Procedure completed
2012/0029(COD) Financial markets: improving securities settlement in the EU; central securities depositories (CSDs)
Lead committee dossier: ECON/7/09123
Legal Basis TFEU 114-p1
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | SWINBURNE Kay (ECR) | DORFMANN Herbert (PPE), SÁNCHEZ PRESEDO Antolín (S&D), BOWLES Sharon (ALDE), BESSET Jean-Paul (Verts/ALE), KLUTE Jürgen (GUE/NGL) |
| Opinion | JURI | STOYANOV Dimitar (NI) |
Legal Basis TFEU 114-p1
Subjects
- 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
- 2.50.04 Banks and credit
- 2.50.04.02 Electronic money and payments, cross-border credit transfers
- 2.50.08 Financial services, financial reporting and auditing
- 2.50.10 Financial supervision
- 5.20.01 Coordination of monetary policies, European Monetary Institute (EMI), Economic and Monetary Union (EMU)
Activites
- 2014/08/28 Final act published in Official Journal
- #3331
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2014/07/23
Council Meeting
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2014/07/23
End of procedure in Parliament
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2014/07/23
Act adopted by Council after Parliament's 1st reading
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2014/04/15
Results of vote in Parliament
- Results of vote in Parliament
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T7-0388/2014
summary
The European Parliament adopted by 522 votes to 78 with 30 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC. Parliament adopted its position at first reading under the ordinary legislative procedure. The amendments adopted in plenary were the result of a compromise between Parliament and Council. They amend the Commission’s proposal as follows: Purpose: the Regulation would lay down uniform requirements for the settlement of financial instruments in the Union and rules on the organisation and conduct of central securities depositories to promote safe, efficient and smooth settlement. In April 2012, the Committee on Payments and Settlement Systems (CPSS) of the Bank of International Settlements (BIS) and the International Organisation of Securities Commissions (IOSCO) adopted global standards for financial market infrastructures. Considering the global nature of financial markets and the systemic importance of the CSDs, it is necessary to ensure international convergence of the prudential requirements to which they are subject. The provisions of the Regulation should follow the existing principles for financial market infrastructures recommendations developed by CPSS-IOSCO principles for financial market infrastructures. Remedying the gaps in the Regulation: according to the new rules, CSDs and other market infrastructures should take measures to prevent and address settlement fails. It was essential that such rules be uniformly and directly applied in the Union. One of the most efficient ways to address settlement fails was to require failing participants to be subject to a compulsory enforcement of the original agreement. This Regulation should provide for uniform rules concerning penalties. The procedures and penalties related to settlement fails should be commensurate to the scale and seriousness of such fails whilst being scaled in such a way that maintains and protects liquidity of the relevant financial instruments. The amendments adopted in plenary stressed the following points : · all CSDs must be safe and sound and comply at all times with stringent organisational, conduct of business, including by taking all reasonable steps to mitigate against fraud and negligence ; · any authorised CSD should enjoy the freedom to provide its services within the territory of the Union, including through the establishment of a branch. CSDs authorised in another Member State should be subject to a specific procedure established in this Regulation where they intended to provide certain core CSD services listed in the Regulation ; · CSDs should have in place recovery plans to ensure continuity of their critical operations. Where a CSD provided its services in another Member State, the competent authority of the host Member State should be able to request from the competent authority of the home Member State all information concerning the activities of the CSD that was of relevance for it ; · when the activities of a CSD in a host Member State had become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the home and host competent and relevant authorities should establish cooperation arrangements for the supervision of the activities of that CSD in the host Member State ; · CSDs should be authorised to provide services ancillary to their core services that contributed to enhancing the safety, efficiency and transparency of the securities markets and that did not create undue risks to their core services. These services were listed in a non-exhaustive fashion in the Regulation in order to enable CSDs to respond to future market developments; · CSDs established in third countries may offer their services in the Union, including through the establishment of a branch. In order to ensure an appropriate level of safety in the provision of CSD services by third country CSDs, such CSDs would be subject to recognition by ESMA where they intended to provide certain services; · transparent governance rules should ensure that the interests of the shareholders, the management and staff of the CSD, on the one hand, and the interests of their users who CSDs are ultimately serving, on the other, were taken into account; · CSDs should be able to outsource the operation of their services provided that the risks arising from such outsourcing arrangements are managed; · the Regulation should require CSDs to segregate the securities accounts maintained for each participant and offer, upon request, further segregation of the accounts of the participants' clients which in some cases might only be available at a higher cost to be borne by the participants' clients requesting further segregation ; · CSDs should not use on their own account the securities that belong to a participant unless explicitly authorised by that participant and should not otherwise use on their own account the securities that do not belong to them. · In addition the CSD should require the participants to obtain any necessary prior consents from its clients; · in order to ensure legal certainty, CSDs should disclose to their participants the moment in time at which the transfer of securities and cash in a securities settlement system are legally enforceable and binding on third parties; · in order to allow competent authorities to effectively supervise the activities of CSDs, CSDs should be subject to strict record keeping requirements under the Regulation. CSDs should maintain for a period of at least ten years all the records and data on all the services that they may provide. Lastly, ESMA must submit annual reports to the Commission assessing the trends and potential risks in the markets covered by the Regulation. These reports should include at least an assessment of settlement efficiency, cross-border provision of services, the reasons for the rejection of access rights and any other material barriers to competition in post-trade financial services, appropriateness of penalties for settlement fails, the conditions relating to the provision of banking type of ancillary services and the sanctions regime.
- #3271
- 2013/11/15 Council Meeting
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2013/02/14
Committee report tabled for plenary, 1st reading/single reading
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A7-0039/2013
summary
The Committee on Economic and Monetary Affairs adopted the report by Kay SWINBURNE (ECR, UK) on the proposal for a regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC. The report examines the current systems of settlements in order to determine if improvements might be made that would serve the interests of all investors. In the interests of both risk mitigation and ensuring a competitive environment for post trade services, the report looks closely at existing models for CSDs across the EU. It notes that one of the most immediate developments is the introduction of the ECB's Target2Securities (T2S) system, due to go live in 2015. While there has been a single CSD for each Member State, the introduction of T2S makes it possible to see how a more streamlined and integrated model might develop. The committee recommends that the position of the European Parliament adopted in first reading, following the ordinary legislative procedure, should amend the Commission proposal as follows: Purpose: it is clarified that the Regulation lays down uniform requirements for the settlement of financial instruments specified the new Directive concerning the markets in financial services in the Union (MiFID) and rules on the organisation and conduct of central securities depositories to promote safe, transparent, efficient and smooth settlement. In view of the global nature of financial markets, and the systemic importance of the CSDs, the provisions of the Regulation should follow the global principles for financial market infrastructures devised by the Committee on Payments and Settlement Systems (CPSS) of the Bank of International Settlements (BIS) and the International Organisation of Securities Commissions (IOSCO) and the recommendations of the European System of Central Banks (ESCB) and the Committee of European Securities Regulators (CESR) for securities settlement systems and recommendations for central counterparties (CCPs) in the Union. The Regulation should not make changes to existing CSD models or services unless they cannot meet the objectives of the Regulation or they pose undue risks. Settlement Cycles and Settlement discipline: investment firms authorised pursuant to the new MiFID Directive and professional clients within the meaning of that Directive shall agree and take such measures as are necessary to limit the number of settlement fails. Such measures shall include, in the case of the client, where applicable, the prompt communication of an allocation by the client of the transaction to the investment firm no later than the end of the day on which the trade is executed and the issuance of a corresponding confirmation by the investment firm. The means by which such measures shall be performed shall be agreed between the parties and shall include use of a standardised messaging protocol. For each securities settlement system it operates, a CSD shall establish monitoring tools that allow participants in that system to identify transactions in financial instruments that contain an increased risk of failure. The CSD and those participants shall inform each other about such transactions as early as possible and they shall have in place procedures to ensure they or their clients are able to settle such transactions on the intended settlement date. All settlement fails should be reported to the competent authority and disclosed publicly in an aggregated format on a regular basis. In order to reduce the problems caused by settlement fails it is provided that sanctions be imposed upon offending market participants and that receiving parties are able to initiate a buy-in procedure four days after the intended settlement date should their counterparty have failed to deliver the securities. SME Growth Markets: Members consider that all EU markets legislation should be properly tailored for SME Growth Markets, so as to encourage more SMEs into the capital markets, particularly so as to reduce companies' reliance upon bank lending. In the case of SME growth markets, the amendments aim to allow those venues the flexibility not to apply sanctions for settlement fails or the buy-in procedure until up to 15 days after the trade has taken place so as to allow the activity of market makers in those less liquid markets. Supervision: responsibility for authorising and supervising CSDs should remain primarily with the Member States. However, in order to facilitate the efficient development and then coordinate the supervision of a single European post-trade infrastructure, the European Securities and Markets Authority (ESMA) should be involved in coordinating the activities of competent authorities. That cooperation should take place under the aegis of the ESMA peer review mechanism, ensuring that all interested competent authorities receive all relevant information concerning the activities of CSDs within the Union. Internalisation: settlement internalisers, although not defined as CSDs in the Regulation, are required to report their settlement activities to their competent authority. Furthermore, ESMA will monitor internalised settlement, particularly after the introduction of Target2Securities. If systemic risk prevalence increases, ESMA will be able to issue guidelines requiring more detailed reporting. Banking Services: in order for CSDs to be as resilient as possible, and maintain a level playing field across the entire EU, Members feel that when a CSD wants to provide banking services to perform its primary function, it will be required to establish a separate legal entity constituted under the relevant banking legislation (CRD IV) to provide these services. CSD links: a new recital states that the Regulation should have the objective of increasing competition, reducing cross-border barriers and improving Union-wide reachability among participants, custodians and end investors in order to serve the whole Union and the internal market. Important features supporting those objectives are freedom to provide cross-border services and efficient infrastructural links among CSDs and towards other entities. Third-country CSDs should be able to set up standard links with CSDs established in the Union in the absence of such recognition provided that the relevant competent authority does not object. Segregation: CSDs should, when providing their services, ensure the requirement to offer, upon request, both omnibus accounts, where appropriate, in order to increase efficiencies and single beneficiary accounts so clients can choose the level of segregation they believe is appropriate to their needs. Those services should be provided on a reasonable commercial basis. Transparency: supervisors must have knowledge of the level, at least in aggregate terms, of institutions' repurchase agreements, securities lending and all forms of encumbrance or claw back arrangements in order for supervisors to have a full picture and understanding these operations which are not transparent and may give rise to uncertainties in settlement and ownership. CSDs should, therefore, store all data on such transactions which they process and where applicable provide services for, and allow access to such information, inter alia, by ESMA, EBA, relevant competent authorities, the ESRB, relevant central banks and the ESCB. Conflict of laws: lastly, a new recital states that when applying the Regulation to solve the issues raised by any conflict of law, it is important that the Regulation does not seek to determine the law applicable to the treatment in insolvency proceedings of financial instruments recorded on an account maintained by a CSD or the effect with respect to such financial instruments of death, dissolution, inheritance or succession, divorce, mental health, incapacity or criminal proceedings.
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A7-0039/2013
summary
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2013/02/04
Vote in committee, 1st reading/single reading
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2012/03/15
Committee referral announced in Parliament, 1st reading/single reading
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2012/03/07
Legislative proposal published
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COM(2012)0073
summary
PURPOSE: to make the European securities market safer and more efficient within the Union, which calls for coordinated EU action on Central Securities Depositaries (CDSs). PROPOSED ACT: Regulation of the European Parliament and of the Council. BACKGROUND: the Central Securities Depositories (CSDs) are systemically important institutions for the financial markets. Any trade of securities on or off a securities exchange is followed by post-trade processes that lead to the settlement of that trade, which is the delivery of securities against cash. They play a crucial role for the collateral market especially for monetary policy purposes While generally safe and efficient within national borders, CSDs combine and communicate less safely across borders, which means that an investor faces higher risks and costs when making a cross-border investment. For example, the number of settlement fails is higher for cross-border transactions than for domestic transactions and cross-border settlement costs are up to four times higher than domestic settlement costs. These safety problems are the result of a number of factors, including: the length of the settlement cycle: the time between trade and settlement is not harmonised in the EU, creating disruptions when securities are settled cross-border; a small but substantial proportion of securities still exist in paper form: these are settled after a much longer settlement cycle, which increases the risk incurred by investors; settlement fails, which are situations where a transaction fails to be settled on the intended settlement date, are not subject to deterrent penalties in all markets and where they exist settlement discipline measures differ widely between markets; while Directive 98/26/EC on settlement finality in payment and securities settlement systems (SFD) reduces the disruption to a securities settlement system caused by insolvency proceedings against a participant in that system, it does not address other risks of the system or the resilience of the CSD operating the system. The absence of an efficient single internal market for settlement also raises important concerns. Important barriers to the European post trading market continue to exist, such as for instance the limitation of securities issuers' access to CSDs, different national licensing regimes and rules for CSDs across the EU and limited competition between different national CSDs. These barriers result in a very fragmented market. As a consequence, the cross-border settlement of transactions relies on unnecessarily complex holding 'chains' often involving several CSDs and several other intermediaries. This has a negative impact on the efficiency, but also on the risks associated with cross-border transactions. IMPACT ASSESSMENT: the Commission conducted an impact assessment of policy alternatives. Policy options were assessed against the key objectives of increasing the safety, efficiency and level playing field for CSD services in Europe. The assessment was done by considering the effectiveness of achieving the objectives above and the cost efficiency of implementing different policy options. LEGAL BASIS: Article 114 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: the proposal aims principally at addressing the lack of safety and efficiency of securities settlement and the resulting obstacles to the functioning of the internal market resulting from the divergent national rules regulating securities settlement and the activities of the CSDs, which operate securities settlement systems, by: introducing an obligation to represent all transferable securities in book entry form and to record these in CSDs before trading them on regulated venues; harmonising settlement periods and settlement discipline regimes across the EU; introducing a common set of rules inspired by international standards addressing the risks of the CSDs' operations and services. As CSDs will be subject to identical substantive rules across the EU, they will benefit from uniform requirements for licensing and an EU wide passport, which will help remove the existing barriers of access. As regards authorisation and supervision of CSDs, the proposed Regulation aims at striking a balance between the competences of national authorities and the interests of other competent authorities. The European Securities and Markets Authority (ESMA) will play a key role in resolving disputes, facilitating the cooperation arrangements between national authorities and developing technical standards in close consultation with the members of European System of Central Banks (ESCB). Certain issues are already covered by existing Union legislation. For instance, securities settlement systems are already defined by Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2004/39/EC (MiFID) provides for certain rules of access by market participants to the securities settlement system of their choice. The proposed Regulation is consistent with these Union texts. BUDGETARY IMPLICATIONS: this proposal has implications for the European Union budget related to the tasks allocated to ESMA. Estimated impact on the expenditure is EUR 1 093 million for the period 2013-2015. The proposal also provides for a co-financing by the Member States to the amount of EUR 1 639 million over the 2013-2015 period. DELEGATED ACTS: the Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU).
- DG {'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}, BARNIER Michel
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COM(2012)0073
summary
Documents
- Legislative proposal published: COM(2012)0073
- Committee report tabled for plenary, 1st reading/single reading: A7-0039/2013
- Debate in Council: 3271
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0388/2014
- : Regulation 2014/909
- : OJ L 257 28.08.2014, p. 0001
| Amendments | Dossier |
| 570 |
2012/0029(COD)
2012/10/23
JURI
10 amendments...
Amendment 10 #
Proposal for a regulation Article 31 – paragraph 6 6. A CSD shall account separately for costs and revenues of the
Amendment 11 #
Proposal for a regulation Article 46 – paragraph 1 1. Any question with respect to proprietary aspects in relation to financial instruments held by a CSD shall be governed by the law of the country where the account is maintained, except if the financial instrument is issued in another country, in which case the applicable law is the law of that country.
Amendment 12 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 3 #
Proposal for a regulation Article 7 – paragraph 2 2. For each securities settlement system it operates, a CSD shall establish procedures that facilitate settlement of transactions in financial instruments referred to in Article 5(1) that are not settled on the intended settlement date. These procedures shall provide for a uniform, sufficiently deterrent penalty mechanism for participants that cause the settlement fails.
Amendment 4 #
Proposal for a regulation Article 7 – paragraph 3 3. A participant to a securities settlement system that fails to deliver the financial instruments referred to in Article 5(1) to the receiving participant on the intended settlement date shall be subject to a buy-in whereby those instruments shall be bought in the market
Amendment 5 #
Proposal for a regulation Article 7 – paragraph 5 – point c (
Amendment 6 #
Proposal for a regulation Article 16 – paragraph 4 4. An authorised CSD may
Amendment 7 #
Proposal for a regulation Article 18 – paragraph 1 – point d (d) where the CSD has seriously
Amendment 8 #
Proposal for a regulation Article 26 – paragraph 3 3. User committees shall advise the board of the CSD on key arrangements that impact their members, including the criteria for accepting issuers or participants to their respective securities settlement systems
Amendment 9 #
Proposal for a regulation Article 26 – paragraph 3 a (new) 3a. User committees may submit an opinion to the board containing detailed reasons regarding the pricing structures of the CSD. When there is a conflict of interests on the part of a member of the user committees, he or she shall refrain from influencing in any way the opinion concerned.
source: PE-498.054
2012/11/12
ECON
560 amendments...
Amendment 127 #
Proposal for a regulation Recital 1 (1) Central Securities Depositories (CSDs), along with Central Counterparties (CCPs) contribute to a large degree in maintaining post-trade infrastructures that safeguard financial markets and give market participants confidence that securities transactions are executed properly and in a timely manner, including during periods of extreme stress. Noting the systemic relevance of market infrastructures, including CSDs and CCPs, it is important to increase competition for clearing and trading of financial instruments, whereby it is possible for investors to switch easily between service providers to ensure continuity of services and transactions and avoid over-reliance on 'too big to fail' market infrastructure which the taxpayer would have to bail out. In doing so this will also lower investment and borrowing costs, eliminate inefficiencies and foster innovation in Union markets.
Amendment 128 #
Proposal for a regulation Recital 1 a (new) (1 a) The creation of an integrated market for securities settlement, with no distinction between national and cross- border securities transactions needs to be the target for the proper functioning of the internal market. Market-driven transformation from national settlement systems into a more integrated market has, for various reasons, proven to be very slow. It is assumed that operation of securities settlement systems needs to be more open to competition and user participation to allow for faster market driven development of more efficient settlement models and interoperability standards. While this Regulation focuses mainly in increasing competition and addressing systemic risks, it is acknowledged that it takes only the first step towards a fully integrated post-trade environment. Therefore an end-date should be given for the transfer. However, before taking further steps, the development of the settlement efficiency and best practices needs to take place in a market-driven way. Securities in book- entry form should be able to be processed in an efficient, timely way with no overlapping processes and ensuring efficient information for the different needs of public authorities. Inspiration may also be sought from the development of the single European payments area where the same is being achieved in transactions with money.
Amendment 129 #
Proposal for a regulation Recital 2 (2) Due to their key position
Amendment 130 #
Proposal for a regulation Recital 2 a (new) (2 a) One of the key lessons of the financial crisis is that capital markets have been insufficiently regulated and they have not been able to allocate savings efficiently into productive investments. Instead excessive speculation with potentially dangerous financial products has taken place. For this reason the over- reliance of capital markets for funding the real economy should be reduced and more traditional financing models supported. Capital market actors should therefore act in a way that serves society as a whole rather than a few financial speculators. Any post-trade infrastructure should integrate and apply these core principles.
Amendment 131 #
Proposal for a regulation Recital 5 (5) An open internal market in securities needs to provide complete reachability, meaning that any investor can invest in all EU securities with the same ease and by using the same familiar processes as for domestic securities. It should be sufficient for an investor to use the services of one custodian in order to invest in any EU securities. It is necessary to lay down in a Regulation a number of uniform obligations to be imposed on market participants regarding certain aspects of the settlement
Amendment 132 #
Proposal for a regulation Recital 5 (5) It is necessary to lay down in a Regulation a number of uniform obligations to be imposed on market participants regarding certain aspects of the settlement cycle and discipline and to provide a set of common requirements for CSDs operating securities settlement systems. The directly applicable rules of a Regulation should ensure that all market operators and CSDs are subject to identical directly applicable obligations and rules. A Regulation should increase the safety and efficiency of settlement in the Union by preventing any diverging national rules as a result of the transposition of a directive. A Regulation should reduce the regulatory complexity for market operators and CSDs resulting from different national rules and should allow CSDs to provide their services on a cross-border basis without having to comply with different sets of national requirements such as those concerning the authorisation, supervision, organisation or risks of CSDs. A Regulation imposing identical requirements on CSDs should also contribute to eliminating competitive distortions. This Regulation should therefore be applied symmetrically in the event that a CSD acquires a banking licence or a bank acquires authorisation to operate a CSD. A CSD might be established in any Member State. No Member State or group of Member States should be discriminated against directly or indirectly, as a venue for CSD and settlement services. Nothing in this Regulation should attempt to restrict or impede a CSD in one jurisdiction from settling a product denominated in the currency of another Member State or in the currency of a third country.
Amendment 133 #
Proposal for a regulation Recital 5 (5) It is necessary to lay down in a Regulation a number of uniform obligations to be imposed on market participants regarding certain aspects of the settlement cycle and discipline and to provide a set of common requirements for CSDs operating securities settlement systems. The directly applicable rules of a Regulation should ensure that all market operators and CSDs are subject to identical directly applicable obligations and rules. A Regulation should increase the safety and efficiency of settlement in the Union by preventing any diverging national rules as a result of the transposition of a directive. A Regulation should reduce the regulatory complexity for market operators and CSDs resulting from different national rules and should allow CSDs to provide their services on a cross-border basis without having to comply with different sets of national requirements such as those concerning the authorisation, supervision, organisation or risks of CSDs. A Regulation imposing identical requirements on CSDs should also contribute to eliminating competitive distortions. A CSD may be established in accordance with this Regulation in any Member State. No Member State or group of Member States should be discriminated against, directly or indirectly, as a location for CSD and settlement services. Nothing in this Regulation should attempt to restrict or impede a CSD in one jurisdiction from settling a product denominated in the currency of another Member State or in the currency of a third country.
Amendment 134 #
Proposal for a regulation Recital 5 a (new) (5 a) This Regulation should recognise and support the existing CSD models of all Member States and the services they provide, which have developed to meet the specific needs of their national financial markets, their national economy and companies, and to comply with their Member State's national laws. This Regulation should not make changes to existing CSD models or services unless they cannot meet the objectives of the Regulation or they pose undue risks.
Amendment 135 #
Proposal for a regulation Recital 6 (6) The Financial Stability Board (FSB) called, on 20 October 2010, for more
Amendment 136 #
Proposal for a regulation Recital 6 (6) The Financial Stability Board (FSB) called, on 20 October 2010, for more robust core market infrastructures and asked for the revision and enhancement of the existing standards.
Amendment 137 #
Proposal for a regulation Recital 6 (6) The Financial Stability Board (FSB) called, on 20 October 2010, for more robust core market infrastructures and asked for the revision and enhancement of the existing standards.
Amendment 138 #
Proposal for a regulation Recital 8 (8) One of the basic tasks of the ESCB is to promote the smooth operation of payment systems. In this respect, the members of the ESCB execute oversight by ensuring efficient and sound clearing and payment systems. The members of the ESCB often act as settlement agents for the cash leg of the securities transactions. They are also important clients of CSDs, which often manage the collateralisation of monetary policy operations. The members of the ESCB should be closely involved
Amendment 139 #
Proposal for a regulation Recital 8 (8) One of the basic tasks of the ESCB is to promote the smooth operation of payment systems. In this respect, the members of the ESCB execute oversight by ensuring efficient and sound clearing and payment systems. The members of the ESCB often act as settlement agents for the cash leg of the securities transactions. They are also important clients of CSDs, which often manage the collateralisation of monetary policy operations. The members of the ESCB should be closely involved
Amendment 140 #
Proposal for a regulation Recital 8 (8) One of the basic tasks of the ESCB is to promote the smooth operation of payment systems. In this respect, the members of the ESCB execute oversight by ensuring efficient and sound clearing and payment systems. The members of the ESCB often act as settlement agents for the cash leg of the securities transactions. They are also important clients of CSDs, which often manage the collateralisation of monetary policy operations. The members of the ESCB should be closely involved by being consulted in the authorisation and supervision of CSDs, recognition of third country CSDs and the approval of CSD links. They should also be closely involved by being consulted in the setting of regulatory and implementing technical standards as well as of guidelines and recommendations. The provisions of this Regulation should be without prejudice to the responsibilities of the European Central Bank (ECB) and the National Central Banks (NCBs) to ensure efficient and sound clearing and payment systems within the Union and other countries and should not include designated payment institutions as referred to in Directive 98/26/EC that have been set up at their mutual agreement.
Amendment 141 #
Proposal for a regulation Recital 9 (9) Member States' central banks or any other bodies performing similar functions in certain Member States, such as the Member States national bodies charged with or intervening in the management of the public debt may themselves provide a number of services which would qualify them as a CSD. Such institutions should be exempt from the authorisation and supervision requirements, but should remain subject to the
Amendment 142 #
Proposal for a regulation Recital 10 a (new) (10 a) CSDs are systemically relevant and for that reason where a function or service performed by a CSD is regulated in other legislation, then it is appropriate for the strictest legislation to apply. Nevertheless there should not be multiple application, for example, of reporting of capital requirements. ESMA and the EBA should provide an opinion on the legislation applied by the competent authority.
Amendment 143 #
Proposal for a regulation Recital 11 (11) The recording of securities in book- entry form is an important step to increase the efficiency
Amendment 144 #
Proposal for a regulation Recital 12 (12) In order to ensure the safety of settlement, any participant to a securities settlement system buying or selling certain financial instruments, namely transferable securities, money-market instruments, units in collective investment undertakings and emission allowances, should settle its obligation on the
Amendment 145 #
Proposal for a regulation Recital 13 (13)
Amendment 146 #
Proposal for a regulation Recital 13 (13) Longer settlement periods of transactions in transferable securities cause uncertainty and increased risk for securities settlement systems participants. Different durations of settlement periods across Member States hamper reconciliation and are sources of errors for issuers, investors and intermediaries. It is therefore necessary to provide a common settlement period which would facilitate the identification of
Amendment 147 #
Proposal for a regulation Recital 13 (13) Longer settlement periods of transactions in transferable securities cause uncertainty and increased risk for securities settlement systems participants. Different durations of settlement periods across Member States hamper reconciliation and are sources of errors for issuers, investors and intermediaries. It is therefore necessary to provide a common settlement period which would facilitate the identification of the
Amendment 148 #
Proposal for a regulation Recital 15 (15) One of the most efficient ways to address settlement fails is to require failing participants to be subject to a buy-in, whereby the securities which ought to be delivered must be bought in the market after the
Amendment 149 #
Proposal for a regulation Recital 18 (18) Within a borderless Union settlement market, it is necessary to define the competences of the different authorities involved in the application of this Regulation. Member States should specifically designate the competent authorities responsible for the application of this Regulation, which should be afforded the supervisory and investigatory powers necessary for the exercise of their functions. A CSD should be subject to the authorisation and supervision of the competent authority of its place of
Amendment 150 #
Proposal for a regulation Recital 19 (19) Any legal person
Amendment 151 #
Proposal for a regulation Recital 19 (19) Any legal person falling within the definition of a CSD needs to be authorised
Amendment 152 #
Proposal for a regulation Recital 19 a (new) (19 a) Settlement internalisers, although not defined as a CSD in this Regulation, should also be required to report their settlement activities to their competent authority. Furthermore, ESMA should monitor internalised settlement, particularly after the introduction of Target2Securities. If systemic risk prevalence does increase, ESMA should be able to issue guidelines requiring more detailed reporting.
Amendment 153 #
Proposal for a regulation Recital 20 a (new) (20 a) The authorised CSDs should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 154 #
Proposal for a regulation Recital 22 (22)
Amendment 155 #
Proposal for a regulation Recital 23 (23) A CSD intending to outsource a core service to a third party or to provide a new core or certain ancillary services, to operate another securities settlement system, to use another central bank as settlement agent or to set up
Amendment 156 #
Proposal for a regulation Recital 23 a (new) (23 a) The direct holding systems in several Member States involve a particular tripartite relationship in which the investor has a direct account on the CSD level, but rights and obligations vis- à-vis the investor are shared between the CSD and the account operator. This sharing of functions should not be considered to be outsourcing as defined in Article 28.
Amendment 157 #
Proposal for a regulation Recital 24 a (new) (24 a) This regulation should have the objective to increase competition, reduce cross-border barriers and improve EU- wide reachability among participants, custodians and end investors in order to serve the whole EU area and internal market. Important features supporting these objectives are free cross-border service provision and efficient infrastructural links among CSDs and towards other entities.
Amendment 158 #
Proposal for a regulation Recital 25 (25) Considering the global nature of financial markets and the systemic importance of the CSDs, it is necessary to ensure international convergence of the prudential requirements to which they are subject. The provisions of this Regulation should follow the existing
Amendment 159 #
Proposal for a regulation Recital 25 (25) Considering the global nature of financial markets and the systemic importance of the CSDs, it is necessary to ensure international convergence of the prudential requirements to which they are subject. The provisions of this Regulation should follow the existing
Amendment 160 #
Proposal for a regulation Recital 27 (27) Transparent governance rules should ensure that the interests of the shareholders, the management and staff of the CSD, on the one hand, and the interests of their users, on the other, are taken into account. These governance principles should apply without prejudice to the ownership model adopted by the CSD. Nonetheless, user owned CSDs should be encouraged. User committees should be established for each securities settlement system operated by the CSD to advise the board of the CSD on the key issues that impact its members.
Amendment 161 #
Proposal for a regulation Recital 28 a (new) (28 a) Account operators, as defined in some direct holding systems, record entries into securities accounts maintained by the CSD without necessarily being account providers themselves. In view of the need for legal certainty on the entries made into accounts at the CSD level, the specific role played by account operators should be recognised by this Regulation. It should therefore be possible, under specific circumstances and subject to strict rules laid down by law, to share the responsibility for maintaining securities accounts at the top tier level with another person that is subject to appropriate regulation and supervision.
Amendment 162 #
Proposal for a regulation Recital 28 a (new) Amendment 163 #
Proposal for a regulation Recital 31 (31) In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should settle, whenever practical and available, the cash leg of the securities transaction through accounts opened with a central bank. If this option is not practical and available, a CSD should be able to settle through accounts opened with a credit institution established under the conditions provided in Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and subject to a specific authorisation procedure and prudential requirements provided in Title IV of this Regulation.
Amendment 164 #
Proposal for a regulation Recital 31 (31) In order to
Amendment 165 #
Proposal for a regulation Recital 31 (31) In order to
Amendment 166 #
Proposal for a regulation Recital 31 (31) In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should settle, whenever practical and available, the cash leg of the securities transaction through accounts opened with a central bank. If this option is not practical and available, a CSD should be able to settle through accounts opened with a credit institution established under the conditions provided in Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and subject to a specific authorisation procedure and prudential requirements provided in Title IV of this Regulation.
Amendment 167 #
Proposal for a regulation Recital 31 (31) In order to avoid settlement risks due to the insolvency of the settlement agent, a CSD should settle, whenever practical and available, the cash leg of the securities
Amendment 168 #
Proposal for a regulation Recital 31 a (new) (31 a) A CSD authorised under this regulation shall be deemed fit and proper to be granted necessary access to arrange settlement of the cash leg denominated in currencies of EU and EEA Member States through central bank accounts.
Amendment 169 #
Proposal for a regulation Recital 32 (32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement, credit institutions providing such services should also be subject to specific enhanced credit and liquidity risk mitigation requirements that should apply to each securities settlement system in respect of which they act as settlement agents. In order to ensure full compliance with specific measures aimed at mitigating credit and liquidity risks,
Amendment 170 #
Proposal for a regulation Recital 32 (32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement,
Amendment 171 #
Proposal for a regulation Recital 32 (32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement,
Amendment 172 #
Proposal for a regulation Recital 32 (32) Considering that Directive 2006/48/EC does not address specifically intraday credit and liquidity risks resulting from the provision of banking services ancillary to settlement,
Amendment 173 #
Proposal for a regulation Recital 33 (33)
Amendment 174 #
Proposal for a regulation Recital 33 (33)
Amendment 175 #
Proposal for a regulation Recital 33 (33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent
Amendment 176 #
Proposal for a regulation Recital 33 (33)
Amendment 177 #
Proposal for a regulation Recital 33 (33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed indispensible for eliminating any danger of transmission of the risks from the banking services, such as credit and liquidity risks, to the provision of core services of CSDs, in particular, for rapid access to client securities in the event of a major liquidity crisis. There are no less intrusive measures available for eliminating those credit and liquidity risks in order to ensure the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSD and banking services within the same group of undertakings, the requirement that banking services be carried out by a separate credit institution should not prevent that credit institution
Amendment 178 #
Proposal for a regulation Recital 33 (33) The requirement that the settlement of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed indispensible for eliminating any danger of transmission of the risks from the banking services, such as credit and liquidity risks, to the provision of core services of CSDs. There are no less intrusive measures available for eliminating those credit and liquidity risks in order to ensure the envisaged level of safety and resilience of CSDs. However, in order to secure the efficiencies resulting from the provision of both CSD and banking services within the same group of undertakings, the requirement that banking services be carried out by a separate credit institution should not prevent that credit institution from belonging to the same group of undertakings as the CSD. If both CSD and banking services are provided within the same group of undertakings, in order to increase the safety and efficiency of the services provided, the activities of the credit institution providing banking services should be limited to the provision of banking services ancillary to settlement.
Amendment 179 #
Proposal for a regulation Recital 33 (33) The requirement that the settlement in commercial bank money of the cash leg of the securities transaction be carried out by a separate legal entity acting as settlement agent is an important measure to increase the safety and resilience of CSDs. Such a separation between core services of CSDs and banking services ancillary to settlement appears indeed
Amendment 180 #
Proposal for a regulation Recital 33 a (new) (33 a) A settlement agent which is designated by the CSD to perform banking services ancillary to settlement should establish a separate legal entity authorised under Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [CRR IV]. This should not prevent another separate legal entity within the same group being authorised as a credit institution under Regulation (EU) No .../2012 of the European Parliament and of the Council of ... [CRR IV] to carry out banking services other than those ancillary to settlement or from being authorised under Directive 2012/.../EU of the European Parliament and of the Council of ... [new MiFID] to provide investment services or carry out investment activities. However, in all activities as settlement agent it should follow the provisions outlined in this Regulation.
Amendment 181 #
Proposal for a regulation Recital 34 (34) In order to provide a sufficient degree of safety and continuity of the services provided by the CSDs, the CSD should be subject to specific uniform and directly applicable prudential and capital requirements which do mitigate their legal, operational and investment risks. In the case of a CSD authorised to perform banking-type ancillary services specified in this Regulation, it should comply with the specific capital requirements legislation in the Union, any subsequent prudential supervision of credit institution legislation as well as to recovery and resolution legislation.
Amendment 182 #
Proposal for a regulation Recital 35 (35) The safety of the link arrangements set up between CSDs should be subject to specific requirements to enable the access of their respective participants to other securities settlement systems. The requirement to provide banking type of ancillary services in separate legal entity should not prevent CSDs from receiving such services, in particular when they are participants in a securities settlement system operated by another CSD. It is particularly important that any potential risks resulting from the link arrangements such as credit, liquidity, organisational or any other relevant risks for CSDs are fully
Amendment 183 #
Proposal for a regulation Recital 35 (35) The safety of the link arrangements set up between CSDs should be subject to specific requirements to enable the access of their respective participants to other securities settlement systems. The requirement to provide banking type of ancillary services in separate legal entity should not prevent CSDs from receiving such services, in particular when they are participants in a securities settlement system operated by another CSD. It is particularly important that any potential risks resulting from the link arrangements such as credit, liquidity, organisational or any other relevant risks for CSDs are fully mitigated. For interoperability links,
Amendment 184 #
Proposal for a regulation Recital 35 (35) The safety of the link arrangements set up between CSDs should be subject to specific requirements to enable the access of their respective participants to other securities settlement systems. The
Amendment 185 #
Proposal for a regulation Recital 36 (36) As operators of securities settlement systems, CSDs perform a key role in the process of transferring securities on securities accounts. In order to enhance legal certainty especially in a cross-border context, it is important to establish clear rules on the law applicable to ownership aspects in relation to the securities that are maintained by a CSD in its accounts.
Amendment 186 #
Proposal for a regulation Recital 36 (36) As operators of securities settlement systems, CSDs perform a key role in the process of transferring securities on securities accounts. In order to enhance legal certainty especially in a cross-border context, it is important to establish clear rules on the law applicable to ownership aspects in relation to the securities that are maintained by a CSD in its accounts. Following the approach taken by the existing conflict of laws rules, the
Amendment 187 #
Proposal for a regulation Recital 36 a (new) (36 a) It is necessary for supervisors to have knowledge of the level, at least in aggregate terms, of institutions' repurchase agreements, securities lending and all forms of encumbrance or claw back arrangements in order for supervisors to have a full picture and understanding of these markets. CSDs should, therefore, store all data on such transactions which they process and where applicable provide services for, and allow access, inter alia, by EBA, ESMA, relevant competent authorities, the ESRB and relevant central banks and the ESCB to such information.
Amendment 188 #
Proposal for a regulation Recital 36 b (new) (36 b) Following the development of a Legal Entity Identifier (LEI), and building on its usefulness, CSDs should work together with regulators to develop similar common standards with relation to repurchase agreements and securities reporting to cover principle, interest rate, collateral, haircuts, tenor, counterparties and other aspects, which help the formation of aggregates. Further, it should be an objective to achieve real time transaction mapping in all financial services and for this to be aided and automated via standardised messaging and data identifiers. CSDs should play a key role in advancing that objective.
Amendment 189 #
Proposal for a regulation Recital 39 (39) CSDs should also have access to transaction feeds from a CCP or a trading venue and those market infrastructures should have access to the securities settlement systems operated by the CSDs, unless such access endangers the operation of their activities. A quick and appropriate remedy should be made available to competent authorities to address any unjustified refusal of CSDs or market infrastructures to provide access to their services. This Regulation completes the access arrangements in Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories and Regulation (EU) No .../... on markets in financial instruments [MiFIR] between trading venues, CCPs, and CSDs necessary to establish a competitive internal market in post-trade services. Noting that there are areas in financial services where commercial and intellectual property rights may also exist, where these relate to products or services which have become or impact upon industry standards, such as benchmarks and trade feeds, these shall be made available on fair reasonable and non-discriminatory (FRAND) terms. ESMA and the Commission should continue to closely monitor the evolution of post-trade infrastructure and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market.
Amendment 190 #
Proposal for a regulation Recital 47 (47) European Securities and Markets Authority (ESMA), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (ESMA), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC, should play a central role in the application of this Regulation by ensuring consistent application of Union rules by national competent authorities and by settling disagreements between them. When preparing drafts of technical standards and delegated acts, ESMA should follow the principle of an open market economy with free competition in accordance with Article 119(1) and (2) TFEU.
Amendment 191 #
Proposal for a regulation Recital 47 a (new) (47 a) ESMA should closely monitor and annually report to the Commission on access to financial market infrastructure licensing arrangements and any negative impacts on the establishment of a competitive internal market in post-trade financial services, in particular where the use of such licences may be used to prevent competition from other trading venues and CCPs. Where these reports demonstrate ongoing barriers to competition in post-trade financial services in such a way that poses systemic risk and an implicit taxpayer guarantee to financial market infrastructure the Commission should come forward with legislative proposals.
Amendment 192 #
Proposal for a regulation Recital 49 (49) The Commission should be empowered to adopt regulatory technical standards in accordance with Article 290 of the Treaty on the Functioning of the European Union and with the procedure set out in Articles 10 to 14 of Regulation (EU)
Amendment 193 #
Proposal for a regulation Recital 50 (50) The Commission should also be empowered to adopt implementing technical standards by means of implementing acts pursuant to Article 291 of Treaty on the Functioning of the
Amendment 194 #
Proposal for a regulation Recital 52 (52) In order to ensure uniform conditions for the implementation of this Regulation, implementing powers should be conferred on the Commission to take decisions on the
Amendment 195 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation lays down uniform requirements for initial recording of securities in book-entry systems, maintaining securities account at the top tier level and the settlement of financial instruments in the Union and rules on the organisation and conduct of central securities depositories to promote safe and smooth settlement.
Amendment 196 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation lays down uniform requirements for the settlement of financial instruments specified in points 1, 2, 3 of Section C of Annex I to Directive .../.../EU [new MiFID] in the Union and rules on the organisation and conduct of central securities depositories to promote safe and smooth settlement.
Amendment 197 #
Proposal for a regulation Article 1 – paragraph 1 1. This Regulation lays down uniform requirements for the settlement of financial instruments in the Union and rules on the organisation and conduct of central securities depositories to promote safe, transparent, efficient and smooth settlement.
Amendment 198 #
Proposal for a regulation Article 1 – paragraph 1 a (new) 1 a. Where a CSD provides functions or services covered by any other legislative act, it shall comply with that act or the strictest legal norm, if more than one apply. There should be no multiple application. In the event of any dispute, ESMA and the EBA, as appropriate, shall provide an opinion.
Amendment 199 #
Proposal for a regulation Article 1 – paragraph 2 2. This Regulation applies to the recordings at CSD-level and the settlement of all financial instruments and activities of CSDs unless otherwise specified in the provisions of this Regulation.
Amendment 200 #
Proposal for a regulation Article 1 – paragraph 4 4.
Amendment 201 #
Proposal for a regulation Article 1 – paragraph 4 4. Articles
Amendment 202 #
Proposal for a regulation Article 1 – paragraph 4 4. Articles 9 to 18 and 20 as well as the provisions of Title IV do not apply to the members of the European System of Central Banks (ESCB), other Member States
Amendment 203 #
Proposal for a regulation Article 1 – paragraph 4 a (new) 4 a. Notwithstanding paragraph 4, this Regulation, with the exception of Article 7(1) and Articles 9 to 18, 20, 25 and 44 as well as the provisions of Title IV, applies to the members of the ESCB when operating a securities settlement system and performing the core services listed in Section A of the Annex.
Amendment 204 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1)
Amendment 205 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘central securities depository’ (
Amendment 206 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘central securities depository’ (‘CSD’) means a legal person that
Amendment 207 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘central securities depository’ (
Amendment 208 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 (1) ‘central securities depository’ (‘CSD’) means a legal person that
Amendment 209 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2) ‘settlement’ means the completion of a securities transaction wherever it is concluded with the aim of discharging the obligations of parti
Amendment 210 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 (2)
Amendment 211 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) ‘securities settlement system’ means a system under
Amendment 212 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 (3) ‘securities settlement system’ means a system under the first and second indents of point (a) of Article 2 of Directive 98/26/EC whose
Amendment 213 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) Amendment 214 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 (4) ‘settlement period’ means the time period between the trade date and the
Amendment 215 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) ‘settlement fail’ means the non- occurrence of settlement or only partial settlement of a securities transaction on the intended settlement date
Amendment 216 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 (6) ‘settlement fail’ means the non- occurrence of settlement of a securities transaction on the
Amendment 217 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 (7)
Amendment 218 #
Proposal for a regulation Article 2 – paragraph 1 – point 8 (8) ‘central counterparty (CCP)’ means a
Amendment 219 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 (9) ‘competent authority’ means the authority designated by each Member State in accordance with Article 10 and ESMA for the tasks conferred upon it by Regulation (EU) No 1095/2010 and this Regulation;
Amendment 220 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 (10) ‘participant’ means any participant, as defined in point (f) of Article 2 of Directive 98/26/EC, including a CCP, to a securities settlement system
Amendment 221 #
Proposal for a regulation Article 2 – paragraph 1 – point 17 (17) ‘delivery versus payment’ (‘DVP’) means a securities settlement mechanism which links a transfer of securities with a transfer of funds in a way that the delivery of securities occurs
Amendment 222 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 (20) ‘standard link
Amendment 223 #
Proposal for a regulation Article 2 – paragraph 1 – point 20 (20) ‘standard link
Amendment 224 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 (21) ‘customised link
Amendment 225 #
Proposal for a regulation Article 2 – paragraph 1 – point 21 a (new) (21 a) 'international open communication procedures and standards' means open and transparent communicating procedures and formats which are non- profit and freely available to all industry participants;
Amendment 226 #
Proposal for a regulation Article 2 – paragraph 1 – point 22 (22) ‘interoperab
Amendment 227 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 (31) ‘settlement agent’ means settlement agent as defined in point (d) of Article 2 of Directive 98/26/EC, and, where the settlement agent belongs to the same group as a CSD, a limited purpose credit institution as described in Article 52, 2a of this Regulation.
Amendment 228 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) (31 a) 'omnibus account' means a securities account which holds securities on behalf of multiple parties;
Amendment 229 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) (31 a) 'omnibus account' means a securities account which holds securities that belong to multiple end investors;
Amendment 230 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) (31 a) 'issuance account' means a unique account at CSD level, on which any legal entity or an issuer agent acting on behalf of the legal entity, that issues transferable securities will hold the total position ( in units or in nominal value depending of the underlying security) of the capital of the issued transferable security;
Amendment 231 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 b (new) (31 b) 'segregated securities account' means a securities account held on behalf of a single party;
Amendment 232 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 b (new) (31 b) 'single beneficiary securities account' means a securities account held by a single end investor;
Amendment 233 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 b (new) (31 b) 'single beneficiary securities account' means an account held with a CSD on which securities are recorded that are owned by only one single end investor;
Amendment 234 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) (31a) ‘limited-purpose settlement bank’ means a licensed credit institution as defined in the Capital Requirements Directive (CRD), which provides banking- type ancillary services as defined in Section C of the Annex to this Regulation.
Amendment 235 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 c (new) (31 c) 'end investor' means a natural or legal person that hold securities with a securities account provider for its own account, and not as a consequence of the provision of securities account services to a third party;
Amendment 236 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 a (new) (31 a) 'end investor' means a single or joint natural or legal person that holds or transfers securities as a consequence of legal transactions with a securities account provider for its own account;
Amendment 237 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 d (new) (31 d) 'financial instrument' means those instruments specified in points 1, 2 and 3 of Section C of Annex I to Directive .../.../EU [new MiFID];
Amendment 238 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 f (new) (31 f) 'small and medium-sized enterprise' (SME) means a company that has an average market capitalisation of less than EUR 200 000 000 in accordance with Article 4 (12) of Directive No.../...[new MiFID];
Amendment 239 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 e (new) (31 e) 'SME growth market' means a MTF that is registered as an SME growth market in accordance with Article 35 of Directive No.../...[new MiFID];
Amendment 240 #
Proposal for a regulation Article 2 – paragraph 1 – point 31 b (new) (31 b) 'SME growth market' means an SME growth market within the meaning of Article 4 of Directive .../.../EU of the European Parliament and of the Council [new MiFID];
Amendment 241 #
Proposal for a regulation Article 2 – paragraph 2 2. The Commission shall be empowered to adopt delegated acts in accordance with Article 64 concerning measures to specify the technical elements of the definitions in points (17), (20), (21) and (22) of paragraph 1
Amendment 242 #
Proposal for a regulation Title 2 – chapter 1 – title Amendment 243 #
Proposal for a regulation Article 3 – paragraph 1 1. Any
Amendment 244 #
Proposal for a regulation Article 3 – paragraph 1 1. Any company that issues transferable securities which are admitted to trading on regulated markets, or are traded on MTFs or OTFs shall arrange for such securities to be represented in book-entry form as immobilisation through the issuance of a global note, which represents
Amendment 245 #
Proposal for a regulation Article 3 – paragraph 1 1. Any
Amendment 246 #
Proposal for a regulation Article 3 – paragraph 2 2. Where the securities referred to in paragraph 1 are traded on regulated markets, traded on multilateral trading facilities (MTFs) or organised trading facilities (OTFs)
Amendment 247 #
Proposal for a regulation Article 3 – paragraph 2 2. Where the securities referred to in paragraph 1 are traded on regulated markets, traded on multilateral trading facilities (MTFs) or organised trading facilities (OTFs) or are transferred following a financial collateral arrangement as defined in point (a) of Article 2 of Directive 2002/47/EC, those securities shall be recorded in book-entry form in a CSD prior to the trade date
Amendment 248 #
Proposal for a regulation Article 3 – paragraph 2 a (new) 2 a. Without prejudice to paragraphs 1 and 2, the securities settlement system shall ensure that the holders of securities may request and obtain a written record of their securities holdings. Such paper certificates issued shall indicate a simple electronic procedure to verify over time if its content remains valid. In any case the settlement system must establish workable procedures to ensure that the holders of securities may verify the position of their holdings.
Amendment 249 #
Proposal for a regulation Article 4 – paragraph 1 1. The authorities of the Member State where the
Amendment 250 #
Proposal for a regulation Article 4 – paragraph 2 2. The authorities competent to check that the securities are admitted to trading and for the supervision of the regulated markets, MTFs and OTFs shall ensure that Article 3(2) is applied when the securities referred to in Article 3(1) are traded on regulated markets, MTFs or OTFs.
Amendment 251 #
Proposal for a regulation Article 4 – paragraph 3 Amendment 253 #
Proposal for a regulation Article 5 – title Amendment 254 #
Proposal for a regulation Article 5 – paragraph 1 1. Any participant to a securities settlement system
Amendment 255 #
Proposal for a regulation Article 5 – paragraph 1 1. Any participant to a securities settlement system
Amendment 256 #
Proposal for a regulation Article 5 – paragraph 2 2. As regards transactions in transferable securities referred to in paragraph 1 which are
Amendment 257 #
Proposal for a regulation Article 5 – paragraph 2 2. As regards transferable securities referred to in paragraph 1 which are
Amendment 258 #
Proposal for a regulation Article 5 – paragraph 2 2. As regards transferable securities referred to in paragraph 1 which are traded on regulated markets, MTFs or OTFs, the intended settlement date shall be no later than on the second business day after the trading takes place. By 1 February 2017, the end investor shall also be entitled to require, for transferrable securities referred to in the first subparagraph, that settlement takes place on the trade date or on the business day following the trade date. Trading venues and securities settlement systems shall provide this option to participants. By 1 February 2020,trading venues and securities settlement systems shall, for transferrable securities referred to in the first subparagraph, provide for immediate, real-time settlement during the trade date where requested by the end- investor.
Amendment 259 #
Proposal for a regulation Article 5 – paragraph 2 2. As regards the transferable securities and units in collective investment undertakings referred to in paragraph 1 which are traded on regulated markets, MTFs or OTFs, the intended settlement date shall be no later than on the second business day after the trading takes place.
Amendment 260 #
Proposal for a regulation Article 5 – paragraph 2 2. As regards transferable securities referred to in paragraph 1 which are traded on regulated markets, MTFs or OTFs, the
Amendment 261 #
Proposal for a regulation Article 5 – paragraph 2 a (new) 2 a. By 1 February 2017, securities settlement systems shall provide for immediate, real-time settlement during the trade date. From that date, securities settlement systems may offer only immediate real- time settlement. However, they may provide for settlement on up to two business days after the trade date where requested by an end-investor..
Amendment 262 #
Proposal for a regulation Article 5 – paragraph 2 b (new) 2 b. By 1 February 2017, market makers shall provide trading offers subject to settlement on the trade date or no later than on the second business day after trading takes place.
Amendment 263 #
Proposal for a regulation Article 5 – paragraph 3 3. The relevant authorit
Amendment 264 #
Proposal for a regulation Article 5 – paragraph 3 3. The relevant authority of the Member State whose law applies to the securities settlement system operated by a CSD shall be competent for
Amendment 265 #
Proposal for a regulation Article 5 – paragraph 3 b (new) 3 b. The relevant authority of the Member State whose law applies to the securities settlement system operated by a CSD shall be competent for completing the implementation in accordance with the paragraphs 1 to 4.
Amendment 266 #
Proposal for a regulation Article 5 – paragraph 3 3. The
Amendment 267 #
Proposal for a regulation Article 5 – paragraph 3 a (new) 3 a. ESMA shall submit those draft regulatory technical standards to the Commission by [six months from the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 268 #
Proposal for a regulation Article 5 – paragraph 3 a (new) 3 a. ESMA shall develop draft implementing technical standards to determine format and timing of the reporting referred to in paragraph 1 reflecting the regulatory technical standards referred to in paragraph 3. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010 ESMA shall submit those draft implementing technical standards to the Commission by [6 months from the entry into force of the regulatory technical standards].
Amendment 269 #
Proposal for a regulation Article 6 – paragraph 1 Amendment 270 #
Proposal for a regulation Article 6 – paragraph 1 1. Any regulated market, MTF or OTF shall establish procedures that enable the confirmation of relevant details of transactions in financial instruments referred to in Article 5 (1) on the date when the orders have been sent to it. ESMA shall develop guidelines regarding these procedures.
Amendment 271 #
Proposal for a regulation Article 6 – paragraph 1 a (new) Amendment 272 #
Proposal for a regulation Article 6 – paragraph 2 2. For each securities settlement system it operates, a CSD shall establish procedures that facilitate the settlements of transactions in financial instruments referred to in Article 5(1) on the intended settlement date. It shall promote early settlement on the intended settlement date through appropriate mechanisms
Amendment 273 #
Proposal for a regulation Article 6 – paragraph 2 2. For each securities settlement system it operates, a CSD shall establish standardised procedures that facilitate the settlements of transactions in financial instruments referred to in Article 5(1) on the
Amendment 274 #
Proposal for a regulation Article 6 – paragraph 3 3. For each securities settlement system it
Amendment 275 #
Proposal for a regulation Article 6 – paragraph 3 3. For each securities settlement system it operates, a CSD shall establish monitoring tools that allow it or its participants to identify in advance settlements of transactions in financial instruments referred to in Article 5(1) that
Amendment 276 #
Proposal for a regulation Article 6 – paragraph 3 3. For each securities settlement system it operates, a CSD shall establish monitoring tools that allow it to identify in advance settlements of transactions in financial instruments referred to in Article 5(1) that are
Amendment 277 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1 The European Securities and Markets Authority (ESMA) shall develop in consultation and cooperation with the members of the European System of Central Banks (ESCB) draft regulatory technical standards to specify the details of the procedures enabling confirmation of relevant details of transactions and facilitating settlement referred to in paragraph
Amendment 278 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1 The European Securities and Markets Authority (ESMA) shall develop in consultation with the members of the European System of Central Banks (ESCB) draft regulatory technical standards to specify the details of the procedures enabling confirmation of relevant details of transactions and facilitating settlement referred to in paragraph
Amendment 279 #
Proposal for a regulation Article 6 – paragraph 4 – subparagraph 1 The European Securities and Markets Authority (ESMA)
Amendment 280 #
Proposal for a regulation Article 7 – paragraph 1 1. For each securities settlement system it operates, a CSD shall establish a system that monitors settlement fails of transactions in financial instruments referred to in Article 5(1). It shall provide regular reports
Amendment 281 #
Proposal for a regulation Article 7 – paragraph 1 1. For each securities settlement system it operates, a CSD shall establish a system that monitors settlement fails of transactions in financial instruments referred to in Article 5(1). It shall provide regular reports to the competent authority, to the authorities referred to in Article 11 and to any person with a legitimate interest as to the number and details of settlement fails and any other relevant information. The competent authorities shall share with ESMA any relevant information on settlement fails.
Amendment 282 #
Proposal for a regulation Article 7 – paragraph 1 1. For each securities settlement system it operates, a CSD shall establish a system that monitors settlement fails of transactions in financial instruments referred to in Article 5(1). It shall provide regular reports to the competent authority as defined in Article 11 and to any person with a legitimate interest as to the number and details of settlement fails and any other relevant information. The competent authorities shall share with ESMA and the ESCB any relevant information on settlement fails.
Amendment 283 #
Proposal for a regulation Article 7 – paragraph 2 2. For each securities settlement system it operates, a CSD shall establish procedures that facilitate settlement of transactions in financial instruments referred to in Article 5(1) that are not settled on the intended settlement date referred to in Article 5(2). These procedures shall provide for a sufficiently deterrent penalty
Amendment 284 #
Proposal for a regulation Article 7 – paragraph 2 2. For each securities settlement system it operates, a CSD, in consultation with the relevant regulated markets, MTFs, OTFs and CCPs in respect of which it provides settlement services, shall establish procedures that facilitate settlement of transactions in financial instruments referred to in Article 5(1) that are not settled on the intended settlement date. These procedures shall provide for a sufficiently deterrent penalty mechanism for participants, other than the CCP, that cause the settlement fails.
Amendment 285 #
Proposal for a regulation Article 7 – paragraph 2 2. For each securities settlement system it operates, a CSD shall establish procedures that facilitate settlement of transactions in financial instruments referred to in Article 5(1) that are not settled on the
Amendment 286 #
Proposal for a regulation Article 7 – paragraph 3 3. A participant to a securities settlement system that fails to deliver the financial instruments referred to in Article 5(1) to the receiving participant on the
Amendment 287 #
Proposal for a regulation Article 7 – paragraph 3 3. A participant, other than a CCP, to a securities settlement system that fails to deliver the financial instruments referred to in Article 5(1) to the receiving participant on the intended settlement date shall be subject to a buy-in whereby those instruments shall be bought in the market no later than four days after the intended settlement date and delivered to that receiving participant and other measures in accordance with paragraph 4.
Amendment 288 #
Proposal for a regulation Article 7 – paragraph 4 – point a (a) the daily penalty paid by the defaulting participant for each business day between the
Amendment 289 #
Proposal for a regulation Article 7 – paragraph 6 6. CSDs
Amendment 290 #
Proposal for a regulation Article 7 – paragraph 6 6. CSDs, CCPs, regulated markets, MTFs and OTFs shall establish procedures that enable them to suspend any participant that fails systematically to deliver the financial instruments referred to in paragraph 1 or cash on the
Amendment 291 #
Proposal for a regulation Article 7 – paragraph 7 – subparagraph 1 Paragraphs 2 to
Amendment 292 #
Proposal for a regulation Article 7 – paragraph 7 – subparagraph 1 Paragraphs 2 to 6 shall apply to all transactions of the instruments referred to in Article 5 (1) which are admitted to trading on regulated markets, traded on MTFs or OTFs or cleared by a CCP or settled within a securities settlement system regardless of where they were executed.
Amendment 293 #
Proposal for a regulation Article 7 – paragraph 7 – subparagraph 2 For transactions cleared by a CCP before being settled within a securities settlement system, a) the measures referred to in paragraph 3 to 5 shall be executed by the CCP b) the CCP shall be deemed to be a receiving party for the purposes of paragraph 3 and shall always request that the buy-in arrangements specified in paragraph 3 apply.
Amendment 294 #
Proposal for a regulation Article 7 – paragraph 7 – subparagraph 3 For transactions not cleared by a CCP
Amendment 295 #
Proposal for a regulation Article 7 – paragraph 7 – subparagraph 3 For transactions not cleared by a CCP, the measures referred to in paragraph 3 to 5 shall be executed by the regulated markets, MTFs and OTFs and they shall include in their internal rules an obligation on their participants to be subject to the measures referred to in paragraph 3 to 5.
Amendment 296 #
Proposal for a regulation Article 7 – paragraph 7 a (new) Amendment 297 #
Proposal for a regulation Article 7 – paragraph 7 b (new) 7 b. Where a competent authority determines that such measures are necessary to promote and maintain liquidity in one or more of the markets operating within its jurisdiction, for (a) financial instruments admitted to trading on an SME growth market; and (b) for financial instruments where the average number of trades in that financial instrument is less than 250 as specified in more detail by measures taken in accordance with paragraph 8 (c), the buy-in obligations under paragraph 3 and the daily penalties under paragraph 4(a) shall not apply until 10 days after the intended settlement date, unless the regulated market, MTF, OTF or SME growth market on which the transaction has been executed or to which the transaction has been reported, notifies market participants that a shorter period applies to specified financial instruments.
Amendment 298 #
Proposal for a regulation Article 7 – paragraph 7 c (new) 7 c. For transactions in financial instruments not cleared by a CCP and not executed on a regulated market, an MTF, on OTF or a SME growth market, the provisions of paragraph 3 shall apply and any such transaction must, as part of its terms, include measures to manage a fail consistent with paragraph 4 and allowing the counterparty of the failing participant to have the right to initiate the buy-in, according to the contract.
Amendment 299 #
Proposal for a regulation Article 7 – paragraph 8 – subparagraph 1 ESMA shall develop in consultation with the members of the ESCB draft regulatory technical standards to specify: (a) the details of the system monitoring settlement fails and the reports on settlement fails referred to
Amendment 300 #
Proposal for a regulation Article 7 – paragraph 8 – subparagraph 1 ESMA shall develop in consultation with the members of the ESCB draft regulatory technical standards to specify the details of the system monitoring settlement fails and the reports on settlement fails referred to in paragraph 1, of the procedures facilitating settlement of transactions following settlement fails referred to in paragraph 2
Amendment 301 #
Proposal for a regulation Title 2 – chapter 3 a (new) Chapter IIIa Internalised settlement Article 8a Settlement internalisers 1. Settlement internalisers shall report to the competent authorities the aggregated volume and value of all transactions settled outside a securities settlement system on an annual basis. 2. ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards further specifying the content and scope of application of such reporting. ESMA shall submit those draft regulatory technical standards to the Commission by [six months from the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft implementing technical standards to determine format and timing of the communications and the publication referred to in paragraph 1 reflecting the regulatory technical standards referred to in paragraph 2. ESMA shall submit those draft implementing technical standards to the Commission by [6 months from the entry into force of the regulatory technical standards]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 302 #
Proposal for a regulation Article 8 a (new) Article 8 a Internalised settlement Settlement internalisers shall report to the competent authorities the aggregated volume and value of all transactions settled outside a securities settlement system on a quarterly basis. Competent authorities shall inform ESMA regarding any perceived systemic risk from this activity.
Amendment 303 #
Proposal for a regulation Article 8 – paragraph 1 1. The relevant authority of the Member State whose law applies to the securities settlement system operated by a CSD shall be competent for ensuring that Articles 6 and 7 are applied and for monitoring the penalties imposed, in close cooperation with the competent authorities of Member States to which markets the CSD provides services of substantial importance as well as with authorities competent for the supervision and oversight of the regulated markets, MTFs, OTFs, and CCPs referred to in Article 7. In particular, the authorities shall
Amendment 304 #
Proposal for a regulation Article 8 – paragraph 1 1. The relevant authorit
Amendment 305 #
Proposal for a regulation Article 8 – paragraph 2 2. In order to ensure consistent, efficient and effective supervisory practices within the Union in relation to Articles 6 and 7 of this Regulation, ESMA may issue, in close cooperation with the members of the ESCB, guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010.
Amendment 306 #
Proposal for a regulation Article 8 – paragraph 2 2. In order to ensure consistent, efficient and effective supervisory practices within the Union in relation to Articles 6 and 7 of this Regulation, ESMA in consultation with the members of the European System of Central Banks (ESCB) may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010.
Amendment 307 #
Proposal for a regulation Article 9 – paragraph 1 Amendment 308 #
Proposal for a regulation Article 10 – paragraph 1 – subparagraph 1 Each Member State shall designate the competent authority responsible for carrying out the duties under this Regulation for the authorisation and supervision of CSDs established in its territory and shall inform ESMA and the ESCB thereof.
Amendment 309 #
Proposal for a regulation Article 11 – paragraph 1 – point a (a) the authority responsible
Amendment 310 #
Proposal for a regulation Article 11 – paragraph 1 – point a a (new) (a a) the authority or authorities responsible for the oversight of the securities settlement system in the Member States where the CSD operates;
Amendment 311 #
Proposal for a regulation Article 11 – paragraph 1 – point b (b) where applicable, the central bank in the Union issuing the currency in which settlement takes place or in whose books the cash leg of a securities settlement system operated by the CSD is settled or, in case of settlement through a credit institution in accordance with Title IV, the central bank in the Union of issue of the relevant currency.
Amendment 312 #
Proposal for a regulation Article 11 – paragraph 1 – point b (b)
Amendment 313 #
Proposal for a regulation Article 11 – paragraph 1 – point b a (new) (b a) where applicable, the central bank of the Member State to which market the CSD provides services of substantial importance.
Amendment 314 #
Proposal for a regulation Article 11 – paragraph 1 – point b a (new) (b a) where relevant, the member of the ESCB in whose books the cash leg of a securities settlement system operated by the CSD is settled.
Amendment 315 #
Proposal for a regulation Article 11 – paragraph 1 – point b b (new) (b b) where applicable, the supervisory authorities of the Member State to which market the CSD provides services of substantial importance.
Amendment 316 #
Proposal for a regulation Article 11 – paragraph 1 – point b c (new) (b c) where applicable, the relevant Ministries of the Member State to which market the CSD provides services of substantial importance.
Amendment 317 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 2 In order to ensure consistent, efficient and effective supervisory practices within the Union, including cooperation between authorities referred to in Articles 9 and 11 in the different assessments necessary for the application of this Regulation, ESMA may, in close cooperation with ESCB, issue guidelines addressed to authorities referred to in Article 9 in accordance with Article 16 of Regulation (EU) No 1095/2010.
Amendment 318 #
Proposal for a regulation Article 12 – paragraph 1 – subparagraph 2 In order to ensure consistent, efficient and effective supervisory practices within the Union, including cooperation between authorities referred to in Articles 9 and 11 in the different assessments necessary for the application of this Regulation, ESMA, in close cooperation with the members of the ESCB, may issue guidelines addressed to authorities referred to in Article 9 in accordance with Article 16 of Regulation (EU) No 1095/2010.
Amendment 319 #
Proposal for a regulation Article 13 – title Amendment 320 #
Proposal for a regulation Article 13 – paragraph 1 Amendment 321 #
Proposal for a regulation Article 13 – paragraph 1 The authorities referred to in Articles 9 and 11 shall immediately inform ESMA and ESRB and each other of any emergency situation relating to a CSD, including of any developments in financial markets, in particular in the currency markets, which may have an adverse effect on market liquidity and on the stability of the financial system in any of the Member States where the CSD or one of its participants are established.
Amendment 322 #
Proposal for a regulation Article 13 – paragraph 1 The authorities referred to in
Amendment 323 #
Proposal for a regulation Article 14 – paragraph 2 2. The authorisation shall
Amendment 324 #
Proposal for a regulation Article 14 – paragraph 2 2. The authorisation shall
Amendment 325 #
Proposal for a regulation Article 14 – paragraph 2 2. The authorisation shall cover all the services in Section A of the Annex and specify the services set out in Section
Amendment 326 #
Proposal for a regulation Article 15 – paragraph 5 – subparagraph 1 – introductory part The competent authority shall, before granting authorisation to the applicant CSD, consult the competent authorities and the authorities referred to in Article 11 of the other Member State involved in the following cases:
Amendment 327 #
Proposal for a regulation Article 16 – paragraph 2 2. Securities settlement s
Amendment 328 #
Proposal for a regulation Article 16 – paragraph 2 2. Securities settlement systems may be operated only by authorised CSDs, CCPs and central banks.
Amendment 329 #
Proposal for a regulation Article 16 – paragraph 2 2. Securities settlement systems may be operated only by authorised CSDs, CCPs and central banks.
Amendment 330 #
Proposal for a regulation Article 16 – paragraph 3 Amendment 331 #
Proposal for a regulation Article 16 – paragraph 3 3. An authorised CSD shall not be overexposed to
Amendment 332 #
Proposal for a regulation Article 16 – paragraph 3 3. An authorised CSD shall
Amendment 333 #
Proposal for a regulation Article 16 – paragraph 3 3. An authorised CSD shall not be exposed to any
Amendment 334 #
Proposal for a regulation Article 16 – paragraph 4 Amendment 335 #
Proposal for a regulation Article 16 – paragraph 4 4. An authorised CSD may only have a participation in a legal person whose activities are limited to the provision of services set out in Sections A, B and
Amendment 336 #
Proposal for a regulation Article 16 – paragraph 4 4. An authorised CSD may only have a participation in a legal person whose activities are limited to the provision of services set out in Sections A, B and
Amendment 337 #
Proposal for a regulation Article 16 – paragraph 4 4. An authorised CSD may
Amendment 338 #
Proposal for a regulation Article 16 – paragraph 4 a (new) 4 a. An authorised CSD should not be held via a participation, as defined in the Regulation by reference to the Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, or any ownership, direct or indirect, of 20 % or more of the voting rights or capital, by an authorised credit institution as provided in Title II of Directive 2006/48/EC.
Amendment 339 #
Proposal for a regulation Article 17 – paragraph 1 a (new) 1 a. Each CSD which seeks to set up a standard link access shall notify it to the respective competent authority of the Member States where it is established.
Amendment 340 #
Proposal for a regulation Article 17 – paragraph 1 – point a (a) additional core and ancillary services not explicitly set out in the Sections A and B of the Annex not covered by the initial authorisation;
Amendment 341 #
Proposal for a regulation Article 17 – paragraph 1 – point d (d) setting up any
Amendment 342 #
Proposal for a regulation Article 17 – paragraph 1 – point d (d) setting up a
Amendment 343 #
Proposal for a regulation Article 17 – paragraph 1 – point d (d) setting up an
Amendment 344 #
Proposal for a regulation Article 17 – paragraph 1 – point d (d) setting up any
Amendment 345 #
Proposal for a regulation Article 17 – paragraph 1 – point d (d) setting up a
Amendment 346 #
Proposal for a regulation Article 17 – paragraph 2 a (new) 2 a. ESMA shall develop draft regulatory technical standards to specify the criteria for determining when a customised CSD link implies a transfer of risk between CSDs. ESMA shall submit those draft regulatory technical standards to the Commission by [...]*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. * OJ please insert date: 12 months after the date of entry into force of this Directive.
Amendment 347 #
Proposal for a regulation Article 18 – paragraph 1 – point d (d) where the CSD has seriously
Amendment 348 #
Proposal for a regulation Article 18 – paragraph 4 4. The competent authority may limit the withdrawal to a particular service, activity, or financial instrument. Where an authorisation has been withdrawn on the grounds of unlawful conduct, false statements or infringements of the Regulation, the competent authority may, at its own discretion, reject future applications for authorisation from the same legal person, citing the earlier withdrawal.
Amendment 349 #
Proposal for a regulation Article 18 – paragraph 4 4. The competent authority may limit the withdrawal to a particular service, activity,
Amendment 350 #
Proposal for a regulation Article 19 – paragraph 2 2.
Amendment 351 #
Proposal for a regulation Article 19 – paragraph 2 2. Central banks shall immediately inform ESMA of
Amendment 352 #
Proposal for a regulation Article 19 – paragraph 3 3. The name of each CSD operating in compliance with this Regulation and to which authorisation or recognition has been granted under Articles 14, 17 and 23 shall be entered in a list specifying the services and classes of financial instruments for which the CSD has been authorised. The list shall include branches operated by the CSD in other Member
Amendment 353 #
Proposal for a regulation Article 19 – paragraph 3 3. The name of each CSD operating in compliance with this Regulation and to which authorisation or recognition has been granted under Articles 14, 17 and 23 shall be entered in a list specifying the services and classes of financial instruments for which the CSD has been authorised.
Amendment 354 #
Proposal for a regulation Article 20 – paragraph 1 1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the risks to which the CSD is, or might be, exposed or associated with. The competent authority shall be entitled to collect all the relevant information necessary for its evaluation.
Amendment 355 #
Proposal for a regulation Article 20 – paragraph 1 1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the risks to which the CSD is, or might be, exposed or associated with. The competent authority shall be entitled to collect all the relevant information necessary for its evaluation.
Amendment 356 #
Proposal for a regulation Article 20 – paragraph 1 1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the risks to which the CSD is, or might be, exposed as well as the impact of the CSD on the markets it serves.
Amendment 357 #
Proposal for a regulation Article 20 – paragraph 1 1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the direct and indirect risks to which the CSD is, or might be, exposed.
Amendment 358 #
Proposal for a regulation Article 20 – paragraph 3 3. The competent authority
Amendment 359 #
Proposal for a regulation Article 20 – paragraph 4 4. When performing the review and evaluation referred to in paragraph 1, the competent authority shall consult at an early stage the relevant authorities referred to in Article 11 concerning the functioning of the securities settlement systems operated and other services provided by the CSD.
Amendment 360 #
Proposal for a regulation Article 20 – paragraph 4 4. When performing the review and evaluation referred to in paragraph 1, the competent authority shall c
Amendment 361 #
Proposal for a regulation Article 20 – paragraph 4 4. When performing the review and evaluation referred to in paragraph 1, the competent authority shall c
Amendment 362 #
Proposal for a regulation Article 20 – paragraph 5 5. The competent authority shall discuss regularly
Amendment 363 #
Proposal for a regulation Article 20 – paragraph 5 5. The competent authority shall discuss regularly
Amendment 364 #
Proposal for a regulation Article 20 – paragraph 6 6. When performing the review and evaluation referred to in paragraph 1, the competent authorities responsible for supervising CSDs
Amendment 365 #
Proposal for a regulation Article 20 a (new) Article 20 a Professional secrecy 1. The obligation of professional secrecy shall apply to all persons who work or who have worked for the authorities referred to in Articles [10 and 11] and ESMA, and auditors and experts instructed by the competent authorities, ESMA or the ESRB. Confidential information they may receive in the course of their duties shall not be divulged to any other person or authority whatsoever, except in summary or aggregate form such that an individual CSD or any other person cannot be identified, without prejudice to cases covered by criminal law or taxation or the other provisions of this Regulation. 2. Where a CSD has been declared bankrupt or is being compulsorily wound up, confidential information which does not concern third parties may be divulged in civil or commercial proceedings where necessary for carrying out the proceeding. 3. Without prejudice to cases covered by criminal and tax law, the authorities referred to in Articles 10 and 11, ESMA, bodies or natural or legal persons other than competent authorities which receive confidential information pursuant to this Regulation may use it only in the performance of their duties and for the exercise of their functions including the disclosure of information to a superior body, in the case of the competent authorities, within the scope of this Regulation or, in the case of other authorities, bodies or natural or legal persons, for the purpose for which such information was provided to them or in the context of administrative or judicial proceedings specifically related to the exercise of those functions, or both. Where ESMA, the competent authority or another authority, body or person communicating information consents thereto, the authority receiving the information may use it for other non- commercial purposes. 4. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of professional secrecy laid down in paragraphs 1, 2 and 3. However, those conditions shall not prevent ESMA, or the authorities referred to in Articles 10 and 11, from exchanging or transmitting confidential information in accordance with their statutory tasks and with other legislation applicable to investment firms, credit institutions, pension funds, undertakings for collective investment in transferable securities (UCITS), alternative investment fund managers (AIFMs), insurance and reinsurance intermediaries, insurance undertakings, regulated markets or market operators or otherwise with the consent of the competent authority or other authority or body or natural or legal person that communicated the information. 5. Paragraphs 1, 2 and 3 shall not prevent the authorities referred to in Articles 10 and 11 from exchanging or transmitting confidential information, in accordance with national law, that has not been received from a competent authority of another Member State.
Amendment 366 #
Proposal for a regulation Article 20 b (new) Article 20 b Exchange of information 1. ESMA, the authorities referred to in Articles 10 and 11 and other relevant authorities shall without undue delay provide one another with the information required for the purposes of carrying out their duties. 2. The authorities referred to in Articles 10 and 11, other relevant authorities, ESMA and other bodies or natural and legal persons receiving confidential information in the exercise of their duties under this Regulation shall only use it in the course of their duties. 3. Competent authorities shall communicate information to the ESRB and to the relevant members of the ESCB where such information is relevant for the exercise of their duties.
Amendment 367 #
Proposal for a regulation Article 20 a (new) Article 20 a Exchange of information with ESRB and ESCB Competent authorities shall communicate information to the ESRB and to the relevant members of the ESCB where such information is relevant for the exercise of their duties.
Amendment 368 #
Proposal for a regulation Article 21 – paragraph 1 1. An authorised CSD may carry out its activities within the territory of the Union,
Amendment 369 #
Proposal for a regulation Article 21 – paragraph 1 1. A CSD authorised under this Regulation is free to provide services covered by its specific authorisation directly in the different Member States of the Union. An authorised CSD may also carry out its activities within the territory of the Union
Amendment 370 #
Proposal for a regulation Article 21 – paragraph 1 1. CSDs authorised under this Regulation are free to provide services directly in the different Member States of the Union. An authorised CSD may also carry out its activities within the territory of the Union, either by the establishment of a branch or by way of direct provision of services, provided that the types of activities concerned are covered by the authorisation.
Amendment 371 #
Proposal for a regulation Article 21 – paragraph 2 – introductory part 2. Any CSD wishing to
Amendment 372 #
Proposal for a regulation Article 21 – paragraph 2 – introductory part 2. Any CSD wishing to
Amendment 373 #
Proposal for a regulation Article 21 – paragraph 2 – point b (b) a programme of operations stating in particular the services which it intends to provide and the currency or currencies it processes;
Amendment 374 #
Proposal for a regulation Article 21 – paragraph 2 – point b (b) a programme of operations stating in particular the services which it intends to provide, including the currency or currencies it processes;
Amendment 375 #
Proposal for a regulation Article 21 – paragraph 2 – point b (b) a programme of operations stating in particular the services which it intends to provide and the currencies it processes;
Amendment 376 #
Proposal for a regulation Article 21 – paragraph 2 – point c (c)
Amendment 377 #
Proposal for a regulation Article 21 – paragraph 2 – point c (c)
Amendment 378 #
Proposal for a regulation Article 21 – paragraph 3 3. Within three months from the receipt of the information referred to in paragraph 2, the competent authority shall communicate that information to the authorities referred to in Article 11 and the competent authority of the host Member State unless, by taking into account the provision of services envisaged, it has reasons to doubt the adequacy of the administrative structure or the financial situation of the CSD wishing to provide its services in the host Member State.
Amendment 379 #
Proposal for a regulation Article 21 – paragraph 3 3. Within three months from the receipt of
Amendment 380 #
Proposal for a regulation Article 21 – paragraph 4 4. Where the competent authority refuses to communicate the information to the
Amendment 381 #
Proposal for a regulation Article 21 – paragraph 5 – introductory part 5. The CSD may esta
Amendment 382 #
Proposal for a regulation Article 21 – paragraph 5 – point b (b) in the absence of any receipt of a communication, after two months from the date of transmission of the communication referred to in paragraph 3 and (ba) unless the authorities in the host Member State, having considered the services provided in that Member State substantial, subject the authorization to a specific assessment and consequently object to it on consideration of systemic risk. In case of disagreement between the home and the host authority, ESMA shall settle the issue in accordance with Article 19 of Regulation (EU) No 1095/2010, and where the disagreement refers to the SSS operated by the CSD, in consultation with the members of the ESCB.
Amendment 383 #
Proposal for a regulation Article 21 – paragraph 5 – point b (b) in the absence of any receipt of a communication, after two months from the date of transmission of the communication referred to in paragraph 3. Where the services provided in the host Member State are considered substantial by the competent authority in the host Member State, the latter may subject the authorisation to a specific assessment conducted by itself. In case of disagreement between the home and the host authority, ESMA shall settle the issue in accordance with Article 19 of Regulation 1095/2010;
Amendment 384 #
Proposal for a regulation Article 21 – paragraph 5 a (new) 5 a. Where a CSD wishes to provide services within the territory of another Member State for the first time without establishing a branch, or to change the range of services provided, it shall communicate the information in paragraphs 2(a) and (b) to the competent authority of the Member State where it is established. The competent authority shall, within one month of receiving the information, forward it to the competent authority of the host Member State. The CSD may then start to provide the investment service or services concerned in the host Member State.
Amendment 385 #
Proposal for a regulation Article 21 – paragraph 6 6. In the event of a change in any of the
Amendment 386 #
Proposal for a regulation Article 22 – title Cooperation between home and host authorities and ESMA
Amendment 387 #
Proposal for a regulation Article 22 – paragraph 1 1. Where a CSD authorised in one Member State has established a branch in another Member State, the competent authority of the home Member State of the CSD, in the exercise of its responsibilities and after informing the competent authority of the host Member State, may carry out on-site inspections in that branch. Where the services provided in the host Member State are considered substantial by the competent authority in the host Member State, the latter may also carry out on-site inspections in that branch and conduct reviews and evaluations, in cooperation with the home competent authority.
Amendment 388 #
Proposal for a regulation Article 22 – paragraph 1 1. Where a CSD authorised in one Member State has established a branch in another Member State, the competent authority of the home Member State of the CSD, in the exercise of its responsibilities
Amendment 389 #
Proposal for a regulation Article 22 – paragraph 2 2. The competent authorities from the host Member States may require CSDs which provide services in accordance with Article 21 to report to them periodically on their activities in those host Member States, in particular for the purpose of collecting statistics. The competent authorities of the host Member State shall, on request from the competent authorities of the home Member State, provide those periodic reports to the home Member State competent authorities.
Amendment 390 #
Proposal for a regulation Article 22 – paragraph 3 3. The competent authority of the home Member State of the CSD shall, on the request of the competent authority or of the relevant authority referred to under Article 11 of the host Member State and with
Amendment 391 #
Proposal for a regulation Article 22 – paragraph 4 4. When, taking into account the situation of the securities markets in the host Member State, the activities of a CSD that has established a branch or interoperability links with other CSDs or security settlement systems in that host Member State have become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the home and host relevant and competent authorities shall establish
Amendment 392 #
Proposal for a regulation Article 22 – paragraph 4 4. When, taking into account the situation of the securities markets in the host Member State, the activities of a CSD that has established a branch or interoperability links with other CSDs or security settlement systems in that host Member State or by direct cross-border remote provision of services have become of substantial importance for the functioning or stability of the securities markets and/or the protection of the
Amendment 393 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 1 Where the
Amendment 394 #
Proposal for a regulation Article 22 – paragraph 5 – subparagraph 2 Where, despite measures taken by the competent authority of the home Member State or because such measures prove
Amendment 395 #
Proposal for a regulation Article 22 – paragraph 5 a (new) 5 a. In accordance with Article 8, Article 16 and Article 30 of Regulation (EU) No 1095/2010, ESMA shall issue guidelines and recommendations addressed to competent authorities or financial market participants and periodically organise and conduct peer reviews of some or all of the activities of competent authorities, to further strengthen consistency in supervisory outcomes. The Authority shall, where appropriate, also request opinions or advice from the Securities and Markets Stakeholder Group referred to in Article 37 of Regulation (EU) No 1095/2010 and conduct a peer review, including the members of the ESCB, concerning specific questions and concerning the supervision of CSDs related to cross-border activities or interoperability links.
Amendment 396 #
Proposal for a regulation Article 22 – paragraph 6 6.
Amendment 397 #
Proposal for a regulation Article 22 – paragraph 7 – subparagraph 1 ESMA, in close cooperation with the members of the ESCB, shall develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation arrangements referred to in paragraphs 1, 3 and 5.
Amendment 398 #
Proposal for a regulation Article 22 – paragraph 7 – subparagraph 1 ESMA, shall, in close cooperation with the members of the ESCB, develop draft implementing technical standards to establish standard forms, templates and procedures for the cooperation arrangements referred to in paragraphs 1, 3 and 5, and for the establishment of colleges referred to in paragraph 4.
Amendment 399 #
Proposal for a regulation Article 22 – paragraph 7 – subparagraph 1 ESMA shall develop in close cooperation with the members of the ESCB draft implementing technical standards to establish standard forms, templates and procedures for the cooperation arrangements referred to in paragraphs 1, 3 and 5.
Amendment 400 #
Proposal for a regulation Article 23 – paragraph 1 a (new) 1 a. A CSD established and authorised in the Union may maintain or establish a link with a CSD in a third country in accordance with the procedures in Article 45.
Amendment 401 #
Proposal for a regulation Article 23 – paragraph 2 – point b (b) the CSD is subject to effective authorisation
Amendment 402 #
Proposal for a regulation Article 23 – paragraph 2 – point b (b) the CSD is subject to effective authorisation
Amendment 403 #
Proposal for a regulation Article 23 – paragraph 2 – point c (c) co-operation arrangements between ESMA and the
Amendment 404 #
Proposal for a regulation Article 23 – paragraph 3 – point c (c) the authorities referred to in
Amendment 405 #
Proposal for a regulation Article 23 – paragraph 2 – point c a (new) (c a) the CSD is established or authorised in a third country that is considered as having equivalent systems for anti-money- laundering and combating the financing of terrorism to those of the Union in accordance with the criteria set out in the common understanding between Member States on third-country equivalence under Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
Amendment 406 #
Proposal for a regulation Article 23 – paragraph 5 a (new) 5 a. A third country CSD shall submit a request to ESMA where it wishes to extend its activities to one or more of the following: (a) ancillary services not explicitly set out in Section B of the Annex; (b) the operation of another securities settlement system; (c) the settlement of all or part of the cash leg of its securities settlement system in the books of another central bank; (d) setting up an interoperable CSD link.
Amendment 407 #
Proposal for a regulation Article 23 – paragraph 6 6. The Commission may adopt a decision in accordance with the procedure referred to in Article 66, determining that the legal and supervisory arrangements of a third country ensure that CSDs authorised in that third country comply with legally binding
Amendment 408 #
Proposal for a regulation Recitals 54 a (new) (54a) Market making activities play a crucial role in providing liquidity to markets within the Union and market makers need to take short positions to perform that role , particularly in less liquid securities and those admitted to SME growth markets.
Amendment 409 #
Proposal for a regulation Recital 54 b (new) (54b) Measures to address and prevent settlement fails should be balanced against the need to maintain and protect liquidity in these securities. Regulation (EU) No 236/2012 should provide for flexibility in rules on settlement discipline to prevent and address settlement fails. This Regulation therefore amends Regulation (EU) No 236/2012 to provide for measures to allow for calibrated buy- in procedures for illiquid securities where a national competent authority has determined that this is necessary to promote and maintain liquidity.
Amendment 410 #
Proposal for a regulation Article 24 – paragraph 6 6. A CSD shall be subject to frequent and independent audits. The results of these audits shall be communicated to the board and
Amendment 411 #
Proposal for a regulation Article 25 – paragraph 1 1. The senior management of a CSD shall be of sufficiently good repute and experience so as to ensure the sound
Amendment 412 #
Proposal for a regulation Article 25 – paragraph 2 2. A CSD shall have a board of which
Amendment 413 #
Proposal for a regulation Article 25 – paragraph 2 2. A CSD shall have a board of which at least one third, but no less than two, of its members are independent. The user committee referred to in Article 26 shall designate at least one of its user members as a member of the board.
Amendment 414 #
Proposal for a regulation Article 25 – paragraph 4 4.
Amendment 415 #
Proposal for a regulation Article 25 – paragraph 5 5. A CSD shall clearly determine the roles and responsibilities of the board and shall make the minutes of the board meetings available to the competent authority and the auditor.
Amendment 416 #
Proposal for a regulation Article 25 – paragraph 5 5. A CSD shall clearly determine the roles and responsibilities of the board and shall make the minutes of the board meetings available to the competent authority and the auditor.
Amendment 417 #
Proposal for a regulation Article 26 – paragraph 1 1. A CSD shall establish user committees for each securities settlement system it operates, which shall be composed of representatives of issuers
Amendment 418 #
Proposal for a regulation Article 26 – paragraph 3 3. User committees shall advise the board of the CSD on key arrangements that impact their members, including the criteria for accepting issuers or participants to their respective securities settlement systems
Amendment 419 #
Proposal for a regulation Article 26 – paragraph 4 4. Without prejudice to the right of competent authorities to be duly informed, the members of the user committees shall be bound by confidentiality on the aspects that do not affect the settlement conditions. Where the chairman of a user committee determines that a member has an actual or a potential conflict of interest on a particular matter, that member shall not be allowed to discuss or to vote on that matter.
Amendment 420 #
Proposal for a regulation Article 26 – paragraph 5 Amendment 421 #
Proposal for a regulation Article 27 – paragraph 1 1. A CSD shall maintain
Amendment 422 #
Proposal for a regulation Article 27 – paragraph 2 2. A CSD shall make the records referred to in paragraph 1 available upon request to the competent authority and the relevant authorities referred to in Article 11, ESMA or another EU or Member State public authority with legal powers directly related to the records for the purpose of fulfilling their mandates.
Amendment 423 #
Proposal for a regulation Article 28 – paragraph 5 5. Paragraphs 1 to 4 shall not apply where a CSD outsources some of its services or activities to a public entity and where that outsourcing is governed by a dedicated legal, regulatory and operational framework which has been jointly agreed and formalised by the public entity and the relevant CSD and
Amendment 424 #
Proposal for a regulation Article 28 a (new) Article 28a Shared services 1. Member States may provide for a person other than the CSD to be responsible for recording entries into securities accounts at the level of the CSD. Where Member States provide for such shared services, , the requirements of this Regulation shall apply, where relevant, also to that other person. 2. Where Member States provide for shared services pursuant to paragraph 1,they shall specify the applicable requirements, including requirements pursuant to this Regulation, in their national law. 3. Where Member States provide for shared services pursuant to paragraph 1, they shall notify the Commission and ESMA accordingly. ESMA shall include information on shared services in the CSD register referred to in Article 19.
Amendment 425 #
Proposal for a regulation Article 28 a (new) Article 28a Direct holding model 1. Member states may provide for a person other than the CSD to be responsible for the performance of certain, but not all, functions of the relevant CSD pursuant to this Regulation. Where Member States provide for such shared services, provisions of this Regulation shall apply mutatis mutandis to the person responsible for performing the function to which the provision applies. 2. Where Member States provide for shared services pursuant to paragraph 1, they shall specify the functions for which that other person is responsible, and the applicable requirements, including requirements under this Regulation. 3. Where Member States provide for shared services pursuant to paragraph 1, they shall notify the Commission and ESMA accordingly. ESMA shall include information on shared services in the CSD register referred to in Article 19.
Amendment 426 #
Proposal for a regulation Article 29 – paragraph 1 1. A CSD shall be designed to meet the needs of its participants and the markets it serves. It shall contribute to the efficient allocation of financial resources into productive investments to the benefit of the needs of the real economy.
Amendment 427 #
Proposal for a regulation Article 30 – paragraph 1 1. For each securities settlement system it operates and for all other services it provides a CSD shall have publicly disclosed criteria for participation which allow fair and open access. Such criteria shall be transparent, objective, risk-based, and non-discriminatory so as to ensure fair and open access to the CSD. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk for the CSD.
Amendment 428 #
Proposal for a regulation Article 30 – paragraph 1 1. For each securities settlement system it operates a CSD shall have publicly disclosed criteria for participation which allow fair and open access. Such criteria shall be transparent, objective, risk-based, and non-discriminatory so as to ensure fair and open access to the CSD. Criteria that restrict access shall only be permitted to the extent that their objective
Amendment 429 #
Proposal for a regulation Article 30 – paragraph 5 5.
Amendment 430 #
Proposal for a regulation Article 31 – paragraph 1 1. For each securities settlement system it operates
Amendment 431 #
Proposal for a regulation Article 31 – paragraph 3 Amendment 432 #
Proposal for a regulation Article 31 – paragraph 5 5. A CSD shall disclose sufficient information to allow participants to assess the risks associated with the services provided.
Amendment 433 #
Proposal for a regulation Article 31 – paragraph 6 6. A CSD shall account separately for costs and revenues of the services provided and shall disclose that information to the competent authority, as well as to its users in order to avoid cross-subsidisation and to ensure no undue revenue generation from the settlement discipline process.
Amendment 434 #
Proposal for a regulation Article 32 – paragraph 1 CSDs shall use in their communication procedures with participants of the securities settlement systems they operate, and with the market infrastructures they interface with
Amendment 435 #
Proposal for a regulation Article 32 – paragraph 1 By 1 February 2017, CSDs shall use in their communication procedures with participants of the securities settlement systems they operate and
Amendment 436 #
Proposal for a regulation Article 32 – paragraph 1 a (new) By 1 February 2017, CSDs shall use for communication between CSDs procedures and messaging and transaction standards established by ESMA, where they have not mutually agreed upon other communication solutions providing at least the same service level and data content. ESMA shall develop those standards with the objective of supporting end-to-end straight-through processing.
Amendment 437 #
Proposal for a regulation Article 32 – paragraph 1 b (new) By 1 February 2017, all employed links between CSDs operating in Members States shall be interoperable DVP- settlement supporting links.
Amendment 438 #
Proposal for a regulation Article 32 – paragraph 1 c (new) By 1 February 2017, CSDs shall use, for communication with market venues and CCPs, procedures and messaging and transaction standards established by ESMA, where they have not mutually agreed upon other communication solutions providing at least the same service level and data content.
Amendment 439 #
Proposal for a regulation Article 32 – paragraph 1 d (new) ESMA shall develop in cooperation with the members of the ESCB draft regulatory technical standards containing the standards and procedures required in paragraphs 1, 2 and 4. ESMA shall submit those draft regulatory technical standards to the Commission by six months from the date of entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 440 #
Proposal for a regulation Article 32 – paragraph 1 e (new) ESMA shall develop these standards with the objective of supporting end-to-end straight-through-processing.
Amendment 441 #
Proposal for a regulation Article 33 a (new) Amendment 442 #
Proposal for a regulation Article 34 – paragraph 1 1. A CSD shall take appropriate reconciliation measures to verify that the number of securities making up a securities issue or part of a securities issue submitted to the CSD is equal to the sum of securities recorded on the securities accounts
Amendment 443 #
Proposal for a regulation Article 34 – paragraph 1 1. A CSD shall take appropriate reconciliation measures to verify that the number of securities making up a securities
Amendment 444 #
Proposal for a regulation Article 35 – title Protection of participants’ and end- investors’ securities
Amendment 445 #
Proposal for a regulation Article 35 – paragraph 1 1. For each securities settlement system it operates a CSD shall keep records and accounts that shall enable it, at any time and without delay, to
Amendment 446 #
Proposal for a regulation Article 35 – paragraph 1 1. For each securities settlement system it operates a CSD shall keep records and accounts that shall enable it
Amendment 447 #
Proposal for a regulation Article 35 – paragraph 2 2. A CSD shall keep records and accounts that enable a participant to
Amendment 448 #
Proposal for a regulation Article 35 – paragraph 3 3. A CSD shall
Amendment 449 #
Proposal for a regulation Article 35 – paragraph 3 3. A CSD shall offer to keep records and accounts enabling a participant to distinguish the securities of each of that participant’s clients, if and as required by that participant (‘individual client segregation’).
Amendment 450 #
Proposal for a regulation Article 35 – paragraph 3 3. A CSD shall offer to keep records and accounts enabling a participant to
Amendment 451 #
Proposal for a regulation Article 35 – paragraph 3 3. A CSD shall offer to keep records and accounts enabling a participant to
Amendment 452 #
Proposal for a regulation Article 35 – paragraph 3 3. A CSD shall offer to keep records and accounts enabling a participant to
Amendment 453 #
Proposal for a regulation Article 35 – paragraph 3 a (new) 3 a. A CSD shall allow its participants to open and to hold both omnibus securities accounts and single beneficiary securities accounts concurrently. Those services should be provided on reasonable commercial terms, including costs. Member States shall not prevent CSDs from fulfilling the obligation in the first subparagraph.
Amendment 454 #
Proposal for a regulation Article 35 – paragraph 5 5. A CSD shall not use the securities of a participant or an end-investor for any purpose unless it has obtained that participant’s or end-investor’s express consent.
Amendment 455 #
Proposal for a regulation Article 35 – paragraph 5 5. A CSD shall not use the securities of a participant for any purpose unless it has obtained previously and case by case that participant’s express consent.
Amendment 456 #
Proposal for a regulation Article 35 – paragraph 5 a (new) 5 a. Member States may require certain customer groups to keep certain parts of their securities holdings on individual direct or segregated accounts at the CSD- level.
Amendment 457 #
Proposal for a regulation Article 36 – paragraph 6 6. A CSD shall achieve settlement finality no later than by the end of the business day of the intended settlement date. Upon demand by its user committee, it shall install operational procedures or systems that allow for intraday or real-time settlement.
Amendment 458 #
Proposal for a regulation Article 36 – paragraph 6 6. A CSD shall achieve settlement finality no later than by the end of the business day of the intended settlement date. Upon demand by its user committee, it shall install
Amendment 459 #
Proposal for a regulation Article 36 – paragraph 6 6. A CSD shall achieve settlement finality no later than by the end of the business day of the
Amendment 460 #
Proposal for a regulation Article 36 – paragraph 7 7. The cash proceeds of securities settlements shall be available for recipients to use no later than by the end of the business day of the
Amendment 461 #
Proposal for a regulation Article 36 – paragraph 8 8. All securities transactions against cash
Amendment 462 #
Proposal for a regulation Article 37 – paragraph 1 1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with a central bank operating domestically in such currency whenever practical and available.
Amendment 463 #
Proposal for a regulation Article 37 – paragraph 1 1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with
Amendment 464 #
Proposal for a regulation Article 37 – paragraph 1 1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with
Amendment 465 #
Proposal for a regulation Article 37 – paragraph 1 1. For transactions denominated in the currency of the country where the settlement takes place, a CSD shall settle the cash payments of its respective securities settlement system through accounts opened with a central bank operating in such currency whenever
Amendment 466 #
Proposal for a regulation Article 37 – paragraph 2 2. When
Amendment 467 #
Proposal for a regulation Article 37 – paragraph 2 2. When it is not practical and available to settle in central bank accounts, a CSD may offer to settle the cash payments for all or part of its securities settlement systems through accounts opened with a credit institution or through accounts opened in its own books. If a CSD offers to settle in accounts opened with a credit institution or in accounts opened in its own books, it shall do so in accordance with the provisions of Title IV.
Amendment 468 #
Proposal for a regulation Article 37 – paragraph 3 Amendment 469 #
Proposal for a regulation Article 37 – paragraph 3 3. Where the CSD offers settlement both in central bank accounts and in accounts opened with a credit institution, or both in central bank accounts and in accounts opened in its own books, its participants shall have the right to choose between these two options.
Amendment 470 #
Proposal for a regulation Article 37 – paragraph 4 Amendment 471 #
Proposal for a regulation Article 37 – paragraph 5 5. The Commission shall be empowered to adopt, in close cooperation with the members of the ESCB, delegated acts in accordance with Article 64 concerning measures defining the cases when the settlement of the cash payments in a specific currency through accounts opened with a central bank is not
Amendment 472 #
Proposal for a regulation Article 39 – paragraph 1 A CSD shall adopt a sound risk- management framework for comprehensively managing legal, business, operational and other direct or indirect risks, for example systemic risks.
Amendment 473 #
Proposal for a regulation Article 39 – paragraph 1 A CSD shall adopt a sound risk- management framework for comprehensively managing legal, business, operational, systemic and other risks.
Amendment 474 #
Proposal for a regulation Article 42 – paragraph 1 1. A CSD shall identify all p
Amendment 475 #
Proposal for a regulation Article 42 – paragraph 3 3. For
Amendment 476 #
Proposal for a regulation Article 42 – paragraph 3 3. For its notary and central maintenance services as well as for each securities settlement system it operates, a CSD shall establish, implement and maintain an adequate business continuity policy
Amendment 477 #
Proposal for a regulation Article 42 – paragraph 4 4. The plan referred to in paragraph 3 shall
Amendment 478 #
Proposal for a regulation Article 42 – paragraph 4 4. The plans referred to in paragraph 3 shall at a minimum provide for the recovery of all transactions at the time of disruption to allow the participants of a CSD to continue to operate with certainty and to complete settlement on the scheduled date. It shall include the setting up of a second processing site with the requisite level of key resources, capabilities and functionalities, including appropriately skilled and experienced staff.
Amendment 479 #
Proposal for a regulation Article 42 – paragraph 7 – subparagraph 1 ESMA shall develop in consultation with the members of the ESCB draft regulatory technical standards to specify the operational risks referred to in paragraphs 1 and 6, the methods to test, address or minimise those risks, including the business continuity policies
Amendment 480 #
Proposal for a regulation Article 42 – paragraph 7 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by six months from the date of entry into force of this Regulation. These draft technical standards shall be applicable to both a CSD which performs banking type ancillary services to settlement and a credit institution which obtains authorisation to operate a CSD, and shall explicitly emphasise resolvability and safety.
Amendment 481 #
Proposal for a regulation Article 43 – paragraph 3 3. A CSD
Amendment 482 #
Proposal for a regulation Article 43 – paragraph 4 4. A CSD shall take into account its overall
Amendment 483 #
Proposal for a regulation Article 43 – paragraph 4 4. A CSD shall take into account its overall
Amendment 484 #
Proposal for a regulation Article 44 – paragraph 3 – subparagraph 1 ESMA shall develop in consultation with the ERSB and the members of the ESCB draft regulatory technical standards to specify the capital, retained earnings and reserves of a CSD referred to in paragraph 1 and the features of the plan referred to in paragraph 2.
Amendment 485 #
Proposal for a regulation Article 44 a (new) Article 44 a CSD with a banking licence 1. Where a CSD authorised to perform banking-type ancillary services as defined in Annex C of this Regulation, it shall comply with the specific capital requirements laid down in Directive 2006/48/EC, and any subsequent legislative act on prudential supervision of credit institutions.
Amendment 486 #
Proposal for a regulation Article 44 a (new) Article 44 a Liability regime A CSD shall be liable for the losses suffered by its members and or participants arising from the loss of a financial instrument when they are related to the functions for which the CSD has been authorised, unless it can prove that the loss is the result of an external event beyond its control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. A CSD shall be liable for (but not limited to) the following cases: - reconciliation errors with registrars and/or issuers; - theft of securities (either physical or electronic); - systems failure; - failure within the CSD’s central counterparty functionality, if applicable; - CSD errors, omissions or fraud impacting settlement, safekeeping and asset servicing activities; - CSD insolvency / default; - force majeure events. A CSD shall demonstrate that it has sufficient provision to cover such instances in the form of liability insurance and/or capital provision. ESMA shall develop draft regulatory technical standards to specify the details of insurance and capital provision. The liability regime should take into account if the Member States provide for shared services.
Amendment 487 #
Proposal for a regulation Article 45 – paragraph 2 2.
Amendment 488 #
Proposal for a regulation Article 45 – paragraph 4 4. In case of a provisional transfer of securities between linked CSDs, retransfer or onward transfer to a third CSD of securities prior to the first transfer becoming final shall be prohibited.
Amendment 489 #
Proposal for a regulation Article 45 – paragraph 4 4. In case of a provisional transfer of securities between linked CSDs, retransfer or onward transfer to a third CSD of securities prior to the first transfer becoming final shall be prohibited.
Amendment 490 #
Proposal for a regulation Article 45 – paragraph 7 7. Links between CSDs shall permit DVP settlement of transactions between participants in linked CSDs, wherever practical and feasible.
Amendment 491 #
Proposal for a regulation Article 45 – paragraph 8 a (new) 8 a. A CSD shall provide appropriate account structures to enable participants, including other CSDs, to connect to its systems. The account structure shall be supported by the appropriate settlement, custody and fiscal arrangements.
Amendment 492 #
Proposal for a regulation Article 45 – paragraph 8 a (new) 8 a. A CSD shall provide appropriate access to the account structures in order to enable participants and CSDs, to connect and have access to its systems. The account structure shall be supported by the appropriate arrangements addressing relevant risks to the system.
Amendment 493 #
Proposal for a regulation Article 45 – paragraph 9 – subparagraph 1 ESMA shall develop in c
Amendment 494 #
Proposal for a regulation Article 45 – paragraph 9 – subparagraph 1 ESMA shall develop in consultation and close cooperation with the members of the ESCB draft regulatory technical standards to specify the conditions as provided in paragraph 3 under which each type of link arrangement provides for adequate protection of the linked CSDs and of their participants, in particular when a CSD intends to participate in the securities settlement system operated by another CSD, the monitoring and managing of additional risks referred to in paragraph 5 arising from the use of intermediaries, the reconciliation methods referred to in paragraph 6, the cases where DVP settlement through links is practical and feasible as provided in paragraph 7, the provisions of paragraph 8a on the appropriate account structures including the relevant arrangements and the methods of assessment thereof.
Amendment 495 #
Proposal for a regulation Article 46 A
Amendment 496 #
Proposal for a regulation Article 46 Amendment 497 #
Proposal for a regulation Article 46 – paragraph 1 1.
Amendment 498 #
Proposal for a regulation Article 46 – paragraph 1 1.
Amendment 499 #
Proposal for a regulation Article 46 – paragraph 2 2. Where the
Amendment 500 #
Proposal for a regulation Article 46 – paragraph 2 2. Where the
Amendment 501 #
Proposal for a regulation Article 46 – paragraph 3 Amendment 502 #
Proposal for a regulation Article 46 – paragraph 3 Amendment 503 #
Proposal for a regulation Article 46 – paragraph 4 a (new) 4 a. A CSD shall analyse and define the law applicable to each book-entry account it maintains and present the outcome to the competent authority for verification.
Amendment 504 #
Proposal for a regulation Article 46 – paragraph 4 b (new) 4 b. After the verification by the competent authority of the CSD- and account-specific rules regarding the applicable law, the outcome will become unchallengeable and the CSD shall inform the account holder of the applicable law.
Amendment 505 #
Proposal for a regulation Article 47 – paragraph 1 1. Without prejudice to the
Amendment 507 #
Proposal for a regulation Article 48 – paragraph 1 A CSD shall have the right to
Amendment 508 #
Proposal for a regulation Article 48 – paragraph 1 a (new) By 1 February 2017, CSD links shall be interoperable DVP-supporting links.
Amendment 509 #
Proposal for a regulation Article 49 – title Amendment 510 #
Proposal for a regulation Article 49 – paragraph –1 (new) -1. Until 1 February 2017 a CSD shall have the right to become a participant of another CSD and use a standardized link access.
Amendment 511 #
Proposal for a regulation Article 49 – paragraph 1 1. Where a CSD requests another CSD
Amendment 512 #
Proposal for a regulation Article 50 – paragraph 2 – subparagraph 5 The responsible competent authority shall consult the competent authority of the requesting CSD and the relevant authorities referred to in Article 11 on its assessment of the complaint. Where any of the authorit
Amendment 513 #
Proposal for a regulation Article 50 – paragraph 4 4. The competent a
Amendment 514 #
Proposal for a regulation Article 51 – paragraph 1 – subparagraph 1 A CCP and a trading venue shall provide transaction feeds on a non-discriminatory and transparent basis to a CSD upon request by the CSD
Amendment 515 #
Proposal for a regulation Article 51 – paragraph 1 – subparagraph 1 A CCP and a trading venue shall provide transaction feeds on a non-discriminatory and transparent basis to a CSD upon request by the CSD
Amendment 516 #
Proposal for a regulation Article 51 – paragraph 1 – subparagraph 2 A CSD shall provide access to its securities settlement systems on a non-discriminatory and transparent basis to a CCP or a trading venue and may charge a fee for extra services in connection to such access on a cost-plus basis, unless otherwise agreed by both parties. Access based on ESMA standards should be free of charge.
Amendment 517 #
Proposal for a regulation Article 51 – paragraph 1 – subparagraph 2 A CSD shall provide access to its securities settlement systems on a non-discriminatory and transparent basis to a CCP or a trading venue
Amendment 518 #
Proposal for a regulation Article 51 – paragraph 3 – subparagraph 3 The responsible competent authority and the relevant authorities referred to in Article 11 shall duly examine the complaint by assessing the reasons for refusal and shall provide the requesting party with a reasoned reply.
Amendment 519 #
Proposal for a regulation Article 51 – paragraph 3 – subparagraph 4 The responsible competent authority shall consult the competent authority of the requesting party and the relevant authorities referred to in Article 11 on its assessment of the complaint. Where any of the authorit
Amendment 520 #
Proposal for a regulation Title 4 Amendment 521 #
Proposal for a regulation Article –52 (new) Article –52 Assessment report By the end of 2014, the Commission shall, in close cooperation with the ECB, submit a report assessing the provision of ancillary banking services with an appropriate mitigation of risks, whilst safeguarding the efficiency of CSDs in providing their services. In accordance with the conclusions of that report, the Commission shall submit a legislative proposal to amend Title IV if appropriate.
Amendment 522 #
Proposal for a regulation Article 52 – title Authorisation to provide banking type of ancillary services by designating an authorised credit institution
Amendment 523 #
Proposal for a regulation Article 52 – paragraph 1 Amendment 524 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD
Amendment 525 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD
Amendment 526 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD
Amendment 527 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD
Amendment 528 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD shall not provide itself any banking type of ancillary services set out in Section C of the Annex, unless it has demonstrated and provided assurance to the national competent authority referred to in Article 53(1) of this Regulation, that the risks incurred for offering such banking type ancillary services in the same legal entity are duly mitigated in line with the European implementing acts of the CPSS-IOSCO Principles applicable to CSDs and the ad-hoc national CSD Recovery and Resolution safeguards, as set in this Article.
Amendment 529 #
Proposal for a regulation Article 52 – paragraph 1 1. A CSD shall
Amendment 530 #
Proposal for a regulation Article 52 – paragraph 1 a (new) 1 a. A credit institution shall only obtain an authorisation to provide the banking type of ancillary services listed in Section C of the Annex if this is its exclusive activity and it does not carry out other banking or CSD services.
Amendment 531 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 532 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 533 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 534 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 535 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 536 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 537 #
Proposal for a regulation Article 52 – paragraph 2 Amendment 538 #
Proposal for a regulation Article 52 – paragraph 2 2. By way of derogation from paragraph 1,
Amendment 539 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 1 Amendment 540 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 1 Amendment 541 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 1 Amendment 542 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 2 Amendment 543 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 2 Amendment 544 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 2 Following a detailed impact assessment, a consultation of the
Amendment 545 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 2 Following a detailed impact assessment, a consultation of the
Amendment 546 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 2 Following a detailed impact assessment, a consultation of the
Amendment 547 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 3 Amendment 548 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 3 A CSD which
Amendment 549 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 3 A CSD which
Amendment 550 #
Proposal for a regulation Article 52 – paragraph 2 a (new) Amendment 551 #
Proposal for a regulation Article 52 – paragraph 2 a (new) 2 a. A CSD shall be able to obtain authorisation to undertake limited banking services. It should therefore – in addition to its authorisation as CSD: (i) be authorised as a credit institution as provided in Title II of Directive 2006/48/EC. It shall comply with all laws and regulations applicable to credit institutions; (ii) have in place adequate recovery plans aiming at continuity of its critical operations including the activity authorised under its banking licence; (iii) publicly report in its annual Pillar 3 disclosure, as required under Directive 2006/48/EC, an overview of its intraday credit and liquidity risks and how these risks are managed.
Amendment 552 #
Proposal for a regulation Article 52 – paragraph 2 – subparagraph 3 a (new) A CSD shall be able to obtain authorisation to undertake limited banking services. It should therefore – in addition to its authorisation as CSD: (i) be authorised as a credit institution as provided in Title II of Directive 2006/48/EC. It shall comply with all laws and regulations applicable to credit institutions; (ii) have in place adequate recovery plans aiming at continuity of its critical operations including the activity authorised under its banking licence; (iii) publicly report in its annual Pillar 3 disclosure, as required under Directive 2006/48/EC, an overview of its intraday credit and liquidity risks and how these risks are managed.
Amendment 553 #
Proposal for a regulation Article 52 – paragraph 2 b (new) 2 b. If the competent authority referred to in Article 53(1) of this Regulation demonstrates, based on the available evidence, that the exposure of the CSD authorised to perform banking type ancillary services to the concentration of risks under Article 57(3) and (4) of this Regulation is not sufficiently mitigated, the competent authority referred to in Article 53(1) may require the CSD to designate more than one credit institution. The designated credit institutions, in either case, shall be considered as settlement agents.
Amendment 554 #
Proposal for a regulation Article 52 – paragraph 3 Amendment 555 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose a
Amendment 556 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation
Amendment 557 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall apply to become, or obtain authorisation to designate for this purpose, an authorised credit institution as provided in Title II of Directive 2006/48/EC, unless the competent authority referred to in Article 53(1) of this Regulation demonstrates, based on the available evidence, that the exposure of one credit institution to the concentration of risks under Article 57(3) and (4) of this Regulation is not sufficiently mitigated. In the latter case, the competent authority referred to in Article 53(1) may require the CSD to designate more than one credit institution. The designated credit institutions shall be considered as settlement agents as defined in point (d) of Article 2 of Directive 98/26/EC.
Amendment 558 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of
Amendment 559 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD which has not requested or obtained an authorisation in accordance with paragraph 2a and that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose an authorised credit institution as provided in Title II of Directive 2006/48/EC
Amendment 560 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD which has not requested or obtained an authorisation in accordance with paragraph 2a and that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose an authorised credit institution as provided in Title II of Directive 2006/48/EC
Amendment 561 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD which has not requested or obtained an authorisation in accordance with paragraph 2 and that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose an authorised credit institution as provided in Title II of Directive 2006/48/EC
Amendment 562 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation but which has not obtained an authorisation in accordance with Paragraph 2(a), from the competent authority referred to in Article 53(1) of this Regulation, shall obtain authorisation to designate for this purpose an authorised credit institution as provided in Title II of Directive 2006/48/EC, unless the competent authority referred to in Article 53(1)
Amendment 563 #
Proposal for a regulation Article 52 – paragraph 3 3. A CSD that intends to settle the cash leg of all or part of its securities settlement system in accordance with Article 37(2) of this Regulation shall obtain authorisation to designate for this purpose
Amendment 564 #
Proposal for a regulation Article 52 – paragraph 4 Amendment 565 #
Proposal for a regulation Article 52 – paragraph 4 Amendment 566 #
Proposal for a regulation Article 52 – paragraph 4 Amendment 567 #
Proposal for a regulation Article 52 – paragraph 4 4. The authorisation referred to in paragraph 3 shall cover the ancillary services set out in Section C of the Annex that the designated credit institution or
Amendment 568 #
Proposal for a regulation Article 52 – paragraph 4 4. The authorisation referred to in paragraph 3 shall cover the ancillary services set out in Section C of the Annex that the designated credit institution or a CSD that has been granted a
Amendment 569 #
Proposal for a regulation Article 52 – paragraph 4 4. The authorisation referred to in paragraph
Amendment 570 #
Proposal for a regulation Article 52 – paragraph 4 4. The authorisation referred to in paragraph
Amendment 571 #
Proposal for a regulation Article 52 – paragraph 4 4. The authorisation referred to in paragraph 3 shall cover the ancillary services set out in Section C of the Annex that the designated credit institution or a CSD that has been granted a derogation under
Amendment 572 #
Proposal for a regulation Article 52 – paragraph 5 Amendment 573 #
Proposal for a regulation Article 52 – paragraph 5 5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, the authorisation as provided in Title II of Directive 2006/48/EC of such designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph
Amendment 574 #
Proposal for a regulation Article 52 – paragraph 5 5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, the authorisation as provided in Title II of Directive 2006/48/EC of such designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 3 of this Article. The same requirement applies in respect of a CSD that has been granted a
Amendment 575 #
Proposal for a regulation Article 52 – paragraph 5 5.
Amendment 576 #
Proposal for a regulation Article 52 – paragraph 5 5.
Amendment 577 #
Proposal for a regulation Article 52 – paragraph 5 5.
Amendment 578 #
Proposal for a regulation Article 52 – paragraph 5 5. Whenever the CSD
Amendment 579 #
Proposal for a regulation Article 52 – paragraph 5 5. Whenever the CSD and the designated credit institution belong to a group of undertakings ultimately controlled by the same parent undertaking, the authorisation as provided in Title II of Directive 2006/48/EC of such designated credit institution shall be limited exclusively to the provision of the banking type of ancillary services that it is authorised to provide in accordance with paragraph 3 of this Article. The same requirement applies in respect of a CSD that has been granted a derogation under
Amendment 580 #
Proposal for a regulation Article 52 – paragraph 5 5. When
Amendment 581 #
Proposal for a regulation Article 52 – paragraph 5 – subparagraph 1 (new) Any CSD that has been authorised as a credit institution according to paragraph 2bis and any credit institution designated in accordance with paragraph 3 shall be subject to the fulfilment of the prudential and supervision requirements provided in Articles 42, 57 and, in case of a credit institution, 58.
Amendment 582 #
Proposal for a regulation Article 52 – paragraph 5 a (new) 5 a. Any CSD that has been authorised as a credit institution according to paragraph 2, and any credit institution(s) designated in accordance with paragraph 3, shall be subject to the fulfilment of the prudential and supervision requirements provided in Articles 42, 57 and, in the case of a credit institution, 58.
Amendment 583 #
Proposal for a regulation Article 52 – paragraph 5 a (new) 5 a. A CSD that has been authorised as a credit institution according to paragraph 3 of this Article shall fulfil prudential and supervision requirements provided in Articles 42, 57 and 58.
Amendment 584 #
Proposal for a regulation Article 52 – paragraph 5 a (new) 5 a. Any CSD that has been authorised as a credit institution according to paragraph 2a and any credit institution designated in accordance with paragraph 3 shall be subject to the fulfilment of the prudential and supervision requirements provided in Articles 42, 57 and, in case of a credit institution, 58.
Amendment 585 #
Proposal for a regulation Article 52 – paragraph 6 – subparagraph 1 4. The CSD and the designated credit institutions shall comply at all times with the conditions necessary for authorisation under this Regulation.
Amendment 586 #
Proposal for a regulation Article 52 a (new) Amendment 587 #
Proposal for a regulation Article 52 a (new) Article 52 a Ongoing monitoring of CSDs with a banking licence ESMA shall, in line with the principle of an open market economy with free competition in accordance with Article 119(1) and (2) of the TFEU and in cooperation with EBA, monitor and report annually to the Commission on CSDs with a banking licence and in particular on any possible unintended consequences and spill over effects on other Member States or distortion of the single market and competition. ESMA may request additional information from CSDs to aid them in their reporting. Where these reports demonstrate that CSDs with a banking licence are making use of this in such a way that the distortion of the internal market poses systemic risk or indicates an implicit taxpayer guarantee to CSD, the Commission may intervene or shall submit legislative proposals.
Amendment 588 #
Proposal for a regulation Article 52 b(new) Article 52 b Ongoing monitoring of access requirements ESMA shall closely monitor and annually report to the Commission on access to financial market infrastructure licensing arrangements and any negative impacts on the establishment of a competitive single market in post trade financial services, in particular where the use of such licences may be used to prevent competition from other trading venues and CCPs. Where these reports demonstrate ongoing barriers to competition in post trade financial services in such a way that poses systemic risk and an implicit taxpayer guarantee to financial market infrastructure the Commission may intervene to remove these barriers or shall come forward with legislative proposals.
Amendment 589 #
Proposal for a regulation Article 53 – paragraph 1 1. The CSD shall submit its application for authorisation to become a credit institution, or to designate a credit institution, as required under Article 52, to the competent authority of the Member State where it is established.
Amendment 590 #
Proposal for a regulation Article 53 – paragraph 1 1. The CSD shall submit its application for authorisation to designate a credit institution,
Amendment 591 #
Proposal for a regulation Article 53 – paragraph 4 – point a (a) The relevant authorit
Amendment 592 #
Proposal for a regulation Article 53 – paragraph 4 – point b (b) The competent authority referred to in Article 58(1) on the ability of the designated credit institutions to comply with the prudential requirements under Article 57
Amendment 595 #
Proposal for a regulation Article 53 – paragraph 5 – subparagraph 1 ESMA shall develop in consultation and close cooperation with the members of the ESCB and EBA draft regulatory technical standards to specify the information that the applicant CSD shall provide to the competent authority.
Amendment 596 #
Proposal for a regulation Article 53 – paragraph 5 – subparagraph 1 ESMA shall develop in c
Amendment 597 #
Proposal for a regulation Article 54 – paragraph 1 1. A CSD that intends to extend the banking type of ancillary services which it provides or for which it designates a credit institution shall submit a request for extension to the competent authority of the Member State where that CSD is established.
Amendment 598 #
Proposal for a regulation Article 55 – paragraph 1 – introductory part 1. The competent authority of the Member State where the CSD is established shall withdraw the authorisation under Article 52 in any of the following circumstances:
Amendment 599 #
Proposal for a regulation Article 55 – paragraph 1 – point c (c) where the CSD
Amendment 600 #
Proposal for a regulation Article 55 – paragraph 1 – point d (d) where the CSD
Amendment 601 #
Proposal for a regulation Article 55 – paragraph 1 – point d (d) where the CSD and the designated credit institution have seriously
Amendment 602 #
Proposal for a regulation Article 55 – paragraph 2 2. Before withdrawing authorisation, the competent authority shall consult the relevant authorities
Amendment 603 #
Proposal for a regulation Article 55 – paragraph 3 3. ESMA, any relevant authority
Amendment 604 #
Proposal for a regulation Article 55 – paragraph 3 3. ESMA, any relevant authority under point (a) of Article 11(1) and any authority referred to in Article 58(1) may, at any time, request that the competent authority of the Member State where the CSD is established examine whether the CSD
Amendment 605 #
Proposal for a regulation Article 56 – paragraph 1 1. Decisions taken by competent authorities under Articles 52, 54 and 55 or notifications received under Article 52a (3) or (4) shall be notified to ESMA.
Amendment 606 #
Proposal for a regulation Article 56 – paragraph 2 – point a (a) the name of each CSD which was subject to a decision under Articles 52, 54 and 55 or which filed a notification under Article 52a (3);
Amendment 607 #
Proposal for a regulation Article 56 – paragraph 2 – point c (c) the list of banking type of ancillary services that a designated credit institution is authorised to provide for CSD’s
Amendment 608 #
Proposal for a regulation Article 56 – paragraph 3 3. The competent authorities shall notify to ESMA those CSDs that provide banking type of ancillary services with a banking licence and those credit institutions that provide banking type of ancillary services according to the requirements of national law 90 days from the entry into force of this Regulation.
Amendment 609 #
Proposal for a regulation Article 57 – title Prudential requirements applicable to credit institutions designated to provide banking type of ancillary services and CSDs providing banking type of ancillary services.
Amendment 610 #
Proposal for a regulation Article 57 – paragraph 1 1. A credit institution designated to provide banking type of ancillary services shall provide only the services set out in Section C of the Annex that are covered by the authorisation and shall not be authorised to carry out other activities.
Amendment 611 #
Proposal for a regulation Article 57 – paragraph 1 1. A CSD authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall
Amendment 612 #
Proposal for a regulation Article 57 – paragraph 1 1. A credit institution designated to provide banking type of ancillary services shall be a limited-purpose settlement bank, as defined in Article 2(1)(31a) (new) and provide the services set out in Section C of the Annex that are covered by the authorisation.
Amendment 613 #
Proposal for a regulation Article 57 – paragraph 1 1. A credit institution designated to provide banking type of ancillary services shall be limited to provid
Amendment 614 #
Proposal for a regulation Article 57 – paragraph 1 1. A credit institution authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall
Amendment 615 #
Proposal for a regulation Article 57 – paragraph 1 a (new) 1 a. The banking type of ancillary services set out in Section C of the Annex shall only be provided by a credit institution designated by a CSD in accordance with Article 56.
Amendment 616 #
Proposal for a regulation Article 57 – paragraph 2 2. A CSD authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall comply with any present or future legislation applicable to credit institutions.
Amendment 617 #
Proposal for a regulation Article 57 – paragraph 2 2. A CSD authorised as a credit institution or a credit institution designated to provide
Amendment 618 #
Proposal for a regulation Article 57 – paragraph 2 2. A
Amendment 619 #
Proposal for a regulation Article 57 – paragraph 2 2. A credit institution designated to provide banking type of ancillary services shall comply with any present or future legislation applicable to credit institutions
Amendment 620 #
Proposal for a regulation Article 57 – paragraph 3 – introductory part 3. A CSD authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall comply with the following specific prudential requirements for the credit risks related to these services in respect of each securities settlement system:
Amendment 621 #
Proposal for a regulation Article 57 – paragraph 3 – introductory part 3. A CSD authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall comply with the following specific prudential requirements for the credit risks related to these services in respect of each securities settlement system:
Amendment 622 #
Proposal for a regulation Article 57 – paragraph 3 – introductory part 3. A credit institution designated to provide banking type of ancillary services and a CSD authorised as a credit institution that has notified its competent authority according to Article 52a (3) shall comply with the following specific prudential requirements for the credit risks related to these services in respect of each securities settlement system:
Amendment 623 #
Proposal for a regulation Article 57 – paragraph 3 – point d (d) if collateral is required to manage its corresponding credit risk, it shall accept only
Amendment 624 #
Proposal for a regulation Article 57 – paragraph 3 – point j (j) it shall
Amendment 625 #
Proposal for a regulation Article 57 – paragraph 4 – introductory part 4. A credit institution designated to provide banking type of ancillary services and a CSD authorised as a credit institution that has notified its competent authority according to Article 52a (3) shall comply with the following specific prudential requirements for the liquidity risks related to these services in respect of each securities settlement system:
Amendment 626 #
Proposal for a regulation Article 57 – paragraph 4 – introductory part 4. A CSD authorised as a credit institution or a credit institution designated to provide banking type of ancillary services shall comply with the following specific prudential requirements for the liquidity risks related to these services in respect of each securities settlement system:
Amendment 627 #
Proposal for a regulation Article 57 – paragraph 4 – point j (j) it shall ensure that it can re-use
Amendment 628 #
Proposal for a regulation Article 57 – paragraph 5 – subparagraph 1 – introductory part 5. EBA, in c
Amendment 629 #
Proposal for a regulation Article 58 – title Supervision of credit institutions designated to provide banking type of ancillary services and CSDs authorised as a credit institution that have notified their competent authority according to Article 52a (3)
Amendment 630 #
Proposal for a regulation Article 58 – paragraph 1 1. The competent authority referred to in Directive 2006/48/EC is responsible for the authorisation and supervision under the conditions provided in that directive of the credit institutions designated to provide banking type of ancillary services and as regards their compliance with Article 57(3) and (4) of this Regulation and for ensuring that such credit institutions comply with Article 57 1a.
Amendment 631 #
Proposal for a regulation Article 58 – paragraph 1 a (new) 1 a. If a CSD authorised as a credit institution that has notified its competent authority according to Article 52a (3) is not in compliance with Article 57 (3) and (4) of this Regulation, the competent authority may notwithstanding any measures under the Directive 2006/48/EC withdraw the authorisation of the CSD in accordance with Article 18 of this Regulation.
Amendment 632 #
Proposal for a regulation Article 58 – paragraph 3 3. In view of the protection of the participants to the securities settlement systems it operates, a CSD shall ensure that it has access from
Amendment 633 #
Proposal for a regulation Article 58 – paragraph 4 4. In order to ensure consistent, efficient and effective supervision within the Union of credit institutions designated to provide banking type of ancillary services, EBA, in c
Amendment 634 #
Proposal for a regulation Article 59 – paragraph 1 – subparagraph 1 Without prejudice to the right of Member States to provide for and impose criminal sanctions, Member States shall lay down rules on the administrative sanctions and measures applicable in the circumstances defined in Article 60 to the persons responsible for breaches of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. Those sanctions and measures shall be effective, proportionate and dissuasive.
Amendment 635 #
Proposal for a regulation Article 59 – paragraph 2 2. The competent authorities shall be able to apply administrative sanctions and measures, subject to the conditions laid down in national law, to CSDs, designated credit institutions, the members of their management bodies
Amendment 636 #
Proposal for a regulation Article 59 – paragraph 3 a (new) 3 a. A CSD shall be liable for the loss of a financial instrument caused by the CSD. Criteria for liability and restitution requirements for losses or damages attributable to CSDs, negligence or failure shall be transparent, risk-based, and consistent with applicable laws and subject to oversight by the competent authority. ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards to specify such liability. ESMA shall submit those draft regulatory technical standards to the Commission by [six months after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 637 #
Proposal for a regulation Article 60 – paragraph 2 – point a (a) a public
Amendment 638 #
Proposal for a regulation Article 60 – paragraph 2 – point g (g) in respect of a legal person, administrative pecuniary sanctions of up to
Amendment 639 #
Proposal for a regulation Article 61 – paragraph 1 – introductory part 1.
Amendment 640 #
Proposal for a regulation Article 61 – paragraph 2 Amendment 641 #
Proposal for a regulation Article 67 – paragraph 1 1. Institutions that have been providing services listed in the Annex before the entry into force of this Regulation and have notified to ESMA as CSDs under the conditions set out under Article 19(4) shall
Amendment 642 #
Proposal for a regulation Article 67 – paragraph 2 2.
Amendment 643 #
Proposal for a regulation Article 67 – paragraph 4 a (new) Amendment 644 #
Proposal for a regulation Article 68 a (new) Regulation (EU) No 236/2012 Article 15 Article 68a Amendment to Regulation (EU) No 236/2012 Article 15 is amended as follows: (1) in paragraph 1, point (a) is replaced by the following: "(a) where a natural or legal person who sells shares is not able to deliver the shares for settlement within seven business days after the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement;" (2) in paragraph 2, the first subparagraph is replaced by the following: "A central counterparty in a Member state that provides clearing services for shares shall ensure that procedures are in place which ensure that where a natural or legal person who sells shares fails to deliver the shares for settlement by seven days after the date on which settlement is due, such person must make daily payments for each day that the failure continues. Where the regulated market, MTF, OTF or SME growth market on which the transaction has been executed or to which the transaction has been reported notifies market participants accordingly, a shorter settlement period shall apply to that market." (3) the following paragraph is added: "3. Paragraphs 1 and 2 shall apply in accordance with Article 7(7) of Regulation (EU) No .../... [CSDR] and the regulatory technical standards adopted under Article 7(8) thereof.
Amendment 645 #
Proposal for a regulation Article 68 – paragraph 1 a (new) Directive 98/26/EC Article 2 1a. In Article 2, point (p) is replaced by the following: "(p) system operator’ shall mean the entity or entities legally responsible for the operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house. Only CSDs authorised in accordance with Regulation (EU) No xxx/xxx [CSDR] and central banks shall be permitted to be system operators."
Amendment 646 #
Proposal for a regulation Article 70 – paragraph 3 – subparagraph 1 Article 3(1) shall apply from 1 January 2020 to transferable securities issued after that date and from 1 January 2025 to all transferable securities.
Amendment 647 #
Proposal for a regulation Article 70 – paragraph 3 – subparagraph 1 Article 3(1) shall apply from 1 January 20
Amendment 649 #
Proposal for a regulation Annex 1 – section A – point 3 3. Operating a securities settlement system as designated under Directive 98/26/EC (‘settlement service’)
Amendment 650 #
Proposal for a regulation Annex 1 – section B – title Non-banking type of ancillary services of central securities depositories not involving credit or liquidity risk
Amendment 651 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 1 – point c (c) Settlement matching,
Amendment 652 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 2 – point b (b)
Amendment 653 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 2 – point c (c) New issue services, including issuance and admittance of securities into the securities settlement system, allocation and management of ISIN codes and similar codes;
Amendment 654 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 2 – point d (d)
Amendment 655 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 2 – point d (d)
Amendment 656 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 3 3.
Amendment 657 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 3 3.
Amendment 658 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 3 a (new) 3 a. Operational services related to netting and clearing services
Amendment 659 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 3 a (new) 3 a. Operational services related to netting and clearing services
Amendment 660 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 4 – point c (c) Providing information, data and statistics to market/census bureaus or other entities;
Amendment 661 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 4 – point c (c) Providing information, data and statistics to market/census bureaus or other governmental or inter-governmental entities;
Amendment 662 #
Proposal for a regulation Annex 1 – section B – paragraph 1 – point 4 – point d (d) Providing IT and operational services.
Amendment 663 #
Proposal for a regulation Annex 1 – section C – title Amendment 664 #
Proposal for a regulation Annex 1 – section C – title Amendment 665 #
Proposal for a regulation Annex 1 – section C – title Amendment 666 #
Proposal for a regulation Annex 1 – section C – point 1 Amendment 667 #
Proposal for a regulation Annex 1 – section C – point 1 1.
Amendment 668 #
Proposal for a regulation Annex 1 – section C – point 1 1. The CSD credit institution shall only provide the services listed in Annex 1 of Directive 20XX/XX/CE (CRD IV), points 1, 2, 4, 6, 7b and 7e, such as: Banking type of services for the participants to a securities settlement system related to the settlement service, such as (a)
Amendment 669 #
Proposal for a regulation Annex 1 – section C – point 1 – introductory part 1. Banking type of services
Amendment 670 #
Proposal for a regulation Annex 1 – section C – point 1 – point a Amendment 671 #
Proposal for a regulation Annex 1 – section C – point 1 – point a (a)
Amendment 672 #
Proposal for a regulation Annex 1 – section C – point 1 – point b Amendment 673 #
Proposal for a regulation Annex 1 – section C – point 1 – point b Amendment 674 #
Proposal for a regulation Annex 1 – section C – point 1 – point c Amendment 675 #
Proposal for a regulation Annex 1 – section C – point 1 – point c Amendment 676 #
Proposal for a regulation Annex 1 – section C – point 1 – point d (d) Lending securities and cash (in line with CRD, Annex 1, section 2).
Amendment 677 #
Proposal for a regulation Annex 1 – section C – point 1 – point d a (new) (d a) Lending cash for intended reimbursement no later than the following business day;
Amendment 678 #
Proposal for a regulation Annex 1 – section C – point 1 – point d a (new) (d a) Acceptance of deposits (in line with CRD, Annex 1, section 1);
Amendment 679 #
Proposal for a regulation Annex 1 – section C – point 2 Amendment 680 #
Proposal for a regulation Annex 1 – section C – point 2 – point a (a) Providing cash accounts for settlement and accepting cash deposits from the holders of securities accounts (in line with CRD, Annex 1, section 4 and section 7b);
Amendment 681 #
Proposal for a regulation Annex 1 – section C – point 2 – point a a (new) (a a) Processing of cash transactions, including the cash leg of DVP transactions and transactions related to foreign exchange instructions from participants;
Amendment 682 #
Proposal for a regulation Annex 1 – section C – point 2 – point b (b) Lending securities to the holders of securities accounts (in line with CRD, Annex 1, section 6 and section 7e);
Amendment 683 #
Proposal for a regulation Annex 1 – section C – point 2 – point c a (new) (c a) Trading for own account or for account of participants, in particular treasury activities related to the management of the participants’ long balances;
Amendment 684 #
Proposal for a regulation Annex 1 – section C – point 2 – point c – point i (i) Pre-financing income and redemption proceeds (in line with CRD, Annex 1, section 2);
Amendment 685 #
Proposal for a regulation Annex 1 – section C – point 2 – point c – point ii Amendment 686 #
Proposal for a regulation Annex 1 – Section C – point 2 – point c – point ii a (new) (ii a) Perform its own asset, liability and capital management related to sections 1, 2, 4, 6, 7b and 7e of Annex 1 of Directive 20XX/XX/EU (CRD) .
source: PE-500.476
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