{"change_dates":[],"dossier":{"amendments":[],"changes":{"2017-11-11T06:20:21":[{"data":[{"body":"EP/CSL","date":"2017-09-22T00:00:00","type":"Initial period for examining delegated act 3 month(s)"},{"body":"EC","commission":[],"date":"2017-09-22T00:00:00","docs":[{"title":"C(2017)06268","type":"Non-legislative basic document published","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"},{"body":"EP","committees":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true}],"date":"2017-10-04T00:00:00","type":"Committee referral announced in Parliament, 1st reading/single reading"},{"body":"EP/CSL","date":"2017-10-17T00:00:00","type":"Delegated act not objected by Council"},{"body":"EP","date":"2017-10-25T00:00:00","docs":[{"title":"T8-0406/2017","type":"Decision by Parliament, 1st reading/single reading","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"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"dossier_of_the_committee":"ECON/8/11082","legal_basis":["Rules of Procedure of the European Parliament EP 010-p6"],"reference":"2017/2860(DEA)","stage_reached":"Procedure completed - delegated act enters into force","subject":["2.50.03 Securities and financial markets, stock exchange, CIUTS, investments","2.50.08 Financial services, financial reporting and auditing"],"subtype":"Examination of delegated act","summary":["Supplementing"],"title":"Indirect clearing arrangements","type":"DEA - Delegated acts procedure"},"path":["procedure"],"type":"added"}],"2017-11-24T05:25:33":[{"data":["
The European Parliament decided to raise no\nobjections to the Commission delegated regulation of 22\nSeptember 2017 supplementing Regulation (EU) No 600/2014 of the\nEuropean Parliament and of the Council with regard to regulatory\ntechnical standards on indirect clearing\narrangements
\nAs a reminder, Regulation\n(EU) No 600/2014 on markets in financial instruments and\namending Regulation\n(EU) No 648/2012 (MiFIR) requires the operators of regulated\nmarkets to ensure that all transactions in derivatives that are\nconcluded on the regulated markets operated by them are cleared by\na central counterparty (CCP), i.e. a clearing obligation for\nexchange traded derivatives (ETDs).
\nEMIR mandates the European Securities and Markets\nAuthority (ESMA) to develop draft regulatory technical standards\n(RTS) that specify the types of indirect clearing arrangements that\ncan be used to fulfil the clearing obligation set out in Article 4\nof EMIR for over-the counter (OTC) derivatives pertaining to a\nclass that has been declared subject to that obligation, i.e. a\nclearing obligation for OTC derivatives.
\nThe current delegated act specifies the types of\nindirect clearing arrangements which can be used for\nETDs.
\nParliament recalled that the Commission only\nendorsed the draft regulatory technical standard (RTS) 16 months\nafter having received it from the European Securities and Markets\nAuthority (ESMA) on 26 May 2016.
\nOver this period, the Commission did not formally\nconsult ESMA over this period concerning its amendments to this\ndraft RTS, nor did it inform the co-legislators or industry of the\nreasons for delay.
\nMembers considered it unacceptable that the Commission\noverran the deadline for adopting the draft RTS by more than a year\nwithout informing the co-legislators.
\nSince the RTS adopted is not the same as\nthe draft RTS submitted by ESMA, Parliament considered that it\nhas three months to object to the RTS due to the amendments made by\nthe Commission.
\nThe delegated regulation should apply from 3 January\n2018, the application date of Directive\n2014/65/EU (MiFID II) and Regulation (EU) No\n600/2014 (MiFIR). However, the full use of the\nthree-month scrutiny period available to Parliament would no\nlonger allow sufficient time for industry to implement the\nchanges.
\nAccordingly, Members stated that swift publication\nof the delegated regulation in the Official Journal would allow\ntimely implementation and legal certainty concerning the provisions\napplicable to indirect clearing.
\nThe European Parliament decided to raise no\nobjections to the Commission delegated regulation of 22\nSeptember 2017 supplementing Regulation (EU) No 600/2014 of the\nEuropean Parliament and of the Council with regard to regulatory\ntechnical standards on indirect clearing\narrangements
\nAs a reminder, Regulation\n(EU) No 600/2014 on markets in financial instruments and\namending Regulation\n(EU) No 648/2012 (MiFIR) requires the operators of regulated\nmarkets to ensure that all transactions in derivatives that are\nconcluded on the regulated markets operated by them are cleared by\na central counterparty (CCP), i.e. a clearing obligation for\nexchange traded derivatives (ETDs).
\nEMIR mandates the European Securities and Markets\nAuthority (ESMA) to develop draft regulatory technical standards\n(RTS) that specify the types of indirect clearing arrangements that\ncan be used to fulfil the clearing obligation set out in Article 4\nof EMIR for over-the counter (OTC) derivatives pertaining to a\nclass that has been declared subject to that obligation, i.e. a\nclearing obligation for OTC derivatives.
\nThe current delegated act specifies the types of\nindirect clearing arrangements which can be used for\nETDs.
\nParliament recalled that the Commission only\nendorsed the draft regulatory technical standard (RTS) 16 months\nafter having received it from the European Securities and Markets\nAuthority (ESMA) on 26 May 2016.
\nOver this period, the Commission did not formally\nconsult ESMA over this period concerning its amendments to this\ndraft RTS, nor did it inform the co-legislators or industry of the\nreasons for delay.
\nMembers considered it unacceptable that the Commission\noverran the deadline for adopting the draft RTS by more than a year\nwithout informing the co-legislators.
\nSince the RTS adopted is not the same as\nthe draft RTS submitted by ESMA, Parliament considered that it\nhas three months to object to the RTS due to the amendments made by\nthe Commission.
\nThe delegated regulation should apply from 3 January\n2018, the application date of Directive\n2014/65/EU (MiFID II) and Regulation (EU) No\n600/2014 (MiFIR). However, the full use of the\nthree-month scrutiny period available to Parliament would no\nlonger allow sufficient time for industry to implement the\nchanges.
\nAccordingly, Members stated that swift publication\nof the delegated regulation in the Official Journal would allow\ntimely implementation and legal certainty concerning the provisions\napplicable to indirect clearing.
\n