2017/2859(DEA) | [ParlTrack]

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General Activities Documents History

2017/2859(DEA) Indirect clearing arrangements

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier: ECON/8/11077
Legal Basis RoP 0105-p6

Subjects

Links

Activites

2017/10/25 Decision by Parliament, 1st reading/single reading
- T8-0407/2017 summary
  
  The European Parliament decided to raise no objections to the Commission delegated regulation of 22 September 2017 amending Commission Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements. As a reminder, Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories1 (EMIR) requires financial counterparties and some non-financial counterparties to clear through central counterparties (CCPs) over-the-counter (OTC) derivatives pertaining to a class that has been declared subject to a clearing obligation pursuant to that Regulation EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation. Those regulatory technical standards were adopted on 19 December 2012 by Commission delegated Regulation (EU) No 149/2013, the current delegated act being an amendment of that delegated Regulation in order to reflect recent developments and experience gained in the area of clearing. Parliament recalled that the Commission only endorsed the draft regulatory technical standard (RTS) 16 months after having received it from the European Securities and Markets Authority (ESMA) on 26 May 2016. It did not formally consult ESMA over this period concerning its amendments to this draft RTS and did not inform the co-legislators or the industry of the reasons for delay. Parliament considered it unacceptable that the Commission overran the deadline for adopting the draft RTS by more than a year without informing the co-legislators. Since the RTS adopted is not ‘the same’ as the draft RTS submitted by ESMA, Parliament considered that it has three months to object to the RTS due to the amendments made by the Commission. The delegated regulation should apply from 3 January 2018, the application date of Directive 2014/65/EU (‘MiFID II’) and Regulation (EU) No 600/2014 (‘MiFIR’). However, full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes. Members believed, therefore, that swift publication of the delegated regulation in the Official Journal would allow timely implementation and legal certainty concerning the provisions applicable to indirect clearing.
2017/10/17 Delegated act not objected by Council
2017/10/04 Committee referral announced in Parliament, 1st reading/single reading
2017/09/22 Initial period for examining delegated act 3 month(s)
2017/09/22 Non-legislative basic document published
- C(2017)06270

Documents

Non-legislative basic document published: C(2017)06270
Decision by Parliament, 1st reading/single reading: T8-0407/2017

History

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

2019-07-06Show (12) Changes | Timetravel

activities	date: 2017-09-22T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s) date: 2017-09-22T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06270/COM_ADL(2017)06270_EN.pdf type: Non-legislative basic document published title: C(2017)06270 body: EC commission: type: Non-legislative basic document published date: 2017-10-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON date: 2017-10-17T00:00:00 body: EP/CSL type: Delegated act not objected by Council date: 2017-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0407 type: Decision by Parliament, 1st reading/single reading title: T8-0407/2017 body: EP type: Decision by Parliament, 1st reading/single reading
committees/0	type Responsible Committee body EP associated False committee_full Economic and Monetary Affairs committee ECON date
committees/0	body EP responsible True committee_full Economic and Monetary Affairs committee ECON
docs	date: 2017-09-22T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06270/COM_ADL(2017)06270_EN.pdf title: C(2017)06270 type: Non-legislative basic document body: EC date: 2017-10-20T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0573&language=EN title: B8-0573/2017 type: Recommendation for early non-objection of delegated act body: EP
events	date: 2017-09-22T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06270/COM_ADL(2017)06270_EN.pdf title: C(2017)06270 date: 2017-09-22T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL date: 2017-10-04T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP date: 2017-10-17T00:00:00 type: Delegated act not objected by Council body: CSL date: 2017-10-25T00:00:00 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-2017-0407 title: T8-0407/2017 summary: The European Parliament decided to raise no objections to the Commission delegated regulation of 22 September 2017 amending Commission Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements. As a reminder, Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories1 (EMIR) requires financial counterparties and some non-financial counterparties to clear through central counterparties (CCPs) over-the-counter (OTC) derivatives pertaining to a class that has been declared subject to a clearing obligation pursuant to that Regulation EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation. Those regulatory technical standards were adopted on 19 December 2012 by Commission delegated Regulation (EU) No 149/2013, the current delegated act being an amendment of that delegated Regulation in order to reflect recent developments and experience gained in the area of clearing. Parliament recalled that the Commission only endorsed the draft regulatory technical standard (RTS) 16 months after having received it from the European Securities and Markets Authority (ESMA) on 26 May 2016. It did not formally consult ESMA over this period concerning its amendments to this draft RTS and did not inform the co-legislators or the industry of the reasons for delay. Parliament considered it unacceptable that the Commission overran the deadline for adopting the draft RTS by more than a year without informing the co-legislators. Since the RTS adopted is not ‘the same’ as the draft RTS submitted by ESMA, Parliament considered that it has three months to object to the RTS due to the amendments made by the Commission. The delegated regulation should apply from 3 January 2018, the application date of Directive 2014/65/EU (‘MiFID II’) and Regulation (EU) No 600/2014 (‘MiFIR’). However, full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes. Members believed, therefore, that swift publication of the delegated regulation in the Official Journal would allow timely implementation and legal certainty concerning the provisions applicable to indirect clearing.
links
other
procedure/dossier_of_the_committee	Old ECON/8/11077 New ECON/8/11077
procedure/legal_basis/0	Rules of Procedure EP 0111-p6
procedure/legal_basis/0	Rules of Procedure EP 0105-p6
procedure/subject	Old 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.08 Financial services, financial reporting and auditing New 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.08 Financial services, financial reporting and auditing
procedure/summary	Supplementing

2018-09-12Show (1) Changes | Timetravel

procedure/legal_basis/0

Old

Rules of Procedure of the European Parliament EP 010-p6

New

Rules of Procedure EP 0105-p6

2017-11-24Show (1) Changes | Timetravel

activities/4/docs/0/text

The European Parliament decided to raise no objections to the Commission delegated regulation of 22 September 2017 amending Commission Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements.

As a reminder, Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories1 (EMIR) requires financial counterparties and some non-financial counterparties to clear through central counterparties (CCPs) over-the-counter (OTC) derivatives pertaining to a class that has been declared subject to a clearing obligation pursuant to that Regulation

EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation.

Those regulatory technical standards were adopted on 19 December 2012 by Commission delegated Regulation (EU) No 149/2013, the current delegated act being an amendment of that delegated Regulation in order to reflect recent developments and experience gained in the area of clearing.

Parliament recalled that the Commission only endorsed the draft regulatory technical standard (RTS) 16 months after having received it from the European Securities and Markets Authority (ESMA) on 26 May 2016. It did not formally consult ESMA over this period concerning its amendments to this draft RTS and did not inform the co-legislators or the industry of the reasons for delay.

Parliament considered it unacceptable that the Commission overran the deadline for adopting the draft RTS by more than a year without informing the co-legislators.

Since the RTS adopted is not ‘the same’ as the draft RTS submitted by ESMA, Parliament considered that it has three months to object to the RTS due to the amendments made by the Commission.

The delegated regulation should apply from 3 January 2018, the application date of Directive 2014/65/EU (‘MiFID II’) and Regulation (EU) No 600/2014 (‘MiFIR’). However, full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes.

Members believed, therefore, that swift publication of the delegated regulation in the Official Journal would allow timely implementation and legal certainty concerning the provisions applicable to indirect clearing.

2017-11-11Show (5) Changes

activities	date: 2017-09-22T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s) date: 2017-09-22T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/06270/COM_ADL(2017)06270_EN.pdf type: Non-legislative basic document published title: C(2017)06270 body: EC type: Non-legislative basic document published commission: date: 2017-10-04T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON date: 2017-10-17T00:00:00 body: EP/CSL type: Delegated act not objected by Council date: 2017-10-25T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0407 type: Decision by Parliament, 1st reading/single reading title: T8-0407/2017 body: EP type: Decision by Parliament, 1st reading/single reading
committees	body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
links
other
procedure	dossier_of_the_committee ECON/8/11077 reference 2017/2859(DEA) title Indirect clearing arrangements legal_basis Rules of Procedure of the European Parliament EP 010-p6 stage_reached Procedure completed - delegated act enters into force summary Supplementing subtype Examination of delegated act type DEA - Delegated acts procedure subject 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments 2.50.08 Financial services, financial reporting and auditing

Activites

Documents

History

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