2017/2860(DEA) | [ParlTrack]

Changes: 2023/08/03procedure.subtype, procedure.dossier_of_the_committee, procedure.legal_basis, procedure.stage_reached, procedure.type, 2022/12/11procedure.subtype, procedure.dossier_of_the_committee, procedure.legal_basis, procedure.stage_reached, procedure.type, 2021/05/05events.type, events, docs.docs.url, 2020/01/05events.docs.url, docs.docs.url, 2019/08/07committees.date, 2019/07/06events, procedure.dossier_of_the_committee, activities, committees, procedure.subject, docs, links, other, procedure.legal_basis, procedure.summary

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General Activities Documents History

2017/2860(DEA) Indirect clearing arrangements

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier: ECON/8/11082
Legal Basis RoP 0105-p6

Subjects

Links

Activites

2017/10/25 Decision by Parliament, 1st reading/single reading
- T8-0406/2017 summary
  
  The European Parliament decided to raise no objections to the Commission delegated regulation of 22 September 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements As a reminder, Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR) requires the operators of regulated markets to ensure that all transactions in derivatives that are concluded on the regulated markets operated by them are cleared by a central counterparty (CCP), i.e. a clearing obligation for exchange traded derivatives (ETDs). EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards (RTS) that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation set out in Article 4 of EMIR for over-the counter (OTC) derivatives pertaining to a class that has been declared subject to that obligation, i.e. a clearing obligation for OTC derivatives. The current delegated act specifies the types of indirect clearing arrangements which can be used for ETDs. 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. Over this period, the Commission did not formally consult ESMA over this period concerning its amendments to this draft RTS, nor did it inform the co-legislators or industry of the reasons for delay. Members 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, the full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes. Accordingly, Members stated 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)06268

Documents

Non-legislative basic document published: C(2017)06268
Decision by Parliament, 1st reading/single reading: T8-0406/2017

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/2017/06268/COM_ADL(2017)06268_EN.pdf type: Non-legislative basic document published title: C(2017)06268 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-2017-0406 type: Decision by Parliament, 1st reading/single reading title: T8-0406/2017 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/2017/06268/COM_ADL(2017)06268_EN.pdf title: C(2017)06268 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=B8-2017-0574&language=EN title: B8-0574/2017 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/2017/06268/COM_ADL(2017)06268_EN.pdf title: C(2017)06268 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-2017-0406 title: T8-0406/2017 summary: The European Parliament decided to raise no objections to the Commission delegated regulation of 22 September 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements As a reminder, Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR) requires the operators of regulated markets to ensure that all transactions in derivatives that are concluded on the regulated markets operated by them are cleared by a central counterparty (CCP), i.e. a clearing obligation for exchange traded derivatives (ETDs). EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards (RTS) that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation set out in Article 4 of EMIR for over-the counter (OTC) derivatives pertaining to a class that has been declared subject to that obligation, i.e. a clearing obligation for OTC derivatives. The current delegated act specifies the types of indirect clearing arrangements which can be used for ETDs. 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. Over this period, the Commission did not formally consult ESMA over this period concerning its amendments to this draft RTS, nor did it inform the co-legislators or industry of the reasons for delay. Members 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, the full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes. Accordingly, Members stated 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/8/11082 New ECON/8/11082
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 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements

As a reminder, Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR) requires the operators of regulated markets to ensure that all transactions in derivatives that are concluded on the regulated markets operated by them are cleared by a central counterparty (CCP), i.e. a clearing obligation for exchange traded derivatives (ETDs).

EMIR mandates the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards (RTS) that specify the types of indirect clearing arrangements that can be used to fulfil the clearing obligation set out in Article 4 of EMIR for over-the counter (OTC) derivatives pertaining to a class that has been declared subject to that obligation, i.e. a clearing obligation for OTC derivatives.

The current delegated act specifies the types of indirect clearing arrangements which can be used for ETDs.

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.

Over this period, the Commission did not formally consult ESMA over this period concerning its amendments to this draft RTS, nor did it inform the co-legislators or industry of the reasons for delay.

Members 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, the full use of the three-month scrutiny period available to Parliament would no longer allow sufficient time for industry to implement the changes.

Accordingly, Members stated 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/2017/06268/COM_ADL(2017)06268_EN.pdf type: Non-legislative basic document published title: C(2017)06268 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-2017-0406 type: Decision by Parliament, 1st reading/single reading title: T8-0406/2017 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/8/11082 reference 2017/2860(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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