2017/0136(COD) EMIR and ESMA Regulations: procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
HÜBNER Danuta Maria ( PPE)
|
GUALTIERI Roberto ( S&D),
SWINBURNE Kay ( ECR),
JEŽEK Petr ( ALDE),
LAMBERTS Philippe ( Verts/ALE),
MEUTHEN Jörg ( EFDD)
|
| Committee Opinion | AFCO | ||
| Committee Opinion | BUDG | ||
| Committee Opinion | JURI | ||
| Committee Opinion | ITRE |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2019/12/12
Final act published in Official Journal
Details
PURPOSE: to strengthen the supervision of CCPs in the EU and third countries with a view to consolidating the financial stability of the European Union (EU).
LEGISLATIVE ACT: Regulation (EU) 2019/2099 of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
CONTENT: the Regulation introduces specific amendments to Regulation (EU) No 648/2012 on European Market Infrastructures ("EMIR" Regulation) with a view to establishing a clear and consistent oversight arrangement for EU and third country CCPs. Central counterparty clearing houses (CCPs) are entities that help facilitate trading in various European derivatives and equities markets. Since the adoption of the EMIR Regulation, the scale and scope of CCP activity in the EU and globally has grown rapidly. As of August 2019 there were 16 CCPs established and authorised in the EU. In addition, 33 CCPs from third countries have been recognised under the EMIR Regulation under its equivalence provisions, enabling them to offer their services in the EU. The expansion of CCP activity is expected to continue in the coming years.
This Regulation aims to strengthen the supervision of CCPs in order to take account of the increasing size, complexity and cross-border dimension of clearing in Europe by introducing a single mechanism within the European Securities and Markets Authority.
The main elements of the proposal are as follows:
Creation of a CCP Supervisory Committee
The European Securities and Markets Authority (ESMA) shall set up a permanent internal committee for CCPs, responsible for tasks relating to CCPs authorised in the EU and CCPs from third countries.
The Committee shall be composed of the Chair, two independent members and the competent authorities of the Member States with an authorised CCP. The central banks of the countries whose currency is used for a given transaction will be able to participate in the Committee on specific issues, but will not have voting rights.
The chairperson and independent members of the CCP Supervisory Committee shall act independently and objectively in the Union interest and shall be accountable to the European Parliament and the Council for any decisions taken on the basis of the EMIR Regulation.
Third country central counterparties
The Regulation aims to tighten the recognition and supervision of third country CCPs for those CCPs that are systemically important to the EU. To this end, it distinguishes between lower-risk CCPs (known as Tier 1 CCPs) and those that are systemically important for the EU or one or more of its Member States (Tier 2 CCPs).
The Regulation imposes stricter requirements on Tier 2 CCPs to be recognised and authorised to operate in the EU. In particular, it requires :
- that the prudential requirements for CCPs in the EU are met, taking into account the regulations of third countries;
- that the CCP agrees to provide all relevant information to ESMA and to accept on-site inspections, and that the necessary assurances are given that such arrangements are valid in the third country.
ESMA shall be in a position, given the scale of systemic importance of a CCP or some of its clearing services, to recommend to the Commission that a CCP should not be recognised. The Commission may ultimately decide that the CCP should be established in the EU. The third country CCP shall establish itself in the EU in order to be able to operate.
ESMA shall, inter alia, need to consider changes in the nature, size and complexity of the activities of the third country CCP. These reviews shall take place at least every five years.
ESMA may impose fines on both Tier 1 and Tier 2 CCPs if it finds that they have intentionally or negligently infringed the EMIR Regulation by providing it with false or misleading information.
ENTRY INTO FORCE: 1.1.2020.
2019/10/23
CSL - Draft final act
Documents
2019/10/23
CSL - Final act signed
2019/10/23
EP - End of procedure in Parliament
2019/10/15
EP/CSL - Act adopted by Council after Parliament's 1st reading
2019/10/15
CSL - Council Meeting
2019/08/08
EC - Commission response to text adopted in plenary
Documents
2019/04/18
EP - Results of vote in Parliament
Documents
2019/04/18
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 435 votes to 57, with 51 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
As a reminder, the proposal aims to introduce specific amendments to the European Market Infrastructure Regulation ( EMIR ) and the ESMA Regulation with a view to establishing a clear and consistent supervisory framework for EU and third country CCPs.
The European Parliament’s position adopted at first reading under the ordinary legislative procedure amended the Commission proposal as follows:
Central Counterparty Supervisory Committee
The Committee shall comprise the chairperson, independent members and competent authorities of Member States with an authorised CCP:
- where it convenes in relation to authorised CCPs, central banks of issue of Union currencies of the financial instruments cleared by authorised CCPs might, on a voluntary basis, participate in the CCP Supervisory Committee in relation to the areas of Union-wide assessments of the resilience of CCPs to adverse market developments and relevant market developments, to facilitate access to information that could be relevant for carrying out their tasks;
- where it convenes in relation to third-country CCPs, central banks of issue of all Union currencies of the financial instruments cleared or to be cleared by the respective third country CCP might, on a voluntary basis, participate in the CCP Supervisory Committee for preparation of decisions in relation to Tier 2 CCPs.
Where the Chair or any of the independent members no longer fulfils the conditions required for the performance of his or her duties or has been found guilty of serious misconduct, the Council may, on a proposal from the Commission which has been approved by the European Parliament, adopt an implementing decision to remove him or her from office. The Council shall act by qualified majority. They shall act independently and objectively in the sole interest of the Union as a whole.
Tasks of the Supervisory Committee
In relation to CCPs authorised or applying for authorisation, the CCP Supervisory Committee shall prepare decisions and carry out the tasks entrusted to ESMA and in the following points: (i) at least annually, conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs ; (ii) at least annually, initiate and coordinate Union-wide assessments of the resilience of CCPs to adverse market developments; (iii) promote the regular exchange and discussion among competent authorities; (iv) be informed of and discuss all opinions and recommendations adopted by colleges, in order to contribute to the consistent and coherent functioning of the colleges and foster the coherence of the application of this Regulation among them.
In order to ensure the effective performance of its tasks, the CCP Supervisory Committee should be supported by dedicated staff from ESMA to prepare its meetings, prepare the analyses necessary to carry out its tasks and support it in its international cooperation.
The CCP Supervisory Committee shall take its decisions by a simple majority of its members.
Other amendments aim to:
- strengthen the role of colleges, they should be able to provide opinions on additional supervisory areas of fundamental impact on a CCP’s business operations, including on the assessment of shareholders and members with qualifying holdings of CCPs and outsourcing of operational functions, services or activities;
- provide ESMA with new mandates to (i) develop draft regulatory technical standards on the extension of activities and services and in order to specify the conditions concerning the review of models, stress testing and back testing; (ii) issue necessary guidelines to further specify the common procedures for the supervisory review and evaluation process in relation to CCPs;
- provide that with regard to decisions to be taken in relation to Tier 2 CCPs, the CCP Supervisory Committee shall consult the central banks of issue. Upon conclusion of the period for consultation, the CCP Supervisory Committee shall duly consider the amendments proposed by the central banks of issue;
- clarify accountability: the European Parliament or the Council may invite the Chair and the independent members of the CCP Supervisory Committee to make a statement while fully respecting their independence. They shall make a statement before the European Parliament and answer any questions put by its Members whenever so requested.
Documents
2019/03/31
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2019/03/20
CSL - Coreper letter confirming interinstitutional agreement
Documents
2019/03/20
EP - Text agreed during interinstitutional negotiations
Documents
2018/05/30
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2018/05/28
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2018/05/25
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Danuta Maria HÜBNER (EPP, PL) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs.
As a reminder, the proposal aims to introduce specific amendments to the European Market Infrastructure Regulation ( EMIR ) and the ESMA Regulation with a view to establishing a clear and consistent supervisory framework for EU and third country CCPs.
The committee recommended that European Parliament’s position adopted at first reading under the ordinary legislative procedure should amend the Commission proposal as follows:
ESMA CCP Supervisory Committee : ESMA shall establish a specific ESMA internal committee for the purposes of preparing decisions and carrying out the tasks relating to the supervision of CCPs, of handling tasks related to CCPs in general, and of supervising Union and third-country CCPs in particular. The CCP Supervisory Committee shall be composed of authorities experienced in the supervision of CCPs. It shall be composed of a permanent members (a chair, a vice-chair, four directors, one representative of the ECB, and one non-voting representative of the Commission) and specific non-permanent members for the different CCPs. It would take its decisions by a simple majority of its members.
The chair, the vice-chair and the directors of the CCP Supervisory Committee shall act independently and objectively in the interest of the Union as a whole.
The European Parliament or the Council may invite the chair, the vice-chair or any of the Directors of the CCP Supervisory Committee to make a statement while fully respecting their independence. The chair shall report in writing on the main activities of the CCP Supervisory Committee to the European Parliament where requested.
During any investigations by the European Parliament, the CCP Supervisory Committee shall cooperate with the European Parliament.
National competent authorities : under the amending Regulation, national competent authorities shall continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012.
However, in order to promote consistency in the supervision of CCPs throughout the Union, a division of competences depending on the decisions concerned shall be established. Three categories of decisions shall be distinguished: those for which competent authorities should obtain prior consent of ESMA, those for which competent authorities should consult ESMA and those for which competent authorities should remain solely responsible.
Where a competent authority disagrees with the proposed amendment or the objection of ESMA, it shall have the right to submit a reasoned request to the Board of Supervisors asking it to assess that objection or amendment. The Board of Supervisors may either endorse or reject ESMA’s objections or amendments.
Recognition of a third-country CCP : when considering the application of a third-country CCP for recognition, ESMA shall assess the degree of systemic risk that the CCP presents to the financial stability of the Union or of one or more of its Member States on the basis of the objective and transparent criteria provided for in the Regulation. A Commission delegated act should further specify those criteria.
Where a central bank of issue decides to impose an additional requirement on a systemically important third country CCP, it shall strive to make its decision as transparent as possible, while adequately respecting the need to protect confidential or sensitive information.
Central banks of issue shall assess the resilience of recognised third country CCPs to adverse market developments having regard to the risk they pose to the stability of the currency of the central bank of issue, the transmission of monetary policy and the smooth functioning of payment systems. In such cases, cooperation and information sharing between central banks of issue and ESMA should be ensured to prevent duplication.
The ESMA shall put in place cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as equivalent to this Regulation that shall cover all elements necessary to ensure, among others, the smooth exchange information, the coordination of supervisory activities, the effective monitoring of regulatory and supervisory developments in the third country and effective cooperation in emergency situations.
In order to facilitate the exchange of information on third country CCPs, colleges for third country CCPs should be established.
Documents
2018/05/16
EP - Vote in committee, 1st reading
2018/05/16
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2018/04/13
EP - Amendments tabled in committee
Documents
2018/04/13
EP - Amendments tabled in committee
Documents
2018/02/07
FR_SENATE - Contribution
Documents
2018/01/31
EP - Committee draft report
Documents
2017/10/08
ES_PARLIAMENT - Contribution
Documents
2017/10/04
ECB - European Central Bank: opinion, guideline, report
Details
OPINION OF THE EUROPEAN CENTRAL BANK
The ECB has received requests for consultation from the Council of the European Union and the European Parliament on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of central counterparties (CCPs) and requirements for the recognition of third-country CCPs.
The ECB supports the initiative set out in the Commission’s proposal to enhance the role of the relevant members of the ESCB, as central banks of issue of the currencies of financial instruments cleared by CCPs, in the process for the supervision of Union CCPs and the recognition of third-country CCPs.
It supports the proposal that the Eurosystem, as the central bank of issue of the euro, should play a more meaningful role with respect to Union and third-country CCPs.
The ECB stresses that significant developments, both globally and in Europe, should increase the risks presented by CCPs to the smooth operation of payment systems and the implementation of the single monetary policy.
First, central clearing has become increasingly cross-border in nature and systemically important.
Second, the withdrawal of the United Kingdom (UK) from the Union will have a major impact on the Eurosystem’s ability to carry out its tasks as central bank of issue for the euro. At present, certain CCPs established in the UK clear significant volumes of euro-denominated transactions.
The Eurosystem’s ability to monitor and manage the risks posed by UK CCPs will be adversely affected if UK CCPs are no longer subject to the regulatory and supervisory framework for Union CCPs under Regulation (EU) No 648/2012 of the European Parliament and of the Council.
The proposed regulation envisages an enhanced role for the Eurosystem as central bank of issue for the euro in the framework under Regulation (EU) No 648/2012. In order to ensure that the Eurosystem can carry out this role, it suggested that the ECB be granted regulatory competence over clearing systems for financial instruments , in particular CCPs, by means of an amendment to Article 22 of the Statute of the ESCB.
The ECB makes the following specific observations:
The requirement to obtain the consent of the central bank of issue regarding certain draft decisions : the ECB strongly welcomes the role envisaged for the central banks of issue under the proposed regulation, which will enable the members of the ESCB to have meaningful and effective involvement in decision-making on matters of direct relevance to the fulfilment of the basic tasks of the ESCB under the Treaties, and the achievement of its primary objective of maintaining price stability. The ECB has a number of comments in this regard.
First, where the proposed regulation clarifies that the consent of the central bank of issue must be obtained ‘in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks’, it should be emphasised that this phrase is intended to clarify the monetary policy context in which the central bank of issue carries out its role and the purpose the role fulfils. Moreover, with regard to which draft decisions should be subject to the consent of the central bank of issue, the ECB considers that the proposed regulation should ensure the involvement of the central bank of issue regarding certain further key aspects of CCP risk management. The ECB considers that in relation to both Union and third-country CCPs, the consent of the central bank of issue should also be required regarding draft decisions taken in respect of the CCP’s margin requirements.
Review and assessment : The ECB underlines that the review and evaluation process, as amended by the proposed regulation, will fulfill the objective of ensuring that CCPs are in a permanent position to comply with Regulation (EU) No 648/2012. According to the ECB, an important corollary of the requirements of the Regulation would be the consultation of the issuing central bank during the review and appraisal process, when it is considered necessary by the competent authority to ensure that the said bank can assume the role assigned to it by the proposed regulation.
Review and evaluation : the ECB underlines that the review and evaluation process, as amended by the proposed regulation, will serve the key purpose of ensuring that CCPs comply with Regulation (EU) No 648/2012. According to the ECB, the consultation of the central bank of issue in the review and evaluation process, where deemed necessary by the competent authority to ensure that the central bank of issue can fulfil its role under the proposed regulation, would be an important corollary to the requirements.
ECB advisory role : the ECB considers that it should be consulted in due time on any draft Union acts, including draft delegated and implementing acts, falling within its fields of competence.
Cooperation and exchange of information between the CCP Executive Session and the supervisory colleges : the ECB notes that the CCP Executive Session does not include all members of the supervisory colleges, and does not include the European Systemic Risk Board (ESRB).
In order to ensure that the ESRB and the supervisory college members which are not also members of the CCP Executive Session have all the relevant information necessary for the purpose of carrying out their tasks, it is crucial that there is an obligation to exchange information between the CCP Executive Session and the ESRB and the other supervisory college members which are not members of the CCP Executive Session.
The ECB as a non-voting member of the ESMA Board of Supervisors : the ECB considers that it is also vital for the ECB be included as a non-voting member of the ESMA Board of Supervisors, to ensure effective cooperation, coordination and exchange of information between central banks and supervisory authorities, and to ensure that the guidelines, recommendations and other practical instruments and convergence tools developed by the ESMA Board of Supervisors take into account the ECB’s perspective and expertise.
Interaction with the proposed regulation on a framework for the recovery and resolution of central counterparties : the ECB would see merit in promoting the consistency and effective interaction of recovery and resolution plans across CCPs, and in monitoring and mitigating their aggregate risk implications for financial stability in the Union.
Documents
2017/09/25
DE_BUNDESRAT - Contribution
Documents
2017/09/20
ESC - Economic and Social Committee: opinion, report
Documents
2017/09/20
EC - Supplementary legislative basic document
Details
PURPOSE: to present a proposal for an amendment of a pending proposal for a Regulation amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (EMIR II Commission's proposal).
CONTENT: the abovementioned proposal seeks to equip the Capital Markets Union with a more effective and consistent supervisory system for central counterparties (CCPs). It intends to ensure closer cooperation between national competent authorities for the supervision of CCPs and central banks responsible for Union currencies.
A new body is proposed to be established within the European Securities and Markets Authority (ESMA) ( CCP Executive Session ) which will be responsible for handling tasks related to CCPs in general and supervising Union and third-country CCPs in particular.
The CCP Executive Session is to be composed of permanent and CCP-specific members.
That proposal also enhances ESMA's role in colleges , by providing that the permanent members of the CCP Executive Session shall participate in college meetings for CCPs under Regulation (EU) No 648/2012, with the Head of the CCP Executive Session chairing and managing those meetings.
The present document is put forward to supplement the EMIR II Commission's proposal . It forms part of a package of measures with the purpose of enhancing the supervision of EU financial markets by improving the operation of the system of European Supervisory Authorities (ESAs).
This document specifically envisages allocating an additional task to the CCP Executive Session . That addition is considered necessary in view of the effective setting up of the CCPs Executive Session prior to the upcoming ESAs reform.
The additional task shall be to take decisions and actions on CCP matters with respect to specific articles of this Regulation.
Documents
2017/09/11
EP - Committee referral announced in Parliament, 1st reading
2017/07/06
EP - HÜBNER Danuta Maria (PPE) appointed as rapporteur in ECON
2017/06/14
EC - Document attached to the procedure
Documents
2017/06/14
EC - Document attached to the procedure
Documents
2017/06/13
EC - Legislative proposal published
Details
PURPOSE: to strengthen the supervision of CCPs in the EU and third countries with a view to consolidating the financial stability of the European Union (EU).
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: following the financial crisis, and in line with the commitment made at the 2009 G20 in Pittsburgh, the EU adopted Regulation (EU) No 648/2012 of the European Parliament and of the Council on European market infrastructures (EMIR) to reduce systemic risk associated with the significant use of derivatives in order to preserve financial stability.
The EMIR contains several measures to ensure that standardised over-the-counter (OTC) derivatives contracts are cleared through a Central Counterparty (CCP). It introduces strict prudential, organisational and business conduct requirements for CCPs and established arrangements for their prudential supervision to minimise any risk to users of a CCP and underpin systemic stability.
There are currently 17 central counterparties established in the EU , all of which are approved under EMIR to offer their services within the Union, although not all of them are authorised to clear all asset classes (e.g. only 2 CCPs clear credit derivatives, only 2 CCPs clear inflation derivatives). An additional 28 third-country CCPs have been recognised under EMIR's equivalence provisions, allowing them to offer their services in the EU.
Under EMIR, EU CCPs are supervised by colleges of national supervisors, the European Securities and Markets Authority ( ESMA ), relevant members of the European System of Central Banks (ESCB), and other relevant authorities.
Since the adoption of EMIR, the volume of CCP activity – in the EU and globally - has grown rapidly both in scale and in scope. As of end of June 2016, around 62% of the global value of all OTC derivatives contracts and asset classes (interest rates, credit default, foreign exchange, etc.) were centrally cleared by CCPs, which is equivalent to $337 trillion.
The growing importance of CCPs in the financial system and the associated concentration of credit risk in these infrastructures have drawn the attention of governments, regulators, supervisors, central banks and market participants.
The Commission therefore considers that further reforms to harmonise and strengthen the monitoring of EU and third country CCPs are now necessary.
The proposal is in line with the Commission proposal for a Regulation on CCP Recovery and Resolution in November 2016. It complements the Commission's proposal for targeted amendments to EMIR which seeks to simplify certain EMIR requirements and make them more proportionate in order to reduce excessive costs for market participants, without compromising financial stability. This proposal should therefore provide further incentives for market participants to use central clearing – again reinforcing the importance of CCPs within the financial system.
It also takes into account feedback received following the publication of the Commission's Communication on responding to challenges for critical financial market infrastructures.
The objective of the proposal is to ensure that authorities are appropriately prepared to address a failing CCP, safeguarding financial stability and limiting taxpayer costs. The CCP Recovery and Resolution proposal refocused attention on the supervisory arrangements for EU and third country CCPs included in EMIR and the extent to which these arrangements can be made more effective five years after adoption of EMIR. This proposal is currently under negotiations in the European Parliament and the Council. That ongoing work-stream needs to be coordinated and consistent with the current proposal.
IMPACT ASSESSMENT: the preferred options in the impact assessment relate to targeted amendments of the of the supervisory arrangements of EMIR applying both to CCPs established in the EU and to third-country CCPs with a view to:
enhancing the supervision of CCPs established in the EU : the current supervisory arrangements should be streamlined and further centralised through the establishment of a European supervisory mechanism, ensuring the proper involvement of national authorities, central banks of issue and ESMA within the scope of their responsibilities; enhancing supervisory arrangements within the EU designed to mitigate the risks related to third-country CCPs : these CCPs could be subject to a ‘sliding scale’ of additional supervisory requirements by ESMA and relevant CBIs based on objective criteria or thresholds.
CONTENT: this proposal aims to introduce specific amendments to the EMIR and ESMA regulations with a view to establishing a clear and coherent supervisory arrangements for CCPs established in the EU and in third countries.
The objective is to ensure that the EU authorities and national authorities are able to cope with a failing CCP, maintain financial stability and avoid that costs associated with the restructuring and the resolution of failing CCPs fall on taxpayers.
The main elements of the proposal are:
Creation of a new supervisory mechanism : the proposal also ensures closer cooperation between supervisory authorities and central banks responsible for EU currencies. To achieve this, a newly-created supervisory mechanism will be established within European Securities and Markets Authority (ESMA) ('CCP Executive Session') which will be responsible for ensuring a more coherent and consistent supervision of EU CCPs as well more robust supervision of CCPs in non-EU countries, or 'third countries'.
The proposed amendments focus on (i) the accountability and independence of the members of the CCP Executive Session; (ii) the interactions between the CCP Executive Session and the tasks of the Executive Director of ESMA; (iii) strengthening ESMA's information-gathering capacity; and (iv) the conditions and procedures for the authorisation and the supervision of the CCPs established in the Union.
Third country central counterparties : the proposal aims to make the process of recognition and supervision of third country CCPs stricter for those countries which are of systemic importance to the EU.
The proposal introduces a new "two tier" system for classifying third-country CCPs. Non-systemically important CCPs (Tier 1) will continue to be able to operate under the existing EMIR equivalence framework.
However, systemically important CCPs (so-called Tier 2 CCPs) will be subject to stricter requirements . These requirements include:
compliance with the necessary prudential requirements for EU-CCPs while taking into account third-country rules; confirmation from the relevant EU central banks that the CCP complies with any additional requirements set by those central banks (e.g. the availability or type of collateral held in a CCP, segregation requirements, liquidity arrangements, etc.); the agreement of a CCP to provide ESMA with all relevant information and to enable on-site inspections, as well as the necessary safeguards confirming that such arrangements are valid in the third country.
In the event that certain CCPs may be of particular systemic importance for the EU financial system, the Commission could, at the request of ESMA and in agreement with the relevant central bank, decide that a CCP will only be able to provide services in the Union if it establishes itself in the EU.
BUDGETARY IMPLICATION: the impact of the legislative proposal on expenditure is as follows: (i) the hiring of 47 new temporary staff at ESMA (from August 2018); (ii) the cost of these new temporary agents will be fully financed by the fees raised from industry (no impact on the EU budget).
As ESMA would however incur costs under the Regulation from the entry into force of the Regulation, there is a need to obtain additional budget from the EU in 2018 and 2019 in order to cover for at least the 12 first months of operations following the entry into force of the Regulation.
The estimated impact on expenditure is estimated at EUR 4 310 555 in 2018 and EUR 7 788 789 in 2019 .
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the EU.
Documents
Documents
- Final act published in Official Journal: Regulation 2019/2099
- Final act published in Official Journal: OJ L 322 12.12.2019, p. 0001
- Draft final act: 00088/2019/LEX
- Commission response to text adopted in plenary: SP(2019)440
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T8-0438/2019
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE637.301
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2019)002707
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)002707
- Text agreed during interinstitutional negotiations: PE637.301
- Committee report tabled for plenary, 1st reading: A8-0190/2018
- Amendments tabled in committee: PE619.413
- Amendments tabled in committee: PE620.778
- Contribution: COM(2017)0331
- Committee draft report: PE616.847
- Contribution: COM(2017)0331
- European Central Bank: opinion, guideline, report: CON/2017/0039
- European Central Bank: opinion, guideline, report: OJ C 385 15.11.2017, p. 0003
- Contribution: COM(2017)0331
- Economic and Social Committee: opinion, report: CES2566/2017
- Supplementary legislative basic document: COM(2017)0539
- Supplementary legislative basic document: EUR-Lex
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2017)0246
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2017)0247
- Legislative proposal published: COM(2017)0331
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2017)0246
- Document attached to the procedure: EUR-Lex SWD(2017)0247
- Economic and Social Committee: opinion, report: CES2566/2017
- Supplementary legislative basic document: COM(2017)0539 EUR-Lex
- European Central Bank: opinion, guideline, report: CON/2017/0039 OJ C 385 15.11.2017, p. 0003
- Committee draft report: PE616.847
- Amendments tabled in committee: PE619.413
- Amendments tabled in committee: PE620.778
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2019)002707
- Text agreed during interinstitutional negotiations: PE637.301
- Commission response to text adopted in plenary: SP(2019)440
- Draft final act: 00088/2019/LEX
- Contribution: COM(2017)0331
- Contribution: COM(2017)0331
- Contribution: COM(2017)0331
Votes
A8-0190/2018 - Danuta Maria Hübner - Am 2 18/04/2019 12:29:28.000 #
2019/04/18 Outcome: +: 435, -: 57, 0: 51
| DE | PL | ES | FR | RO | BE | IT | PT | NL | BG | SE | AT | FI | HU | CZ | HR | SK | LV | DK | GB | LU | LT | MT | EE | SI | IE | EL | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total |
76
|
40
|
40
|
66
|
23
|
21
|
40
|
18
|
23
|
13
|
14
|
16
|
11
|
12
|
14
|
9
|
8
|
7
|
11
|
48
|
6
|
6
|
5
|
4
|
4
|
5
|
1
|
|
| PPE |
150
|
Germany PPEFor (24)Albert DESS, Andreas SCHWAB, Angelika NIEBLER, Axel VOSS, Daniel CASPARY, David McALLISTER, Dennis RADTKE, Dieter-Lebrecht KOCH, Elmar BROK, Ingeborg GRÄSSLE, Jens GIESEKE, Joachim ZELLER, Michael GAHLER, Monika HOHLMEIER, Norbert LINS, Peter JAHR, Peter LIESE, Rainer WIELAND, Renate SOMMER, Sabine VERHEYEN, Stefan GEHROLD, Sven SCHULZE, Thomas MANN, Werner KUHN
|
Poland PPEFor (17)Adam SZEJNFELD, Agnieszka KOZŁOWSKA, Andrzej GRZYB, Barbara KUDRYCKA, Bogdan Andrzej ZDROJEWSKI, Bogusław SONIK, Czesław Adam SIEKIERSKI, Danuta Maria HÜBNER, Elżbieta Katarzyna ŁUKACIJEWSKA, Janusz LEWANDOWSKI, Jerzy BUZEK, Julia PITERA, Krzysztof HETMAN, Marek PLURA, Michał BONI, Róża THUN UND HOHENSTEIN, Tadeusz ZWIEFKA
|
France PPEFor (18)Alain CADEC, Alain LAMASSOURE, Angélique DELAHAYE, Anne SANDER, Arnaud DANJEAN, Brice HORTEFEUX, Elisabeth MORIN-CHARTIER, Franck PROUST, Françoise GROSSETÊTE, Geoffroy DIDIER, Jérôme LAVRILLEUX, Marc JOULAUD, Michel DANTIN, Michèle ALLIOT-MARIE, Nadine MORANO, Philippe JUVIN, Rachida DATI, Tokia SAÏFI
|
Romania PPEFor (9) |
4
|
1
|
Portugal PPEFor (7) |
Netherlands PPEFor (5) |
Bulgaria PPEFor (6) |
2
|
5
|
3
|
6
|
Czechia PPE |
4
|
4
|
4
|
1
|
2
|
3
|
2
|
3
|
1
|
2
|
2
|
||
| S&D |
134
|
Germany S&DFor (20)Arndt KOHN, Arne LIETZ, Babette WINTER, Birgit SIPPEL, Dietmar KÖSTER, Evelyne GEBHARDT, Ismail ERTUG, Jens GEIER, Jo LEINEN, Joachim SCHUSTER, Knut FLECKENSTEIN, Martina WERNER, Michael DETJEN, Norbert NEUSER, Peter SIMON, Petra KAMMEREVERT, Susanne MELIOR, Tiemo WÖLKEN, Udo BULLMANN, Ulrike RODUST
|
3
|
11
|
4
|
Italy S&DFor (17) |
Portugal S&DFor (7) |
3
|
3
|
4
|
Austria S&D |
2
|
1
|
1
|
1
|
2
|
1
|
3
|
United Kingdom S&DFor (18) |
1
|
2
|
2
|
1
|
1
|
||||
| ALDE |
57
|
4
|
France ALDEFor (6) |
1
|
Belgium ALDEFor (6) |
1
|
1
|
Netherlands ALDEFor (7) |
3
|
2
|
1
|
4
|
4
|
2
|
1
|
2
|
1
|
1
|
1
|
1
|
1
|
|||||||
| Verts/ALE |
46
|
Germany Verts/ALEFor (13) |
Spain Verts/ALE |
France Verts/ALEFor (6) |
2
|
1
|
1
|
3
|
2
|
1
|
2
|
1
|
1
|
1
|
4
|
1
|
1
|
1
|
||||||||||
| ECR |
57
|
Germany ECRFor (6) |
Poland ECRFor (16) |
2
|
4
|
1
|
2
|
1
|
2
|
1
|
2
|
1
|
2
|
3
|
United Kingdom ECRFor (4)Against (10) |
|||||||||||||
 GUE/NGL |
31
|
Germany GUE/NGLAbstain (5) |
Spain GUE/NGL |
France GUE/NGL |
3
|
3
|
1
|
1
|
1
|
1
|
1
|
2
|
||||||||||||||||
 NI |
10
|
2
|
2
|
2
|
3
|
1
|
||||||||||||||||||||||
| EFDD |
28
|
1
|
France EFDDFor (1)Against (5) |
Italy EFDD |
1
|
United Kingdom EFDDAgainst (9) |
||||||||||||||||||||||
 ENF |
28
|
1
|
2
|
1
|
Italy ENFAgainst (5) |
4
|
3
|
A8-0190/2018 - Danuta Maria Hübner - Am 2 #
2019/04/18 Outcome: +: 435, -: 57, 0: 51
| DE | PL | ES | RO | FR | BE | IT | PT | NL | BG | AT | SE | FI | HU | CZ | HR | SK | LV | DK | LU | LT | GB | MT | EE | SI | IE | ?? | EL | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total |
76
|
40
|
39
|
23
|
67
|
21
|
40
|
18
|
23
|
13
|
16
|
13
|
11
|
12
|
14
|
9
|
8
|
7
|
11
|
6
|
6
|
47
|
5
|
4
|
4
|
5
|
1
|
1
|
|
| PPE |
150
|
Germany PPEFor (24)Albert DESS, Andreas SCHWAB, Angelika NIEBLER, Axel VOSS, Daniel CASPARY, David McALLISTER, Dennis RADTKE, Dieter-Lebrecht KOCH, Elmar BROK, Ingeborg GRÄSSLE, Jens GIESEKE, Joachim ZELLER, Michael GAHLER, Monika HOHLMEIER, Norbert LINS, Peter JAHR, Peter LIESE, Rainer WIELAND, Renate SOMMER, Sabine VERHEYEN, Stefan GEHROLD, Sven SCHULZE, Thomas MANN, Werner KUHN
|
Poland PPEFor (17)Adam SZEJNFELD, Agnieszka KOZŁOWSKA, Andrzej GRZYB, Barbara KUDRYCKA, Bogdan Andrzej ZDROJEWSKI, Bogusław SONIK, Czesław Adam SIEKIERSKI, Danuta Maria HÜBNER, Elżbieta Katarzyna ŁUKACIJEWSKA, Janusz LEWANDOWSKI, Jerzy BUZEK, Julia PITERA, Krzysztof HETMAN, Marek PLURA, Michał BONI, Róża THUN UND HOHENSTEIN, Tadeusz ZWIEFKA
|
Romania PPEFor (9) |
France PPEFor (18)Alain CADEC, Alain LAMASSOURE, Angélique DELAHAYE, Anne SANDER, Arnaud DANJEAN, Brice HORTEFEUX, Elisabeth MORIN-CHARTIER, Franck PROUST, Françoise GROSSETÊTE, Geoffroy DIDIER, Jérôme LAVRILLEUX, Marc JOULAUD, Michel DANTIN, Michèle ALLIOT-MARIE, Nadine MORANO, Philippe JUVIN, Rachida DATI, Tokia SAÏFI
|
4
|
1
|
Portugal PPEFor (7) |
Netherlands PPEFor (5) |
Bulgaria PPEFor (6) |
5
|
2
|
3
|
6
|
Czechia PPE |
4
|
4
|
4
|
1
|
3
|
2
|
2
|
3
|
1
|
2
|
2
|
|||
| S&D |
135
|
Germany S&DFor (20)Arndt KOHN, Arne LIETZ, Babette WINTER, Birgit SIPPEL, Dietmar KÖSTER, Evelyne GEBHARDT, Ismail ERTUG, Jens GEIER, Jo LEINEN, Joachim SCHUSTER, Knut FLECKENSTEIN, Martina WERNER, Michael DETJEN, Norbert NEUSER, Peter SIMON, Petra KAMMEREVERT, Susanne MELIOR, Tiemo WÖLKEN, Udo BULLMANN, Ulrike RODUST
|
3
|
11
|
4
|
Italy S&DFor (17) |
Portugal S&DFor (7) |
3
|
3
|
Austria S&D |
4
|
2
|
1
|
1
|
1
|
2
|
1
|
3
|
1
|
2
|
United Kingdom S&DFor (17) |
2
|
1
|
1
|
1
|
||||
| ALDE |
56
|
4
|
1
|
France ALDEFor (6) |
Belgium ALDEFor (6) |
1
|
1
|
Netherlands ALDEFor (7) |
3
|
1
|
2
|
4
|
4
|
2
|
1
|
2
|
1
|
1
|
1
|
1
|
1
|
||||||||
| Verts/ALE |
44
|
Germany Verts/ALEFor (13) |
4
|
France Verts/ALEFor (6) |
2
|
1
|
1
|
2
|
2
|
1
|
2
|
1
|
1
|
1
|
1
|
1
|
4
|
1
|
|||||||||||
| ECR |
57
|
Germany ECRFor (6) |
Poland ECRFor (16) |
2
|
4
|
1
|
2
|
1
|
2
|
1
|
2
|
1
|
2
|
3
|
United Kingdom ECRFor (4)Against (10) |
||||||||||||||
| GUE/NGL |
31
|
Germany GUE/NGLAbstain (5) |
Spain GUE/NGL |
France GUE/NGL |
3
|
3
|
1
|
1
|
1
|
1
|
1
|
2
|
|||||||||||||||||
| NI |
10
|
2
|
2
|
2
|
3
|
1
|
|||||||||||||||||||||||
| EFDD |
28
|
1
|
France EFDDFor (1)Against (5) |
Italy EFDD |
1
|
United Kingdom EFDDAgainst (9) |
|||||||||||||||||||||||
| ENF |
29
|
1
|
2
|
1
|
Italy ENFAgainst (5) |
4
|
3
|
| Amendments | Dossier |
| 504 |
2017/0136(COD)
2018/04/13
ECON
504 amendments...
Amendment 107 #
Proposal for a regulation Citation 1 Having regard to the Treaty on the Functioning of the European Union, and in particular Article
Amendment 108 #
Proposal for a regulation Recital 1 (1) Regulation (EU) No 648/2012 of the European Parliament and of the Council46 requires standardised OTC derivatives contracts to be cleared through a Central Counterparty (CCP) in line with similar requirements in other G20 countries. That Regulation also introduced strict prudential, organisational and business conduct requirements for CCPs and established arrangements for their prudential supervision in order to minimise risks to users of a CCP and underpin
Amendment 109 #
Proposal for a regulation Recital 1 (1) Regulation (EU) No 648/2012 of the European Parliament and of the Council46 requires standardised OTC derivatives contracts to be cleared through a Central Counterparty (CCP) in line with similar requirements in other G20 countries. That Regulation also introduced strict prudential, organisational and business conduct requirements for CCPs and established arrangements for their prudential supervision in order to minimise risks to users of a CCP and underpin financial stability. The G20 objectives set at the 2009 Pittsburgh summit should continue to be implemented in full in order to take full advantage of the benefits to financial stability. __________________ 46 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. OJ L 201, 27.7.2012, p. 1.
Amendment 110 #
Proposal for a regulation Recital 2 (2) Since the adoption of Regulation (EU) No 648/2012, the volume of CCP activity in the Union and globally has grown rapidly in scale and in scope. The expansion in CCP activity is set to continue in the coming years with the introduction of additional clearing obligations and the rise in voluntary clearing by counterparties not subject to a clearing obligation. The Commission’s proposal of 4 May 201747 to amend Regulation (EU) No 648/2012 in a targeted manner, to improve its effectiveness and proportionality, will create further incentives for CCPs to offer central clearing of derivatives to counterparties and facilitate access to clearing to small financial and non- financial counterparties.
Amendment 111 #
Proposal for a regulation Recital 2 (2) Since the adoption of Regulation (EU) No 648/2012, the volume of CCP activity in the Union and globally has grown rapidly in scale and in scope. The expansion in CCP activity, especially in the context of OTC equity derivatives and currency derivatives as asset classes in the original scope, is set to continue in the coming years with the introduction of additional clearing obligations and the rise in voluntary clearing by counterparties not subject to a clearing obligation. The Commission’s proposal of 4 May 201747 to amend Regulation (EU) No 648/2012 in a targeted manner, to improve its effectiveness and proportionality, will create further incentives for CCPs to offer central clearing of derivatives to counterparties and facilitate access to clearing to small financial and non- financial counterparties. These are the main elements that will ensure the G20 objectives are implemented in full for the sake of greater financial stability in the long term. Deeper and more integrated capital markets resulting from the Capital Markets Union (CMU) will further increase the need for cross-border clearing in the Union, thus further increasing the importance and the interconnectedness of CCPs within the
Amendment 112 #
Proposal for a regulation Recital 2 (2) Since the adoption of Regulation (EU) No 648/2012, the volume of CCP activity in the Union and globally has grown rapidly in scale and in scope. The expansion in CCP activity is set to continue in the coming years with the introduction of additional clearing obligations and the rise in voluntary clearing by counterparties not subject to a clearing obligation. The Commission’s proposal of 4 May 201747 to amend Regulation (EU) No 648/2012 in a targeted manner, to improve its effectiveness and proportionality, will create further incentives for CCPs to offer central clearing of derivatives to counterparties and facilitate access to
Amendment 113 #
Proposal for a regulation Recital 2 a (new) (2a) Due in particular to the obligation to provide central clearing as a result of cross-sectoral G20 cooperation from 2008 onwards, and against a backdrop in which cross-border interoperability has been enforced on market infrastructures, market risks are being concentrated amongst CCPs more than ever before, and the way they are interconnected is increasing the risk of a domino effect and of the global financial system collapsing as the result of just one CCP going bankrupt.
Amendment 114 #
Proposal for a regulation Recital 2 a (new) (2a) CCPs established within the Union differ in terms of the nature of their business, legal and organisational structure as well as their risk profile, size and legal status. Regulation should reflect this diversity.
Amendment 115 #
Proposal for a regulation Recital 3 (3) The number of CCPs currently established in the Union and authorised under Regulation (EU) No 648/2012 remains relatively limited, standing at 17 in June 2017. 28 third-country CCPs have been recognised under the equivalence provisions of that Regulation, allowing them also to offer their services to clearing members and trading venues established in the Union48 . Clearing markets are well integrated across the Union but highly concentrated in certain asset classes and highly interconnected. Euro clearing is highly concentrated in the City of London, where ever year British-based CCPs process around €1,300 billion of euro-denominated trades. The concentration of risk makes the failure of a CCP a low-
Amendment 116 #
Proposal for a regulation Recital 3 (3) The number of CCPs currently established in the Union and authorised under Regulation (EU) No 648/2012 remains relatively limited, standing at 17 in June 2017. 28 third-country CCPs have
Amendment 117 #
Proposal for a regulation Recital 3 a (new) (3a) In line with the adoption of the forthcoming Regulation on CCP Recovery and Resolution, an appropriate mechanism needs to be developed in order to ensure that the supervisor taking the decision to put a CCP into resolution has access to ‘the lender of last resort’ resource.
Amendment 118 #
Proposal for a regulation Recital 5 a (new) (5a) The architecture for the supervision of CCP relies on the building of competences, expertise, capabilities, as well as cooperative relationships and exchanges with other institutions. Since all of those are processes that develop over time and following their own dynamic, the design of a functional, effective and efficient supervisory system for CCPs should take into account its potential evolution in the long term.
Amendment 119 #
Proposal for a regulation Recital 6 (6) The supervisory arrangements under Regulation (EU) No 648/2012 are
Amendment 120 #
Proposal for a regulation Recital 6 a (new) (6a) This regulation should seek to support enhanced global supervisory cooperation, therefore once equivalence has been granted to a third country jurisdiction, the relevant authorities should seek to avoid duplication and allow supervisors to rely on and/or defer to each other’s regulatory and supervisory frameworks.
Amendment 121 #
Proposal for a regulation Recital 6 a (new) (6a) All CCPs have characteristics that make them systemic, to some degree, for the Union or for a Member State, but their size, business model and risk profile differ. The approach taken to the supervision of CCPs should be proportionate and a proper balance should be established between national and Union-wide supervision, taking into account the systemic nature of the CCPs concerned.
Amendment 122 #
Proposal for a regulation Recital 6 b (new) (6b) In order to allow for a proportionate approach to the supervision of CCPs, a tiering system shall be established by ESMA, distinguishing between significant Union CCPs and less significant Union CCPs on the basis of the degree of systemic risk that the CCP presents to the financial stability of the Union. ESMA shall assess the degree of systemic risk on the basis of objective and transparent criteria set out in this Regulation. In order to properly involve ESMA in the setting of those criteria, they should be further specified through a Regulatory Technical Standard.
Amendment 123 #
Proposal for a regulation Recital 6 c (new) (6c) This Regulation establishes new tasks to be carried out by ESMA relating to the supervision of significant Union CCPs. As regards the supervision of less significant Union CCPs, ESMA should be able to issue general instructions to national competent authorities, according to which their tasks are performed and supervisory decisions are adopted, as well as, where necessary to ensure consistent application of high supervisory standards, decide, at any time, on its own initiative after consulting with national competent authorities or upon request by a national competent authority, exercise directly itself any supervisory task over CCPs. Those powers over less significant Union CCPs should be additional and complementary to other tasks and powers conferred to ESMA and already exercised over those CCPs under this Regulation or under Regulation 1095/2010.
Amendment 124 #
Proposal for a regulation Recital 7 (7) The
Amendment 125 #
Proposal for a regulation Recital 8 (8) The Treaties have established an economic and monetary union whose currency is the euro, and the European Central Bank (ECB) as an Institution of the Union for this purpose. The Treaties also provide that the ESCB shall be governed by the decision-making bodies of the ECB, and the ECB alone may authorise the issue of the euro.
Amendment 126 #
Proposal for a regulation Recital 8 (8) The Treaties have established an economic and monetary union whose currency is the euro, and the European Central Bank (ECB) as an Institution of the Union
Amendment 127 #
Proposal for a regulation Recital 8 a (new) (8a) The potential high correlation between euro clearing activity and monetary policy means it is in the interests of the citizens of the EU and the Eurozone for euro-clearing to be primarily based in the eurosystem where it can be subject to full EU supervision. The striking down of the ECB’s ‘location policy’ (which required CCPs with at least €5 billion in daily exposure to be located in the eurosystem) by the EU General Court was not based on an assessment of the substance of the policy, which aimed to manage systemic risk.
Amendment 128 #
Proposal for a regulation Recital 9 (9) In view of the global nature of financial markets and of the need to address inconsistencies in the supervision of Union and third-country CCPs, ESMA’s ability to promote convergence in the supervision of CCPs should be enhanced.
Amendment 129 #
Proposal for a regulation Recital 9 (9) In view of the global nature of financial markets and of the need to address inconsistencies in the supervision of Union and third-country CCPs, ESMA’s ability to promote convergence in the supervision of CCPs that are similar in nature should be enhanced. In order to confer new roles and responsibilities on ESMA, Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (ESMA)53 should be amended. __________________ 53 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European
Amendment 130 #
Proposal for a regulation Recital 9 (9) In view of the global nature of financial markets and of the need to address inconsistencies in the supervision of Union and third-country CCPs, ESMA’s legally binding ability to promote convergence in the supervision of CCPs should be enhanced. In order to confer new roles and responsibilities on ESMA, Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (ESMA)53 should be amended. __________________ 53 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p.84
Amendment 131 #
Proposal for a regulation Recital 10 Amendment 132 #
Proposal for a regulation Recital 10 (10) A specific
Amendment 133 #
Proposal for a regulation Recital 10 (10) A specific E
Amendment 134 #
Proposal for a regulation Recital 10 (10) A specific Executive Session (“CCP Executive Session”) should be created within the Board of Supervisors of ESMA to handle tasks related to CCPs in general, and supervise Union and third- country CCPs in particular, including relocation decisions or requirements. In order to guarantee a smooth establishment of the CCP Executive Session, it is necessary to clarify its interactions with the Board of Supervisors of ESMA, its organisation and the tasks it should perform.
Amendment 135 #
Proposal for a regulation Recital 10 (10) A specific E
Amendment 136 #
Proposal for a regulation Recital 11 (11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP
Amendment 137 #
Proposal for a regulation Recital 11 (11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP
Amendment 138 #
Proposal for a regulation Recital 11 (11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP
Amendment 139 #
Proposal for a regulation Recital 11 (11) In order to ensure a coherent supervisory approach and to reflect the mandates of relevant authorities involved in the supervision of CCPs, the CCP
Amendment 140 #
Proposal for a regulation Recital 11 a (new) (11a) In order to ensure a coherent supervisory approach, ESMA shall, in addition to the stress tests as set out in this regulation, take note of the stress tests carried out by CCPs as part of their recovery and resolution arrangements. These stress tests, during which a CCP should consider its arrangements across the Union in terms of their aggregate effect on Union financial stability, should be included in crisis simulation exercises with respect to potential system-wide stress events.
Amendment 141 #
Proposal for a regulation Recital 12 (12) When deciding on issues concerning a CCP established within a Member State, the CCP
Amendment 142 #
Proposal for a regulation Recital 12 (12) When deciding on issues concerning a CCP established within a Member State, the CCP
Amendment 143 #
Proposal for a regulation Recital 13 (13) In order to ensure an appropriate, effective and swift decision-making process, the
Amendment 144 #
Proposal for a regulation Recital 13 (13) In order to ensure an appropriate, effective and swift decision-making process, the Head, the
Amendment 145 #
Proposal for a regulation Recital 14 (14) The CCP
Amendment 146 #
Proposal for a regulation Recital 14 (14) The CCP
Amendment 147 #
Proposal for a regulation Recital 15 (15) In order to ensure effective supervision,
Amendment 148 #
Proposal for a regulation Recital 15 (15) In order to ensure effective supervision, the CCP
Amendment 149 #
Proposal for a regulation Recital 15 (15) In order to ensure effective supervision, the CCP
Amendment 150 #
Proposal for a regulation Recital 16 (16) To provide for an appropriate level of expertise and accountability, the Head and the
Amendment 151 #
Proposal for a regulation Recital 16 (16) To provide for an appropriate level of expertise and accountability, the
Amendment 152 #
Proposal for a regulation Recital 16 (16) To provide for an appropriate level of expertise and accountability, the
Amendment 153 #
Proposal for a regulation Recital 16 (16) To provide for an appropriate level of expertise and accountability, the
Amendment 154 #
Proposal for a regulation Recital 16 (16) To provide for an appropriate level of expertise and accountability, the
Amendment 155 #
Proposal for a regulation Recital 17 (17) In order to ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the
Amendment 156 #
Proposal for a regulation Recital 17 (17) In order to ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the Head and the two Directors of the CCP Executive Session sh
Amendment 157 #
Proposal for a regulation Recital 17 (17) In order to ensure transparency and democratic control, as well as to safeguard the rights of the Union institutions, the Head
Amendment 158 #
Proposal for a regulation Recital 18 (18) The Head and the
Amendment 159 #
Proposal for a regulation Recital 18 (18) The
Amendment 160 #
Proposal for a regulation Recital 19 (19) In order to promote consistency in
Amendment 161 #
Proposal for a regulation Recital 19 (19) In order to promote consistency in the supervision of Union and third-country CCPs across the Union, the
Amendment 162 #
Proposal for a regulation Recital 19 (19) In order to promote consistency in the supervision of Union and third-country CCPs across the Union, the Head of the CCP
Amendment 163 #
Proposal for a regulation Recital 20 (20) In order to ensure an appropriate and effective decision-making process, the
Amendment 164 #
Proposal for a regulation Recital 20 (20) In order to ensure an appropriate and effective decision-making process, the permanent members of the CCP
Amendment 165 #
Proposal for a regulation Recital 21 (21) While national competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, in order to ensure the stability of the currency in question and of the financial sector, there is a need to
Amendment 166 #
Proposal for a regulation Recital 21 (21)
Amendment 167 #
Proposal for a regulation Recital 21 (21) While national competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, there is a need to better reflect the mandates of the central banks of issue concerning their monetary policy responsibilities, due to the potential risks that the malfunctioning of a CCP could
Amendment 168 #
Proposal for a regulation Recital 21 (21)
Amendment 169 #
Proposal for a regulation Recital 21 (21) While national competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union. ESMA may also request any specific supervisory action as provided for in this Regulation within a specified timeframe. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, there is a need to better reflect the mandates of the central banks of issue concerning their monetary policy
Amendment 170 #
Proposal for a regulation Recital 21 (21) While national competent authorities continue to exercise their current supervisory responsibilities under Regulation (EU) No 648/2012, the prior consent of ESMA should be required for certain decisions in order to promote consistency in the supervision of CCPs throughout the Union, and being conscious of the issue of interdependencies between the clearing system and the broader financial system. A specific mechanism is introduced for cases of disagreement between ESMA and the national competent authorities. Similarly, there is a need to better reflect the mandates of the central banks of issue concerning their monetary policy responsibilities, due to the potential risks that the malfunctioning of a CCP could pose to the implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems.
Amendment 171 #
Proposal for a regulation Recital 22 (22) In order to enable ESMA to conduct its tasks with regards to CCPs effectively, both Union and third-country CCPs should pay supervisory fees for ESMA’s supervisory and administrative tasks. These fees should be proportionate to the turnover of the services the CCP provides in a Union currency to EU clearing members. These fees should cove
Amendment 172 #
Proposal for a regulation Recital 22 a (new) (22a) The Chair of the CCP Supervisory Committee shall be a full-time, independent professional. The Chair shall be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, and of experience relevant to CCP supervision and regulation. The Chair shall be chosen on the basis of an open selection procedure organised by the supervisory colleges, which shall respect the principles of gender balance, experience and qualification. The Chair shall not hold any other office at national, Union, or international level. The supervisory colleges shall provide to the European Parliament a shortlist of candidates for the position of Chair of the CCP Supervisory Committee and shall inform the Council and the Commission of the shortlist. The supervisory colleges shall submit a proposal for the appointment of the Chair of the CCP Supervisory Committee to the European Parliament for approval. Following the approval of that proposal, the Council shall adopt an implementing decision to appoint the Chair of the Supervisory Committee. The Council shall act by qualified majority. Where the Chair of the CCP Supervisory Committee no longer fulfils the conditions required for the performance of his or her duties or has been found guilty of serious misconduct, the Council, having received the consent of the supervisory colleges, may, on a proposal from the Commission which has been approved by the European Parliament, adopt an implementing decision to remove him or her from office. The Council shall act by qualified majority. The European Parliament or the Council may inform the supervisory colleges that they consider the conditions for the removal of the Chair of the CCP Supervisory Committee to be fulfilled, to which the Commission shall respond.
Amendment 173 #
Proposal for a regulation Recital 23 (23) The supervisory arrangements in this Regulation for third-country CCPs offering clearing services
Amendment 174 #
Proposal for a regulation Recital 24 (24) A significant amount of financial instruments denominated in the currencies of the Member States are cleared by recognised third-country CCPs. This will increase substantially when the United Kingdom withdraws from the Union and the CCPs established there will no longer be governed by the requirements of this Regulation. Cooperation arrangements agreed in the supervisory colleges will no longer be subject to the safeguards and procedures of this Regulation, including the Court of Justice of the European Union. This implies significant challenges for Union and Member State authorities in safeguarding financial stability. Derivatives in EU currencies should thus be cleared within the EU, whilst derivatives in euros should be cleared in the Eurozone.
Amendment 175 #
Proposal for a regulation Recital 24 (24) A significant amount of financial instruments denominated in the currencies of the Member States are cleared by recognised third-country CCPs. This will increase substantially when the United Kingdom withdraws from the Union and the CCPs established there will no longer be governed by the requirements of this Regulation. Cooperation arrangements agreed in the supervisory colleges will no longer be subject to the safeguards and procedures of this Regulation, including the Court of Justice of the European Union.
Amendment 176 #
Proposal for a regulation Recital 25 (25) As part of its commitment to integrated financial markets, the Commission should continue to determine by way of equivalence decisions that the legal and supervisory frameworks of third countries fulfil the requirements of Regulation (EU) No 648/2012. In order to enhance the implementation of the current equivalence regime in relation to CCPs, the Commission
Amendment 177 #
Proposal for a regulation Recital 25 (25) As part of its commitment to integrated financial markets, the Commission should continue to determine by way of equivalence decisions that the legal and supervisory frameworks of third countries fulfil the requirements of Regulation (EU) No 648/2012. In order to enhance the implementation of the current equivalence regime in relation to CCPs, the Commission should be able to, if necessary, specify further the criteria for assessing the equivalence of third-country CCP regimes. It is also necessary to empower ESMA with the supervision of regulatory and supervisory developments in those third-country CCP regimes that have been deemed equivalent by the Commission. This is in order to ensure that the equivalence criteria and any specific conditions set for their use continue to be satisfied by third countries. ESMA should report its findings to the Commission, the European Parliament and the Council on a confidential basis.
Amendment 178 #
Proposal for a regulation Recital 25 (25) As part of its commitment to
Amendment 179 #
Proposal for a regulation Recital 25 a (new) Amendment 180 #
Proposal for a regulation Recital 26 (26) The Commission is currently able to amend, suspend, review or revoke an equivalence decision at any time, in particular where developments occur in a third country which materially affect the elements assessed in accordance with the equivalence requirements under this Regulation. Where a third country’s relevant authorities no longer cooperate with ESMA or other Union supervisors in good faith or fail to comply on a continuous basis with the applicable equivalence requirements, the Commission is also able to, inter alia, put an authority of the third country on notice or publish a specific recommendation. Where the Commission decides at any time to revoke a third country’s equivalence, it is able to delay the date of application of that decision in order to address the risks to financial stability or of market disruptions.
Amendment 181 #
Proposal for a regulation Recital 26 a (new) (26a) Should voluntary or mandatory relocation of clearing houses take place in future as a result of this revision, further steps must be taken to ensure that competition is guaranteed in the clearing system so that a new EU-based concentration of CCPs does not result from this change.
Amendment 182 #
Proposal for a regulation Recital 27 (27) In view of the
Amendment 183 #
Proposal for a regulation Recital 28 (28) Once the Commission has determined the legal and supervisory framework of a third country as equivalent to the Union framework, the process to recognise CCPs from that third country should take into account the risks those CCPs present for the financial stability of the Union or for the Member State. If the risk posed to the EU financial system is high, based on a defined and transparent criteria, then recognition should be denied.
Amendment 184 #
Proposal for a regulation Recital 28 (28) Once the Commission has determined the legal and supervisory framework of a third country as equivalent to the Union framework, the process to recognise CCPs and related services from that third country should take into account the risks those CCPs present for the financial stability of the Union or for the Member State.
Amendment 185 #
Proposal for a regulation Recital 29 (29) When considering the application of a third-country CCP for recognition, ESMA should assess the degree of systemic risk that the CCP presents to the financial stability of the Union or of one or more of its Member States on the basis of objective and transparent criteria set out in this Regulation. A Commission delegated act should further specify these criteria. In this regard, specific features concerning certain agricultural derivative contracts listed and executed on regulated markets in third countries, which relate to markets that largely serve domestic non-financial counterparties in that third country who manage their commercial risks through those contracts, may pose a negligible risk to clearing members and trading venues in the Union as they have a low degree of systemic interconnectedness with the rest of the financial system.
Amendment 186 #
Proposal for a regulation Recital 29 (29) When considering the application of a third-country CCP for recognition, ESMA should assess the degree of systemic risk that the CCP or CCP’s clearing service offered in a Union currency and provided to EU clearing members, presents to the financial stability of the Union on the basis of objective and transparent criteria set out in this Regulation. A Commission delegated act should further specify these criteria.
Amendment 187 #
Proposal for a regulation Recital 29 a (new) (29a) When determining whether or not a CCP or one or more clearing service offered by the CCP is systemically important for the financial stability of the Union, ESMA should only take into account the nature, size and complexity of a CCP’s business in the EU. A non- EU CCP should not be considered to be systemically important if its EU business is not significant, regardless of the size of its global business.
Amendment 188 #
Proposal for a regulation Recital 30 (30) CCPs that are not systemically important to the financial stability of the Union or one of its Member States should be considered as ‘Tier 1’ CCPs. CCPs offering a clearing service in a Union currency to EU clearing members that are systemically important, or likely to become systemically important, to the financial stability of the Union or one of its Member States should be considered as ‘Tier 2’ CCPs, or ‘Tier 2’ service lines. Where ESMA determines that a third-country CCP, or clearing service offered in a Union currency to EU clearing members is not systemically important to the financial stability of the Union, the existing recognition conditions under Regulation (EU) No 648/2012 should apply to that CCP or clearing service. Where ESMA determines that a third-country CCP, or a CCP’s clearing service offered in a Union currency to EU clearing members, is systemically important, additional requirements proportionate to the degree of risk presented by that CCP, or clearing service thereof, should be established. ESMA should only recognise such a CCP, or one or more of the clearing service lines provided, where that CCP complies with these requirements.
Amendment 189 #
Proposal for a regulation Recital 30 (30) CCPs that are not systemically important to the financial stability of the Union or o
Amendment 190 #
Proposal for a regulation Recital 31 (31) The additional requirements should include certain prudential requirements set out in Regulation (EU) No 648/2012 that aim to increase the safety and efficiency of how a CCP’s clearing service in a Union currency is provided to EU clearing members. ESMA should be directly responsible for
Amendment 191 #
Proposal for a regulation Recital 32 (32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil
Amendment 192 #
Proposal for a regulation Recital 32 (32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil
Amendment 193 #
Proposal for a regulation Recital 32 (32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil any additional requirements that the central bank(s) of issue c
Amendment 194 #
Proposal for a regulation Recital 32 (32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil any additional requirements that the central bank(s) of issue consider necessary as provided for in this Regulation. The central bank(s) of issue should provide ESMA with confirmation whether or not the CCP complies with any additional requirements as quickly as possible and in any case 180 days from the CCP’s application to ESMA.
Amendment 195 #
Proposal for a regulation Recital 32 (32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil
Amendment 196 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union.
Amendment 197 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA
Amendment 198 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union.
Amendment 199 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and the relevant central bank(s) of issue conclude that a third-country CCP is of such systemic importance that additional requirements will not ensure the financial stability of the Union, ESMA should be able to recommend to the Commission that that CCP should not be recognised. In its recommendation, ESMA should assess the net benefits of such a move with regards to safeguarding the interests of EU taxpayers and financial stability. The Commission should be able to adopt an implementing act declaring that the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union.
Amendment 200 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and the relevant central bank(s) of issue conclude that a third-country CCP is of such systemic importance that additional requirements will not ensure the financial stability of the Union, ESMA should be able to recommend to the Commission that that CCP should not be recognised. The Commission should be able to adopt an implementing act declaring that the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union. Following a recommendation by ESMA, the Commission should be able to impose any additional requirement that it deems necessary to safeguard the financial stability of the EU to the systemically- important third-country CCPs.
Amendment 201 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA
Amendment 202 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union
Amendment 203 #
Proposal for a regulation Recital 33 (33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA
Amendment 204 #
Proposal for a regulation Recital 33 a (new) (33a) The Commission and ESMA should also be able to impose all the additional requirements they deem necessary to guarantee the financial stability of the EU on the CCP of a third country of systemic importance.
Amendment 205 #
Proposal for a regulation Recital 33 a (new) (33a) The Commission and ESMA should also be able to impose to the systemically important third-country CCP any additional requirements that they consider necessary to guarantee the EU financial stability.
Amendment 206 #
Proposal for a regulation Recital 34 (34) ESMA should regularly review the recognition of third-country CCPs as well as their classification as Tier 1 or Tier 2 CCPs. In this regard, ESMA should consider amongst others, the changes in the nature, size and complexity of
Amendment 207 #
Proposal for a regulation Recital 34 (34) ESMA should regularly review the recognition of third-country CCPs as well
Amendment 208 #
Proposal for a regulation Recital 35 (35) ESMA should also be able to take into account the extent to which the compliance of a systemically-important third-country CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. When conducting this assessment, ESMA should take into account, where relevant, whether the Commission has adopted an implementing acts determining that the legal and supervisory arrangements of the third country where the CCP is established are equivalent to those of this Regulation and any conditions which the application of that implementing act may be subject to. When conducting this assessment, to ensure proportionality, ESMA should also consider the extent to which the financial instruments cleared by the CCP are denominated in Union currencies. The Commission should adopt a delegated act specifying further the modalities and conditions to assess such comparable compliance.
Amendment 209 #
Proposal for a regulation Recital 35 (35) ESMA should also be able to take into account the extent to which the compliance of a systemically-important third-country CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. In carrying out its assessment under this paragraph, ESMA should take into account the implementing acts adopted in accordance with Article 25(6) of this Regulation. The Commission should adopt a delegated act specifying further the modalities and conditions to assess such comparable compliance
Amendment 210 #
Proposal for a regulation Recital 35 (35) ESMA should also be able to take into account the extent to which the compliance of a systemically-important third-country CCP with the requirements applicable in that third country can be compared to the compliance of that CCP with the requirements of Regulation (EU) No 648/2012. The Commission should adopt a delegated act specifying further the
Amendment 211 #
Proposal for a regulation Recital 36 (36) ESMA should have all the powers necessary to supervise recognised third- country CCPs to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In certain areas,
Amendment 212 #
Proposal for a regulation Recital 36 (36) ESMA should have all the powers necessary to supervise the clearing services provided in a Union currency to EU clearing members of recognised third- country CCPs, so as to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In
Amendment 213 #
Proposal for a regulation Recital 36 (36) ESMA should have all the powers necessary to supervise recognised third- country CCPs to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In certain areas, ESMA
Amendment 214 #
Proposal for a regulation Recital 36 (36) ESMA should have all the powers
Amendment 215 #
Proposal for a regulation Recital 36 (36) ESMA should have all the powers necessary to supervise recognised third- country CCPs to ensure their ongoing compliance with the requirements of Regulation (EU) No 648/2012. In certain areas, ESMA’s decisions should
Amendment 216 #
Proposal for a regulation Recital 37 Amendment 217 #
Proposal for a regulation Recital 37 Amendment 218 #
Proposal for a regulation Recital 39 Amendment 219 #
Proposal for a regulation Recital 39 (39) ESMA should be able to impose fines on both Tier 1 and Tier 2 CCPs where it finds that they have committed, intentionally or negligently, an infringement of this Regulation by providing incorrect or misleading information to ESMA. In addition, ESMA should be able to impose fines on Tier 2 CCPs where it finds that they have committed, intentionally or negligently, an infringement of the additional requirements applicable to them in this Regulation, and to withdraw recognition from Tier 2 CCPs in the case of more than one infringement.
Amendment 220 #
Proposal for a regulation Recital 40 Amendment 221 #
Proposal for a regulation Recital 41 Amendment 222 #
Proposal for a regulation Recital 42 (42) The decision to impose
Amendment 223 #
Proposal for a regulation Recital 43 (43) Before deciding whether to impose
Amendment 224 #
Proposal for a regulation Recital 44 (44) ESMA should refrain from imposing
Amendment 225 #
Proposal for a regulation Recital 45 (45) ESMA’s decisions imposing
Amendment 226 #
Proposal for a regulation Recital 47 Amendment 227 #
Proposal for a regulation Recital 47 (47) The validation of significant changes to models and parameters adopted to calculate a CCP’s margin requirements, default fund contributions, collateral requirements, and other risk-control mechanisms should be aligned with
Amendment 228 #
Proposal for a regulation Recital 48 (48) The power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of the further specification of the type of fees, the matters for which fees are due, the amount of the fees to be paid and the manner in which they are to be paid; specifying the conditions under which the criteria are specified to determine if a third- country CCP is, or is likely to become, systemically important for financial stability of the Union or for one or more of its Member States as well as for specifying the criteria for considering that a CCP is of substantial systemic importance; the further specification of the criteria to be used in its equivalence assessments of third countries; specify how and under what conditions certain requirements shall be complied with by third-country CCPs; further rules of procedure relating to the imposition of fines or periodic penalty payments, including provisions on the rights of defence, time limits, the collection of fines or periodic penalty payments and the limitation periods for the imposition and
Amendment 229 #
Proposal for a regulation Recital 50 Amendment 230 #
Proposal for a regulation Recital 52 a (new) (52a) For the sake of financial stability and to ensure the principle of liability is enforced, derivatives in EU currencies should be cleared within the European Union. Deviation from this basic rule is only permitted if there are no effective agreements between the competent supervisory authority and the central bank of the third country in question that ensure European standards are enforced on the supervision of the CCP in question, and which ensure the competent European supervisory authority is given full rights of access in times of crisis.
Amendment 231 #
Proposal for a regulation Recital 52 b (new) (52b) If there is no effective agreement between the EU supervisory authority and the competent supervisory authority, and between the European Central Bank and the central bank of the third country in question that guarantees effective supervision for the clearing of derivatives in EU currencies, the European Commission is authorised, after consultation with ESMA, to adopt an implementing act in which it states that a third-country CCP or a clearing service thereof must set up a branch within the Union.
Amendment 232 #
Proposal for a regulation Recital 52 c (new) (52c) To ensure the existing cooperation agreements are effective and to ensure European legislation is enforced on the supervision of CCPs, the third country in question must accept the jurisdiction of the European Court of Justice in matters of CCP supervision.
Amendment 234 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 1095/2010 Article 6 – point 1 a Amendment 235 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 1095/2010 Article 6 – point 1 a Amendment 236 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 1095/2010 Article 6 – point 1 a Amendment 237 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 1095/2010 Article 35 – paragraph 6 – introductory part Where complete or accurate information is not available or is not made available in a timely fashion under paragraph 1 or 5, the Authority may request information, by way of a duly justified and reasoned request directly to the relevant financial market participants or, directly from:
Amendment 238 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1095/2010 Article 40 – paragraph 1 – point f Amendment 239 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation 1095/2010 Article 40 – paragraph 1 – point f Amendment 240 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 1095/2010 Article 40 – paragraph 1 – point f Amendment 241 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) No 1095/2010 Article 42 – subparagraph 1 Amendment 242 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) No 1095/2010 Article 42 – subparagraph 1 Amendment 243 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 Regulation (EU) No 1095/2010 Article 42 – subparagraph 1 Amendment 244 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 1095/2010 Article 43 – paragraphs 1 and 8 Amendment 245 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 1095/2010 Article 43 – paragraphs 1 and 8 Amendment 246 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 1095/2010 Article 43 – paragraphs 1 and 8 Amendment 247 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1095/2010 Chapter III – section 1A Amendment 248 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1095/2010 Chapter III – section 1A Amendment 249 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1095/2010 Chapter III – section 1A Amendment 250 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 Regulation (EU) No 1095/2010 Article 44b – paragraph 1 – point c a (new) (ca) tasks, actions, and decisions for the supervision of systemically important CCPs established in the Union pursuant to Article 22g of Regulation (EU) 648/2012.
Amendment 251 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) No 1095/2010 Chapter III – Section 3 – title Amendment 252 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) No 1095/2010 Chapter III – Section 3 – title Amendment 253 #
Proposal for a regulation Article 1 – paragraph 1 – point 8 Regulation (EU) No 1095/2010 Chapter III – Section 3 – title Amendment 254 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1095/2010 Article 48 a Amendment 255 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1095/2010 Article 48 a Amendment 256 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 Regulation (EU) No 1095/2010 Article 48 a Amendment 257 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 1095/2010 Article 49 Amendment 258 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 1095/2010 Article 49 Amendment 259 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 Regulation (EU) No 1095/2010 Article 49 Amendment 260 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 Amendment 261 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 Amendment 262 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 Amendment 263 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Amendment 264 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Amendment 265 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Amendment 266 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 – point a 2. The Executive Director shall be responsible for implementing the annual work programme of the Authority under the guidance of the Board of Supervisors and the CCP
Amendment 267 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 – point b Regulation (EU) No 1095/2010 Article 53 – paragraph 4 4. The Executive Director shall prepare a multi-annual work programme, as referred to in Article 47(2). For the tasks and powers referred to in Article 44b(1), the Executive Director shall obtain the consent of the CCP
Amendment 268 #
Proposal for a regulation Article 1 – paragraph 1 – point 13 Regulation (EU) No 1095/2010 Article 63 – paragraph 1 a Amendment 269 #
Proposal for a regulation Article 1 – paragraph 1 – point 13 Regulation (EU) No 1095/2010 Article 63 – paragraph 1 a Amendment 270 #
Proposal for a regulation Article 1 – paragraph 1 – point 13 Regulation (EU) No 1095/2010 Article 63 – paragraph 1 a Amendment 271 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 Amendment 272 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 Regulation (EU) No 1095/2010 Article 70 – paragraph 1 Amendment 273 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 Regulation (EU) No 1095/2010 Article 70 – paragraph 1 Amendment 274 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 1095/2010 Article 76 – paragraph 2 a Amendment 275 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 1095/2010 Article 76 – paragraph 2 a Amendment 276 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 1095/2010 Article 76 – paragraph 2 a Amendment 277 #
Proposal for a regulation Article 2 – paragraph 1 – point -1 (new) Regulation (EU) No 648/2012 Article 2 – paragraph 1 – point 1 a (new) (-1) In Article 2, the following point (1a) is inserted: “(1a) ‘CCP service’ means the CCP activities or services relating to a specific class of financial instruments as set out by point 15 of Article 4 of Directive 2014/65/EU or a specific class of derivatives as defined by point 6;”
Amendment 278 #
Proposal for a regulation Article 2 – paragraph 1 – point -1 (new) Regulation (EU) No 648/2012 Article 2 – paragraph 1 – point 29 a (new) (-1) In Article 2, the following point (29a) is added: “(29a) ‘Non-EU Group’ means, for the purposes of Article 4, a group as defined in Article 2(11) of Directive 2013/34/EU.”
Amendment 279 #
Proposal for a regulation Article 2 – paragraph 1 – point -1 a (new) Regulation (EU) No 648/2012 Article 4 – paragraph 1 – point a – point v a (new) (-1a) In Article 4, paragraph 1, point (a), point (va) is added as follows: (va) between (a) entities established in a third country, belonging to the same non-EU Group comprising at least one entity that would be subject to the clearing obligation as per one of the paragraphs (i) to (v) above if it were established in the Union, and taking positions in euro denominated OTC derivatives contracts and, (b) a financial counterparty, or a non-financial counterparty that meet the conditions referred to in article 10(1)(b), or an entity established in a third country that would be subject to the clearing obligation as per one of the paragraphs (i) to (v) above if it were established in the Union. Each non-EU Group shall calculate annually, its aggregate month-end average position over 30 working days by including all OTC derivative contracts entered into by all entities within its non- EU Group. When such positions exceed the clearing thresholds, any entity within the non-EU Group shall immediately notify ESMA and the relevant competent authority thereof and all entities of the same non-EU Group shall become subject to the clearing obligation as specified above.
Amendment 280 #
Proposal for a regulation Article 2 – paragraph 1 – point -1 (new) Regulation (EU) No 648/2012 Article 4 a (new) (-1) a new Article 4a is inserted: Article 4a Clearing obligation for derivatives in EU currencies Derivatives in an EU currency shall be cleared within the European Union. CCPs clearing derivatives in an EU currency that are not based in the EU shall be deleted from the public register in accordance with Article 6 (2) b of this Regulation. By way of derogation from paragraph 1, an exception is only permitted if all of the following conditions are met: (a) There is an effective agreement between the EU supervisory authority and the competent supervisory authority of the third country that ensures European standards are enforced on the supervision of the CCP in question, and which ensures the competent European supervisory authority is given full rights of access in times of crisis. (b) There is an effective agreement between the European Central Bank and the central bank of the third country that regulates the provision of emergency liquidity and all the obligations involved.
Amendment 281 #
Proposal for a regulation Article 2 – paragraph 1 – point 1 a (new) Regulation (EU) No 648/2012 Article 6 – paragraph 2 – point b a (new) (1a) In Article 6, paragraph 2, point (ba) is inserted: (ba) the Tier of the third-country CCP, where applicable;
Amendment 282 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) Regulation (EU) 648/2012 Article 17 – paragraph 4 – subparagraph 4 2a. In Article 17, the fourth subparagraph of paragraph 4 is replaced by the following: ‘Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of
Amendment 283 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) Regulation (EU) No 648/2012 Article 17 – paragraph 4 – subparagraph 4 2a. In Article 17, the fourth subparagraph of paragraph 4 is replaced by the following: ‘Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of
Amendment 284 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) Regulation (EU) 648/2012 Article 17 – paragraph 4 – subparagraph 4 (2a) In Article 17(4), the fourth subparagraph is replaced by the following: Where a joint opinion by mutual agreement as referred to in the third subparagraph has not been reached and a simple majority of
Amendment 285 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) Regulation (EU) No 648/2012 Article 17 – paragraph 4 – subparagraph 4 Amendment 286 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a Regulation (EU) No 648/2012 Article 18 – paragraph 1 Amendment 287 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a Regulation (EU) No 648/2012 Article 18 – paragraph 1 – subparagraph 2 The Head of the CCP
Amendment 288 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a Regulation (EU) No 648/2012 Article 18 – paragraph 1 – subparagraph 2 The
Amendment 289 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point a Regulation (EU) No 648/2012 Article 18 – paragraph 1 – subparagraph 2 The
Amendment 290 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point a Amendment 291 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point a Amendment 292 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point a (a) the permanent members of the CCP
Amendment 293 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point a (a) the permanent members of the CCP
Amendment 294 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point b Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point a (a) the permanent members of the CCP
Amendment 295 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) Regulation (EU) No 648/2012 Article 18 – paragraph 2 – point c a (new) (ca) in paragraph 2, point (ca) is inserted: (ca) the central banks of issue of the most relevant currencies of the financial instruments cleared.
Amendment 296 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) (ca) In Article 18, paragraph 2, point (ha) is inserted: (ha) the central banks of issue, other than the ones referred to in paragraph 2(g) and paragraph 2(h), of Union currencies where the CCP clears the majority of all OTC derivatives subject to the clearing obligation which are denominated in those currencies, subject to the consent of the CCP’s competent authority. The central bank shall request the consent of the CCP’s competent authority to participate in the college, justifying the request based on its assessment of the impact a CCP’s financial distress may have on financial stability of the local market of its currency of issue. In case of the refusal, the CCP’s competent authority shall provide full and detailed reasons in writing.
Amendment 297 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) Regulation (EU) No 648/2012 Article 18 – paragraph 4 – point c a (new) (ca) in paragraph 4, point (ca) is inserted: (ca) the preparation of an opinion to the CCP Supervisory Committee where that committee is required to provide its consent or is consulted in accordance with Article 21a.
Amendment 298 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) Regulation (EU) No 648/2012 Article 18 – paragraph 4 – subparagraph 1 a (new) (ca) In paragraph 4, the following subparagraphs are added: To make ESMA’s supervisory role easier and ensure members of the colleges play an active part in this role, if a college member believes, based on the information shared in accordance with (b), that the risk management practices of a CCP do not meet all the requirements stipulated in this regulation, or that they might jeopardise their resilience, this member may submit a recommendation to the competent authority and the college to rectify the situation and to improve the CCP’s resilience. The college may adopt the recommendation by a simple majority of its members. In the 30 days following the recommendation’s adoption by the college, ESMA shall carry out an investigation and decide whether there is scope for taking specific supervisory measures in accordance with Article 21a, paragraph 3. It shall inform the competent authority and college immediately of its decision.
Amendment 299 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) Regulation (EU) No 648/2012 Article 18 – paragraph 4 – subparagraph 1 a (new) Amendment 300 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 – point c a (new) Regulation (EU) No 648/2012 Article 18 – paragraph 4 a (new) (ca) The following paragraph 4a is inserted: 4a. Where any member of the college assesses, on the basis of information exchanged pursuant to point (b), that the risk management practices of a CCP does not comply with all the requirements laid down in this Regulation or otherwise entail shortcomings in its resilience, the member may submit to the competent authority and the college a recommendation to address the issue and improve the resilience of the CCP. The college may adopt the recommendation on the basis of a simple majority of its members. Within 30 days of the adoption of the recommendation by the college, ESMA shall assess the issue and the recommendation and decide whether to request any specific supervisory action pursuant to Article 21a (3). It shall immediately inform the competent authority and the college. The competent authority shall keep the college informed of any subsequent action or absence thereof with respect to the recommendation. Where the competent authority has failed to take action within 90 days after the adoption of the recommendation and where failing to take action may result in non-compliance with the requirements laid down in this Regulation, any member of the college may, within 30 days after the end of the 90 days period, refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.
Amendment 301 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) Regulation (EU) No 648/2012 Article 19 – paragraph 1 – subparagraph 3 a (new) Amendment 302 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) Regulation (EU) No 648/2012 Article 19 – paragraph 1 a (new) (3a) In Article 19, after paragraph 1 the following subparagraph is inserted: At the request of each college member and once it has been adopted by the college by a simple majority, the opinion may include recommendations for improving the resilience of the CCP.
Amendment 303 #
Proposal for a regulation Article 2 – paragraph 1 – point 3 a (new) Regulation (EU) No 648/2012 Article 19 – paragraph 1 a (new) 3a. In Article 19, the following paragraph 1a is inserted: ‘1a. At the request of any member of the college and upon adoption by a majority of the college, the opinion may include recommendations to improve the resilience of the CCP.’
Amendment 304 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 19 – paragraph 3 – subparagraph 4 Amendment 305 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 19 – paragraph 3 – subparagraph 4 The representative of the Commission shall be non-voting member. The
Amendment 306 #
Proposal for a regulation Article 2 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 19 – paragraph 3 – subparagraph 4 The representative of the Commission shall be non-voting member.
Amendment 307 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 21 – paragraphs 1 and 3 Amendment 308 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point a Regulation (EU) No 648/2012 Article 21 – paragraph 1 1. Without prejudice to the role of the college, the competent authorities referred to in Article 22, in close cooperation with ESMA, shall review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation and evaluate the risks, which include, at least, financial, operational and cyber risks, to which CCPs are, or might be, exposed.
Amendment 309 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 – subparagraph 1 ESMA shall establish the frequency and depth of the review and evaluation referred to in paragraph 1 having regard to the size, systemic importance, nature, scale
Amendment 310 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 – subparagraph 1 ESMA shall establish the frequency and depth of the review and evaluation referred to in paragraph 1
Amendment 311 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 – subparagraph 1 a (new) ESMA shall assess CCPs through regular stress-testing and crisis simulation exercises with respect to potential system- wide stress events. In exercising this role, ESMA shall ensure consistency with the assessments of the resilience of individual CCPs carried out pursuant to Chapter XII of Commission Delegated Regulation (EU) No 153/2013 with regard to the frequency and design of the tests and shall cooperate closely with the colleges established in accordance with Article 18 of this Regulation, the ESRB and competent authorities designated under Article 4 of Directive 2013/36/EU, including the ECB in carrying out its tasks within a single supervisory mechanism under Regulation (EU) No 1024/2013 and any national competent authorities tasked with the supervision of CCPs.
Amendment 312 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 – subparagraph 2 The CCPs shall be subject to on-site inspections. ESMA staff shall
Amendment 313 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 – subparagraph 2 The CCPs
Amendment 314 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b a (new) Regulation (EU) No 648/2012 Article 21 – paragraph 6 – subparagraph 2 – point a Amendment 315 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b a (new) Regulation (EU) No 648/2012 Article 21 – paragraph 6 – subparagraph 2 – point a (ba) in paragraph 6, point (a) of the second subparagraph is replaced by the following: (a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010, in addition to a comparative analysis of the risk management practices of all the CCPs authorised in accordance with Article 14 of this Regulation; and”
Amendment 316 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b a (new) Regulation (EU) No 648/2012 Article 21 – paragraph 6 – subparagraph 2 – point a (ba) in paragraph 6, point (a) of the second subparagraph is replaced by the following: “(a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010 and a comparative analysis of the risk management practices of all CCPs authorised in accordance with Article 14 this Regulation; and”
Amendment 317 #
Proposal for a regulation Article 2 – paragraph 1 – point 6 – point b a (new) Regulation (EU) No 648/2012 Article 21 – paragraph 6 – subparagraph 2 – point a (ba) point (a) of the second subparagraph of paragraph 6 is replaced by the following: (a) conduct a peer review analysis of the supervisory activities of all competent authorities in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010
Amendment 318 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a Amendment 319 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – Title Amendment 320 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21a – Title Pr
Amendment 321 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph -1 a (new) -1a. For the purpose of this Article, ESMA shall determine the following two categories of CCPs authorised within the Union: (a) Significant CCPs; (b) Less significant CCPs. This division shall be established by ESMA on the basis of the following criteria: (a) the nature, size and complexity of the CCP’s business, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its counterparties; (b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States; (c) the CCP’s clearing membership structure; (d) the CCP’s relationship, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system. By [12 months after the entry into force of this amending Regulation] ESMA shall adopt draft Regulatory Technical Standards further specifying the criteria referred to in point (a) to (d) of the second subparagraph. Power is conferred on 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.
Amendment 322 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph -1 b (new) -1b. With regard to decisions relating to CCPs referred to in point (a) of paragraph 1a, ESMA and national competent authorities shall cooperate in the manner set out in paragraphs 1 to 7.
Amendment 323 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 Amendment 324 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 1. Competent authorities
Amendment 325 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 1. Competent authorities shall prepare and submit draft decisions to ESMA for consent prior to adoption of any of the
Amendment 326 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 – introductory part 1. Competent authorities shall
Amendment 327 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 – introductory part 1. Competent authorities shall prepare and submit draft decisions to ESMA for cons
Amendment 328 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 – paragraph 1 – point a (a) decisions adopted pursuant to Articles 7, 8, 14, 15, 16, 20, 21, 30, 31, 35, 4
Amendment 329 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 – point a (a) decisions adopted pursuant to Articles
Amendment 330 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 – point b (b)
Amendment 331 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 1 a (new) 1a. Where ESMA deems that a draft decision submitted by a competent authority in accordance with paragraph 1 should be subject to the procedures laid down in Articles 15 or 49, it shall inform the competent authority and the college. Where ESMA makes such a decision, the competent authority shall not adopt that decision. The competent authority shall inform the CCP, implement the appropriate procedure and prepare and submit a draft decision in accordance with paragraph 1.
Amendment 332 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 Amendment 333 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 Amendment 334 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 –subparagraph 1 Amendment 335 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 1 Amendment 336 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 Amendment 337 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 –subparagraph 1 Competent authorities shall
Amendment 338 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 –subparagraph 1 Competent authorities shall
Amendment 339 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 42, 44, 46, 47, 48, 50 and 54.
Amendment 340 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21a – paragraph 2 –subparagraph 1 Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 41, 44, 46, 50 and 54.
Amendment 341 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 –subparagraph 1 Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 44, 46, 47, 50 and 54.
Amendment 342 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 1 Competent authorities shall prepare and submit draft decisions to the central banks of issue referred to in Article 18(2)(h) before adopting any decision pursuant to Articles 14, 15, 20, 41, 44, 46, 50 and 54.
Amendment 343 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 1 a (new) Upon conclusion of the period for consulting the central banks of issue, the competent authority shall make every effort to comply with the amendments proposed by them.
Amendment 344 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 1 b (new) Where the competent authority does not reflect in its draft decision to the amendments proposed by a central bank of issue, the competent authority shall inform that central bank of issue in writing stating its full reasons and an explanation of any significant deviation from these amendments.
Amendment 345 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 2 Amendment 346 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 2 Amendment 347 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 2 – subparagraph 2 C
Amendment 348 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 3 Amendment 349 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 3 3. ESMA shall transmit to competent authorities any relevant information which may result in the adoption of a decision referred to in paragraph 1 and may request specific supervisory actions as provided for in this Regulation within a specified timeframe, including withdrawal of authorisation. Competent authorities shall keep ESMA informed of any subsequent action or inaction thereto.
Amendment 350 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 4 Amendment 351 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 4 Amendment 352 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 4 4. For the purposes of paragraph 1, the consent of ESMA shall be deemed to be given unless it proposes amendments or objects to the draft decision within a maximum period of
Amendment 353 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 5 Amendment 354 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 5 Amendment 355 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Where ESMA proposes amendments, the competent authority m
Amendment 356 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 5 – subparagraph 2 Where ESMA objects to a final draft decision, the competent authority
Amendment 357 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 6 Amendment 358 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 6 Amendment 359 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 6 6. Where the competent authority disagrees with the proposed amendment or
Amendment 360 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 Amendment 361 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 Amendment 362 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 646/2012 Article 21 a – paragraph 7 Amendment 363 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 – subparagraph 1 – introductory part Without prejudice to the powers of the Commission under Article 258 TFEU, ESMA
Amendment 364 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 – subparagraph 1 – point a (a) where a competent authority does not comply with paragraph 5 in case of ESMAs objection or amendments to a final draft decision or in situations referred to in Article 24;
Amendment 365 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 – subparagraph 1 – point b (b) where a competent authority,
Amendment 366 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 a – paragraph 7 a (new) 7a. With regards to the supervision of CCPs referred to in point b) of paragraph -1a, national competent authority shall be in charge of supervision. ESMA shall, in addition to its coordination role under paragraph 6 of Article 21, have the following powers: (a) power to issue general instructions to national competent authorities, according to which the tasks listed in points a) and b) of paragraph 1 are performed and supervisory decisions are adopted by national competent authorities; (b) when necessary to ensure consistent application of high supervisory standards, power to, at any time, on its own initiative after consulting with national competent authorities or upon request by a national competent authority, exercise directly itself any of the tasks referred to in points a) and b) of paragraph 1for one or more authorised CCPs.
Amendment 367 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b Amendment 368 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b Amendment 369 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b Amendment 370 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b Amendment 371 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Amendment 372 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Amendment 373 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Amendment 374 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Amendment 375 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Co
Amendment 376 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – Title Cons
Amendment 377 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 378 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 379 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 380 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 381 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 382 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 383 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 Amendment 384 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 1 a (new) 1a. Cooperation should be ensured between the central bank of issue and the relevant supervisory authorities. This should include information sharing, analysis of stress tests carried out by the CCP and constructive dialogue in decision making. Where a decision relates to an issue of monetary policy, the relevant authority should consult with the relevant central bank of issue.
Amendment 385 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 386 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 387 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 388 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 389 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 390 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 391 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 Amendment 392 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 c – paragraph 2 – introductory part 2. The Commission shall adopt a delegated act in accordance with Article 82 to further specify the types of fees, the matters for which fees are due, the amount of the fees - which should be proportionate to the level of activity of the CCP within the EU- and the manner in which they are to be paid by the following entities:
Amendment 393 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 Regulation (EU) No 648/2012 Article 21 b – paragraph 2 a (new) 2a. When taking decisions under Articles 14, 15, 17, 20, 41, 44, 46, 50, and 54, the CCP Supervisory Committee shall consult the central banks of issue referred to in Article 25(3)(f) in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks. The central banks concerned shall reply to any request for consultation within 15 business days. In emergency situations, this period shall not exceed 24 hours. The Supervisory Committee shall endeavour to comply with any amendments to a draft supervisory decision suggested by the central banks of issue. Where the Supervisory Committee decides, in its decision to object or not to object a draft supervisory decision, or in the amendments it proposes to a draft supervisory decision, not to follow the opinion of a central bank of issue, the Supervisory Committee shall provide full and detailed reasons for its decision, in writing, to the central bank concerned.
Amendment 394 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 395 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 396 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 397 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 398 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 399 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 400 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 401 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) Amendment 402 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 22 a (new) 7a. The following Article 22a is inserted: Article 22a Composition 1. The CCP Supervisory Committee shall be composed of: (a) the following permanent members: (i) the Chair, a Vice-Chair and five Directors, appointed in accordance with Article 22d, who shall be voting; (ii) a representative of the ECB, who shall be non-voting: (iii) a representative of the Commission, who shall be non-voting; (b) the following non-permanent members specific to each CCP: (i) a representative of the competent authority for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be voting; (ii) a representative of each of the relevant central banks of issue referred to in point (h) of Article 18(2) of Regulation (EU) No 648/2012 for each CCP established in the Union in relation to which the CCP Supervisory Committee is convened, who shall be non-voting. The Chair may invite, where appropriate and necessary, as observers to the meetings of the CCP Supervisory Committee: (a) other members referred to in Article 18(2) of Regulation (EU) No 648/2012 of the college of the relevant CCP to the meetings of the CCP Supervisory Committee; (b) authorities of third-country CCPs recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012,on a case by case base. Meetings of the CCP Supervisory Committee shall be convened by its Chair at its own initiative or at the request of any of its members. Where a task of the CCP Supervisory Committee does not relate to a specific Union CCP, it shall be composed only of the permanent members referred in point (a) and, where relevant, the central banks of issue referred to in point (b)(ii).
Amendment 403 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Chapter 2 a – Article 22 a (new) 7a. The following chapter is inserted: 'Chapter 2a The CCP - Single Resolution Fund Article 22a General provisions 1. The CCP-Single Resolution Fund (‘CCP-SRF’) is hereby established. 2. Prior to the establishment of a Single Resolution Board for CCPs (CCP- SRB), its revenues shall accumulate for up to 10 years to be used by the SRB as an additional financial backstop to the SRF for the activities within its mandate. 3. Once the CCP-SRB is established, it shall use the CCP-SRF only for the purpose of ensuring the efficient application of the resolution tools and the exercise of the resolution powers referred to in Chapter III of Regulation (EU) [on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365] and in accordance with the resolution objectives and the principles governing resolution referred to in Articles 21 and 23 of that Regulation. Under no circumstances shall the Union budget or the national budgets be held liable for the expenses or losses of the CCP-SRF. 4. The owner of the CCP-SRF shall be the Single Resolution Board. Once established, the CCP-SRB becomes the sole owner of the CCP-SRF 5. Contributions shall be raised in accordance with Articles 22b and 22c.
Amendment 404 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) Amendment 405 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) 7b. The following Article 22b is inserted: Article 22b Tasks and powers of the CCP Supervisory Committee The CCP Supervisory Committee shall be responsible for Preparing draft decisions to be submitted to the Board of Supervisors: a) where ESMA is required to provide its consent or is consulted in accordance with Article 21a of this Regulation b) where ESMA recognises and supervises third-country CCPs in accordance with Articles 25, 25a, 25b, 25c, 25d, 25e, 25f, 25g, 25h, 25i, 25j, 25m and 25n of this Regulation
Amendment 406 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) Amendment 407 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) Amendment 408 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) 7b. The following Article 22b is inserted: Article 22b Decision-making within the CCP Supervisory Committee The CCP Supervisory Committee shall take its decisions by a simple majority of its members. In the event of a tie, the Head shall have the casting vote.
Amendment 409 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) 7c. The following Article 22b is inserted: Article 22b Decision-making within the CCP Supervisory Committee The CCP Supervisory Committee shall take its decisions by a simple majority of its members, except for decisions relating to Articles 17, 20 and 25, which must be adopted by a majority of two thirds of the CCP Supervisory Committee. The Chair shall have a casting vote in the event of a tie vote.
Amendment 410 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) 7b. the following Article 22c is inserted: Article 22b Decision-making within the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides, by a simple majority of its members, to reject them within five working days of its transmission. In emergency situations, the period for deciding whether to reject a draft decision shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 411 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Article 22 b (new) 7b. The following Article 22b is inserted: Article 22b Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a simple majority to reject the draft decision within five working days of its transmission. In cases of particular urgency, the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 412 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 c (new) Regulation (EU) No 648/2012 Article 22 c (new) 7c. The following Article 22c is inserted: Article 22c Decision-making The CCP Supervisory Committee shall take its decisions by a simple majority of its members. The Chair shall have the casting vote.
Amendment 413 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 c (new) Regulation (EU) No 648/2012 Article 22 c (new) Amendment 414 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 c (new) Regulation (EU) No 648/2012 Article 22 c (new) 7c. The following Article 22c is inserted: Article 22c Decision-making within the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the ESMA Board of Supervisors or pursuant to Article 21c to the ESMA Executive Board those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors or the Executive Board decide on the basis of a qualified majority as defined in Article 16(4) of the Treaty on European Union and in Article 238(2) TFEU, to reject the draft decision within five working days of its transmission. In cases of particular urgency, the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 415 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 c (new) Regulation (EU) No 648/2012 Article 22 c (new) 7c. The following Article22c is inserted: Article 22c Decision making within the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a simplified majority, as defined in Article 16(4) of the Treaty on European Union and in Article 238(2) TFEU, to reject the draft decision within five working days of its transmission. In cases of particular urgency, the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 416 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 d (new) Regulation (EU) No 648/2012 Article 22 d (new) Amendment 417 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 d (new) Regulation (EU) No 648/2012 Article 22 d (new) Amendment 418 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 e (new) Regulation (EU) No 648/2012 Article 22 e (new) Amendment 419 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 e (new) Regulation (EU) No 648/2012 Article 22 e (new) 7e. The following Article22e is inserted: Article 22e Independence In relation to the tasks of the Chair, Vice- Chair and Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) shall neither seek or take instructions from the Union institutions or bodies, from any government of a Member State or from any other public or private body. Neither Member States, the Union institutions or bodies, nor any other public or private body shall seek to influence the Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of Article 22a(1)(a) in the performance of his or her tasks. In accordance with the Staff Regulations referred to in Article 68 of Regulation (EU) No 1095/2010, Chair, Vice-Chair and the Directors of the CCP Supervisory Committee referred to in point (i) of 22a(1)(a)shall, after leaving service, continue to be bound by the duty to behave with integrity and discretion as regards the acceptance of certain appointments or benefits.
Amendment 420 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 f (new) Regulation (EU) No 648/2012 Article 22 f (new) Amendment 421 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 f (new) Regulation (EU) No 648/2012 Article 22 f (new) Amendment 422 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 g (new) Regulation (EU) No 648/2012 Article 22 g (new) 7g. The following Article 22gis inserted: Article 22g Decision-making at the Board of Supervisors Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors pursuant to Articles 21a(1) only in reference to 14, 15, 20, 41, 44, 46, 50, 54 and 25(2), 25a, 25(2a), 25(2b), 25(2c), 25(5), for Tier 2 CCPs in accordance with Article 25(2b), Article 54 the Board of Supervisors shall decide in accordance with Article 44 of Regulation (EU) No 648/2012. Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors pursuant to Articles other than those referred to in the first subparagraph, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a qualified majority, as defined in Article 16(4) of the Treaty on European Union and in Article 238(2) of the Treaty on the Functioning of the European Union to reject the draft decision within ten working days as of its transmission. In emergency situations the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 423 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) Regulation (EU) No 648/2012 Chapter 2 b – Article 22 g (new) 7b. The following chapter is inserted: 'Chapter 2b Supervision and oversight of Union CCPs Article 22g Supervision of systemically important CCPs established in the Union 1. ESMA shall determine whether a CPP established in the Union is systemically important or likely to become systemically important for the financial stability of the Union or for one or more of its Member States (Tier 2 CCP) in accordance with Article 25 (2a). 2. Where ESMA determines a CCP established in the Union to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 1, ESMA shall have exclusive competence to carry out all tasks, actions and decisions required for prudential supervisory purposes, including those of the college and the competent authority, in relation to that CCP.'
Amendment 424 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point a Regulation (EU) No 648/2012 Article 25 – paragraph 2 – point e (e) the CCP or a CCP service provided by that CCP has been determined as not systemically important or not likely to become systemically important (Tier 1 CCP) in accordance with paragraph 2a. ESMA may recognise a third country CCP either in whole or may limit the recognition to a particular service, activity or class of financial instrument.
Amendment 425 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point a Regulation (EU) No 648/2012 Article 25 – paragraph 2 – point e (e) the CCP has not been determined as
Amendment 426 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – introductory part ESMA shall, after consulting the relevant central bank(s) of issue of Union currencies of the financial instruments cleared or to be cleared by that CCP, determine whether a C
Amendment 427 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – introductory part ESMA shall determine whether
Amendment 428 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – introductory part ESMA shall determine whether a CPP, or one or more clearing services, activities or financial instruments thereof, is systemically important or likely to become systemically important for the financial stability of the Union or for one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:
Amendment 429 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – introductory part ESMA shall
Amendment 430 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point a (a) the nature, size and complexity of the CCP's business, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP,
Amendment 431 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point a (a) the nature, size and complexity of the CCP's business or a CCP service, including the value in
Amendment 432 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point a (a) the nature, size and complexity of the CCP's business, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its c
Amendment 433 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point a (a) the nature, size and complexity of the CCP's business in the Union, including the value in aggregate terms and in each Union currency of transactions cleared by the CCP for clearing members or their clients established in the Union, or the aggregate exposure of the CCP engaged in clearing activities to its counterparties;
Amendment 434 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point a a (new) (aa) the risk profile of the CCP, including in terms of financial, operational and cyber risks;
Amendment 435 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point b (b) the effect that the failure of or a
Amendment 436 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Paragraph 25 – paragraph 2 a – subparagraph 1 – point b (b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States and whether the CCP is subject to recovery and resolution plans deemed equivalent by ESMA;
Amendment 437 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point b (b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States, or on the financial stability of the Union or one or more of its Member States;
Amendment 438 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point b (b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States, in addition to the potential for other CCPs to provide the same services;
Amendment 439 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point b (b) the effect that the failure of or a disruption to the CCP or a CCP service would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States;
Amendment 440 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the
Amendment 441 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the CCP's clearing membership structure as well as the structure of its network of clients and indirect clients;
Amendment 442 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the CCP's clearing membership structure as well as the structure of its network of clients and indirect clients;
Amendment 443 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the CCP's clearing membership structure as well as the structure of its network of clients and indirect clients;
Amendment 444 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the CCP's direct and indirect clearing membership structure;
Amendment 445 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c (c) the CCP or a CCP service's clearing membership structure;
Amendment 446 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c a (new) (ca) the availability of substitutable clearing services in the currencies concerned to clearing members, their clients and indirect clients;
Amendment 447 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point c a (new) (ca) the availability of clearing services in the relevant currencies to clearing members, their clients and indirect clients;
Amendment 448 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d (d) the CCP's or a CCP service's relationship, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system. In determining the systemic importance for the Union of specific third country CCP activities, ESMA shall examine each CCP service, activity or class of financial instruments provided to clearing members or trading venues established in the Union. However, when a third country CCP does not operate risk management standards at service level, ESMA shall assess systemic importance at the level of the entire CCP. In this case, ESMA shall recommend that the European Commission adopts an implementing act confirming that the CCP or some of the services provided by that CCP are systemically important or likely to become systemically important for the financial stability of the Union or for one or more of its Member States (Tier2 CCP).
Amendment 449 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d (d) the CCP's relationship, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system
Amendment 450 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d a (new) (da) the immediate and middle term effects that the failure of or a disruption to the CCP would have on the liquidity of the markets it serves, notably as regard the conduct of monetary policy by the central banks of issue, and on the availability of services it offers;
Amendment 451 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d a (new) (da) The effect that the default or disruption of the CCP would have on the liquidity of the markets supplied, or on the implementation of the monetary policy of the central banks of issue
Amendment 452 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d a (new) (da) the effect that the failure of or a disruption to the CCP would have on the liquidity of the markets served or on the monetary policy implementation of the central banks of issue
Amendment 453 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d a (new) (da) the relevance of the CCP for EU central banks of issue and their monetary policy operations;
Amendment 454 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d b (new) (db) The substitutability of clearing services provided by the CCP.
Amendment 455 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 1 – point d b (new) (db) the liquidity risks of the CCP embedded by the CCP activities, in particular the physical settlement requirements it implies in Union currencies.
Amendment 456 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 a – subparagraph 2 The Commission shall adopt a delegated act in accordance with Article 82 to further specify the criteria set out in the first subparagraph within [
Amendment 457 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – introductory part 2b. Where ESMA determines a CCP, or one or more clearing services, activities or financial instruments thereof, to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 2a, it may only recognise that CCP, or one or more of the relevant clearing services, activities or financial instruments thereof, where, in addition to the conditions referred to in Article 25(2)(a), (b), (c) and (d), the following conditions are fulfilled:
Amendment 458 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – introductory part 2b. Where ESMA determines
Amendment 459 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point a (a) the CCP complies, at the moment of recognition and thereafter on an ongoing basis, with the requirements set out in
Amendment 460 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point a (a) the CCP complies, at the moment of recognition and thereafter on an ongoing basis, with the requirements set out in Article 16 and in Titles IV and V. ESMA shall take into account, in accordance with Article 25a(2),
Amendment 461 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an application, that the CCP complies with
Amendment 462 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b) following the consultation referred to in
Amendment 463 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b)
Amendment 464 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an application, that the CCP complies with
Amendment 465 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have
Amendment 466 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b (b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within
Amendment 467 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b a (new) (ba) The CCP shall comply with any additional requirements set by the Commission (or ESMA);
Amendment 468 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point b a (new) (ba) the CCP complies with any additional requirement imposed by the Commission (or ESMA);
Amendment 469 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point c a (new) (ca) the CCP complies with any additional requirement imposed by the Commission, following a recommendation by ESMA;
Amendment 470 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point d (d) the CCP has put in place all necessary measures and procedures that ensure the effective compliance with the requirements laid down in points (a) and (c)
Amendment 471 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point d (d) the CCP has put in place all necessary measures and procedures that ensure the effective compliance with the requirements laid down in points (a), (c) and (ca);
Amendment 472 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point d (d) the CCP has put in place all necessary measures and procedures that ensure the effective compliance with the requirements laid down in points (a), (ba) and (c);
Amendment 473 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) 648/2012 Article 25 – paragraph 2 c – point d (d) the CCP has put in place all necessary measures and procedures t
Amendment 474 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 b – point e a (new) (ea) taking effect on 1.1.2021, the CCP is located in the European Economic Area.
Amendment 475 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c Amendment 476 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Amendment 477 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 ESMA,
Amendment 478 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 ESMA,
Amendment 479 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 ESMA,
Amendment 480 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 ESMA, in agreement with the relevant central banks of issue of the financial instruments cleared or to be cleared by that CCP, and commensurate with the degree of systemic importance of the CCP in accordance with paragraph 2a, may
Amendment 481 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 If there are no effective agreements between the EU supervisory authority and the competent supervisory authority of the third country concerned or between the European Central Bank and the central bank of the third country concerned that guarantee effective supervision over the clearing of derivatives in EU currencies, or if ESMA, in agreement with the relevant central banks of issue and commensurate with the degree of systemic importance of the CCP in accordance with paragraph 2a,
Amendment 482 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 ESMA
Amendment 483 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 1 a (new) The recommendation shall assess the net benefits of such a move with regards to safeguarding the interests of EU taxpayers and financial stability.
Amendment 484 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 Amendment 485 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b After submission of the recommendation referred to in the first subparagraph, the Commission may adopt an implementing act
Amendment 486 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 After submission of the recommendation referred to in the
Amendment 487 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 Amendment 488 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 After submission of the recommendation referred to in the first subparagraph, the Commission may adopt an implementing act declaring that that CCP shall not be recognised pursuant to paragraph 2b and that it may only provide clearing services in the Union after it has been granted authorisation in accordance with Article 14. This implementing act shall specify a transition period during which the CCP remains recognised. When determining the length of this transition period the Commission shall endeavour to minimise market disruption.
Amendment 489 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 After submission of the recommendation referred to in the first subparagraph, the Commission may adopt, provided that the decision will not create anti-competitive situation between counterparties, whether they are based in a third country or not, an implementing act declaring that that CCP shall not be recognised pursuant to paragraph 2b and that it may only provide clearing services in the Union after it has been granted authorisation in accordance with Article 14.”
Amendment 490 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 25 – paragraph 2 c – subparagraph 2 a (new) The Commission shall adopt a delegated act in accordance with Article 82 to further specify the criteria for considering that a CCP is of substantial systemic importance as referred to in the first subparagraph within [six months from the entry into force of this Regulation].
Amendment 491 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 3 – introductory part (ba) in paragraph 3 the introductory part is replaced by the following: "3. When assessing whether the conditions referred to in paragraph 2 or 2a, as applicable, are met, ESMA shall consult:"
Amendment 492 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 3 – introductory part (ba) paragraph 3 is amended as follows: "3. When assessing whether the conditions
Amendment 493 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b b (new) Regulation (EU) No 648/2012 Article 25 – paragraph 3 – point f (bb) in paragraph 3, point (f) is replaced by the following: "(f) the central banks of issue of
Amendment 494 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 3 – point f a (new) (ba) In paragraph 3, the following point (f a) is inserted: (fa) the central banks of issue referred to in Article 18(2)(i).
Amendment 495 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b b (new) Regulation (EU) No 648/2012 Article 25 – paragraph 3 a (new) (bb) the following paragraph 3a is inserted: "3a. In close cooperation with the concerned CCP, third country authority, central banks of issue and ESRB, ESMA may at any time and in the framework of this article assess CCPs through stress- testing and crisis simulation exercises with respect to potential system-wide stress events in order, inter alia, to evaluate the risk profile of the CCP."
Amendment 496 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point b b (new) (bb) in paragraph 4, the subparagraph 6 is replaced by the following: "ESMA shall publish on its website a list of the CCPs recognised in accordance with this Regulation
Amendment 497 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point c Regulation (EU) No 648/2012 Article 25 – paragraph 5 5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of
Amendment 498 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point c Regulation (EU) No 648/2012 Article 25 – paragraph 5 5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union and in any case at least every two years. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, further to the review referred to in Article 25(5), ESMA determines that a previously recognised CCP [entry into force of this Regulation] meets the criteria of a level 2 CCP referred to in Article 25(2a), or where a third-country CCP recognised as a level 1 CCP must be recognised as a level 2 CCP, ESMA shall set an appropriate adaptation period of no more than 12 months in which time the CCP must meet the requirements laid down in Article 25(2b). Where, pursuant to Article 25(2c), the Commission concludes that a CCP or one of its clearing services should not be recognised, ESMA shall set an appropriate adaptation period of no more than twelve months in which time the CCP may be temporarily recognised.
Amendment 499 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point c Regulation (EU) No 648/2012 Article 25 – paragraph 5 5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union and in any case at least every two years. That review shall be conducted in accordance with paragraphs 2, 3 and 4. Where, following the review referred to in Article 25 (1), ESMA determines that a CCP recognised before [entry into force of this Regulation] qualifies as a Tier 2 CCP in accordance with Article 25 (2a), or that a third-country CCP which has been recognized as Tier 1 CCP should be recognised as Tier 2 CCP, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP must comply with the requirements referred to in Article 25(2b). Where, following Article 25 paragraph 2c the Commission concludes that a CCP or one of its clearing services should not be recognised, ESMA shall set an appropriate adaptation period which shall not exceed 12 months within which the CCP may be temporarily recognised.
Amendment 500 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point c Regulation (EU) No 648/2012 Article 25 – paragraph 5 5. ESMA shall, after consulting the authorities and entities referred to in paragraph 3, review the recognition of the CCP established in a third country where that CCP has extended the range of its activities and services in the Union
Amendment 501 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point d Regulation (EU) No 648/2012 Article 25 – paragraph 6 – introductory part The Commission may adopt a
Amendment 502 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point d Regulation (EU) No 648/2012 Article 25 – paragraph 6 – subparagraph 2 The Commission
Amendment 503 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 6 a 6a. The Commission
Amendment 504 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 6 b – subparagraph 1 Without prejudice to paragraph 7 of this Article, ESMA shall monitor the regulatory and supervisory developments in third countries for which implementing acts have been adopted pursuant to paragraph 6.
Amendment 505 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 6 b – subparagraph 2 Where ESMA identifies any regulatory or supervisory development in those third countries that may impact the financial stability of the Union or for one or more of its Member States, it shall inform the Commission, the European Parliament and the Council confidentially and without delay.
Amendment 506 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point f Regulation (EU) No 648/2012 Article 25 – paragraph 7 – first sentence Amendment 507 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point f Regulation (EU) No 648/2012 Article 25 – paragraph 7 – first sentence (7) ESMA shall establish effective cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as equivalent to this Regulation in accordance with paragraph 6. These cooperation agreements contain in particular effective requirements that clearly regulate the rights and obligations of the supervisory authorities in the event that a CCP finds itself in crisis, and they guarantee the European supervisory authority the necessary rights of access.
Amendment 508 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point f a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 (fa) paragraph 7 is replaced by the following: 7. ESMA shall establish
Amendment 509 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e Amendment 510 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point d a (new) (da) the express consent from the third country to the sharing of any information it provides to ESMA and to the central banks of issue under point (a), (b) and (c) with the authorities referred to in paragraph 3, subject to the professional secrecy requirements set out in Article 83.
Amendment 511 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point d b (new) (db) where rights on decisions are granted to ESMA in accordance with Article 25b, procedures concerning the effective enforcement of these rights.
Amendment 512 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e a (new) (ga) in paragraph 7 the following point is added: (ea) procedures for cooperation in emergency situations, including the following: (i) the agreement of third-country authorities to inform ESMA without undue delay of any emergency situation relating to a CCP, including developments in financial markets, which may have an adverse effect on market liquidity, the transmission of monetary policy, the smooth operation of payment systems and the stability of the financial system in any of the Member States or in the Union as a whole; (ii) the agreement of third-country authorities to appropriately involve ESMA and the relevant Union central banks of issue in decisions taken in such situations.
Amendment 513 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e a (new) Amendment 514 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e a (new) (ga) in paragraph 7 the following point is added: (ea) Where decision-making powers are given to ESMA in accordance with Article 25(c), the procedures will guarantee the effective implementation of these powers.
Amendment 515 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e a (new) (ga) in paragraph 7 the following point is added: (ea) where rights on decisions are granted to ESMA in accordance with Article 25b, the procedures concerning the effective enforcement of these rights.
Amendment 516 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g b (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e b (new) (gb) in paragraph 7 the following point is added: (eb) the procedures concerning emergency situations, including the agreement of third-country authorities to inform ESMA without undue delay of any emergency situation relating to a CCP including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in any of the Member States or in the EU as a whole, and including the agreement of third- country authorities to appropriately involve ESMA and the relevant EU central banks of issue in decisions taken in such situations.
Amendment 517 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g b (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e b (new) (gb) in paragraph 7, the following point is added.: (eb) Procedures that relate to emergency situations, including the agreement of third-country authorities to notify ESMA without delay of any emergency situation that relates to a CCP, including developments in financial markets that may have an adverse effect on market liquidity or on the stability of the financial system in one of the Member States or the EU as a whole, including the agreement of third-country authorities guaranteeing the appropriate involvement of ESMA and the central banks concerned in decisions taken in these emergencies.
Amendment 518 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g b (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – subparagraph 1 a (new) (gb) in paragraph 7, the following subparagraph is added: Where ESMA considers that a third country competent authority fails to apply any of the provisions laid down in a cooperation arrangement concluded in accordance with this paragraph, it shall inform the Commission confidentially and without delay thereof. In such a case, the Commission may decide to review the implementing act adopted in accordance with paragraph 6.
Amendment 519 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 a (new) (ga) in Article 25, paragraph 7a is inserted: : 7a. To ensure the existing cooperation agreements are effective and that European legislation is enforced on the supervision of CCPs, the cooperation agreements contain a clause that requires the third country in question to accept the jurisdiction of the European Court of Justice in matters of CCP supervision.
Amendment 520 #
Proposal for a regulation Article 2 – paragraph 1 – point 9 – point g a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 a (new) Amendment 521 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25a – paragraph 3 – subparagraph 1 – point b (b) the modalities and conditions to carry out the assessment including the definition of categories of obligations by which the comparable compliance shall be assessed.
Amendment 522 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 (ba) the effect that the failure of or a disruption to the CCP would have on the liquidity of the markets served or on the monetary policy implementation of the central banks of issue;
Amendment 523 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 a – paragraph 3 – subparagraph 1 – point b b (new) (bb) the substitutability of the clearing services offered by the CCP
Amendment 524 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 1 a (new) 1a. Where ESMA receives a notification under the third subparagraph of paragraph 1 or where a Tier 2 CCP fails to provide ESMA with the confirmation referred to in the second subparagraph of paragraph 1, the CCP shall be considered as no longer meeting the conditions for recognition pursuant to Article 25(2b) and the procedures set out in Article 25m(2), (3)and (4) shall therefore be applied.
Amendment 525 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25b – paragraph 2 – subparagraph 1 Amendment 526 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 1 Amendment 527 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Amendment 528 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 1 ESMA shall
Amendment 529 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 1 ESMA shall prepare and
Amendment 530 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 1 ESMA shall prepare and submit draft decisions to the central banks of issue
Amendment 531 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Amendment 532 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 Amendment 533 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 Amendment 534 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 Amendment 535 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 Amendment 536 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 ESMA shall obtain, in accordance with this paragraph, the consent of the relevant central bank of issue in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks only. The consent of the central bank of issue referred to in the second subparagraph shall be deemed to be given unless it proposes amendments or objects to the draft decision within 15 calendar days after having been notified of the draft decision. Where the central bank of issue proposes amendments or objects to a draft decision, it shall provide full and detailed reasons, in writing.
Amendment 537 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 2 a (new) When taking decisions under Articles 41, 44, 46, 50 and 54, the CCP Supervisory Committee shall consult the central banks of issue referred to in Article 25(3)(f) in respect of any aspect of those decisions relating to the carrying out of their monetary policy tasks. The central banks concerned shall reply to any request for consultation within 15 business days. In emergency situations, this period shall not exceed 24 hours. The Supervisory Committee shall endeavour to comply with any amendments to a draft supervisory decision suggested by the central banks of issue. Where the Supervisory Committee decides, in its decision to object or not to object a draft supervisory decision, or in the amendments it proposes to a draft supervisory decision, not to follow the opinion of a central bank of issue, the Supervisory Committee shall provide full and detailed reasons for its decision, in writing, to the central bank concerned.
Amendment 538 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Amendment 539 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Amendment 540 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Amendment 541 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Where the central bank of issue
Amendment 542 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Whe
Amendment 543 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 2 – subparagraph 3 Where
Amendment 544 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 3. ESMA shall carry out assessments of the resilience of recogni
Amendment 545 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010. In close cooperation with third country authorities, central banks of issue and the ESRB, ESMA may at any time and within the framework of this article assess CCPs through stress-testing and crisis simulation exercises with respect to potential system-wide stress events in order to, inter alia, evaluate the risk profile of the CCP which includes at least financial, operational and cyber risks.
Amendment 546 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010. In carrying out this assessment, ESMA shall ensure consistency with the assessments of the resilience of CCPs carried out pursuant to Article 21 (6) (b) of this Regulation and Chapter XII of Commission Delegated Regulation (EU) No 153/2013.
Amendment 547 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010, and in coordination with the assessments laid down in Article 21(6b) of Regulation (EU) 648/2012.
Amendment 548 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of
Amendment 549 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 a (new) 3a. ESMA shall periodically, after consulting the authorities and entities referred to in paragraph 3 of Article 25, review the recognition of a third country CCP. That review shall be conducted in accordance with paragraphs 2, 3 and 4 of Article 25. The review referred to in the previous subparagraph shall take place with the following periodicity: (a) any time the CCP has extended the range of its activities and services in the Union; (b) every two years, where the CCP clears any financial instrument denominated in any of the currencies of the Union; (c) every five years, where the CCP does not clear any financial instrument denominated in any of the currencies of the Union.
Amendment 550 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b – paragraph 3 a (new) 3a. Where, further to the review referred to in the paragraph 3a, ESMA determines that a Tier 1 CCP has become significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 2 CCP, Articles 25b to 25f shall start to apply to that CCP within one year following the notification to that CCP by ESMA that it will be reclassified as a Tier 2 CCP. Where, following the review referred to in paragraph 4, ESMA assesses that a Tier 2 CCP is no longer significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 1 CCP, Articles 25b to 25f shall cease to apply to that CCP.
Amendment 551 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b a (new) Article 25ba Exercise of the powers referred to in Articles 25c to 25e The powers conferred on ESMA or any official of or other person authorised by them by Articles 25c to 25e shall not be used to require the disclosure of information or documents which are subject to legal privilege.
Amendment 552 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b a (new) Article 25ba Compliance with central bank of issue requirements in exceptional situations 1. In order to fulfil the condition referred to in Article 25(2b)(b), recognised Tier 2 CCPs shall comply with requirements adopted by central banks of issue to address exceptional situations, in particular where systemic liquidity risk in their respective currencies may affect the transmission of monetary policy or the smooth functioning of payment systems. 2. In accordance with Article 84, the central bank of issue shall provide ESMA and other competent authorities with information on requirements to be adopted in accordance with paragraph 1, for the purposes of carrying out their respective duties under this Regulation. This shall include a written statement on the exceptional situation, and an explanation of the risks to the transmission of monetary policy or the smooth functioning of payment systems that the central bank of issue is seeking to address. 3. The requirements referred to in paragraph 1 shall apply for a limited period of time, not exceeding 6 months. The central bank of issue may extend this period if the exceptional situation persists. In such case, the central bank of issue shall provide ESMA and other competent authorities with a further written statement and explanation in accordance with paragraph 2.4. Where the central bank of issue determines that a recognised Tier 2 CCP has not complied with the requirements under the first subparagraph within 10 days, it shall immediately notify ESMA in accordance with the third subparagraph of Article 25b(1).
Amendment 553 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 b a (new) Article 25ba College for third country CCPs 1. ESMA shall establish a college for third country CCPs to facilitate the sharing of information in accordance with Article XX. 2. The college shall consist of: (a) the permanent members of the CCP Supervisory Committee; (b) the competent authorities responsible for supervision of CCPs designated by the Member States pursuant to Article 22; (c) the competent authorities responsible for the supervision of the clearing members established in the Union; (d) the competent authorities responsible for the supervision of trading venues established in the Union, served or to be served by the CCP; (e) the competent authorities supervising central securities depositories established in the Union to which the CCP is linked or intends to be linked; (f) the members of the ESCB. 3. The college may request the CCP Supervisory Committee to discuss specific matters in relation to a CCP established in a third country. The CCP Supervisory Committee shall duly consider such requests and provide an appropriate response. 4. The Chair of the CCP Supervisory Committee shall chair the college. The establishment and functioning of the college shall be based on a written agreement between all its members.
Amendment 554 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 1. ESMA may by simple request or by decision require recognised CCPs and where possible related third parties to whom those CCPs have outsourced operational functions or activities to provide all necessary information to enable ESMA to carry out its duties under this Regulation.
Amendment 555 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 c – paragraph 3 – point f Amendment 556 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 1 1. In order to carry out its duties under
Amendment 557 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 1 – point e a (new) (ea) The central banks of issue of the financial instruments cleared by the CCP may submit a request to ESMA to participate in such investigations where relevant for the carrying-out of their monetary policy tasks.
Amendment 558 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 1 –subparagraph 1 a (new) The central banks of issue of financial instruments cleared by the CCP may ask ESMA for permission to take part in these investigations if they would help them to carry out their monetary policy tasks.
Amendment 559 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 2 2. The officials and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate the periodic penalty payments provided for in Article 25h where the production of the required records, data, procedures or any other material, or the answers to questions asked to Tier 2 CCPs are not provided or are incomplete
Amendment 560 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 4 4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority concerned may, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the third-country competent authority concerned may also attend the investigations.
Amendment 561 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 4 4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority concerned may, upon the request of ESMA, assist those authorised persons in carrying out their duties. Officials of the third-country competent authority concerned may also attend the investigations.
Amendment 562 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 d – paragraph 4 4. Prior to notifying a Tier 2 CCP of an investigation, ESMA shall inform the relevant third-country competent authority where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the third-country competent authority
Amendment 563 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 1 1. In order to carry out its duties under this Regulation, ESMA may conduct a
Amendment 564 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 3 – subparagraph 1 In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the on-site inspection without prior notice to the CCP.
Amendment 565 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 3 – subparagraph 1 In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third-
Amendment 566 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 3 – subparagraph 1 In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the on-site inspection without prior notice to the CCP.
Amendment 567 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 3 – subparagraph 1 In sufficient time before the inspection, ESMA shall give notice of the inspection to the relevant third-country competent authority where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant third- country competent authority, may carry out the appropriate on-site inspection without prior notice to the CCP. Inspections in accordance with this Article shall be conducted provided that the relevant third- country authority has confirmed that it does not object to those inspections.
Amendment 568 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 5 5. Officials of, as well as those authorised or appointed by, the competent authority of the third country where the
Amendment 569 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) 648/2012 Article 25 e – paragraph 6 6. ESMA may also request that third- country competent authorities
Amendment 570 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 e – paragraph 7 Amendment 571 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 f – Title Procedural rules for taking supervisory measures
Amendment 572 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 f – paragraph 5 5. On the basis of the file containing the investigation officer’s findings and, when requested by the persons concerned, after having heard the persons subject to the investigations in accordance with Article 25i, ESMA shall decide if one or more of the infringements listed in Annex III has been committed by the persons who have been subject to the investigations and, in such a case, shall take a supervisory measure in accordance with Article 25n
Amendment 573 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 f – paragraph 7 7. The Commission shall adopt delegated acts in accordance with Article 82 to specify further the rules of procedure for the exercise of the power to impose
Amendment 574 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 f – paragraph 8 8. ESMA shall refer matters for criminal prosecution to the appropriate authorities for investigation and possible criminal prosecution where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, ESMA shall refrain from imposing
Amendment 575 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 g Amendment 576 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 h – paragraph 1 – point a Amendment 577 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 h – paragraph 1 – point c – point ii (ii) to submit to an appropriate on-site inspection ordered by a decision taken pursuant to Article 25e.
Amendment 578 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 h – paragraph 3 3. Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be
Amendment 579 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 i – paragraph 1 1. Before taking any decision on a
Amendment 580 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – Title Disclosure, nature, enforcement and allocation of
Amendment 581 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – paragraph 1 1. ESMA shall disclose to the public every
Amendment 582 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – paragraph 2 2.
Amendment 583 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – paragraph 3 3. Where ESMA decides to impose no
Amendment 584 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – paragraph 4 – subparagraph 1 Amendment 585 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 j – paragraph 5 5. The amounts of
Amendment 586 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 k – paragraph 1 The Court of Justice shall have
Amendment 587 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – introductory part Without prejudice to Article 25n, and subject to the following paragraphs, ESMA shall withdraw a recognition decision adopted in accordance with Article 25 where
Amendment 588 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – point a (a) the CCP concerned does not make use of the recognition within 6 months, expressly renounces the authorisation or has ceased to engage in business for more than six month;
Amendment 589 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – point b (b) the CCP concerned has obtained the recognition through false statements or by any other irregular means;
Amendment 590 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – point c (c) the CCP concerned no longer meets the conditions for recognition pursuant to Article 25(2b);
Amendment 591 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – point c a (new) (ca) ESMA is unable, due to the failure of the third country supervisory authority to provide it with all relevant information in accordance with Article 25 (7), to exercise effectively its responsibilities under this Regulation over the CCP concerned;
Amendment 592 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 1 – subparagraph 3 a (new) The withdrawal of the recognition shall not apply to financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition, as well as to contractual obligations arising from financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition.
Amendment 593 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 2 – subparagraph 1 Where ESMA considers that the criterion referred to in point (c) of the first paragraph is fulfilled in relation to a CCP, particular service, activity or class of financial instruments, ESMA shall inform that CCP and the relevant third-country authorities prior to withdrawing a recognition decision, and request that appropriate action is taken within a set timeframe of up to a maximum of 3 months to remedy the situation.
Amendment 594 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 4 4. Any of the authorities referred to in Article 25(3) which consider that one of the conditions referred to in paragraph 1 has been met may request ESMA to examine whether the conditions for the withdrawal of recognition of a recognised CCP or a particular service, activity or class of financial instrument recognised of the CCP concerned are met. Where ESMA decides not to withdraw the registration of the recognised CCP concerned, it shall provide full reasons to the requesting authority.
Amendment 595 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m – paragraph 4 (new) (4a) If a CCP loses authorisation within the EU solely because the Member State it is based in is leaving the EU, this CCP may, notwithstanding Article 25(1), continue clearing activities until an equivalence decision is met, provided they submit an equivalence application within four weeks of the home Member State leaving the EU. ESMA shall assess the equivalence application within three months of receipt.
Amendment 596 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 m a (new) Article 25ma Where a CCP would cease to be authorised solely as a result of being established in a Member State which ceases to be a member of the European Union, the CCP shall remain authorised for a transition period of 90 days from the date of which the Member State in which the CCP is established ceases to be a member of the European Union. The Commission may adopt an implementing act prolonging this transition period. When determining the length of this transition period the Commission shall endeavour to minimise market disruption.
Amendment 597 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 n – paragraph 1 – point b Amendment 598 #
Proposal for a regulation Article 2 – paragraph 1 – point 10 Regulation (EU) No 648/2012 Article 25 n – paragraph 1 – point d (d) withdraw the recognition of a CCP or of a particular service, activity or class of financial instruments offered by that CCP under Article 25m.
Amendment 599 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 – point a A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms. It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted. The CCP shall obtain independent validation, shall inform its competent authority and ESMA of the results of the tests performed and shall obtain their validation of the competent authority in accordance with paragraphs (1a) and Article 21a before adopting any significant change to the models and parameters.
Amendment 600 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 – point b a (new) Regulation (EU) No 648/2012 Article 49 – paragraph 3 a (new) (ba) the following paragraph 3a is inserted: "3a. In close cooperation with CCPs, competent authorities, central banks of issue and the ESRB, ESMA may at any time, within the framework of this EU regulation and/or of the EU regulation on a framework for the recovery and resolution of central counterparties, assess CCPs through stress-testing and crisis simulation exercises with respect to potential system-wide stress events."
Amendment 601 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 a (new) Regulation (EU) No 648/2012 Article 60 – paragraph 1 11a. In Article 60, paragraph 1 is replaced by the following: The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 61 to 63 shall not be used to require the disclosure of information or documents which are subject to legal privilege. The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 61 to 63 must be exercised in full agreement with the National Competent Authority."
Amendment 602 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 a (new) Regulation (EU) No 648/2012 Article 84 – paragraph 3 11a. In Article 84, paragraph 3 is amended as follows: "3. Competent authorities and ESMA shall communicate information to the relevant central banks of issue where such information is relevant for the exercise of their duties and subject to the professional secrecy requirements set out in Article 83."
Amendment 603 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 a (new) Regulation (EU) No 648/2012 Article 84 – paragraph 3 a (new) 11a. In Article 84, the following paragraph 3a is added: "3a. Competent authorities, ESMA, Central bank of issues and ESRB shall exchange relevant information regarding stress-testing and crisis simulation exercises."
Amendment 604 #
Proposal for a regulation Article 2 – paragraph 1 – point 11 a (new) Regulation (EU) No 648/2012 Article 85 – paragraph 4 a (new) 11a. In Article 85, the following paragraph 4a is added: "4a. Until the entry into force of the [ESAs review] Regulation the duties of the Head and the Vice-Head of the CCP Supervisory Committee referred to in Article 22a (1) shall be carried out by, respectively, the Chairperson and the Executive Director of ESMA."
Amendment 605 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 89 – paragraph 3 a 3a. ESMA shall not exercise its powers pursuant to paragraph 2a, 2b and 2c of Article 25 until [insert date of entry into force of the delegated act referred to in the second subparagraph of paragraph
Amendment 606 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 89 – paragraph 3 a 3a. ESMA shall not exercise its powers pursuant to paragraph 2a
Amendment 607 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 89 – paragraph 3 b 3b. ESMA shall
Amendment 608 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 89 – paragraph 3 b 3b. ESMA shall review the recognition decisions adopted pursuant to Article 25(1) before [entry into force of this Regulation] within 1
Amendment 609 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 89 – paragraph 3 b 3b. ESMA shall review the recognition decisions adopted pursuant to Article 25(1) before [entry into force of this Regulation] within 1
Amendment 610 #
Proposal for a regulation Article 2 – paragraph 1 – point 12 a (new) Regulation (EU) No 648/2012 Article 89 – paragraph 9 a (new) 12a. In Article 89, paragraph 9a is added: "By June X the Commission shall review the implementation of Titles III, IV and V of this Regulation relating to the authorisation, recognition and supervision of CCPs. It shall assess the transfer of more tasks to ESMA in particular the functioning and efficiency of the role conferred on ESMA and the supervisory colleges in Titles III, IV and V. The Commission shall submit a report thereon to the European Parliament and to the Council. Where appropriate that report shall be accompanied by a legislative proposal."
source: 619.413
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