regulated market or a MTF in the Union, an MTF, or systematic internaliser acting as its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF;
Amendment 259 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the relevant competent authoritydetails of the position to ESA (ESMA) whenever the position reaches or falls below a relevant notification threshold referred to in paragraph 2.
Amendment 272 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Amendment 275 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
A trading venue that has shares admitted to trading shall establish procedures that ensure that natural or legal persons executing ordersll investment firms within the meaning of Article 4(1) of Directive 2004/39/EC and all members of a regulated market or multilateral trading facility shall include in the transaction reports referred to in Article 25(3) onf the trading venue mark sell orders as short orders if the seller is entering into a short sale of the share. The trading venue shall publish at least daily a summary of the volume of orders marked as short ordersat Directive a field indicating, for transactions in shares, whether the transaction constitutes a short sale or not. Aggregate information on such short sales shall be made public. The Commission shall adopt, by means of delegated acts in accordance with Article 36 and subject to the conditions of Articles 37 and 38, measures specifying how such aggregate information is to be made public.
Amendment 285 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose to the publicnotify details of the position to ESA (ESMA) whenever the position reaches or falls below a relevant publication threshold referred to in paragraph 2. ESA (ESMA) shall disclose such positions to the public.
Amendment 296 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. A natural or legal person who has any of the following positions shall notify the relevant competent authoritydetails of the position to ESA (ESMA) whenever any such position reaches or falls below a relevant notification threshold for the Member State concerned or the Union:
Amendment 319 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 320 #
Proposal for a regulation
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 416 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. Articles 5, 6, 7, to 8 and 12 shall not apply to the activities of an investment firm or a third country entity or a local firm(market maker) that is a member of a relevant trading venue or of a relevant market in a third country, whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2, when it deals as principal in a relevant financial instrument, whether traded on or outside a trading venue, in either or bothone or more of the following capacities and by hedging positions arising out of those dealings:
Amendment 420 #
Proposal for a regulation
Article 15 – paragraph 1 – point a
Article 15 – paragraph 1 – point a
(a) by posting firm, simultaneous two way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market, such quotes being governed by a publicly disclosed contractual obligation dictating criteria such as presence time, quantity and spread;
Amendment 425 #
Proposal for a regulation
Article 15 – paragraph 1 – point b
Article 15 – paragraph 1 – point b
(b) as part of its usual business, by fulfilling orders initiated by clients or in response to clients' requests to trade, and by hedging positions arising out of those dealingssuch fulfilment of orders being governed by a publicly disclosed contract.
Amendment 429 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1
Article 15 – paragraph 2 – subparagraph 1
2. The Commission may, in accordance with the procedure referred to in Article 39(2), adopt decisions , determining that the legal and supervisory framework of a third country ensures that a market maker or a market authorised in that third country complies with legally binding requirements which are, for the purpose of the application of the exemption set out in paragraph 1, equivalent to the relevant requirements resulting from Title III of Directive 2004/39/EC, from Directive 2003/6/EC of the European Parliament and of the Council22 and Directive 2004/109/EC, and which are subject to effective supervision and enforcement in that third country.
Amendment 430 #
Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 2 – point b a (new)
Article 15 – paragraph 2 – subparagraph 2 – point b a (new)
(ba) market makers are subject to appropriate regulation and effective supervision;
Amendment 439 #
Proposal for a regulation
Article 15 – paragraph 5
Article 15 – paragraph 5
5. The exemptions referred to in paragraphs 1 and 3 shall only apply where the natural or legal person concerned has first notified the relevant competent authority of its home Member State, in writing that they intend to make use of the exemption. The notification shall be made not less than thirty calendar days before the natural or legal person intends to use the exemption.
Amendment 489 #
Proposal for a regulation
Article 23 – paragraph 1 – subparagraph 1 a (new)
Article 23 – paragraph 1 – subparagraph 1 a (new)
After receiving notification from a competent authority to prohibit or restrict natural or legal persons from engaging in short selling of the financial instrument on the trading venue or otherwise limit transactions in that financial instrument on that trading venue in order to prevent a disorderly decline in the price of the financial instruments under Article 19, ESA (ESMA) may take the necessary measures in accordance with Article 9 of Regulation (EU) No 1095/2010.