11 Amendments of Alfredo PALLONE related to 2011/0298(COD)
Amendment 430 #
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2
Article 2 – paragraph 3 – subparagraph 2 – indent 2
– the proportion of the capital employed for carrying out the activity. in relation to the capital on a group basis;
Amendment 436 #
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 2 – indent 2 a (new)
Article 2 – paragraph 3 – subparagraph 2 – indent 2 a (new)
– the activity relates to the management of commodity risks or other risk arising from the commercial business of the group.
Amendment 649 #
Proposal for a directive
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Member States shall require that investment firms and market operators operating an OTFs establish arrangements preventing the execution of client orders in an OTF against the proprietary capital of the investment firm or market operator operating the OTF, unless they obtain the prior consent of their clients before proceeding to execute their orders and subject to the obligation set out in Article 27 (1). The investment firm shall not act as a systematic internaliser in an OTF operated by itself. An OTF shall not connect with another OTF in a way which enables orders in different OTFs to interact.
Amendment 800 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – introductory part
Article 25 – paragraph 3 – subparagraph 1 – point a – introductory part
a) the services do not referred to any of the following financial instruments:financial instruments that, embedding derivatives, incorporating a structure or being considered illiquid, make difficult for the client to understand the risk involved.
Amendment 801 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Article 25 – paragraph 3 – subparagraph 1 – point a – point i
Amendment 806 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Article 25 – paragraph 3 – subparagraph 1 – point a – point ii
Amendment 810 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Article 25 – paragraph 3 – subparagraph 1 – point a – point iii
Amendment 816 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Amendment 826 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Article 25 – paragraph 3 – subparagraph 1 – point a – point v
Amendment 838 #
Proposal for a directive
Article 25 – paragraph 7
Article 25 – paragraph 7
7. ESMA shall develop by [] at the latest, and update periodically, guidelinetechnical standards for the assessment of financial instruments embedding a derivative, incorporating a structure which makes itor being illiquid so as to determine which among these products could fall under the scope of paragraph 3. In its assessment, ESMA shall take into account whether complexity and/or illiquidity in each of these products makes difficult for the client to understand the risks involved in accordance with paragraph 3 (a).
Amendment 1306 #
Proposal for a directive
Annex 1 – Section C – point 6
Annex 1 – Section C – point 6
(6) Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market , OTF, or an MTF and which are not entered into for commercial purposes and display the characteristics of other derivative financial instruments;