2022/0403(COD) Measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets
Lead committee dossier:
Progress: Awaiting Council's 1st reading position
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
HÜBNER Danuta Maria ( EPP)
|
LALUCQ Aurore ( S&D),
POULSEN Erik ( Renew),
GRUFFAT Claude ( Verts/ALE),
ROOKMAKER Dorien ( ECR),
GUSMÃO José ( GUE/NGL)
|
| Committee Opinion | ITRE | ||
| Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2024/08/08
EC - Commission response to text adopted in plenary
Documents
2024/04/24
EP - Results of vote in Parliament
Documents
2024/04/24
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 464 votes to 115, with 13 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets.
The European Parliament adopted its position at first reading under the ordinary legislative procedure.
The European Market Infrastructure Regulation (EMIR) lays down rules on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories. The proposed EMIR review contains several legislative measures to improve EU clearing services, notably by streamlining and shortening procedures, improving consistency between rules, strengthening CCP supervision and requiring market participants of substantial systemic importance, who are subject to a clearing obligation, to have an operationally active account at an EU CCP.
The proposal aims at:
- streamlining and shortening procedures for authorities to approve new activities or services as well as changes to risk models for CCPs, to make them more attractive to market participants;
- improving consistency between rules for banks and other pieces of financial sector legislation. This aims at allowing also e.g. insurance companies and funds to benefit from incentives (such as lower capital requirements) when clearing through an EU CCP;
- strengthening CCP supervision by establishing joint supervisory teams for certain tasks, facilitating the monitoring of cross-border risks to the EU throughout the clearing chain by the EU authorities that are part of the EU system of financial supervision and giving emergency powers to ESMA's CCP supervisory committee;
- requiring market participants subject to a clearing obligation to clear a portion of the products that have been identified by ESMA as of substantial systemic importance through active accounts at EU CCPs;
- enhancing powers of banks’ and investment firms’ supervisors to address concentration risk form exposures to CCPs;
- simplifying equivalence assessments under EMIR where risks involved in clearing in a third country are particularly low.
The amended text:
- provides for supervisors to apply streamlined supervisory processes , such as approval and validation procedures;
- strengthens cooperation, coordination and information sharing between supervisors and ESMA, while ensuring an appropriate division of tasks between national authorities and ESMA;
- strengthens ESMA's role by giving it a coordinating role in emergency situations , while clarifying that ultimate decision-making powers rest with the competent national authorities. In addition, ESMA will be informed of and may request to be invited to on-site inspections and issue opinions in a wide range of areas.
To ensure the consistent functioning of all colleges and to further enhance supervisory convergence, the college should be co-chaired by the national competent authority and any of the independent members of the CCP Supervisory
Committee. To foster cooperation between ESMA and competent authorities, the co-chairs should jointly decide the dates of the college meetings and establish the agenda of such meetings. However, to ensure consistent decision making and that the CCP’s competent authority remains ultimately responsible, in the event of a disagreement between the co-Chairs, the final decision should, in any case, be taken by the competent authority, who should provide ESMA with a reasoned explanation of its decision.
The amended text establishes a solid active account requirement (AAR) that will require certain financial and non-financial counterparties to have an account at an EU CCP, which includes operational elements such as the ability to handle the counterparty’s transactions at short notice if need be and activity elements so that the account is effectively used. In addition, a joint monitoring mechanism has been created to oversee the application of this new requirement.
Documents
2024/03/04
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2024/03/04
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2024/02/15
CSL - Coreper letter confirming interinstitutional agreement
Documents
2024/02/14
EP - Text agreed during interinstitutional negotiations
Documents
2023/12/13
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/12/11
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/12/05
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Danuta Maria HÜBNER (EPP, PL) on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Active Account
The amended text set a solid active account requirement (AAR) that will require certain financial and non-financial counterparties to have an account at an EU CCP , which includes operational elements such as the ability to handle the counterparty’s transactions at short notice if need be and activity elements so that the account is effectively used. This is ensured by a number of requirements, which have to be fulfilled by these accounts, including requirements for counterparties above a certain threshold to clear trades in the most relevant sub-categories of derivatives of substantial systemic importance defined in terms of class of derivative, size and maturity.
Joint supervisory activities
Each authorised CCP authorised should be subject to joint supervisory activities. Those activities should be coordinated by ESMA and the college in the context of the annual review and evaluation process and should be open for the participation of each college member on a voluntary basis.
ESMA should be in charge of establishing and coordinating the joint supervisory activities.
Joint monitoring mechanism
To enhance the ability of relevant Union bodies to have a comprehensive overview of market developments relevant for clearing in the Union, monitor the implementation of certain clearing related requirements of Regulation (EU) No 648/2012 and collectively discuss the potential risks arising from the interconnectedness of different financial actors and other issues related to the financial stability, the report noted the need to establish a cross-sectoral monitoring mechanism bringing together the relevant Union bodies involved in the supervision of Union CCPs, clearing members and clients.
Such Joint Monitoring Mechanism should be managed and chaired by ESMA as the Union authority supervising Union CCPs and supervising systemically important third-country CCPs. Other participants should include representatives from the Commission, the EBA, EIOPA, the ESRB, the ECB and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism.
To inform future policy decisions, ESMA, in cooperation with the other bodies participating in the Joint Monitoring Mechanism, should submit an annual report to the European Parliament, the Council and the Commission on the results of their activities. This report should include recommendations for potential Union-level action to address identified horizontal risks.
Strengthening ESMA’s role in emergency situations
Members considered that ESMA should be provided with a coordination role in cross-border emergency situations. Therefore, ESMA should be able to convene meetings of the CCP Supervisory Committee, either on its own initiative or upon request, potentially with an enlarged composition, to coordinate effectively competent authorities’ responses in emergency situations. ESMA should also be able to ask, by simple request, information from market participants which is necessary for ESMA to perform its coordination function in those situations and to be able to issue recommendations to the competent authority.
Lastly, given that developments in financial markets could have direct implications for the banking system or for monetary policy decisions, representatives of relevant central banks of issue should always be invited to participate in the coordination meetings of the CCP Supervisory Committee in response to such emergency situations.
Documents
2023/11/28
EP - Vote in committee, 1st reading
2023/11/28
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2023/09/15
PT_PARLIAMENT - Contribution
Documents
2023/07/07
EP - Amendments tabled in committee
Documents
2023/07/07
EP - Amendments tabled in committee
Documents
2023/06/13
EP - Committee draft report
Documents
2023/04/26
ECB - European Central Bank: opinion, guideline, report
Documents
2023/03/22
ESC - Economic and Social Committee: opinion, report
Documents
2023/03/21
ES_PARLIAMENT - Contribution
Documents
2023/02/01
EP - Committee referral announced in Parliament, 1st reading
2023/01/25
EP - HÜBNER Danuta Maria (EPP) appointed as rapporteur in ECON
2022/12/08
EC - Document attached to the procedure
Documents
2022/12/08
EC - Document attached to the procedure
Documents
2022/12/08
EC - Document attached to the procedure
Documents
2022/12/07
EC - Legislative proposal published
Details
PURPOSE: to increase the safety and efficiency of Union central counterparties (CCPs) by improving their attractiveness, encouraging clearing in the Union and enhancing the cross-border consideration of risks.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: Regulation (EU) No 648/2012 (the European Market Infrastructure Regulation or EMIR) regulates derivatives transactions, including measures to limit their risks through clearing in central counterparties (CCPs). CCPs take on the risks faced by the parties to a trade, becoming the buyer to every seller and the seller to every buyer. By doing so, they increase market transparency and efficiency and reduce the risks in financial markets, especially for derivatives.
Whilst EMIR has established a robust framework for central clearing, certain areas of the current supervisory framework have proven overly complex. This limits EU CCPs’ ability to attract business both within the EU and internationally.
A safe, robust, efficient and attractive clearing system in the EU is essential for a well-functioning Capital Markets Union. If clearing does not function properly, financial institutions, companies and investors face more risks and higher costs – as the 2008 financial crisis showed.
The proposal aims to mitigate these obstacles in order to foster modern and competitive CCPs in the EU that can attract business.
This proposal is complemented by a proposal for a Directive introducing a limited number of changes to Directive 2013/36/EU (Capital Requirements Directive or ‘CRD’), Directive (EU) 2019/2034 (Investment Firms Directive or ‘IFD’) and Directive 2009/65/EU (Undertakings for Collective Investment in Transferable Securities Directive or ‘UCITS Directive’) as regards the treatment of concentration risk towards CCPs and the counterparty risk on centrally cleared derivative transactions. These amendments are necessary to ensure that the objectives of this EMIR review are achieved as well as to assure coherence. The two proposals should therefore be read in conjunction.
This proposal is part of the initiative aimed at ensuring that the EU has a safe, robust and competitive central clearing ecosystem, thereby promoting the Capital Markets Union (CMU) and reinforcing the EU’s open strategic autonomy. Robust and safe central counterparties (CCPs) enhance the trust of the financial system and crucially support the liquidity of key markets.
CONTENT: the Commission proposal introduces targeted amendments to EMIR which aim to improve the central clearing system in the EU , making EU CCPs more efficient and attractive. It addresses the vulnerabilities that stem from the current excessive reliance on certain third-country CCPs deemed to be substantially systemic for the EU, ensuring that the EU has a competitive and efficient clearing system that is safe and resilient.
The proposed regulation will have a positive impact by:
- improving the attractiveness of EU CCPs by, for example, shortening the approval process for offering new services to 10 working days instead of up to 2 years in certain cases;
- enhancing the resilience of the clearing system considering recent developments on energy markets by further enhancing the existing supervisory framework;
- reducing excessive reliance on third-country CCPs , strengthening the EU’s open strategic autonomy, by requiring all relevant market participants to hold active accounts at EU CCPs for clearing at least a portion of certain derivative contracts.
More specifically, clearing members (mainly banks) will benefit from extended, faster clearing offers by CCPs, thereby providing more choices on where to clear.
As for the clients , such as non-financial corporates or financial market participants, they will benefit from:
- more transparency on margin models and collateral requirements;
- information on where to clear certain contracts that can be cleared both at a third-country CCP and at an EU CCP; and
- the possibility to use bank and public guarantees.
In addition, the proposal entails two different aspects related to the equivalence framework under EMIR.
First, the Commission simplifies the framework for intragroup transactions . It provides more legal certainty to market participants and international partners by deleting the condition of an equivalence decision to benefit from intragroup exemption and replacing it by a list of jurisdictions for which an exemption cannot be granted. In order to benefit from the intragroup exemption, entities located in third countries should be in a country that is not identified as having deficiencies in terrorist financing and anti-money laundering regulations or considered as a non-cooperative jurisdiction for tax purposes. The country should also not have been identified by the Commission based on legal, supervisory and enforcement arrangements with regard to risks, including legal and counterparty credit risks.
Second, the proposal introduces the possibility for the Commission to take a more proportionate approach when adopting an equivalence decision for a third country by waiving the requirement to have an effective equivalent system for recognising third-country CCPs. This will be possible only when it is deemed to be in the interests of the Union and particularly when the risks involved in clearing in that third country are low.
Documents
Documents
- Commission response to text adopted in plenary: SP(2024)394
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading: T9-0348/2024
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE759.078
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE759.078
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)001022
- Text agreed during interinstitutional negotiations: PE759.078
- Committee report tabled for plenary, 1st reading: A9-0398/2023
- Contribution: COM(2022)0697
- Amendments tabled in committee: PE751.545
- Amendments tabled in committee: PE751.629
- Committee draft report: PE749.908
- European Central Bank: opinion, guideline, report: CON/2023/0011
- European Central Bank: opinion, guideline, report: OJ C 204 12.06.2023, p. 0003
- Economic and Social Committee: opinion, report: CES5896/2022
- Contribution: COM(2022)0697
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2022)0697
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2022)0697
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2022)0698
- Legislative proposal published: COM(2022)0697
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SEC(2022)0697
- Document attached to the procedure: EUR-Lex SWD(2022)0697
- Document attached to the procedure: EUR-Lex SWD(2022)0698
- Economic and Social Committee: opinion, report: CES5896/2022
- European Central Bank: opinion, guideline, report: CON/2023/0011 OJ C 204 12.06.2023, p. 0003
- Committee draft report: PE749.908
- Amendments tabled in committee: PE751.545
- Amendments tabled in committee: PE751.629
- Text agreed during interinstitutional negotiations: PE759.078
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2024)001022
- Commission response to text adopted in plenary: SP(2024)394
- Contribution: COM(2022)0697
- Contribution: COM(2022)0697
Votes
A9-0398/2023 – Danuta Maria Hübner – Provisional agreement – Am 2 #
2024/04/24 Outcome: +: 448, -: 122, 0: 20
PPE
ID
NI
The Left| Amendments | Dossier |
| 342 |
2022/0403(COD)
2023/07/07
ECON
342 amendments...
Amendment 197 #
Proposal for a regulation Recital 3 a (new) (3a) The clearing system must benefit from more clearing options and alternatives to ensure banks and the real economy have continuous access to safe and efficient clearing solutions. The EU must make a significant contribution by developing and offering safe, efficient and innovative clearing infrastructures. The evolution of clearing markets brings with it new product offerings, risk profiles and approaches to risk management. This requires supervisory and regulatory approaches to be adapted and regulators and the industry to work closely together
Amendment 198 #
Proposal for a regulation Recital 3 b (new) (3b) The clearing system is evolving quickly. New financial products that support hedging activities by market participants and the real economy are being made available for clearing. New market participants are entering the clearing space, seeking to benefit from efficient and resilient post-trade mechanisms.
Amendment 199 #
Proposal for a regulation Recital 5 Amendment 200 #
Proposal for a regulation Recital 6 Amendment 201 #
Proposal for a regulation Recital 6 (6) Given the fact that entities that are established in countries that are listed as high-risk third countries that have strategic deficiencies in their regime on anti-money laundering and counter terrorist financing, as referred to in Article 9 of Directive (EU) 2015/849 of the European Parliament and of the Council32 , or in third countries that are listed in Annex I and Annex II to the Council conclusions on the revised EU list of non-
Amendment 202 #
Proposal for a regulation Recital 7 Amendment 203 #
Proposal for a regulation Recital 9 Amendment 204 #
Proposal for a regulation Recital 9 a (new) (9a) Commission Implementing Decision (EU) 2022/174 of 8 February 2022 with respect to the equivalence of central counterparties in the United Kingdom (UK CCPs) expires on 30 June 2025. A clear roadmap for reducing Union market participants' exposures to UK CCPs is needed to mitigate financial stability risks associated with the current reliance on UK CCPs. Such a roadmap should foresee that the majority of risk exposure arising from the use of relevant clearing services is held in accounts with EU CCPs no longer than five years after entry into force of this Regulation. If the Joint Monitoring Mechanism comes to the conclusion, following this five-year period, that this goal has been achieved, it should recommend to the European Commission and ESMA to adopt equivalence and recognition decisions without any time limitations with regard to UK CCPs. Such recommendation presupposes that other applicable criteria for such decisions set out in this Regulation are met.
Amendment 205 #
Proposal for a regulation Recital 9 a (new) (9a) Any PTRR exemption should not circumvent the clearing obligation, and should only become applicable for still outstanding positions that were already outstanding when the clearing obligation entered into force. It is further to be clarified which entities are to be allowed to provide PTRR services.
Amendment 206 #
Proposal for a regulation Recital 10 Amendment 207 #
Proposal for a regulation Recital 10 (10) It is necessary to address the financial stability risks associated with excessive exposures of Union clearing members and clients to systemically important third-country CCPs (Tier 2 CCPs) that provide clearing services that have been identified by ESMA as clearing services of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. In December 2021, ESMA concluded that the provision of certain clearing services provided by two Tier 2 CCPs, namely for interest rate derivatives denominated in euro and Polish zloty, Credit Default Swaps (CDS) denominated in euro and Short-Term Interest Rate Derivatives (STIR) denominated in euro, are of substantial systemic importance for the Union or one or more of its Member States. As noted by ESMA in its December 2021 assessment report, were those Tier 2 CCPs to face financial distress, changes to those CCPs’ eligible collateral, margins or haircuts may negatively impact the sovereign bond markets of one or more Member States, and more broadly the Union financial stability. Furthermore, disruptions in markets relevant for monetary policy implementation may hamper the transmission mechanism critical to central banks of issue. It is therefore appropriate to require any financial counterparties and non-financial counterparties that are subject to the clearing obligation to hold, directly or indirectly, accounts with a minimum level of
Amendment 208 #
Proposal for a regulation Recital 10 (10)
Amendment 209 #
Proposal for a regulation Recital 11 Amendment 210 #
Proposal for a regulation Recital 11 Amendment 211 #
Proposal for a regulation Recital 11 (11)
Amendment 212 #
Proposal for a regulation Recital 11 (11) It is necessary to ensure that the calibration of the level of the clearing activity to be maintained in accounts at Union CCPs can be adapted to changing circumstances. ESMA has an important role in the assessment of the substantial systemic importance of third-country CCPs and their clearing services. ESMA, in cooperation with the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the ESRB, and after having consulted the European System of Central Banks (ESCB), should therefore develop draft regulatory technical standards specifying the details of the level of substantially systemic clearing services to be maintained in the active accounts in Union CCPs by financial and non-financial counterparties subject to the clearing obligation. Such calibration should not go beyond what is necessary and proportionate to reduce clearing in the identified clearing services at Tier 2 CCPs concerned.
Amendment 213 #
Proposal for a regulation Recital 11 (11) It is necessary to ensure that the calibration of the level of the clearing activity to be maintained in accounts at Union CCPs can be adapted to changing circumstances. ESMA has an important role in the assessment of the substantial systemic importance of third-country CCPs and their clearing services. ESMA, in cooperation with the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the ESRB, and after having consulted the European System of Central Banks (ESCB), should therefore develop draft regulatory technical standards specifying the details of the level of substantially systemic clearing services to
Amendment 214 #
Proposal for a regulation Recital 11 a (new) (11a) It is necessary to explore additional means of enhancing the attractiveness of EU CCPs. This objective must be pursued while safeguarding the competitiveness of EU firms and upholding the freedom of choice for clearing market participants. To achieve a proportionate approach that bolsters EU capital markets, maintains financial stability, and strengthens the competitiveness of the Union's clearing system on a global scale, the implementation of an incentives regime is necessary to encourage businesses to move to EU CCPs.
Amendment 215 #
Proposal for a regulation Recital 11 a (new) (11a) To reflect the high risks posed by EU banks overreliance on third-country CCPs, it is also necessary to adapt the prudential framework and ensure that those risks are adequately taken into account to safeguard the financial stability of the Union and its Member States. Additional own funds requirements should therefore be imposed on banks’ large exposures to Tier 2 CCPs.
Amendment 216 #
Proposal for a regulation Recital 11 b (new) (11b) A number of public entities, such as central government, local authorities or other public sector entities clear on a voluntary basis. When using clearing services, public entities should, as a principle, use EU CCPs clearing services. In its letter of 1st April 2022, ESMA stressed that the modalities of public entities participation to CCPs vary across Member States. In particular, ESMA identified diverging practices regarding the calculation of the exposures of public entities to EU CCPs and their contributions to the financial resources of the CCP. Therefore, ESMA should be invited to work on the further harmonisation and coordination regarding public entities’ clearing activities.
Amendment 217 #
Proposal for a regulation Recital 12 (12) To ensure that clients are aware of their options and can take an informed decision as where to clear their derivative contracts, clearing members and clients that provide clearing services in both Union and recognised third-country CCPs should inform their clients about the option to clear a derivative contract in a Union CCP so that clearing in those services identified as of substantial systemic importance is reduced in Tier 2 CCPs in order to ensure the financial stability of the Union. However, this obligation to inform clients should be distinct from the active account requirement. Relevant clearing members should also systematically propose Union clearing alternatives to clients even for services that are not determined as being of substantial systemic importance by the European Securities and Markets Authority (ESMA).
Amendment 218 #
Proposal for a regulation Recital 12 (12) To ensure that clients are aware of their options and can take an informed decision as where to clear their derivative contracts, clearing members and clients that provide clearing services in both Union and recognised third-country CCPs should inform their clients about the option to clear a derivative contract in a Union CCP so that clearing in those services identified as of substantial systemic importance is reduced in Tier 2 CCPs in order to ensure the financial stability of the Union. Clearing members must respect the wishes of the clients on where to clear the clients' derivatives.
Amendment 219 #
Proposal for a regulation Recital 12 (12) To ensure that clients are aware of their options and can take an informed decision as where to clear their derivative contracts, clearing members and clients that provide clearing services in both
Amendment 220 #
Proposal for a regulation Recital 13 a (new) (13a) Over the past years, the supervisory community has been raising concerns about the data quality of the reporting made by financial and non- financial counterparties in accordance with Regulation (EU) No 648/2012. Entities subject to the reporting obligation in accordance to this regulation should exercise due diligence by applying data quality checks before submitting their data. Competent authorities should be able to adopt appropriate sanctions in case of infringements of this due diligence requirement.
Amendment 221 #
Proposal for a regulation Recital 14 (14) Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non-financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system.
Amendment 222 #
Proposal for a regulation Recital 14 (14) Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non-financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system. The exemption for those transactions from reporting requirements has, however, limited the ability of ESMA, the ESRB and other authorities to clearly identify and assess the risks taken by non- financial counterparties.
Amendment 223 #
Proposal for a regulation Recital 14 (14) Macroprudential supervision is not restricted to transactions between financial counterparties, but also requires monitoring of exposures between financial and non-financial counterparties belonging to the same consolidation. Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non- financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system. The exemption for those transactions from reporting requirements has, however, limited the ability of ESMA, the ESRB and other authorities to clearly identify and assess the risks taken by non-
Amendment 224 #
Proposal for a regulation Recital 18 a (new) (18a) To avoid market fragmentation and to ensure a global level playing field for counterparties established in the Union, international regulatory convergence should also be ensured with regard to risk-management procedures for classes of OTC derivatives that are not subject to equivalent margin requirements. In particular, acknowledging the fact that in some relevant jurisdictions single-stock equity options and index options are not subject to equivalent margin requirements, those products should be exempted from margin requirements. This exemption should be ended should these relevant jurisdictions become subject to equivalent margin requirements.
Amendment 225 #
Proposal for a regulation Recital 20 (20) Union CCPs face challenges in expanding their product offer and experience difficulties in bringing new products to the market. Those challenges and difficulties can be explained by certain provisions of Regulation (EU) No 648/2012 that render some authorisation procedures too long, complex and uncertain in their outcome. The process of authorising Union CCPs or extending their authorisation should therefore be simplified, while ensuring the appropriate involvement of ESMA and the college referred to in Article 18 of Regulation (EU) No 648/2012. First, to avoid significant, and potentially indefinite, delays when competent authorities assess the completeness of an application for an authorisation, the competent authority
Amendment 226 #
Proposal for a regulation Recital 21 (21) There is currently uncertainty as to when an additional service or activity is covered by a CCP’s existing authorisation. It is necessary to address that uncertainty and to ensure proportionality when the proposed additional service or activity does not increase the risks for the CCP. It is
Amendment 227 #
Proposal for a regulation Recital 21 (21) There is currently uncertainty as to when an additional service or activity is covered by a CCP’s existing authorisation. It is necessary to address that uncertainty and to ensure proportionality when the proposed additional service or activity does not increase the risks for the CCP. It is therefore necessary to lay down that applications in those cases should not undergo the full assessment procedure. For that reason, it should be specified which additional clearing services and activities are non-material, and thus do not increase the risks for a Union CCP, and should be approved through a non-objection procedure by that CCP’s competent authority. That non-objection procedure should be applied where the CCP intends to clear one or more financial instruments belonging to the same classes of financial instruments for which it has been authorised to clear, provided such financial instruments are traded on a trading venue for which the CCP already provides clearing services or performs activities and the proposed additional clearing service or activity does not involve a payment in a new currency.
Amendment 228 #
Proposal for a regulation Recital 22 (22) T
Amendment 229 #
Proposal for a regulation Recital 23 Amendment 230 #
Proposal for a regulation Recital 24 Amendment 231 #
Proposal for a regulation Recital 26 (26) ESMA should have the means to identify potential risks to the Union’s financial stability. ESMA should therefore, in cooperation with the ESRB, EBA, EIOPA, and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/201336 , identify the interconnections and interdependencies between different CCPs and legal persons, including shared clearing members, clients and indirect clients, shared material service providers, shared material liquidity providers, cross-collateral arrangements, cross-default provisions and cross-CCP netting, cross-guarantee agreements and risks transfers and back-to-back trading arrangements. __________________ 36 […]
Amendment 232 #
Proposal for a regulation Recital 26 (26) ESMA should have the means to identify potential risks to the Union’s financial stability. ESMA should therefore, in cooperation with the EBA, EIOPA, ESRB and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/201336 , identify the interconnections and interdependencies between different CCPs and legal persons, including shared clearing members, clients and indirect clients, shared material service providers, shared material liquidity providers, cross-collateral arrangements, cross-default provisions and cross-CCP netting, cross-guarantee agreements and risks transfers and back-to-back trading arrangements. __________________ 36 […]
Amendment 233 #
Proposal for a regulation Recital 28 (28)
Amendment 234 #
Proposal for a regulation Recital 28 (28) It is necessary to ensure a prompt exchange of information, knowledge sharing and effective cooperation between the authorities involved in the supervision
Amendment 235 #
Proposal for a regulation Recital 29 (29) To enhance the ability of relevant Union bodies and national competent authorities to have a comprehensive overview of market developments
Amendment 236 #
Proposal for a regulation Recital 30 (30) To inform future policy decisions, ESMA, in cooperation with the other bodies participating in the Joint Monitoring Mechanism, should submit an annual report to the European Parliament, the Council and the Commission on the results of their activities.
Amendment 237 #
Proposal for a regulation Recital 36 (36) Where recognition is provided under Article 25(2b) of Regulation (EU) No 648/2012, considering that
Amendment 238 #
Proposal for a regulation Recital 38 (38) To mitigate potential risks for the financial stability of the Union, or of one or
Amendment 239 #
Proposal for a regulation Recital 46 (46) To ensure consistency of Regulation (EU) 2017/1131 of the European Parliament and of the Council38 with Regulation (EU) No 648/2012 and to preserve the integrity and stability of the internal market, it is necessary to lay down in Regulation (EU) 2017/1131 a uniform set of rules to address counterparty risk in
Amendment 240 #
Proposal for a regulation Recital 47 (47) To ensure consistent harmonisation of rules and supervisory practice on applications for authorisation, extension of authorisation and model validations
Amendment 241 #
Proposal for a regulation Recital 47 (47) To ensure consistent harmonisation of rules and supervisory practice on applications for authorisation, extension of authorisation and model validations the active account requirement and the CCP participation requirements, the Commission should be empowered to adopt regulatory technical standards developed by ESMA with regard to the following: the documents CCPs are required to submit when applying for authorisation, extension of authorisation and validation of model changes; the proportion of
Amendment 242 #
Proposal for a regulation Recital 50 a (new) (50a) Efficient portability of client positions in the event of a clearing member default is key to ensuring a safe and competitive clearing system. However, the recent CPMI-IOSCO report on client clearing and portability identifies several regulatory barriers to efficient porting in certain jurisdictions. ESMA should therefore assess the regulatory barriers to porting in the Union and provide the Commission with a report, including recommendations for legislative amendments, if appropriate.
Amendment 243 #
Proposal for a regulation Recital 50 a (new) (50a) (51) To further enhance the attractiveness of CCPs established in the Union, the opening hours of TARGET2 should be extended beyond the current constraints. This will allow clearing members established in the Union to fulfil their margin obligations in EUR, lowering the current dependency on USD for margin calls occurring beyond the closing time of TARGET2.
Amendment 244 #
Proposal for a regulation Recital 50 b (new) (50b) The Report on the Functioning of Regulation (EU) No 575/2013 with the related obligations under Regulation (EU) No 648/2012 jointly issued by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) in January 2017 identifies multiple potentially duplicative and inconsistent requirements for CCPs holding a banking license. Consequently, the report recommends a number of clarifications to avoid increased regulatory risk, unnecessary burdens and costs for monitoring by the competent authorities. The duplication of capital requirements identified in this report has not yet been fully addressed. Therefore, as recommended in the report, it should be clarified that CCPs authorised in accordance with Article 14 of Regulation (EU) 648/2012, are not required to set aside own funds for their activities where the incumbent risks are already covered through the CCP-specific financial resources referred to in Articles 41 to 44 of Regulation (EU) 648/2012. Whilst the Eurosystem is looking into the issue of convergent central bank access policies for Union CCPs, the central banks of issue of the Eurosystem under the lead of the ECB should on request of the European Parliament provide a report assessing the state of play and, if appropriate, provide recommendations how to ensure generalized central bank access for EMIR-authorized Union CCPs without the condition of maintaining a banking license.
Amendment 245 #
Proposal for a regulation Article 1 – paragraph 1 – point -1a(new) Regulation (EU) No 648/2012 Article 1 – paragraph 6 a (new) Amendment 246 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) No 648/2012 Article 3 Amendment 247 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 Regulation (EU) No 648/2012 Article 3 – paragraph 4 – point b (b) where the third country is listed in Annex I and Annex II to the Council conclusions on the revised EU list of non- cooperative jurisdictions for tax purposes*2 and their subsequent updates which are specifically approved twice a year, customarily in February and October, and published in
Amendment 248 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 a (new) Regulation (EU) No 648/2012 Article 4 a – paragraph 1– subparagraph 1 (2a) Article 4a is amended as follows: (a) The first subparagraph of paragraph 1 is replaced by the following: 1. A financial counterparty taking positions in OTC derivative contracts may calculate, annually, the average of the three highest month-end averages positions over the previous 12 months in accordance with paragraph 3. (b) In paragraph 2, the ‘aggregate month-end average position for the previous 12 months’ is replaced by the ‘average of the three highest month-end averages positions over the previous 12 months’
Amendment 249 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 648/2012 Article 4 a − paragraph 3 − subparagraph 1 Amendment 250 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 648/2012 Article 4 a – paragraph 3 − subparagraph 1 Amendment 251 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 648/2012 Article 6 − paragraph 2 − subparagraph f a (new) (3a) in Article 6(2), the following point is added: (fa) the clearing rate for derivatives contracts concluded in the EU, on aggregate and for different asset classes
Amendment 252 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Articles 7 a and 7 b Amendment 253 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a Amendment 254 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a (new) Amendment 256 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 1 1. Financial counterparties
Amendment 257 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 1 1. Financial counterparties or a non- financial counterparties that are subject to the clearing obligation in accordance with Articles 4a and 10 and clear any of the categories of the derivative contracts referred to in paragraph 2 shall
Amendment 258 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 1 1. Financial counterparties or a non- financial counterparties that are subject to the clearing obligation in accordance with Articles 4a and 10 on the [OP: please insert date of entry into force of this Regulation] or become subject to the clearing obligation thereafter and clear any of the categories of the derivative contracts referred to in paragraph 2 shall clear at least
Amendment 259 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 1 a (new) 1a. Financial counterparties belonging to a group shall fall under the obligation set out in paragraph 1 if any entity in the group clears any of the categories of the derivative contracts referred to in paragraph 2
Amendment 260 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 1 b (new) 1b. Financial counterparties and non- financial counterparties that become subject to the obligation set out in paragraph 1 shall remain subject to this obligation as long as they clear the derivative contracts referred to in paragraph 2.
Amendment 261 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 2 – point c a (new) (ca) any other categories of derivatives contracts that have been identified by ESMA as being of substantial systemic importance for the financial stability of the Union or one or more of its Member States pursuant to Article 25(2c).
Amendment 262 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 2 − point c a (new) (ca) any other categories of derivatives contracts that have been identified by ESMA as being of substantial systemic importance for the financial stability of the Union or one or more of its Member States pursuant to Article 25(2c).
Amendment 263 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 Amendment 264 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 3. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall calculate its
Amendment 265 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 3. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall calculate its activities in the categories of derivative contracts referred to in paragraph
Amendment 266 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 – introductory part 3. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall calculate its activities in the categories of derivative contracts referred to in paragraph
Amendment 267 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 – point a (new) (a) CCPs authorised under Article 14.
Amendment 268 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 3 – point b (new) (b) CCPs recognised under Article 25.
Amendment 269 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 4 4. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall
Amendment 270 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 4 4. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall report to
Amendment 271 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 4. A financial counterparty or a non- financial counterparty that is subject to the obligation set out in paragraph 1 shall report to its respective competent authority and the competent authority of the CCP or CCPs it uses the outcome of the calculation referred to in paragraph
Amendment 272 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 4 a (new) (4a) The following activities provided by clearing members established in the Union shall be exempted from the calculation of the minimum risk exposure referred to in paragraph 1 until [insert date five years following entry into force of this Regulation]: (i) client clearing services. (ii) market making activities. Regarding the client clearing services exemption referred to in point i), a client trade mirrored on the side of the clearing member does not count towards the clearing member’s minimum activity calculated in accordance with paragraph 3. Such trades shall only count towards the threshold of the client. In alignment with the differentiation between the trading book and banking book under the fundamental review of the trading book (FRTB) framework, the market making exemption cannot be applied to market participants’ banking books, i.e., the asset and liability management activities, including any internal risk transfers from the banking book.
Amendment 273 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 4 b (new) Amendment 274 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 Amendment 275 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 – point a (a) the
Amendment 276 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 – paragraph 5 − point a (a) the proportion of activity in each category of the derivative contracts referred to in paragraph 2;
Amendment 277 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 – point b (b) the methodology for calculation under paragraph 3
Amendment 278 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 − paragraph 5 − point b (b) the methodology for calculation under paragraph 3, including for calculation of proportions of activity of individual financial institutions.
Amendment 279 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 – point b (b) the risk-based methodology for calculation under paragraph 3.
Amendment 280 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 – paragraph 5 − point b a (new) (ba) the phase-in period of the active account requirement, allowing for gradual implementation in order to avoid market distortions;
Amendment 281 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 – subparagraph 1 a (new) For the purpose of point (a), ESMA shall ensure that the initial proportion shall not be lower than 15% and be set at a level that results in a reduction in clearing in those derivative contracts at those Tier 2 CCPs offering services of substantial systemic importance for the financial stability of the Union or one or more of its Member States pursuant to Article 25(2c). This proportion shall be reviewed annually and be increased, as appropriate, to ensure that clearing in any derivative contracts is no longer of substantial systemic importance by 2029.
Amendment 282 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 – subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. The first risk exposure target shall apply [insert date 24 months following entry into force of this Regulation].
Amendment 283 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 − subparagraph 2 ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date =
Amendment 284 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 (5a) ESMA shall, in cooperation with the EBA, EIOPA and ESRB and after consulting the ESCB, develop draft implementing technical standards specifying the format of the information to be submitted to the competent authorities referred to in paragraph 4. ESMA shall submit those draft implementing technical standards to the Commission by [PO: please insert the date = 6 months after the date of entry into force of this Regulation]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 285 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 5 a (new) (5a) ESMA shall, in cooperation with the EBA, EIOPA and ESRB and after consulting the ESCB, develop draft implementing technical standards specifying the format of the information to be submitted to the competent authorities referred to in paragraph 4. ESMA shall submit those draft implementing technical standards to the Commission by [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 286 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 a – paragraph 6 a (new) (6a) ESMA in cooperation with EBA, EIOPA and the ESRB and after consulting the ESCB shall undertake [two years after the entry into force of this Regulation] whether the quantitative threshold referred to in paragraph 1 has led to a sufficient reduction of excessive exposures in substantially systemic clearing services offered by the relevant Tier 2 CCPs to the extent necessary to safeguard financial stability. Following this assessment, the European Commission may be empowered to adopt a delegated act to increase the quantitative threshold referred to in paragraph 1.
Amendment 287 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 b – paragraph 1 1. Clearing members and clients that provide clearing services both at a CCP authorised under Article 14 and at a CCP recognised under Article 25 shall, when one of their clients submits a contract for clearing, inform that client about the possibility to clear such contract at the CCP authorised under Article 14. Clearing members and clients that provide clearing services shall also provide information to their clients, for a given client portfolio, on the costs associated with the provision of client clearing services and the costs associated with clearing at either CCP.
Amendment 288 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 b – paragraph 1 a (new) 1a. ESMA shall, in consultation with the EBA, develop draft regulatory technical standards specifying the type of information to be provided by clearing members and clients providing clearing services on costs to their clients.
Amendment 289 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Clearing members and clients that are established in the Union or are part of a group subject to consolidated supervision in the Union and that clear in a CCP authorised under Article 14 or recognised under Article 25, shall report to their respective competent authority the scope of their clearing activity in such CCP on a
Amendment 290 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 b – paragraph 2 – subparagraph 1 – introductory part Clearing members and clients that are established in the Union or are part of a group subject to consolidated supervision in the Union and that clear in a CCP authorised under Article 14 or recognised under Article 25, shall report to
Amendment 291 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 b − paragraph 2 − subparagraph 2 Amendment 292 #
Proposal for a regulation Article 1 – paragraph 1 – point 4 Regulation (EU) No 648/2012 Article 7 b – paragraph 4 − subparagraph 1 ESMA shall develop draft implementing technical standards specifying the format of the information to be submitted
Amendment 293 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 648/2012 Article 9 – paragraph 1 – subparagraphs 3 and 4 Amendment 294 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 648/2012 Article 9 – paragraph 1 – subparagraphs 3 and 4 Amendment 295 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point a Regulation (EU) No 648/2012 Article 9 – paragraph 1 – subparagraphs 3 and 4 Amendment 296 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b – indent 2 Amendment 297 #
Proposal for a regulation Article 1 – paragraph 1 – point 5 – point b a (new) Regulation (EU) No 648/2012 Article 9 – paragraph 1 f (ba) Paragraph 1f is replaced by the following: ‘1f. Counterparties and CCPs that are subject to the reporting obligation referred to in paragraph 1 may delegate that reporting obligation. When doing so, Counterparties and CCPs remain fully responsible, and legally liable, for reporting the details of OTC derivatives as well as for ensuring the correctness of the details reported.’
Amendment 298 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – introductory part Regulation (EU) No 648/2012 Article 10 – paragraphs 2 a, 4 and 5 (6) in Article 10, paragraphs 2a
Amendment 299 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – introductory part Regulation (EU) No 648/2012 Article 10 (6)
Amendment 300 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point a (new) Regulation (EU) No 648/2012 Article 10 – paragraph 1 – subparagraph 1 (a) The first subparagraph of paragraph 1 is replaced by the following: 1. A non-financial counterparty taking positions in OTC derivative contracts may calculate, annually, its average of the three highest month-end averages positions within the precedent 12 months in accordance with paragraph 3.
Amendment 301 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point b (new) Regulation (EU) No 648/2012 Article 10 – paragraph 2 (b) In paragraph 2, the ‘aggregate month-end average position for the previous 12 months’ is replaced by the ‘average of the three highest month-end average positions over the previous 12 months’.
Amendment 302 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 – point c (new) Regulation (EU) No 648/2012 Article 10 – paragraphs 2 a to 5 (c) Paragraphs 2a to 5 are replaced by the following:
Amendment 303 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 − paragraph 2 a 2a. The relevant competent
Amendment 304 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 – paragraph 3 Amendment 305 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 − paragraph 3 3. In calculating the positions referred to in paragraph 1, the non-financial counterparty shall include all the OTC derivative contracts
Amendment 306 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 – paragraph 3 3. In calculating the positions referred to in paragraph 1, the non-financial counterparty shall include all the OTC derivative contracts
Amendment 307 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 – paragraph 4 – point (a) Amendment 308 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 – paragraph 4 – point a Amendment 309 #
Proposal for a regulation Article 1 – paragraph 1 – point 6 Regulation (EU) No 648/2012 Article 10 – paragraph 4 – point c (c) the mechanisms triggering a review of the values of the clearing thresholds following significant price fluctuations in the underlying class of OTC derivatives or significant increase of financial stability risks.
Amendment 310 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point -a (new) Regulation (EU) No 648/2012 Article 11 – paragraph 1 – subparagraph 1 (-a) in paragraph 1, the first subparagraph is replaced by the following: 1. Financial counterparties and non- financial counterparties that enter into an OTC derivative contract not cleared by a CCP, shall ensure, exercising due diligence, that
Amendment 311 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012 Article 11 – paragraph 2 – subparagraph 2 A non-financial counterparty becoming subject for the first time to the obligations laid down in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a).
Amendment 312 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012 Article 11 – paragraph 2– subparagraph 2 A non-financial counterparty becoming subject for the first time to the obligations laid down in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a).
Amendment 313 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point a Regulation (EU) No 648/2012 Article 11 – paragraph 2– subparagraph 2 A non-financial counterparty becoming subject for the first time to the obligations laid down in the first subparagraph shall set up the necessary arrangements to comply with those obligations within
Amendment 314 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 − paragraph 3– subparagraph 1 a Counterparties shall notify to ESMA the models used for initial margin calculation at least three months prior to their usage. ESMA may object to the use of a specific initial margin model by the counterparty if the model does not meet the conditions laid down in the regulatory technical standards referred to in paragraph 15. Where ESMA objects to the use of a specific initial margin model, the counterparty is entitled to continue using the initial margin model up to 6 months following receipt of the objection. Where counterparties cease using such models, they shall notify ESMA by the end of the quarter in which they ceased using the model. Financial counterparties shall report information on the risk- management procedures mentioned in the first subparagraph, including, where relevant, in relation to initial margin models used, to ESMA and shall disclose key information on these risk- management procedures.
Amendment 315 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 1 a Amendment 316 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 2 A non-financial counterparty becoming subject for the first time to the obligations laid out in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a).
Amendment 317 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 2 A non-financial counterparty becoming subject for the first time to the obligations laid out in the first subparagraph shall set up the necessary arrangements to comply with those obligations within four months following the notification referred to in Article 10(1), second subparagraph, point (a).
Amendment 318 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 3 Amendment 319 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 3 Amendment 320 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point b Regulation (EU) No 648/2012 Article 11 – paragraph 3– subparagraph 4 Amendment 321 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point c Regulation (EU) No 648/2012 Article 11 – paragraph 15 – subparagraph 1– points (aa) and (ab) (c) in paragraph 15, first subparagraph
Amendment 322 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point c Regulation (EU) No 648/2012 Article 11 – paragraph 15– subparagraph 1– point c (c) in paragraph 15, first subparagraph
Amendment 323 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point c – point i (new) Regulation (EU) No 648/2012 Article 11 – paragraph 15 – subparagraph 1– point (aa) (
Amendment 324 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 – point c – point 2 (new) Regulation (EU) No 648/2012 Article 11 – paragraph 15 – subparagraph 1 – point (ab) (ii) the following point (ab) is inserted: “(ab) the data standards, formats and type of information to be reported and disclosed on risk-management procedures, including where relevant on initial margin models, in accordance with the supervisory requirements referred to in point (aa);”
Amendment 325 #
Proposal for a regulation Article 1 – paragraph 1 – point 7 a (new) Regulation (EU) No 648/2012 Article 12 – paragraphs 1 a and 1 b (new) (7a) In Article 12 the following paragraphs are inserted: ‘1a. Member States shall ensure that competent authorities are able to impose period penalty payments to financial and non-financial counterparties that infringe Article 7a or Article 7b of this Regulation. The amount of the periodic penalty payments shall be at least 3 % of the average daily turnover in the preceding business year and should be imposed for a period of 6 months or until the infringement ceases.' ‘1b. Member States shall ensure that competent authorities are able to impose period penalty payments to financial and non-financial counterparties when the data reported in accordance with Article 9 contain manifest errors or when financial or non-financial counterparties have not exercised due diligence when checking and reporting these data. By [12 months after entry into force of this Regulation] ESMA shall draft guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 further specifying the due diligence checks and procedures expected from financial and non-financial counterparties subject to the reporting obligation in accordance with Article 9 of this Regulation and the penalties that may be imposed by competent authorities.
Amendment 326 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 – point -a (new) Regulation (EU) No 648/2012 Article 14 – paragraph 1 (-a) paragraph 1 is replaced by the following: “1. Where a legal person established in
Amendment 327 #
Proposal for a regulation Article 1 – paragraph 1 – point 9 – point b Regulation (EU) No 648/2012 Article 14 – Paragraph 7 Amendment 328 #
Proposal for a regulation Article 1 – paragraph 1 – point 10 – point a Regulation (EU) No 648/2012 Article 15 – subparagraph 1 A CCP wishing to extend its business to additional services or activities not covered by the existing authorisation shall submit a request for extension to
Amendment 329 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 − paragraph 1 − subparagraph 1 The applicant CCP shall submit an application for authorisation as referred to in Article 14(1) or an application for an extension of its authorisation as referred to in Article 15(1) in an electronic format via the central database referred to in paragraph 7. The application shall be immediately shared with
Amendment 330 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 1 – subparagraph 2 The CCP’s competent authority shall, within
Amendment 331 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 1– subparagraph 2 The CCP’s competent authority shall, within
Amendment 332 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 1– subparagraph 2 Amendment 333 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 1 – subparagraph 3 Where the CCP’s competent authority determines that not all documents required pursuant to Article 14(6) and (7) or Article 15(3) and (4) have been submitted, it shall provide the CCP with guidance on and an appropriate deadline for the submission of missing documents. If the CCP does not comply with this deadline, the competent authority shall reject the CCP’s application.
Amendment 334 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 1– subparagraph 3 Where
Amendment 335 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 2 2. The applicant CCP shall provide all information necessary to demonstrate that it has established, at the time of the initial authorisation, all the necessary arrangements to meet the requirements laid down in this Regulation. Where an applicant CCP is requesting authorisation pursuant to Article 15, it shall provide all information necessary to demonstrate that at the time such extension of authorisation under Article 15 is granted, it will have established all additional arrangements to meet any requirements laid down in this Regulation in respect of such new authorisation.
Amendment 336 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 – subparagraph 1 – introductory part Within 40 working days of the end of the period set out in the second subparagraph of paragraph 1 (“the risk assessment period”)
Amendment 337 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 – subparagraph 1 – point a (a)
Amendment 338 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 – subparagraph 1 – point b Amendment 339 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 – subparagraph 1 – point c Amendment 340 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 – subparagraph 2 Amendment 341 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point b Regulation (EU) No 648/2012 Article 17 – paragraph 3 − subparagraph 3 Amendment 342 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Regulation (EU) No 648/2012 Article 17 − paragraph 3 a 3a. During the risk assessment period referred to in paragraph 3,
Amendment 343 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Regulation (EU) No 648/2012 Article 17 – paragraph 3 a 3a. During the risk assessment period referred to in paragraph 3, the CCP’s competent authority, ESMA or any of the college members may submit questions directly to the CCP. Where the CCP does not respond to such questions within the time period set by the requesting authority, the CCP’s competent authority, ESMA or the college may take a decision in the absence of the CCP’s response or may decide to extend the assessment period by a maximum of
Amendment 344 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Regulation (EU) No 648/2012 Article 17 − paragraph 3 b – subparagraph 1 Within
Amendment 345 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Regulation (EU) No 648/2012 Article 17 – paragraph 3 b – subparagraph 1 Within
Amendment 346 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Where
Amendment 347 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point c Regulation (EU) No 648/2012 Article 17 − paragraph 3 b – subparagraph 3 Amendment 348 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 – subparagraph 1 – introductory part Amendment 349 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 – paragraph 4 – – subparagraph 1 – point a (a) complies with all the relevant requirements laid down in this Regulation relating to the changes referred to in the application for authorisation submitted by the CCP including, where applicable, for the provision of clearing services or activities for non-
Amendment 350 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d (b) is notified as a system pursuant to Directive 98/26/EC. In respect of point (a) of the first subparagraph of Article 17(4), where an applicant CCP is requesting authorisation pursuant to Article 15, the competent authority may rely on the assessment of any requirement previously made pursuant to this article to the extent that no change to its assessment of such requirement would arise as a result of such new request for authorisation.
Amendment 351 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 − subparagraph 2 The CCP shall not be authorised where all the members of the college,
Amendment 352 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 − subparagraph 3 Amendment 353 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 − subparagraph 4 Amendment 354 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 − subparagraph 5 Amendment 355 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point d Regulation (EU) No 648/2012 Article 17 − paragraph 4 − subparagraph 6 Amendment 356 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point e Regulation (EU) No 648/2012 Article 17 – paragraph 7 Amendment 357 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point e Regulation (EU) No 648/2012 Article 17 – paragraph 7 – subparagraph 1 ESMA shall maintain a central database providing access to the CCP’s competent authority, ESMA, and the members of the college for that CCP (‘registered recipients’), to all documents registered within the database for that CCP. The CCP shall submit the application referred to in Article 14, Article 15(1), second subparagraph, point (a), and Article 49 via that database. Questions submitted by the CCP’s competent authority, ESMA, and the members of the college during the risk assessment period referred to in Article 17(3a) shall be included in the central database.
Amendment 358 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point e Regulation (EU) No 648/2012 Article 17 − paragraph 7 – subparagraph 1 ESMA shall maintain a central database providing access to the
Amendment 359 #
Proposal for a regulation Article 1 – paragraph 1 – point 11 – point e Regulation (EU) No 648/2012 Article 17 − paragraph 7 – subparagraph 2 The registered recipients shall upload promptly all documents they receive from the CCP in relation to an application pursuant to paragraph 1 and the central database shall automatically inform the registered recipients when changes have been made to its content. The central database shall contain all documents provided by an applicant CCP under paragraph 1 and all other documents relevant for the assessment by
Amendment 360 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 1 – point a Amendment 361 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17a – paragraph 1 – point b Amendment 362 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 – point b Amendment 363 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 1 – point b (b) adds a new
Amendment 364 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 1 – point c (c)
Amendment 365 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 1 – point d (ca) it includes offering contracts that cannot be liquidated in the same manner, such as via direct offer or auction, or together with contracts already cleared by the CCP;
Amendment 366 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 a (new) 1a. ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards further specifying the elements to be considered when assessing the conditions referred to in points (a) to (e) of this paragraph. ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 367 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 2.
Amendment 368 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 2.
Amendment 369 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 – Point b (b) it
Amendment 370 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 – Point c (c) it results in the CCP
Amendment 371 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 – Point d (d) it results in the
Amendment 372 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 – Point e Amendment 373 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 (ea) Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 374 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 a (new) 2a. ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards specifying the conditions laid down in paragraph 2 of this Article that are necessary for a clearing service or activity to be eligible to the non-objection procedure set up in paragraph 1 of this Article . ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 ;
Amendment 375 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 2 – subparagraph 2 (new) 2a. Where a CCP intends to adopt a change that does not qualify as non- material pursuant to the first paragraph of this Article and does not qualify as material under paragraph 2 of this Article, such change shall be directly implemented by the CCP and shall not be subject to any of the procedures referred to in Article 17 and Article 17a.
Amendment 376 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 3 Amendment 377 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 3 Amendment 378 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 4 Amendment 379 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 4 4. Within 10 working days of receipt of an application pursuant to paragraph 2, the CCP’s competent authority shall, after considering the input of the joint supervisory team set up for that CCP pursuant to Article 23b, decide whether the application shall be subject to the non- objection procedure set out in this Article or, if the CCP’s competent authority has identified material risks as a result of the proposed extension of the CCP’s business to additional clearing services or activities, that the procedure set out in Article 17 shall apply. The CCP’s competent authority shall notify the applicant CCP of its decision.
Amendment 380 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 4 4. Within
Amendment 381 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 5 5. Where a CCP’s competent authority, after considering the input of the joint supervisory team set up for that CCP pursuant to Article 23b, has not expressed its objection to the CCP’s proposed additional services or activities within
Amendment 382 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 5 5. Where
Amendment 383 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 a – paragraph 5 a (new) 5a. The requesting CCP shall not be permitted to start a new activity or service for which it has requested the application of this Article before the end of the non- objection procedure.
Amendment 384 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 Amendment 385 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 A CCP’s competent authority shall submit in electronic format
Amendment 386 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 Amendment 387 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 Amendment 388 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 1 Amendment 389 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 2 2. Unless otherwise specified under the relevant Article,
Amendment 390 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 2 Amendment 391 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 2 Amendment 392 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 2 Amendment 393 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 3 Within 10 working days of receipt of the
Amendment 394 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 3 Where
Amendment 395 #
Proposal for a regulation Article 1 – paragraph 1 – point 12 Regulation (EU) No 648/2012 Article 17 b – paragraph 3 Amendment 396 #
Proposal for a regulation Article 1 – paragraph 1 – point 13 – point a Regulation (EU) No 648/2012 Article 18 – paragraph 1 1. Within 30 calendar days of the submission of a complete application in accordance with Article 17,
Amendment 397 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 – point a Regulation (EU) No 648/2012 Article 19 – paragraph 1 Amendment 398 #
Proposal for a regulation Article 1 – paragraph 1 – point 14 – point a Regulation (EU) No 648/2012 Article 19 – paragraph 1 When casting their votes, and where appropriate, college members should provide a short reasoning of their vote’
Amendment 399 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 648/2012 Article 20 – paragraph 3 3.
Amendment 400 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 648/2012 Article 20 – paragraph 4 4.
Amendment 401 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 648/2012 Article 20 – paragraph 5 5.
Amendment 402 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 648/2012 Article 20 – paragraph 6 6. Before
Amendment 403 #
Proposal for a regulation Article 1 – paragraph 1 – point 15 Regulation (EU) No 648/2012 Article 20 – paragraph 7 7. Where
Amendment 404 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 – point a Regulation (EU) No 648/2012 Article 21 – paragraph 1 1.
Amendment 405 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 Amendment 406 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 CCPs shall be subject to on-site inspections.
Amendment 407 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 3 Amendment 408 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 – point b Regulation (EU) No 648/2012 Article 21 – paragraph 4 4.
Amendment 409 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 a (new) Regulation (EU) No 648/2012 Article 22a (new) Amendment 410 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 a (new) Regulation (EU) No 648/2012 Article 22 (new) (16 a) Article 22 is amended as follows: "Article 22 Competent authority 1. Each Member State shall designate the competent authority responsible for carrying out the duties resulting from this Regulation for the authorisation and supervision of CCPs established in its territory that are not Tier2 CCP according to article 22a and shall inform the Commission and ESMA thereof. Where a Member State designates more than one competent authority, it shall clearly determine the respective roles and shall designate a single authority to be responsible for coordinating cooperation and the exchange of information with the Commission, ESMA, other Member States’ competent authorities, EBA and the relevant members of the ESCB, in accordance with Articles 23, 24, 83 and 84. 2. Each Member State shall ensure that the competent authority has the supervisory and investigatory powers necessary for the
Amendment 411 #
Proposal for a regulation Article 1 – paragraph 1 – point 16 b (new) Regulation (EU) No 648/2012 Article 22a (new) Amendment 412 #
Proposal for a regulation Article 1 – paragraph 1 – point 17 – introductory part Regulation (EU) No 648/2012 Article 23a (17) Article 23a is
Amendment 413 #
Proposal for a regulation Article 1 – paragraph 1 – point 17 – point a Regulation (EU) No 648/2012 Article 23a Amendment 414 #
Proposal for a regulation Article 1 – paragraph 1 – point 17 – point b Regulation (EU) No 648/2012 Article 23a Amendment 415 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23b – paragraph 1 1. A joint supervisory team shall be established for the supervision of each CCP authorised under Article 14. Each joint supervisory team shall be composed of staff members from the CCP’s competent authority, ESMA and the members of the college referred to in Article 18, points (c), (g) and (h). Other members of the college may also request to participate in the joint supervisory team. Joint supervisory teams shall work under the coordination of a designated
Amendment 416 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23b – paragraph 1 1. A joint supervisory team shall be established for the supervision of each CCP authorised under Article 14. Each joint supervisory team shall be composed of staff members from the CCP’s competent authority, ESMA and the members of the college referred to in Article 18, points (c), (g) and (h). Other members of the college may also request to participate in the joint supervisory team. Joint supervisory teams shall work under the coordination of a designated competent authority staff member.
Amendment 417 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23b – paragraph 2 – point a (a) provide input to
Amendment 418 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 (c a) contribute to the annual review and evaluation process, carried out by ESMA in accordance with Article 21(1);
Amendment 419 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23b – paragraph 2 (d)
Amendment 420 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23b – paragraph 3 3. The CCP’s
Amendment 421 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 1 – subparagraph 2 – point c (c) representatives of the Commission, the ESRB, the
Amendment 422 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 1 – subparagraph 2 – point c a (new) (c a) the central banks of issue of the currencies other than the euro in which the derivative contracts referred to in paragraph 2 of Article 7a are denominated.
Amendment 423 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 1 – subparagraph 2 – point c a (new) (c a) the central banks of issue of the currencies other than the euro in which the derivative contracts referred to in paragraph 2 of Article 7a are denominated.
Amendment 424 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 1 – subparagraph 2 – point d (new) (c a) competent authorities;
Amendment 425 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 1 – subparagraph 2 – point a – point i (i) the overall exposures
Amendment 426 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 (c) contribute to the development of Union-wide assessments of the resilience of CCPs focussing on horizontal credit and operational risks as well as liquidity risks concerning CCPs, clearing members and clients
Amendment 427 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 2 – point c (c) contribute to the development of Union-wide assessments of the resilience of CCPs focussing on liquidity, credit and operational risks concerning CCPs, clearing members and clients;
Amendment 428 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 2 – point d (d) monitor and identify concentration risks, in particular in client clearing, due to the integration of Union financial markets,
Amendment 429 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 2 – point d (d) identify concentration risks, in particular in client clearing, due to the integration of Union financial markets, including where several CCPs, clearing members or clients use the same service providers, due to clients accessing the same CCP via different clearing members of that CCP, or due to clients maintaining large positions in markets of products that the CCP clears;
Amendment 430 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 3 3. ESMA shall, in cooperation with the other bodies participating to the Joint Monitoring Mechanism, submit an annual report to the European Parliament, the Council and the Commission on the results of its activities pursuant to paragraph 2. ESMA shall, in cooperation with the college, duly consider, in the context of the annual review and evaluation process referred to in Article 21, any findings of the Joint Monitoring Mechanism on risks to central clearing. Based on the report referred to in the first sub-paragraph, the Commission may, where appropriate, submit to the European Parliament and the Council legislative proposal to preserve the Union’s financial stability and reduce the over reliance on third-country CCPs.
Amendment 431 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 4 Amendment 432 #
Proposal for a regulation Article 1 – paragraph 1 – point 18 Regulation (EU) No 648/2012 Article 23c – paragraph 5 Amendment 433 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 1.
Amendment 434 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 Regulation (EU) No 648/2012 Article 24 – paragraph 4 – point f (new) (e a) the relevant central bank of issue.
Amendment 435 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 Regulation (EU) No 648/2012 Article 24 – paragraph 4 Where a meeting of the CCP Supervisory Committee is held pursuant to an emergency situation as specified in point c of subparagraph 1, the relevant central banks of issue shall be invited to the meeting.
Amendment 436 #
Proposal for a regulation Article 1 – paragraph 1 – point 19 Regulation (EU) No 648/2012 Article 24 – paragraph 4 Where a meeting of the CCP Supervisory Committee is held pursuant to an emergency situation as specified in point c of subparagraph 1, the relevant central banks of issue shall be invited to the meeting.
Amendment 437 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point a – introductory part Regulation (EU) No 648/2012 Article 24a – paragraph 1 (a)
Amendment 438 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point a – point 1 (new) Regulation (EU) No 648/2012 Article 24a – paragraph 1 1) point (d) (ii) is replaced by the following:
Amendment 439 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point a Regulation (EU) No 648/2012 Article 24a – paragraph 1 – point e (ii a) 1) point (e) is added: ‘(e) the competent authorities responsible for the supervision of the three clearing members with the largest contributions, calculated on an aggregate basis over a one-year period, to the default fund, referred to in Article 42 of this Regulation, of each of the CCPs authorised in accordance with Article 14 or recognised in accordance with Article 25 of this Regulation, including, where relevant, the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the Single Supervisory Mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013, who shall be non-voting.’
Amendment 440 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point a – point 2 (new) Regulation (EU) No 648/2012 Article 24a – paragraph 1 – point e 2) point (e) is added: ‘(e) the competent authorities responsible for the supervision of the three clearing members with the largest contributions, calculated on an aggregate basis over a one-year period, to the default fund, referred to in Article 42 of this Regulation, of each of the CCPs authorised in accordance with Article 14 or recognised in accordance with Article 25 of this Regulation, including, where relevant, the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the Single Supervisory Mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013, who shall be non-voting.’
Amendment 441 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point b Regulation (EU) No 648/2012 Article 24a – paragraph 3 3. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where appropriate
Amendment 442 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point b Regulation (EU) No 648/2012 Article 24a – paragraph 3 3. The Chair may invite as observers to the meetings of the CCP Supervisory Committee, where appropriate
Amendment 443 #
Proposal for a regulation Article 1 – paragraph 1 – point 20 – point c – point ii Regulation (EU) No 648/2012 Article 24a – paragraph 7 (bc) prepare draft
Amendment 444 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point -a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 2 – point a (-a) (aa) in paragraph 2, the following point (point (point (ca)) is inserted after point (c): ‘(ca) the CCP has provided ESMA with a written statement, signed by its legal representative, expressing the unconditional consent of the CCP to pay the applicable fees in accordance with Article 25d’;
Amendment 445 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point c Regulation (EU) No 648/2012 Article 25 – Paragraph 6 Amendment 446 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e – introductory part Regulation (EU) No 648/2012 Article 25 – paragraph 7 (e) the following paragraphs 7a, 7b, 7c and 7
Amendment 447 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – subparagraph 1 7a. Where ESMA has
Amendment 448 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – subparagraph 3 (b) exceptionally, the mechanism for the exchange of information on a quarterly basis requiring detailed information covering the aspects referred to in paragraph 2a and in particular information on significant changes to risk models and parameters, extension of CCP activities and services and changes in the client account structure, with the aim to
Amendment 449 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – subparagraph 3 – point c (new) (c a) the mechanism for prompt notification to ESMA by the third-country competent authority where a third- country CCP intends to extend and reduce its activities and services;
Amendment 450 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 b – point e (e) the procedures for third-country authorities to
Amendment 451 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point f (f) the procedures for third-country authorities to assure the effective enforcement of decisions adopted by ESMA in accordance with Articles 25f, 25
Amendment 452 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e (e) the procedures for third-country authorities to
Amendment 453 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7b – point e (e) the procedures for third-country authorities to promptly inform ESMA o
Amendment 454 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e – point i Amendment 455 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point e – point i i (ii)
Amendment 456 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 – point e a (new) Regulation (EU) No 648/2012 Article 25 – paragraph 7 – point d (e a) 7d. Where ESMA has determined that at least one CCP in a relevant third country is a Tier 2 CCP, ESMA shall establish effective cooperation arrangements with the relevant resolution authority of that third country. The cooperation arrangements shall specify in relation to those Tier 2 CCPs at least the following: (a) the procedures for the third-country resolution authority to consult ESMA when drawing resolution plans and any subsequent material changes to such plans; (b) the procedures for the third-country resolution authority to inform ESMA when the resolution plan is activated and when the third-country resolution authority intends to deviate from the resolution plan.’;
Amendment 457 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 a (new) Regulation (EU) No 648/2012 Article 25a Amendment 458 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 b (new) Regulation (EU) No 648/2012 Article 25f (21 b) Article 25f is replaced by the following: " Article 25f Request for information 1. ESMA may
Amendment 459 #
Proposal for a regulation Article 1 – paragraph 1 – point 21 c (new) Regulation (EU) No 648/2012 Article 25fa (new) Amendment 460 #
Proposal for a regulation Article 1 – paragraph 1 – point 23 a (new) Regulation (EU) No 648/2012 Article 25p (1) – point f (23 a) in Article 25p(1), the following point (f) is added: (f) the CCP concerned has not paid the applicable fees in accordance with Article 25d and has not remedied to the situation within an appropriate timeframe set by ESMA.
Amendment 461 #
Proposal for a regulation Article 1 – paragraph 1 – point 25 Regulation (EU) No 648/2012 Article 26 1. A CCP shall have robust governance arrangements, which include a clear organisational structure with well- defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.
Amendment 462 #
Proposal for a regulation Article 1 – paragraph 1 – point 25 a (new) Regulation (EU) No 648/2012 Article 27 – paragraph 2 (25 a) in Article 27, the following paragraph 2a is inserted: 2a. The composition of the CCP’s Board shall be sufficiently diversified to reflect an adequately broad range of experience and shall duly take into account gender- balance principle.’
Amendment 463 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point a Regulation (EU) No 648/2012 Article 37 1. A CCP shall establish, where relevant per type of product cleared, the categories of admissible clearing members and the admission criteria, upon the advice of the risk committee pursuant to Article 28(3). Such criteria shall be non- discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources and operational capacity to meet the obligations arising from participation in a CCP. Criteria that restrict access shall be permitted only to the extent that their objective is to control the risk for the CCP.
Amendment 464 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point a Regulation (EU) No 648/2012 Article 37 1. A CCP shall establish, where relevant per type of product cleared, the categories of admissible clearing members and the admission criteria, upon the advice of the risk committee pursuant to Article 28(3). Such criteria shall be non- discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources and operational capacity to meet the obligations arising from participation in a CCP. Criteria that restrict access shall be permitted only to the extent that their objective is to control the risk for the CCP. The criteria shall ensure that CCPs or clearing houses cannot be clearing members or provide client clearing services, directly or indirectly,
Amendment 465 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point b Regulation (EU) No 648/2012 Article 37 – paragraph 1 a – subparagraph 2 The competent authority of a CCP accepting non-financial counterparties as clearing members shall regularly review such arrangements and report to ESMA and the college on their appropriateness.
Amendment 466 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point b a (new) Regulation (EU) No 648/2012 Article 35 – paragraphs 4 and 5 Amendment 467 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point c Regulation (EU) No 648/2012 Article 37 – paragraph 7 ESMA shall, after having consulted the EBA and the ESCB, develop draft regulatory technical standards further specifying - the elements to be considered when laying down the admission criteria referred to in paragraph 1, - the participation requirements for accepting non-financial counterparties as clearing members in accordance with paragraph 1a., in particular as regards to their liquidity risk profile.
Amendment 468 #
Proposal for a regulation Article 1 – paragraph 1 – point 29 – point c Regulation (EU) No 648/2012 Article 37 – paragraph 7 ESMA shall, after having consulted the EBA and the ESCB, develop draft regulatory technical standards further specifying : (i) the elements to be considered when laying down the admission criteria referred to in paragraph 1; (ii) the participation requirements for accepting non-financial counterparties as clearing members in accordance with paragraph 1a.
Amendment 469 #
Proposal for a regulation Article 1 – paragraph 1 – point 30 – point a Regulation (EU) No 648/2012 Article 38 – paragraph 7 Clearing members providing clearing services and clients providing clearing services shall
Amendment 470 #
Proposal for a regulation Article 1 – paragraph 1 – point 30 – point a a (new) Regulation (EU) No 648/2012 Article 38 – paragraph 7 (a a) "7. A CCP shall provide its clearing members with information on the
Amendment 471 #
Proposal for a regulation Article 1 – paragraph 1 – point 30 – point b a (new) Regulation (EU) No 648/2012 Article 38 – paragraph 9 (b a) paragraph 9 is added: ‘9. ESMA shall, in consultation with EBA and the ESCB, develop draft regulatory technical standards further specifying the information to be provided pursuant to paragraphs 6, 7 and 8. ESMA shall submit those draft regulatory technical standards to the Commission by … [PO please enter 12 months after entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’
Amendment 472 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point a Regulation (EU) No 648/2012 Article 41 – paragraph 2 2. A CCP shall adopt models and parameters in setting its margin requirements that capture the risk characteristics of the products cleared and take into account the interval between margin collections, market liquidity and the possibility of changes over the duration of the transaction. The models
Amendment 473 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point a Regulation (EU) No 648/2012 Article 41 – paragraph 2 2. A CCP shall adopt models and parameters in setting its margin requirements that capture the risk characteristics of the products cleared and take into account the interval between margin collections, market liquidity and the possibility of changes over the duration of the transaction. The models and paramaters shall be validated by the competent authority and subject to an opinion in accordance with Article 19 and an opinion by ESMA in accordance with Article 24a(7), first
Amendment 474 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point a Regulation (EU) No 648/2012 Article 41 – paragraph 3 3. A CCP shall call and collect margins on an intraday basis, at least when predefined thresholds are exceeded. In doing so a CCP shall consider the potential impact of its intraday margin collections and payments on the liquidity position of its participants and on the resilience on the CCP. A CCP shall strive to the best of its ability not to hold intraday variation margin calls after all payments due have been received.;
Amendment 475 #
Proposal for a regulation Article 1 – paragraph 1 – point 31 – point a Regulation (EU) No 648/2012 Article 41 – paragraph 3 3. A CCP shall call and collect margins on an intraday basis, at least when predefined thresholds are exceeded. In doing so a CCP shall consider the potential
Amendment 476 #
Proposal for a regulation Article 1 – paragraph 1 – point 32 Regulation (EU) No 648/2012 Article 44 – paragraph 1 – subparagraph 2 Amendment 477 #
Proposal for a regulation Article 1 – paragraph 1 – point 32 Regulation (EU) No 648/2012 Article 44 – paragraph 1 A CCP shall measure, on a daily basis, its potential liquidity needs. It shall take into account the liquidity risk generated by the default of at least the two entities, including clearing members or liquidity providers, to which it has the largest exposures
Amendment 478 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point a Regulation (EU) No 648/2012 Article 46 – paragraph 1 Amendment 479 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point a Regulation (EU) No 648/2012 Article 46 – paragraph 1 1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members.
Amendment 480 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point a Regulation (EU) No 648/2012 Article 46 – paragraph 1 – point a 1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP
Amendment 481 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point a Regulation (EU) No 648/2012 Article 46 – paragraph 1 1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP may accept public guarantees or public
Amendment 482 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point a Regulation (EU) No 648/2012 Article 46 – paragraph 1 1. A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP may accept public guarantees or public bank or uncollateralised commercial bank guarantees, provided that they are unconditionally available upon request within the liquidation period referred to in Article 41. Where bank guarantees are provided to a
Amendment 483 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point b – introductory part Regulation (EU) No 648/2012 Article 46 – paragraph 1 – point b (b) in paragraph 3, first subparagraph, point (b) and (c) are is replaced by the following:
Amendment 484 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point b – introductory part (b) in paragraph 3, first subparagraph, points (b)
Amendment 485 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point b Regulation (EU) No 648/2012 Article 46 – paragraph 1 – point b a (new) (b a) the conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted as collateral under paragraph 1.
Amendment 486 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 – point b Regulation (EU) No 648/2012 Article 46 – paragraph 3 – subparagraph 1 – point b a (new) (b a) the conditions under which commercial bank guarantees may be accepted as collateral, including the limits referred to in paragraph 1’
Amendment 487 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 a (new) Regulation (EU) No 648/2012 Article 48 – paragraph 6 (33 a) Paragraph 6 is amended: "6. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s client in accordance with Article 39(3), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of the client to another clearing member designated by the client, on the client’s request or unless the client objects before the transfer of assets and positions is concluded and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept these assets and positions only where it has previously entered into a contractual relationship with the client by which it has committed itself to do so. When designating a clearing member, the client shall contractually designate an alternative clearing member to be used in case their positions need to be transferred in the event of default. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of the client.
Amendment 488 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 b (new) Regulation (EU) No 648/2012 Article 48 – paragraph 6 (33 b) A subparagraph is added to Article 48(6) "6. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s client in accordance with Article 39(3), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of the client to another clearing member designated by the client, on the client’s request and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept these assets and positions only where it has previously entered into a contractual relationship with the client by which it has committed itself to do so. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in relation to those positions, including liquidating the assets and positions held by the defaulting clearing member for the account of the
Amendment 489 #
Proposal for a regulation Article 1 – paragraph 1 – point 33 c (new) Regulation (EU) No 648/2012 Article 47 – paragraph 9 (new) Amendment 490 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 -a (new) Regulation (EU) No 648/2012 Article 48 – paragraph 5 (34 a) "5. Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s clients in accordance with Article 39(2), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the assets and positions held by the defaulting clearing member for the account of its clients to another clearing member designated by all of those clients, on their request or unless all clients object before the transfer of assets and positions is concluded and without the consent of the defaulting clearing member. That other clearing member shall be obliged to accept those assets and positions only where it has previously entered into a contractual relationship with the clients by which it has committed itself to do so. When designating a clearing member, clients shall contractually designate an alternative clearing member to be used in case their positions need to be transferred in the event of default. If the transfer to that other clearing member has not taken place for any reason within a predefined transfer period specified in its operating rules, the CCP may take all steps permitted by its rules to actively manage its risks in
Amendment 491 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms. It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted. The CCP shall obtain independent validation, shall inform its competent authority and ESMA of the results of the tests performed and shall obtain their validation in accordance with paragraphs 1a, to 1e
Amendment 492 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 A CCP shall regularly review the models and parameters adopted to calculate its margin requirements, default fund contributions, collateral requirements and other risk control mechanisms. It shall subject the models to rigorous and frequent stress tests to assess their resilience in extreme but plausible market conditions and shall perform back tests to assess the reliability of the methodology adopted. The CCP shall obtain independent validation, shall inform
Amendment 493 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 – subparagraph 2 The adopted models, including any significant change thereto, shall be subject to an opinion of the college in accordance with this Article. Where a CCP intends to adopt a change that does not qualify as non-significant pursuant to paragraph 1a of Article 49 and does not qualify significant under paragraph 1g of Article 49, such change shall be directly implemented by the CCP and shall not be subject to the procedures referred to in paragraph 49.
Amendment 494 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49a – paragraph 1 a – subparagraph 1 Where a CCP intends to adopt any significant change to the models referred to in paragraph 1, it shall submit an application for authorisation of such change in an electronic format
Amendment 495 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 a – subparagraph 2 Where a CCP considers that the change to the models referred to in paragraph 1 it intends to adopt is not significant as referred
Amendment 496 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Where a CCP considers that the change to the models referred to in paragraph 1 it intends to adopt is not significant as referred to paragraph 1g, the CCP shall request that the application be subject to a non-objection procedure under paragraph 1b.
Amendment 497 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 a – subparagraph 2 Where a CCP considers that the change to the models referred to in paragraph 1 it intends to adopt is not significant as referred to in subparagraph
Amendment 498 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 a – subparagraph 3 The CCP’s competent authority shall, in cooperation with ESMA, within 2 working days after such application has been received, acknowledge receipt of the application, confirming to the CCP that it contains the required documents. Where one of them concludes that the application does not contain the required documents, the application shall be rejected.
Amendment 499 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 b Within
Amendment 500 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 b Where within
Amendment 501 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point a Regulation (EU) No 648/2012 Article 49 – paragraph 1 b Amendment 502 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point a (a) the change leads to a decrease or increase of the total pre-funded financial resources, including margin requirements,
Amendment 503 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation No 648/2012 Article 49 – paragraph 1 g – point a (a) the change leads to a decrease or increase of the total pre-funded financial resources, including margin requirements, default fund and skin-in-the-game, greater than
Amendment 504 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point a (a) the change leads to a decrease or increase of the total pre-funded financial resources, including margin requirements, default fund and skin-in-the-game, greater than
Amendment 505 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point b Amendment 506 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point b Amendment 507 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point b (b) the structure, structural elements or the margin parameters of the margin model are changed or a margin module is introduced, removed, or amended in a manner which leads to a decrease or increase of this margin module greater than
Amendment 508 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point c Amendment 509 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Amendment 510 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point d Amendment 511 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point d (d) the methodology for defining and calibrating stress test scenarios for the purpose of determining default fund exposures, is changed, leading to a decrease or increase greater than 20 % of a default fund
Amendment 512 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point d (d) the methodology for defining and calibrating stress test scenarios for the purpose of determining default fund exposures, is changed, leading to a decrease or increase greater than
Amendment 513 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point e (e) the methodology applied to assess liquidity risk and monitor concentration risk, is changed, leading to a decrease or increase of the
Amendment 514 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point e (e) the methodology applied to assess liquidity risk and monitor concentration risk, is changed, leading to a decrease or increase of the estimated liquidity needs in any currency greater than
Amendment 515 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point f (f) the methodology applied to value collateral
Amendment 516 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point f (f) the methodology applied to value collateral, calibrate collateral haircut or set concentration limits, is changed, such that the total value of
Amendment 517 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point g Amendment 518 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point g Amendment 519 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point b Regulation (EU) No 648/2012 Article 49 – paragraph 1 g – point g (g) any other change to the models that could have a material effect on the overall risk of the CCP or for its clearing members and clients.
Amendment 520 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point c Regulation (EU) No 648/2012 Article 49 – paragraph 5 ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards specifying the list of required documents that shall accompany an application for validation pursuant to paragraph 1a and shall specify the information such documents shall contain to demonstrate that the CCP complies with all relevant requirements of this Regulation. When preparing the draft regulatory technical standards, ESMA shall take into account the following: i) existing documentation requirements and practices by the national competent authorities ii) the need to reduce CCPs time to market and the risk of extending the pre-filing phase which is not subject to timelines set out in this Regulation; iii) the need to ensure that the amount of information to be gathered is proportionate to the scope of the application by the CCP.
Amendment 521 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point c Regulation (EU) No 648/2012 Article 49 – paragraph 5 ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards specifying the list of required documents that shall accompany an application for validation pursuant to paragraph 1a and shall specify the information such documents shall contain to demonstrate that the CCP complies with all relevant requirements
Amendment 522 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point d Regulation (EU) No 648/2012 Article 49 – paragraph 6 Amendment 523 #
Proposal for a regulation Article 1 – paragraph 1 – point 34 – point d a (new) Regulation (EU) No 648/2012 Article 49 – paragraph 7 (new) (d a) the following paragraph 7 is added: Where a CCP intends to adopt a change that does not qualify as non-significant pursuant to paragraph 1a of Article 49 and does not qualify significant under paragraph 1g of Article 49, such change shall be directly implemented by the CCP and shall not be subject to the procedures referred to in paragraph 49.
Amendment 524 #
Proposal for a regulation Article 1 – paragraph 1 – point 35 Regulation (EU) No 648/2012 Article 54 1. An interoperability arrangement shall be subject to the prior approval of
Amendment 525 #
Proposal for a regulation Article 1 – paragraph 1 – point 35 a (new) Regulation (EU) No 648/2012 Article 81 – paragraph 3 – point s (new) 1 a. In Article 81(3), the following point (s) is inserted: ‘(s) the designated national macroprudential authorities entrusted with the conduct of macroprudential policy referred to in Recommendation B1 of the Recommendation of the the Recommendation of the European Systemic Risk Board (ESRB) of 22 December 2011 on the macroprudential mandate of national authorities (ESRB/2011/3).
Amendment 526 #
Proposal for a regulation Article 1 – paragraph 1 – point 35 a (new) Regulation (EU) No 648/2012 Article 81 – paragraph 3 – point s (new) (35 a) In Article 81 (3) the following point (s) is added: ‘(s) the designated national macroprudential authorities entrusted with the conduct of macroprudential policy referred to in Recommendation B1 of the Recommendation of the European Systemic Risk Board (ESRB) of 22 December 2011 on the macroprudential mandate of national authorities (ESRB/2011/3).
Amendment 527 #
Proposal for a regulation Article 1 – paragraph 1 – point 35 b (new) Regulation (EU) No 648/2012 Article 81 – paragraph 4 – point a (new) (35 b) The following paragraph 4a is inserted in Article 81: 4.a. A trade repository shall on a quarterly transmit basis to ESMA all the information collected pursuant article 9 of this Regulation.
Amendment 528 #
Proposal for a regulation Article 1 – paragraph 1 – point 36 a (new) Regulation (EU) No 648/2012 Article 84 – paragraph 3 a (new) (36 a) the following paragraph 3a is inserted in Article 84 3a. The Agency implementing Article 8(2) and (6) of Regulation (EU) No 1227/2011 shall transmit to ESMA the amount of trading taking place and on positions held in wholesale energy products.
Amendment 529 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point a Regulation (EU) No 648/2012 Article 85 – paragraph 1 1. By [PO: please insert the date =5 years after the date of entry into force of this Regulation] the Commission shall assess the application of this Regulation and prepare a general report. The report shall assess in particular whether the five- year risk diversification objective referred to in Article 7a has been met. The Commission shall submit that report to the European Parliament and to the Council, together with any appropriate proposals.;
Amendment 530 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point b Regulation (EU) No 648/2012 Article 85 – paragraph 1 – point b 1b. By [PO: please insert the date = 1 year after the entry into force of this Regulation] ESMA, after consulting ESRB and other relevant authorities, shall submit a report to the Commission on the possibility and feasibility to require the segregation of a
Amendment 531 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point b Regulation (EU) No 648/2012 Article 85 – paragraph 1 – point b 1b. By [PO: please insert the date = 1 year after the entry into force of this Regulation] ESMA shall, in cooperation with the ESRB, submit a report to the Commission on the possibility and feasibility to require the segregation of accounts
Amendment 532 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point b Regulation No 648/2012 Article 85 – paragraph 1 d (new) 1b a. A new paragraph 1d is inserted: 'By [PO: please insert the date = 2 years after the entry into force of this Regulation], the European Commission, after having consulted the ECB and the relevant central banks of issue, shall provide a report to the European Parliament and the Council assessing level playing field and financial stability considerations in relation to generalized central bank access for EMIR-authorized Union CCPs without the condition of maintaining a banking license. In this context, the Commission shall also take into consideration the situation in third- country jurisdiction. If appropriate, the report shall be accompanied by a legislative proposal.'
Amendment 533 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point b a (new) Amendment 534 #
Proposal for a regulation Article 1 – paragraph 1 – point 37 – point b a (new) Regulation (EU) No 648/2012 Article 85 – paragraph 1 c (new) Amendment 535 #
Proposal for a regulation Article 2 – paragraph 1 a (new) Regulation (EU) 575/2013 Article 397a (new) Amendment 536 #
Proposal for a regulation Article 3 – paragraph 1 – point 2 – point a Regulation (EU) 2017/1131 Article 17 – paragraph 4 4. The aggregate risk exposure to the same counterparty of an MMF stemming from derivative transactions, repurchase agreements or reverse repurchase agreements which fulfil the conditions set out in Articles 13, 14 and 15 respectively and which are not centrally cleared through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or recognised in accordance with Article 25 of that Regulation, shall not exceed 5 % of the assets of the MMF.;
Amendment 537 #
Proposal for a regulation Article 3 – paragraph 1 – point 2 – point b Regulation (EU) 2017/1131 Article 17 – paragraph 6 – point c (c) financial derivative instruments
Amendment 538 #
Proposal for a regulation Article 3 a (new) Amendments to Regulation (EU) 2010/1093 Article 1 – paragraph 2 – first subparagraph Article 3 a Amendments to Regulation (EU) 2010/1093 in Article 1, paragraph 2, the first subparagraph is modified as follows: "2. The Authority shall act within the powers conferred by this Regulation and within the scope of Directive 2002/87/EC, Directive 2008/48/EC, Directive 2009/110/EC, Regulation (EU) No 575/2013, Directive 2013/36/EU, Directive 2014/49/EU, Directive 2014/92/EU, Directive (EU) 2015/2366, Regulation (EU) 648/2012 of the European Parliament and of the Council and, to the
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Rules of Procedure EP 159
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Old
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