6 Amendments of Philippe DE BACKER related to 2013/2047(INI)
Amendment 11 #
Motion for a resolution
Recital B
Recital B
B. whereas while EMIR and CSDR aim to reduce systemic risk through well- regulated market infrastructure, there is a strong possibility of unintended consequences; (Legislators and supervisors are doing their utmost to avoid unintended consequences of theOr. en reform. Without any hard evidence the word “strong” should be deleted.)
Amendment 26 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to prioritise recovery and resolution first of CCPs and those CSDs, second of CSDs, including those which are exposed to credit risk, and when consideringif appropriate of other financial institutions, and to differentiate appropriately between each type;
Amendment 79 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Establishes that it is the responsibility of a CSD to ensure that its recovery plan clearly provides for operational continuity in reasonable crisis scenarios so that, even if other parts of its business can be disposed of, its pcrimary settlementtical functions can continue; (Not only the settlement function but also the access to the book-entry system and theOr. en financial instruments in such systems could be critical in a crisis scenario.)
Amendment 83 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls, if no separate legislative proposal is imminent, for inclusion in the CSDR of references to the articles of the BRRD that should apply to those CSDs operating under a banking licence; (In the short run it is important with recovery and resolution plans for all CSDs and ina requirement for national competent authorities to ensure the establishment of appropriate recovery and resolution plans in line with international standards for all CSDs, such plans are very important for those CSDs operating under a banking licence; Or. en particular for those CSDs operating under a banking license.)
Amendment 85 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the Member States, in the absence of Securities Law Legislation, to to develop and coordinate their existing special administration regimes for CSDs in order to improve certainty as to how operational continuity will be maintained in a crisis, in particular by ensuring access to registries f. The competent authorities should aim at developing a solution ensuring no disruption of the access to records [registries, accounts or othe resolution authority so as to identify the owners of assets; (SLL will probably not solve the problem with different rules in the Member States regarding CSDs. Such regime should ensure the access to the book-entry system and the informationr] evidencing rights of participants or third parties to securities; Or. en the treatment of client assets regimes in a bankruptcy situation and in absent of a full harmonization of insolvency law it is important with a special administration regime for about the financial instruments in those systems.)
Amendment 88 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Calls on the Commission to ensure that the proposal for a recovery and resolution framework for CSDs ensures continuity of the CSDs’ legislative environment, in particular by respecting the Settlement Finality Directive, Delivery versus Payment arrangements, the operation of any CSD link, and contracts with critical service providers during the recovery and resolution;