BETA

Awaiting Council decision on delegated act



2017/2979(DEA) Trading obligation for certain derivatives
RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier: ECON/8/11581
Legal Basis RoP 010-p6

Activites

  • 2017/12/13 Decision by Parliament, 1st reading/single reading
    • T8-0489/2017 summary
  • 2017/12/06 Decision by committee, without report
  • 2017/11/29 Committee referral announced in Parliament, 1st reading/single reading
  • 2017/11/17 Initial period for examining delegated act 3 month(s)
  • 2017/11/17 Non-legislative basic document published

Documents

  • Non-legislative basic document published: C(2017)07684
  • Decision by Parliament, 1st reading/single reading: T8-0489/2017
AmendmentsDossier
1 2017/2979(DEA)
2017/12/01 ECON 1 amendments...
source: 615.272

History

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

activities
  • date: 2017-11-17T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s)
  • date: 2017-11-17T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/07684/COM_ADL(2017)07684_EN.pdf type: Non-legislative basic document published title: C(2017)07684 body: EC commission: type: Non-legislative basic document published
  • date: 2017-11-29T00:00:00 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: 2017-12-06T00:00:00 body: EP type: Decision by committee, without report
  • date: 2017-12-13T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0489 type: Decision by Parliament, 1st reading/single reading title: T8-0489/2017 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: 2017-11-17T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/07684/COM_ADL(2017)07684_EN.pdf title: C(2017)07684 type: Non-legislative basic document body: EC
  • date: 2017-12-01T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE615.272 title: PE615.272 type: Amendments tabled in committee body: EP
  • date: 2017-12-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0667&language=EN title: B8-0667/2017 type: Recommendation for early non-objection of delegated act body: EP
  • date: 2017-12-06T00:00:00 docs: title: C(2017)8297 type: Document attached to the procedure body: EC
events
  • date: 2017-11-17T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/07684/COM_ADL(2017)07684_EN.pdf title: C(2017)07684
  • date: 2017-11-17T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL
  • date: 2017-11-29T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2017-12-06T00:00:00 type: Decision by committee, without report body: EP
  • date: 2017-12-13T00:00:00 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-2017-0489 title: T8-0489/2017 summary: The European Parliament decided not to object to the Commission delegated regulation of 17 November 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the trading obligation for certain derivatives. As a reminder, Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments and amending Regulation (EU) No 648/2012 (MiFIR Regulation) introduces a trading obligation for derivatives. In accordance with Article 28 of MiFIR, derivatives that are subject to the trading obligation may only be traded on a regulated market, multilateral trading facility, organised trading facility or third-country trading venue deemed to be equivalent by the Commission. The European Market Infrastructure Regulation (EMIR) entrusts the European Securities and Markets Authority (ESMA) with the task of developing draft regulatory technical standards to clarify which classes of derivatives may be used to satisfy the clearing obligation imposed by Article 4 for over-the-counter derivatives belonging to a class of derivatives which has been declared subject to the clearing obligation. The delegated regulation sets out in its Annex the classes of derivatives that should be subject to the trading obligation introduced by Article 28 of MiFIR. ESMA submitted the draft regulatory technical standard (RTS) on 28 September 2017 with an accompanying letter to the Commission, asking all parties involved to commit to shortening their deadlines to ensure that the political objective for the trading obligation to apply as of 3 January 2018 is achieved. Parliament considered that the regulatory technical standards adopted is not the same as the draft regulatory technical standard submitted by ESMA due to the Commission’s amendments to the text. Parliament considered that it has three months to object to the regulatory technical standards (‘scrutiny period’). The delegated regulation should apply from 3 January 2018, the date of application 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 go beyond the date on which the rules on the trading obligation take effect . Parliament underlined the importance of the Commission finalising the appropriate equivalence decisions before the trading obligation comes into effect. It therefore considered that a swift publication of the delegated regulation in the Official Journal would allow for timely implementation and legal certainty concerning the provisions applicable to the trading obligation for derivatives.
links
other
    procedure/dossier_of_the_committee
    Old
    ECON/8/11581
    New
    • ECON/8/11581
    procedure/legal_basis/0
    Rules of Procedure EP 0111-p6
    procedure/legal_basis/0
    Rules of Procedure EP 010-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
    activities/3
    date
    2017-12-06T00:00:00
    body
    EP
    type
    Decision by committee, without report
    activities/4
    date
    2017-12-13T00:00:00
    docs
    url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0489 type: Decision by Parliament, 1st reading/single reading title: T8-0489/2017
    body
    EP
    type
    Decision by Parliament, 1st reading/single reading
    procedure/legal_basis/0
    Old
    Rules of Procedure of the European Parliament EP 010-p6
    New
    Rules of Procedure EP 010-p6
    procedure/stage_reached
    Old
    Awaiting committee decision
    New
    Awaiting Council decision on delegated act
    activities/0/type
    Old
    Initial period for examining delegated act 1 month(s)
    New
    Initial period for examining delegated act 3 month(s)
    procedure/legal_basis
    • Rules of Procedure of the European Parliament EP 010-p6
    activities/2
    date
    2017-11-29T00:00:00
    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
    procedure/dossier_of_the_committee
    ECON/8/11581
    procedure/stage_reached
    Old
    Preparatory phase in Parliament
    New
    Awaiting committee decision
    activities
    • date: 2017-11-17T00:00:00 body: EP/CSL type: Initial period for examining delegated act 1 month(s)
    • date: 2017-11-17T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/07684/COM_ADL(2017)07684_EN.pdf type: Non-legislative basic document published title: C(2017)07684 body: EC commission: type: Non-legislative basic document published
    committees
    • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
    links
    other
      procedure
      reference
      2017/2979(DEA)
      title
      Trading obligation for certain derivatives
      stage_reached
      Preparatory phase in Parliament
      summary
      Supplementing
      subtype
      Examination of delegated act
      type
      DEA - Delegated acts procedure
      subject