BETA


2017/0810(COD) Statute of the European System of Central Banks and of the European Central Bank: clearing and payment systems

Progress: Awaiting committee decision

RoleCommitteeRapporteurShadows
Lead ECON
Lead AFCO
Former Responsible Committee ECON HÜBNER Danuta Maria (icon: PPE PPE), MATO Gabriel (icon: PPE PPE), GUALTIERI Roberto (icon: S&D S&D)
Former Responsible Committee AFCO HÜBNER Danuta Maria (icon: PPE PPE), MATO Gabriel (icon: PPE PPE), GUALTIERI Roberto (icon: S&D S&D)
Lead committee dossier:
Legal Basis:
RoP 58, RoP 59-p4, TFEU 129-p3

Events

2018/07/04
   EP - Results of vote in Parliament
2018/07/04
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 423 votes to 144, with 113 abstentions, amendments to the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank.

The matter has been referred back to the committee responsible for interinstitutional negotiations.

The main amendments adopted in plenary concern the following points:

Given that the new powers of the ECB under the amended Article 22 of its Statute shall interact with those of other institutions, Parliament proposed laying down a clear principle that the ECB may make regulations concerning clearing systems for financial instruments within the Union and with third countries , with due regard to the legal acts of the European Parliament and the Council and with measures adopted under such acts, and in a manner which is fully consistent with those acts and measures.

Members also proposed including in the recitals of the amending act a list of the regulatory powers that may be exercised over central counterparties by the ECB under Article 22 of its Statute. This should include all requirements allowing monetary policy concerns to be addressed.

With regard to clearing systems for financial instruments, requirements that may be applied on the basis of that Article shall:

include reporting requirements and requirements imposed on the clearing system to cooperate with the ECB and national central banks in their assessment of the resilience of the system to adverse market developments; include the opening by the system of an overnight deposit account with the ESCB in accordance with relevant access criteria and requirements of the ESCB; include requirements necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions or markets or to the financial system of the Union or one of its Member States, such as requirements relating to liquidity risk controls, settlement arrangements, margins, collateral or interoperability arrangements.

Lastly, the ECB shall ensure full transparency and accountability towards the European Parliament and the Council regarding the exercise of its powers and tasks under Article 22 of its Statute. In particular, it shall keep the European Parliament and the Council regularly informed of all decisions taken and regulations adopted on the basis of that Article.

Documents
2018/07/04
   EP - Matter referred back to the committee responsible
2018/06/25
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs and the Committee on Constitutional Affairs adopted the report prepared jointly by Danuta Maria HÜBNER (EPP, PL) and Gabriel MATO (EPP, ES) on the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (ECB).

As a reminder, the amendment proposed last 22 June 2017 by the ECB aims to modify the Statute in order to bring ‘clearing systems for financial instruments’, in other words, central counterparties, within the scope of the regulatory powers conferred by Article 22 of the Statute.

The committees recommended that the position of the European Parliament adopted at first reading under the ordinary legislative procedure should amend the Commission proposal as follows.

Given that the new powers of the ECB under the amended Article 22 of its Statute shall interact with those of other institutions, Members proposed to lay down a clear principle that the ECB may make regulations concerning clearing systems for financial instruments within the Union and with third countries, with due regard to the legal acts of the European Parliament and the Council and with measures adopted under such acts, and in a manner which is fully consistent with those acts and measures.

Members also proposed to include in the recitals of the amending act a list of the regulatory powers that may be exercised over central counterparties by the ECB under Article 22 of its Statute. This should include all requirements allowing monetary policy concerns to be addressed.

This list should also include any powers necessary for the ECB to address any potential significant emergency situation.

Lastly, the ECB should ensure full transparency and accountability towards the European Parliament and the Council regarding the exercise of its powers and tasks under Article 22 of its Statute. In particular, it should keep the European Parliament and the Council regularly informed of all decisions taken and regulations adopted on the basis of that Article.

Documents
2017/12/14
   EP - Referral to joint committee announced in Parliament
2017/11/15
   EP - HÜBNER Danuta Maria (PPE) appointed as rapporteur in ECON
2017/11/15
   EP - MATO Gabriel (PPE) appointed as rapporteur in ECON
2017/11/15
   EP - HÜBNER Danuta Maria (PPE) appointed as rapporteur in AFCO
2017/11/15
   EP - MATO Gabriel (PPE) appointed as rapporteur in AFCO
2017/10/03
   EC - Document attached to the procedure
Details

The Commission has issued a favourable opinion on the ECB’s recommendation submitted on 22 June 2017 according to which it seeks to amend the scope of Article 22 of the Statute of the European System of Central Banks (ESCB) and the ECB to include clearing systems for financial instruments under its regulatory competence.

It agreed with the ECB that the increasing systemic importance of central counterparties (CCPs) could give rise to risks that could affect clearing systems, which may have a negative bearing on the smooth operation of payment systems and the implementation of the single monetary policy.

It also shares the ECB’s view that the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union is an additional challenge for the Union.

In absence of an explicit reference to clearing systems for financial instruments or CCPs in the Treaty or the ESCB and ECB Statute, the Commission considered that the ECB should clearly empowered to adopt the necessary measures regarding clearing systems for financial instruments in order to achieve the objectives of the ESCB and to carry out its basic tasks, in particular to maintain price stability.

This would allow the ECB to fully play the enhanced role envisaged for central banks of issue in the Commission’s legislative proposal of 13 June 2017 to amend Regulation (EU) No 648/2012. This proposal seeks to strengthen the responsibilities of the central banks of issue with regard to CCPs authorised or recognised to operate in the Union.

However, the Commission is of the opinion that the ECB's recommended amendment to Article 22 of the ESCB and ECB Statute should be rephrased to emphasise:

that the ECB's regulatory and decision-making powers aim at achieving the objectives of the ESCB and the performance of its basic tasks; that those powers are to be exercised in a manner which is consistent with any acts adopted by the European Parliament and the Council on the basis of provisions relating to the establishment or functioning of the internal market provided for in Part III TFEU, and with delegated acts adopted by the Commission and implementing acts adopted by the Council or the Commission pursuant to the powers conferred upon them.

Documents
2017/09/11
   EP - Committee referral announced in Parliament, 1st reading/single reading
2017/09/04
   EP - GUALTIERI Roberto (S&D) appointed as rapporteur in ECON
2017/09/04
   EP - GUALTIERI Roberto (S&D) appointed as rapporteur in AFCO
2017/07/07
   EC - Legislative proposal published
Details

PURPOSE: to amend Article 22 of the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) with a view to granting the ECB regulatory competence over clearing systems, in particular CCPs.

PROPOSED ACT: Decision of the European Parliament and of the Council (on a recommendation from the European Central Bank).

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: Article 129(3) of the Treaty on the Functioning of the European Union enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB or a proposal from the Commission, to amend Article 22 of the Statute of the ESCB.

The General Court considered it would be for the ECB to request the European Union legislature to amend Article 22, should the ECB consider that having the power to regulate CCPs is necessary for the proper performance of the task referred to in the fourth indent of Article 127(2) of the Treaty, namely to promote the proper functioning of payment systems.

The ECB notes that developments at both global and European level are expected to increase the risks posed by clearing systems, in particular central counterparties , for the proper functioning of payment systems and the implementation of the single monetary policy, which would ultimately affect the Eurosystem’s primary objective of maintaining price stability:

firstly, the withdrawal of the United Kingdom from the European 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, CCPs established in the United Kingdom clear significant volumes of euro-denominated transactions. Thus, a significant disturbance affecting a major UK CCP could lead to a severe decrease in liquidity within the euro area; secondly, at the September 2009 summit in Pittsburgh, G20 leaders agreed that all standardised OTC derivative contracts should be cleared through a CCP. These developments have led to a dramatic increase in the scale and importance of CCPs in the Union and globally ; thirdly, the European Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it should have the power to monitor and assess risks posed by CCPs clearing significant amounts of euro-denominated transactions.

In the light of these considerations, the ECB considers that it should have the power to regulate clearing systems , in particular central counterparties, in order to fulfil its fundamental tasks. It therefore submits a recommendation for a Decision of the European Parliament and of the Council with a view to amending Article 22 of the Statute of the ESCB in this respect.

CONTENT: the ECB recommends that Parliament and the Council adopt a decision amending Article 22 of the ESCB Statute on clearing and payments systems in order to allow the ECB and the national central banks to provide facilities, and to enable the ECB to make regulations, and ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries.

Documents

Documents

  • Results of vote in Parliament: Results of vote in Parliament
  • Decision by Parliament, 1st reading/single reading: T8-0288/2018
  • Committee report tabled for plenary, 1st reading/single reading: A8-0219/2018
  • Document attached to the procedure: C(2017)6810
  • Legislative proposal published: 10850/2017
  • Document attached to the procedure: C(2017)6810

Votes

A8-0219/2018 - Gabriel Mato et Danuta Maria Hübner - Am 13rev 04/07/2018 11:53:24.000

2018/07/04 Outcome: -: 556, +: 98, 0: 28
?? CY IE EL LU LV EE SI MT FI LT SE DK HR AT PT SK HU CZ BE NL BG ES RO IT PL GB FR DE
Total
1
5
10
19
6
6
6
8
6
13
9
16
13
10
17
20
12
19
19
21
24
17
45
29
64
46
58
71
92
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A8-0219/2018 - Gabriel Mato et Danuta Maria Hübner - Am 12rev 04/07/2018 11:53:47.000

2018/07/04 Outcome: -: 332, +: 287, 0: 63
IT EL FR CY GB ?? SE PT MT ES LT BE IE DE RO AT LU EE DK SK SI LV FI HU HR CZ BG NL PL
Total
64
19
69
5
59
1
16
20
6
45
9
21
10
93
29
17
6
6
13
12
8
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24
46
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A8-0219/2018 - Gabriel Mato et Danuta Maria Hübner - projet de décision 04/07/2018 11:54:01.000

2018/07/04 Outcome: +: 423, -: 144, 0: 113
DE ES IT RO PL PT BG CZ FR BE IE NL FI HR AT SK LT SI MT EE LV DK EL LU CY ?? SE HU GB
Total
93
44
64
29
46
20
17
18
71
20
10
24
13
10
17
12
9
8
6
6
6
13
19
6
5
1
16
18
59
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AmendmentsDossier
44 2017/0810(COD)
2018/06/12 ECON, AFCO 44 amendments...
source: 622.113

History

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

events/3/docs/0/url
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      activities
      • date: 2017-07-07T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=10850%2F17&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Legislative proposal published title: 10850/2017 body: EC commission: DG: url: http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en title: Financial Stability, Financial Services and Capital Markets Union Commissioner: MOSCOVICI Pierre type: Legislative proposal published
      • date: 2017-09-11T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: AFCO date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: ECON date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel
      • date: 2017-12-14T00:00:00 body: EP type: Referral to joint committee announced in Parliament
      • date: 2018-06-19T00:00:00 body: unknown type: Rejection by committee to open interinstitutional negotiations with report adopted in committee
      • date: 2018-06-19T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: AFCO date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: ECON date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel
      • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0219&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0219/2018 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: AFCO date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Constitutional Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: LOONES Sander group: ECR name: MESSERSCHMIDT Morten group: ALDE name: GOERENS Charles group: ALDE name: JEŽEK Petr group: GUE/NGL name: CHRYSOGONOS Kostas group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: Verts/ALE name: LAMBERTS Philippe group: EFD name: CASTALDO Fabio Massimo group: EFD name: MEUTHEN Jörg group: ENF name: ANNEMANS Gerolf responsible: True committee: ECON date: 2017-11-15T00:00:00 2017-11-15T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: HÜBNER Danuta Maria group: EPP name: MATO Gabriel date: 2018-06-25T00:00:00
      • date: 2018-07-04T00:00:00 body: unknown type: Matter referred back to the committee responsible
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      • body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: MOSCOVICI Pierre
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      • date: 2017-10-03T00:00:00 docs: title: C(2017)6810 summary: The Commission has issued a favourable opinion on the ECB’s recommendation submitted on 22 June 2017 according to which it seeks to amend the scope of Article 22 of the Statute of the European System of Central Banks (ESCB) and the ECB to include clearing systems for financial instruments under its regulatory competence. It agreed with the ECB that the increasing systemic importance of central counterparties (CCPs) could give rise to risks that could affect clearing systems, which may have a negative bearing on the smooth operation of payment systems and the implementation of the single monetary policy. It also shares the ECB’s view that the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union is an additional challenge for the Union. In absence of an explicit reference to clearing systems for financial instruments or CCPs in the Treaty or the ESCB and ECB Statute, the Commission considered that the ECB should clearly empowered to adopt the necessary measures regarding clearing systems for financial instruments in order to achieve the objectives of the ESCB and to carry out its basic tasks, in particular to maintain price stability. This would allow the ECB to fully play the enhanced role envisaged for central banks of issue in the Commission’s legislative proposal of 13 June 2017 to amend Regulation (EU) No 648/2012. This proposal seeks to strengthen the responsibilities of the central banks of issue with regard to CCPs authorised or recognised to operate in the Union. However, the Commission is of the opinion that the ECB's recommended amendment to Article 22 of the ESCB and ECB Statute should be rephrased to emphasise: that the ECB's regulatory and decision-making powers aim at achieving the objectives of the ESCB and the performance of its basic tasks; that those powers are to be exercised in a manner which is consistent with any acts adopted by the European Parliament and the Council on the basis of provisions relating to the establishment or functioning of the internal market provided for in Part III TFEU, and with delegated acts adopted by the Commission and implementing acts adopted by the Council or the Commission pursuant to the powers conferred upon them. type: Document attached to the procedure body: EC
      events
      • date: 2017-07-07T00:00:00 type: Legislative proposal published body: EC docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=10850%2F17&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 10850/2017 summary: PURPOSE: to amend Article 22 of the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) with a view to granting the ECB regulatory competence over clearing systems, in particular CCPs. PROPOSED ACT: Decision of the European Parliament and of the Council (on a recommendation from the European Central Bank). 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: Article 129(3) of the Treaty on the Functioning of the European Union enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB or a proposal from the Commission, to amend Article 22 of the Statute of the ESCB. The General Court considered it would be for the ECB to request the European Union legislature to amend Article 22, should the ECB consider that having the power to regulate CCPs is necessary for the proper performance of the task referred to in the fourth indent of Article 127(2) of the Treaty, namely to promote the proper functioning of payment systems. The ECB notes that developments at both global and European level are expected to increase the risks posed by clearing systems, in particular central counterparties , for the proper functioning of payment systems and the implementation of the single monetary policy, which would ultimately affect the Eurosystem’s primary objective of maintaining price stability: firstly, the withdrawal of the United Kingdom from the European 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, CCPs established in the United Kingdom clear significant volumes of euro-denominated transactions. Thus, a significant disturbance affecting a major UK CCP could lead to a severe decrease in liquidity within the euro area; secondly, at the September 2009 summit in Pittsburgh, G20 leaders agreed that all standardised OTC derivative contracts should be cleared through a CCP. These developments have led to a dramatic increase in the scale and importance of CCPs in the Union and globally ; thirdly, the European Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it should have the power to monitor and assess risks posed by CCPs clearing significant amounts of euro-denominated transactions. In the light of these considerations, the ECB considers that it should have the power to regulate clearing systems , in particular central counterparties, in order to fulfil its fundamental tasks. It therefore submits a recommendation for a Decision of the European Parliament and of the Council with a view to amending Article 22 of the Statute of the ESCB in this respect. CONTENT: the ECB recommends that Parliament and the Council adopt a decision amending Article 22 of the ESCB Statute on clearing and payments systems in order to allow the ECB and the national central banks to provide facilities, and to enable the ECB to make regulations, and ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries.
      • date: 2017-09-11T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
      • date: 2017-12-14T00:00:00 type: Referral to joint committee announced in Parliament body: EP
      • date: 2018-06-25T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2018-0219&language=EN title: A8-0219/2018 summary: The Committee on Economic and Monetary Affairs and the Committee on Constitutional Affairs adopted the report prepared jointly by Danuta Maria HÜBNER (EPP, PL) and Gabriel MATO (EPP, ES) on the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (ECB). As a reminder, the amendment proposed last 22 June 2017 by the ECB aims to modify the Statute in order to bring ‘clearing systems for financial instruments’, in other words, central counterparties, within the scope of the regulatory powers conferred by Article 22 of the Statute. The committees recommended that the position of the European Parliament adopted at first reading under the ordinary legislative procedure should amend the Commission proposal as follows. Given that the new powers of the ECB under the amended Article 22 of its Statute shall interact with those of other institutions, Members proposed to lay down a clear principle that the ECB may make regulations concerning clearing systems for financial instruments within the Union and with third countries, with due regard to the legal acts of the European Parliament and the Council and with measures adopted under such acts, and in a manner which is fully consistent with those acts and measures. Members also proposed to include in the recitals of the amending act a list of the regulatory powers that may be exercised over central counterparties by the ECB under Article 22 of its Statute. This should include all requirements allowing monetary policy concerns to be addressed. This list should also include any powers necessary for the ECB to address any potential significant emergency situation. Lastly, the ECB should ensure full transparency and accountability towards the European Parliament and the Council regarding the exercise of its powers and tasks under Article 22 of its Statute. In particular, it should keep the European Parliament and the Council regularly informed of all decisions taken and regulations adopted on the basis of that Article.
      • date: 2018-07-04T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=31333&l=en title: Results of vote in Parliament
      • date: 2018-07-04T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2018-0288 title: T8-0288/2018 summary: The European Parliament adopted by 423 votes to 144, with 113 abstentions, amendments to the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank. The matter has been referred back to the committee responsible for interinstitutional negotiations. The main amendments adopted in plenary concern the following points: Given that the new powers of the ECB under the amended Article 22 of its Statute shall interact with those of other institutions, Parliament proposed laying down a clear principle that the ECB may make regulations concerning clearing systems for financial instruments within the Union and with third countries , with due regard to the legal acts of the European Parliament and the Council and with measures adopted under such acts, and in a manner which is fully consistent with those acts and measures. Members also proposed including in the recitals of the amending act a list of the regulatory powers that may be exercised over central counterparties by the ECB under Article 22 of its Statute. This should include all requirements allowing monetary policy concerns to be addressed. With regard to clearing systems for financial instruments, requirements that may be applied on the basis of that Article shall: include reporting requirements and requirements imposed on the clearing system to cooperate with the ECB and national central banks in their assessment of the resilience of the system to adverse market developments; include the opening by the system of an overnight deposit account with the ESCB in accordance with relevant access criteria and requirements of the ESCB; include requirements necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions or markets or to the financial system of the Union or one of its Member States, such as requirements relating to liquidity risk controls, settlement arrangements, margins, collateral or interoperability arrangements. Lastly, the ECB shall ensure full transparency and accountability towards the European Parliament and the Council regarding the exercise of its powers and tasks under Article 22 of its Statute. In particular, it shall keep the European Parliament and the Council regularly informed of all decisions taken and regulations adopted on the basis of that Article.
      • date: 2018-07-04T00:00:00 type: Matter referred back to the committee responsible body: EP
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      • body: EC dg: url: http://ec.europa.eu/info/departments/financial-stability-financial-services-and-capital-markets-union_en title: Financial Stability, Financial Services and Capital Markets Union commissioner: MOSCOVICI Pierre
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      • PURPOSE: to amend Article 22 of the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB) with a view to granting the ECB regulatory competence over clearing systems, in particular CCPs.

        PROPOSED ACT: Decision of the European Parliament and of the Council (on a recommendation from the European Central Bank).

        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: Article 129(3) of the Treaty on the Functioning of the European Union enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB or a proposal from the Commission, to amend Article 22 of the Statute of the ESCB.

        The General Court considered it would be for the ECB to request the European Union legislature to amend Article 22, should the ECB consider that having the power to regulate CCPs is necessary for the proper performance of the task referred to in the fourth indent of Article 127(2) of the Treaty, namely to promote the proper functioning of payment systems.

        The ECB notes that developments at both global and European level are expected to increase the risks posed by clearing systems, in particular central counterparties, for the proper functioning of payment systems and the implementation of the single monetary policy, which would ultimately affect the Eurosystem’s primary objective of maintaining price stability:

        • firstly, the withdrawal of the United Kingdom from the European 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, CCPs established in the United Kingdom clear significant volumes of euro-denominated transactions. Thus, a significant disturbance affecting a major UK CCP could lead to a severe decrease in liquidity within the euro area;
        • secondly, at the September 2009 summit in Pittsburgh, G20 leaders agreed that all standardised OTC derivative contracts should be cleared through a CCP. These developments have led to a dramatic increase in the scale and importance of CCPs in the Union and globally;
        • thirdly, the European Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it should have the power to monitor and assess risks posed by CCPs clearing significant amounts of euro-denominated transactions.

        In the light of these considerations, the ECB considers that it should have the power to regulate clearing systems, in particular central counterparties, in order to fulfil its fundamental tasks. It therefore submits a recommendation for a Decision of the European Parliament and of the Council with a view to amending Article 22 of the Statute of the ESCB in this respect.

        CONTENT: the ECB recommends that Parliament and the Council adopt a decision amending Article 22 of the ESCB Statute on clearing and payments systems in order to allow the ECB and the national central banks to provide facilities, and to enable the ECB to make regulations, and ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries.

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      • date: 2017-07-07T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=10850%2F17&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Legislative proposal published title: 10850/2017 type: Legislative proposal published body: EC commission:
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        Decision
        title
        Statute of the European System of Central Banks and of the European Central Bank: clearing and payment systems
        stage_reached
        Preparatory phase in Parliament
        subtype
        Legislation
        type
        COD - Ordinary legislative procedure (ex-codecision procedure)
        subject
        5.20.03 European Central Bank (ECB), ESCB