BETA


2018/2998(DEA) Extending the dates of deferred application of the clearing obligation for certain OTC derivative contracts

Progress: Procedure completed - delegated act enters into force

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 0111-p6

Events

2019/04/15
   EC - Document attached to the procedure
Documents
2019/03/19
   EC - Document attached to the procedure
Documents
2019/02/13
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament declared that it had no objections to the Commission delegated regulation of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation to extend the dates of deferred application of the clearing obligation for certain OTC derivative contracts.

The delegated act contains important details related to exemption from the clearing obligation for intragroup transactions with third-country group entities, where no equivalence decision under Article 13(2) of Regulation (EU) No 648/2012 has been adopted for the third country in which that group entity is established.

Parliament recognises the importance of the swift adoption of this act, since the Commission has not yet adopted such equivalence decisions and the first deferred date of application of the clearing obligation was 21 December 2018. Members considered however that the Commission unnecessarily delayed the adoption of this act until 19 December 2018, while the European Securities and Markets Authority (ESMA) published its draft regulatory technical standards (RTS) as early as 27 September 2018.

Parliament considered that the RTS adopted are not the same as the draft RTS submitted by the European Supervisory Authorities (ESAs) owing to the Commission’s changes that were introduced in this draft. It considered that it has three months (‘the scrutiny period’) to object to the RTS.

Parliament urged the Commission to indicate the one-month scrutiny period only in cases where the Commission has adopted the ESAs’ drafts without changes, i.e. where the draft and the adopted RTS are the same.

Documents
2019/01/31
   EP - Recommendation for early non-objection of delegated act
Documents
2019/01/29
   EP - Delegated act not objected by Parliament
2019/01/16
   EP - Committee referral announced in Parliament, 1st reading/single reading
2018/12/19
   EC - Non-legislative basic document
Documents
2018/12/19
   EC - Non-legislative basic document published
Documents
2018/12/19
   EP/CSL - Initial period for examining delegated act 3 month(s)

Documents

  • Document attached to the procedure: C(2019)3042
  • Document attached to the procedure: C(2019)2170
  • Decision by Parliament, 1st reading/single reading: T8-0100/2019
  • Recommendation for early non-objection of delegated act: B8-0088/2019
  • Non-legislative basic document: C(2018)09047
  • Non-legislative basic document published: C(2018)09047
  • Non-legislative basic document: C(2018)09047
  • Recommendation for early non-objection of delegated act: B8-0088/2019
  • Document attached to the procedure: C(2019)2170
  • Document attached to the procedure: C(2019)3042

History

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

procedure/stage_reached
Old
Awaiting Council decision on delegated act
New
Procedure completed - delegated act enters into force
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-8-2019-0088_EN.html
New
https://www.europarl.europa.eu/doceo/document/B-8-2019-0088_EN.html
docs/3/docs/0/url
https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:[%SECTOR]2019[%DESCRIPTOR]3042:EN:NOT
events/4/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/TA-8-2019-0100_EN.html
New
https://www.europarl.europa.eu/doceo/document/TA-8-2019-0100_EN.html
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2019-0088&language=EN
New
http://www.europarl.europa.eu/doceo/document/B-8-2019-0088_EN.html
events/4/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2019-0100
New
http://www.europarl.europa.eu/doceo/document/TA-8-2019-0100_EN.html
committees/0/date
    committees
    • type: Responsible Committee body: EP associated: False committee_full: Economic and Monetary Affairs committee: ECON date:
    docs
    • date: 2018-12-19T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2018/09047/COM_ADL(2018)09047_EN.pdf title: C(2018)09047 type: Non-legislative basic document body: EC
    • date: 2019-01-31T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2019-0088&language=EN title: B8-0088/2019 type: Recommendation for early non-objection of delegated act body: EP
    • date: 2019-03-19T00:00:00 docs: title: C(2019)2170 type: Document attached to the procedure body: EC
    • date: 2019-04-15T00:00:00 docs: title: C(2019)3042 type: Document attached to the procedure body: EC
    events
    • date: 2018-12-19T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2018/09047/COM_ADL(2018)09047_EN.pdf title: C(2018)09047
    • date: 2018-12-19T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL
    • date: 2019-01-16T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
    • date: 2019-01-29T00:00:00 type: Delegated act not objected by Parliament body: EP
    • date: 2019-02-13T00:00:00 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-2019-0100 title: T8-0100/2019 summary: The European Parliament declared that it had no objections to the Commission delegated regulation of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation to extend the dates of deferred application of the clearing obligation for certain OTC derivative contracts. The delegated act contains important details related to exemption from the clearing obligation for intragroup transactions with third-country group entities, where no equivalence decision under Article 13(2) of Regulation (EU) No 648/2012 has been adopted for the third country in which that group entity is established. Parliament recognises the importance of the swift adoption of this act, since the Commission has not yet adopted such equivalence decisions and the first deferred date of application of the clearing obligation was 21 December 2018. Members considered however that the Commission unnecessarily delayed the adoption of this act until 19 December 2018, while the European Securities and Markets Authority (ESMA) published its draft regulatory technical standards (RTS) as early as 27 September 2018. Parliament considered that the RTS adopted are not the same as the draft RTS submitted by the European Supervisory Authorities (ESAs) owing to the Commission’s changes that were introduced in this draft. It considered that it has three months (‘the scrutiny period’) to object to the RTS. Parliament urged the Commission to indicate the one-month scrutiny period only in cases where the Commission has adopted the ESAs’ drafts without changes, i.e. where the draft and the adopted RTS are the same.
    procedure
    reference
    2018/2998(DEA)
    title
    Extending the dates of deferred application of the clearing obligation for certain OTC derivative contracts
    subject
    type
    DEA - Delegated acts procedure
    subtype
    Examination of delegated act
    legal_basis
    Rules of Procedure EP 0111-p6
    stage_reached
    Awaiting Council decision on delegated act
    dossier_of_the_committee
    ECON/8/15253