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2015/0295(COD) Prudential requirements for credit institutions and investment firms: exemptions for commodity dealers

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON LOONES Sander (icon: ECR ECR) PIETIKÄINEN Sirpa (icon: PPE PPE), FERREIRA Elisa (icon: S&D S&D), THEURER Michael (icon: ALDE ALDE), LAMBERTS Philippe (icon: Verts/ALE Verts/ALE), KAPPEL Barbara (icon: ENF ENF)
Lead committee dossier:
Legal Basis:
TFEU 114

Events

2016/06/29
   Final act published in Official Journal
Details

PURPOSE: to extend the period during which commodity dealers are exempted from certain requirements laid down in Regulation (EU) nº 575/2013 on capital requirements (the 'Capital Requirements Regulation' or 'CRR').

LEGISLATIVE ACT: Regulation (EU) 2016/1014 of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

CONTENT: this Regulation amends Regulation (EU) nº 575/2013 in order to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements. These exemptions apply until 31 December 2020 or the date of entry into force of any amendments, whichever is the earlier.

To recall, Regulation (EU) nº 575/2013 of the European Parliament and of the Council exempt commodity dealers from large exposures requirements and from own funds requirements respectively. Both exemptions expire on 31 December 2017.

The prudential framework applicable to investment firms (including commodity dealers) is currently under review. The results will determine the appropriate prudential treatment of commodity dealers. The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017.

A decision to apply the requirements for large exposures and own funds requirements to commodity dealers should be a thoroughly reasoned one, based on conclusions of the investment firms review, and should be clearly expressed in legislation.

ENTRY INTO FORCE: 19.7.2016.

Documents
Regulation 2016/1014
OJ L 171 29.06.2016, p. 0153
2016/06/08
   CSL - Draft final act
Documents
00013/2016/LEX
2016/06/08
   CSL - Final act signed
2016/06/08
   EP - End of procedure in Parliament
2016/05/30
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2016/05/30
   CSL - Council Meeting
2016/05/11
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/05/11
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 547 votes to 60, with 50 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

Parliament adopted its position at first reading under the ordinary legislative procedure, taking over the Commission proposal .

Regulation (EU) nº 575/2013 of the European Parliament and of the Council (CRR) exempt commodity dealers from large exposures requirements and from own funds requirements respectively . Both exemptions expire on 31 December 2017.

The prudential framework applicable to investment firms (including commodity dealers) is currently under review . The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017.

Therefore, the proposed Regulation seeks to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements until 31 December 2020 and accordingly, amend Regulation 575/2013.

Documents
T8-0214/2016
2016/04/27
   ESC - Economic and Social Committee: opinion, report
Documents
CES0642/2016
2016/03/21
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Sander LOONES (ECR, BE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

The committee recommended that the European Parliament adopt its position at first reading, taking over the Commission proposal .

To recall, the proposed Regulation aims to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013 .

The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review.

However, it is highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire (31 December 2017).

This situation could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities.

In order to prevent this situation from arising, the Commission considered it necessary to extend the existing exemptions laid down in the CRR and that account should be taken of the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review.

Documents
A8-0064/2016
2016/03/08
   EP - Vote in committee, 1st reading
2016/03/03
   ECB - European Central Bank: opinion, guideline, report
Details

OPINION OF THE EUROPEAN CENTRAL BANK on a proposal for a regulation amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers .

The ECB considered that while the large exposures and own funds requirements of Regulation (EU) No 575/2013 do not seem to be tailor-made for commodity dealers, a decision to extend the exemptions from these prudential requirements should take into consideration any potential systemic risks posed by commodity dealers. Such risks could stem from a number of sources.

The ECB has so far not identified any concrete indications of systemic risk created by commodity dealers that would make it strictly necessary at this stage to remove the exemptions for requirements concerning large exposures and own funds that apply at present.

Despite the considerable growth of the commodity derivatives markets over the past 15 years, there is no conclusive evidence, according to the ECB, that commodity derivatives trading has adverse effects on the wider financial system.

However, a detailed impact analysis appears to be a necessary step in terms of taking the most appropriate decision regarding the removal or the temporary extension of the exemptions. In particular, the ECB stated that consideration should be given to level playing-field issues relative to credit institutions which trade in commodities.

The ECB considered that the exemptions should indeed only be of temporary nature. The European Commission is expected to present a proposal for a comprehensive review of the prudential regulation of investment firms. The rationale for, and the objective of, a temporary extension of the exemptions should be confined to the avoidance of significant regulatory changes before such a comprehensive review, which should be carried out as soon as possible.

Documents
CON/2016/0010
OJ C 130 13.04.2016, p. 0001
2016/02/11
   EP - Committee draft report
Documents
PE576.876
2016/01/21
   EP - LOONES Sander (ECR) appointed as rapporteur in ECON
2016/01/18
   EP - Committee referral announced in Parliament, 1st reading
2015/12/16
   EC - Legislative proposal published
Details

PURPOSE: to extend the period during which commodity dealers are exempted from certain requirements laid down in Regulation (EU) nº 575/2013 on capital requirements (the 'Capital Requirements Regulation' or 'CRR').

PROPOSED ACT: Regulation of the European Parliament and of the council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: Articles 493(1) and 498(1) of Regulation (EU) nº 575/2013 (‘CRR’) exempt commodity dealers from large exposures requirements and from own funds requirements respectively . Both exemptions expire on 31 December 2017. This 'sunset clause' was originally included in the CRR in order to allow time for regulators to determine a prudential regulation adapted to the risk profile of commodity dealers. To this end, the CRR mandates the Commission to prepare reports by the end of 2015. On the basis of those reports, the Commission may decide to submit proposals to amend the CRR.

The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review . The results will determine the appropriate prudential treatment of commodity dealers. The investment firms review is a complex project. The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017.

It is therefore highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire . This has implications for commodity dealers: if no specific prudential framework that may result from the investment firm review would be in place by then, they would be subject to the full CRR/CRD requirements starting from 1 January 2018. This could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities.

To prevent this situation arising, the Commission feels it opportune to extend the existing exemptions laid down in the CRR, while taking into account the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review.

CONTENT: the proposed provisions aim to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013.

These exemptions apply until 31 December 2020 or the date of entry into force of any amendments, whichever is the earlier.

Documents
COM(2015)0648
EUR-Lex

Documents

Activities

Votes

A8-0064/2016 - Sander Loones - Vote unique #

2016/05/11 Outcome: +: 547, -: 60, 0: 50
DE IT PL ES RO GB HU FR CZ NL BE PT BG AT SK SE FI HR DK LT SI LV IE EE MT LU CY EL
Total
86
59
44
45
29
54
19
65
21
24
18
19
15
18
13
17
12
11
12
10
8
7
9
5
5
4
5
21
icon: PPE PPE
192

Germany PPE

31

Italy PPE

14

Poland PPE

20

Spain PPE

13

Romania PPE

11

Hungary PPE

10

France PPE

17

Czechia PPE

7

Netherlands PPE

5

Belgium PPE

3

Portugal PPE

7

Bulgaria PPE

6

Austria PPE

5

Slovakia PPE

6

Sweden PPE

3

Finland PPE

3

Croatia PPE

5

Denmark PPE

For (1)

Bendt BENDTSEN
1

Lithuania PPE

1

Slovenia PPE

5

Latvia PPE

3

Ireland PPE

4

Estonia PPE

For (1)

Tunne KELAM
1

Malta PPE

3

Luxembourg PPE

2

Cyprus PPE

1

Greece PPE

5
icon: S&D S&D
172

Germany S&D

25

Italy S&D

29

Poland S&D

5

Spain S&D

13

Romania S&D

13

United Kingdom S&D

17

Hungary S&D

4

France S&D

11

Czechia S&D

4

Netherlands S&D

3

Belgium S&D

4

Portugal S&D

7

Bulgaria S&D

3

Austria S&D

5

Slovakia S&D

4

Sweden S&D

4

Finland S&D

2

Croatia S&D

2

Denmark S&D

3

Lithuania S&D

2

Slovenia S&D

For (1)

Tanja FAJON
1

Latvia S&D

1

Ireland S&D

For (1)

Nessa CHILDERS
1

Estonia S&D

For (1)

Marju LAURISTIN
1

Malta S&D

2

Cyprus S&D

2

Greece S&D

4
icon: ALDE ALDE
65

Germany ALDE

3

Spain ALDE

8

Romania ALDE

3

United Kingdom ALDE

1

France ALDE

7

Czechia ALDE

4

Netherlands ALDE

6

Belgium ALDE

4

Portugal ALDE

2

Bulgaria ALDE

4

Austria ALDE

For (1)

Angelika MLINAR
1

Sweden ALDE

3

Finland ALDE

4

Croatia ALDE

2

Denmark ALDE

3

Lithuania ALDE

4

Slovenia ALDE

For (1)

Ivo VAJGL
1

Latvia ALDE

1

Ireland ALDE

For (1)

Marian HARKIN
1

Estonia ALDE

2

Luxembourg ALDE

For (1)

Charles GOERENS
1
icon: ECR ECR
64

Germany ECR

6

Italy ECR

2

Poland ECR

16

Romania ECR

For (1)

Monica MACOVEI
1

United Kingdom ECR

18

Czechia ECR

2

Netherlands ECR

2

Belgium ECR

4

Bulgaria ECR

2

Slovakia ECR

3

Finland ECR

1

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1

Denmark ECR

3

Lithuania ECR

1

Latvia ECR

For (1)

Roberts ZĪLE
1

Greece ECR

Against (1)

Notis MARIAS
1
icon: Verts/ALE Verts/ALE
43

Germany Verts/ALE

Against (1)

Klaus BUCHNER
10

Spain Verts/ALE

3

United Kingdom Verts/ALE

4

Hungary Verts/ALE

2

France Verts/ALE

Abstain (1)

José BOVÉ
5

Netherlands Verts/ALE

2

Belgium Verts/ALE

2

Austria Verts/ALE

3

Sweden Verts/ALE

4

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Latvia Verts/ALE

1

Estonia Verts/ALE

For (1)

Indrek TARAND
1

Luxembourg Verts/ALE

For (1)

Claude TURMES
1
icon: GUE/NGL GUE/NGL
45

Germany GUE/NGL

Against (1)

Stefan ECK
7

Italy GUE/NGL

3

Spain GUE/NGL

8

United Kingdom GUE/NGL

Abstain (1)

Martina ANDERSON
1

France GUE/NGL

Against (1)

Jean-Luc MÉLENCHON
3

Czechia GUE/NGL

3

Netherlands GUE/NGL

Against (1)

Anja HAZEKAMP
3

Portugal GUE/NGL

3

Sweden GUE/NGL

Abstain (1)

Malin BJÖRK
1

Finland GUE/NGL

Abstain (1)

Merja KYLLÖNEN
1

Denmark GUE/NGL

Abstain (1)

Rina Ronja KARI
1

Ireland GUE/NGL

3

Cyprus GUE/NGL

2

Greece GUE/NGL

6
icon: NI NI
13

Germany NI

2

Hungary NI

3

France NI

3

Greece NI

5
icon: EFDD EFDD
24

Germany EFDD

Against (1)

Beatrix von STORCH
1

Italy EFDD

6

Poland EFDD

1

United Kingdom EFDD

12

Czechia EFDD

For (1)

Petr MACH
1

Sweden EFDD

2

Lithuania EFDD

For (1)

Rolandas PAKSAS
1
icon: ENF ENF
37

Germany ENF

Against (1)

Marcus PRETZELL
1

Italy ENF

5

Poland ENF

2

Romania ENF

Abstain (1)

Laurenţiu REBEGA
1

United Kingdom ENF

Against (1)

Janice ATKINSON
1

France ENF

19

Netherlands ENF

3

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Austria ENF

For (1)

Barbara KAPPEL
4

History

(these mark the time of scraping, not the official date of the change)

2021-12-18Show (11) Changes | Timetravel
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procedure/Modified legal basis
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procedure/Other legal basis
Rules of Procedure EP 159
2020-01-19Show (4) Changes | Timetravel
committees/0
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2019-07-06Show (18) Changes | Timetravel
activities
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  • date: 2016-03-03T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52016AB0010:EN:NOT title: CON/2016/0010 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2016:130:TOC title: OJ C 130 13.04.2016, p. 0001 summary: OPINION OF THE EUROPEAN CENTRAL BANK on a proposal for a regulation amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers . The ECB considered that while the large exposures and own funds requirements of Regulation (EU) No 575/2013 do not seem to be tailor-made for commodity dealers, a decision to extend the exemptions from these prudential requirements should take into consideration any potential systemic risks posed by commodity dealers. Such risks could stem from a number of sources. The ECB has so far not identified any concrete indications of systemic risk created by commodity dealers that would make it strictly necessary at this stage to remove the exemptions for requirements concerning large exposures and own funds that apply at present. Despite the considerable growth of the commodity derivatives markets over the past 15 years, there is no conclusive evidence, according to the ECB, that commodity derivatives trading has adverse effects on the wider financial system. However, a detailed impact analysis appears to be a necessary step in terms of taking the most appropriate decision regarding the removal or the temporary extension of the exemptions. In particular, the ECB stated that consideration should be given to level playing-field issues relative to credit institutions which trade in commodities. The ECB considered that the exemptions should indeed only be of temporary nature. The European Commission is expected to present a proposal for a comprehensive review of the prudential regulation of investment firms. The rationale for, and the objective of, a temporary extension of the exemptions should be confined to the avoidance of significant regulatory changes before such a comprehensive review, which should be carried out as soon as possible. type: European Central Bank: opinion, guideline, report body: ECB
  • date: 2016-04-27T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:0642)(documentyear:2016)(documentlanguage:EN) title: CES0642/2016 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2016-06-08T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F16&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00013/2016/LEX type: Draft final act body: CSL
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  • date: 2015-12-16T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0648/COM_COM(2015)0648_EN.pdf title: COM(2015)0648 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2015&nu_doc=0648 title: EUR-Lex summary: PURPOSE: to extend the period during which commodity dealers are exempted from certain requirements laid down in Regulation (EU) nº 575/2013 on capital requirements (the 'Capital Requirements Regulation' or 'CRR'). PROPOSED ACT: Regulation of the European Parliament and of the council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Articles 493(1) and 498(1) of Regulation (EU) nº 575/2013 (‘CRR’) exempt commodity dealers from large exposures requirements and from own funds requirements respectively . Both exemptions expire on 31 December 2017. This 'sunset clause' was originally included in the CRR in order to allow time for regulators to determine a prudential regulation adapted to the risk profile of commodity dealers. To this end, the CRR mandates the Commission to prepare reports by the end of 2015. On the basis of those reports, the Commission may decide to submit proposals to amend the CRR. The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review . The results will determine the appropriate prudential treatment of commodity dealers. The investment firms review is a complex project. The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017. It is therefore highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire . This has implications for commodity dealers: if no specific prudential framework that may result from the investment firm review would be in place by then, they would be subject to the full CRR/CRD requirements starting from 1 January 2018. This could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities. To prevent this situation arising, the Commission feels it opportune to extend the existing exemptions laid down in the CRR, while taking into account the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review. CONTENT: the proposed provisions aim to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013. These exemptions apply until 31 December 2020 or the date of entry into force of any amendments, whichever is the earlier.
  • date: 2016-01-18T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-03-08T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-03-21T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0064&language=EN title: A8-0064/2016 summary: The Committee on Economic and Monetary Affairs adopted the report by Sander LOONES (ECR, BE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers. The committee recommended that the European Parliament adopt its position at first reading, taking over the Commission proposal . To recall, the proposed Regulation aims to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013 . The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review. However, it is highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire (31 December 2017). This situation could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities. In order to prevent this situation from arising, the Commission considered it necessary to extend the existing exemptions laid down in the CRR and that account should be taken of the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review.
  • date: 2016-05-11T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=26965&l=en title: Results of vote in Parliament
  • date: 2016-05-11T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0214 title: T8-0214/2016 summary: The European Parliament adopted by 547 votes to 60, with 50 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers. Parliament adopted its position at first reading under the ordinary legislative procedure, taking over the Commission proposal . Regulation (EU) nº 575/2013 of the European Parliament and of the Council (CRR) exempt commodity dealers from large exposures requirements and from own funds requirements respectively . Both exemptions expire on 31 December 2017. The prudential framework applicable to investment firms (including commodity dealers) is currently under review . The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017. Therefore, the proposed Regulation seeks to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements until 31 December 2020 and accordingly, amend Regulation 575/2013.
  • date: 2016-05-30T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2016-06-08T00:00:00 type: Final act signed body: CSL
  • date: 2016-06-08T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-06-29T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to extend the period during which commodity dealers are exempted from certain requirements laid down in Regulation (EU) nº 575/2013 on capital requirements (the 'Capital Requirements Regulation' or 'CRR'). LEGISLATIVE ACT: Regulation (EU) 2016/1014 of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers. CONTENT: this Regulation amends Regulation (EU) nº 575/2013 in order to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements. These exemptions apply until 31 December 2020 or the date of entry into force of any amendments, whichever is the earlier. To recall, Regulation (EU) nº 575/2013 of the European Parliament and of the Council exempt commodity dealers from large exposures requirements and from own funds requirements respectively. Both exemptions expire on 31 December 2017. The prudential framework applicable to investment firms (including commodity dealers) is currently under review. The results will determine the appropriate prudential treatment of commodity dealers. The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017. A decision to apply the requirements for large exposures and own funds requirements to commodity dealers should be a thoroughly reasoned one, based on conclusions of the investment firms review, and should be clearly expressed in legislation. ENTRY INTO FORCE: 19.7.2016. docs: title: Regulation 2016/1014 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016R1014 title: OJ L 171 29.06.2016, p. 0153 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:171:TOC
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2016-06-30Show (3) Changes | Timetravel
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2016-06-14Show (1) Changes | Timetravel
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2016-06-09Show (3) Changes | Timetravel
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2016-05-21Show (1) Changes | Timetravel
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  • The European Parliament adopted by 547 votes to 60, with 50 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

    Parliament adopted its position at first reading under the ordinary legislative procedure, taking over the Commission proposal.

    Regulation (EU) nº 575/2013 of the European Parliament and of the Council (CRR) exempt commodity dealers from large exposures requirements and from own funds requirements respectively. Both exemptions expire on 31 December 2017.

    The prudential framework applicable to investment firms (including commodity dealers) is currently under review. The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017.

    Therefore, the proposed Regulation seeks to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements until 31 December 2020 and accordingly, amend Regulation 575/2013.
2016-05-18Show (1) Changes | Timetravel
procedure/stage_reached
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Provisional agreement between Parliament and Council on final act
2016-05-13Show (3) Changes | Timetravel
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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0214 type: Decision by Parliament, 1st reading/single reading title: T8-0214/2016
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2016-05-12Show (4) Changes | Timetravel
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2016-04-30Show (1) Changes | Timetravel
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  • The Committee on Economic and Monetary Affairs adopted the report by Sander LOONES (ECR, BE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

    The committee recommended that the European Parliament adopt its position at first reading, taking over the Commission proposal.

    To recall, the proposed Regulation aims to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013.

    The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review.

    However, it is highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire (31 December 2017).

    This situation could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities.

    In order to prevent this situation from arising, the Commission considered it necessary to extend the existing exemptions laid down in the CRR and that account should be taken of the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review.
2016-04-27Show (2) Changes | Timetravel
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2016-04-07Show (5) Changes | Timetravel
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2016-03-18Show (2) Changes | Timetravel
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2016-02-20Show (2) Changes | Timetravel
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2016-02-03Show (4) Changes | Timetravel
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2016-01-30Show (2) Changes | Timetravel
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activities/0/docs/0/text

  • PURPOSE: to extend the period during which commodity dealers are exempted from certain requirements laid down in Regulation (EU) nº 575/2013 on capital requirements (the 'Capital Requirements Regulation' or 'CRR').

    PROPOSED ACT: Regulation of the European Parliament and of the council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: Articles 493(1) and 498(1) of Regulation (EU) nº 575/2013 (‘CRR’) exempt commodity dealers from large exposures requirements and from own funds requirements respectively. Both exemptions expire on 31 December 2017. This 'sunset clause' was originally included in the CRR in order to allow time for regulators to determine a prudential regulation adapted to the risk profile of commodity dealers. To this end, the CRR mandates the Commission to prepare reports by the end of 2015. On the basis of those reports, the Commission may decide to submit proposals to amend the CRR.

    The prudential framework applicable to investment firms (including commodity dealers) laid down in the CRR and Directive 2013/36/EC (‘the Capital Requirements Directive’) is currently under review. The results will determine the appropriate prudential treatment of commodity dealers. The investment firms review is a complex project.  The finalisation of the review and the adoption of new legislation that may be required in light of that review will be concluded only after 31 December 2017.

    It is therefore highly improbable that any legislation that may result from this review can be prepared, adopted and applied before the current exemptions expire. This has implications for commodity dealers: if no specific prudential framework that may result from the investment firm review would be in place by then, they would be subject to the full CRR/CRD requirements starting from 1 January 2018. This could force them to significantly increase the amount of own funds that they need to have in order to continue their activities and could therefore increase the related costs of performing those activities.

    To prevent this situation arising, the Commission feels it opportune to extend the existing exemptions laid down in the CRR, while taking into account the amount of time that will be necessary to conclude the investment firms review and to prepare, adopt and apply any legislation that may result from that review.

    CONTENT: the proposed provisions aim to extend the exemptions laid down in the CRR for commodity dealers from the large exposures and own funds requirements and accordingly, amend Regulation 575/2013.

    These exemptions apply until 31 December 2020 or the date of entry into force of any amendments, whichever is the earlier.
2016-01-20Show (3) Changes | Timetravel
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2016-01-12Show (2) Changes | Timetravel
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2016-01-05Show (1) Changes | Timetravel
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2015-12-22Show (5) Changes
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  • date: 2015-12-16T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0648/COM_COM(2015)0648_EN.pdf type: Legislative proposal published title: COM(2015)0648 type: Legislative proposal published body: EC commission:
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