18 Amendments of Luděk NIEDERMAYER related to 2013/0314(COD)
Amendment 286 #
Proposal for a regulation
Recital 48
Recital 48
(48) In order to ensure uniform conditions for the implementation of this Regulation and further specify technical elements of the proposal, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of the specification of technical elements of definitions, governance and control requirements applied to administrators and to supervised contributors, requirements concerning input data and methodology, the code of conduct, specific requirements for different types of benchmarks and sectors and the information to be provided in applications for authorisation of administrators. When proposing these acts, the prevailing international standards for administration, contribution and the use of benchmarks should be taken into account, especially results of the work of IOSCO. Proportionality, especially in case of non-critical benchmarks and commodity benchmarks must be respected.
Amendment 287 #
Proposal for a regulation
Recital 51 a (new)
Recital 51 a (new)
(51a) This Regulation includes requirements on administrators of non- financial benchmarks. In the implementation of this Regulation, ESMA and the Commission should therefore cooperate closely with energy supervisors and other relevant supervisory authorities, both at the national and the EU level.
Amendment 336 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘regulated data’ means the following: (i) input data that is contributed entirely and directly from: (a) a trading venue as defined in point (254) of paragraph 1 of Article 24 of [MIFIR] orDirective 2014/65/EU; or (b) an approved publication arrangement as defined in point (1852) of paragraph 1 of Article 24 of [MIFIR ] or an approved reporting arrangementDirective 2014/65/EU or a consolidated tape provider as defined in point (53) of paragraph 1 of Article 4 of Directive 2014/65/EU, in accordance with mandatory post-trade transparency requirements, but only with reference to data of transactions concerning financial instruments that are traded on a trading venue; or (c) an approved reporting mechanism as defined in point (2054) of paragraph 1 of Article 2 of [MIFIR]4 of Directive 2014/65/EU, but only with reference to data of transactions concerning financial instruments that are traded on a trading venue and that must be disclosed in accordance with mandatory post -trade datatransparency requirements; or (d) an electricity exchange as referred to in point (j) of paragraph 1 of Article 37 of Directive 2009/72/EC19; or (e) a natural gas exchange as referred to in point (j) of paragraph 1 of Article 41 of Directive 2009/73/EC20 or (f) an auction platform referred to in Article 26 or in Article 30 of Regulation (EU) No 1031/2010 of the European Parliament and of the Council; (g) data provided under paragraph 1 of Article 8 of Regulation (EU) No 1227/2011 and elaborated in Implementing Regulation (EU) No 1348/2014 (ii) net asset values of the units of undertakings for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EU; __________________ 19 OJ L 211, 14.8.2009, p. 55. 19 20 OJ L 9, 14.8.2009, p. 112. 20
Amendment 382 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 2
Article 7 – paragraph 1 – subparagraph 1 – point a – paragraph 2
The input data shall be transaction data. If available or, where more appropriate, non-transaction based data, is not sufficient to represenncluding committed quotes and verifiable estimates provided that it accurately and reliably represent the market or economic reality that the benchmark is intended to measure, input data which is not transaction data may be used provided that such data is verifiable.
Amendment 387 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1 – point c
Article 7 – paragraph 1 – subparagraph 1 – point c
(c) Where the input data of a benchmark is not transaction data and a contributor is a party to more than 50% of value of transactions in the market which that the benchmark intends to measure, the administrator shall verify, the administrator shall verify, where it is practically possible, that the input data represents a market subject to competitive supply and demand forces. Where the administrator finds that the input data does not represent a market subject to competitive supply and demand forces, it shall either change the input data, the contributors or the methodology to ensure that the input data represents a market subject to competitive supply and demand forces, or cease to provide that benchmark (‘Market impact’). Any change referred to in this paragraph shall not be considered as a breach of any financial contract or financial instrument which references that benchmark.
Amendment 398 #
Proposal for a regulation
Article 7 – paragraph 3 – point b
Article 7 – paragraph 3 – point b
(b) specific features of different benchmarks andProportionality on requirements for critical, non-critical and commodity benchmarks and specificity of different types of benchmarks; and
Amendment 414 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 2
Article 9 – paragraph 3 – subparagraph 2
The Commission shall apply proportionality on requirements for critical, non-critical and commodity benchmarks and take into account the different characteristics of benchmarks and contributors, notably in terms of differences in input data and methodologies, the risks of input data being manipulated and international convergence of supervisory practices in relation to benchmarks.
Amendment 419 #
Proposal for a regulation
Article 11 – paragraph 4 – subparagraph 2
Article 11 – paragraph 4 – subparagraph 2
The Commission shall apply proportionality on requirements for critical, non-critical and commodity benchmarks and take into account the different characteristics of benchmarks and supervised contributors, notably in terms of differences in input data provided and methodologies used, the risks of manipulation of the input data and the nature of the activities carried out by the supervised contributors, and the developments in benchmarks and financial markets in light of international convergence of supervisory practices in relation to benchmarks.
Amendment 454 #
Proposal for a regulation
Article 14 – title
Article 14 – title
Mandatory contribution to a critical benchmark
Amendment 464 #
Proposal for a regulation
Article 14 – paragraph 1 – point b
Article 14 – paragraph 1 – point b
(b) determine the form in which, and the time by which, any input data is to be contributed, without incurring an obligation to either trade or commit trade;
Amendment 468 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
(c) request administrator to change the code of conduct, methodology or other rules of the critical benchmark.is benchmark, to increase its representativeness and robustness;
Amendment 469 #
Proposal for a regulation
Article 14 – paragraph 1 – point c a (new)
Article 14 – paragraph 1 – point c a (new)
(ca) request administrator to provide and make available to benchmark users the written report on measures that he intends to adopt, to increase its representativeness and robustness.
Amendment 487 #
Proposal for a regulation
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
Amendment 496 #
Proposal for a regulation
Article 14 – paragraph 4 a (new)
Article 14 – paragraph 4 a (new)
4a. In order to preserve the representativeness and robustness of the benchmark in case the contributors ceased or intend to cease contributing of input data: (a) the contributor that has notified its intention to cease the contribution of input data, have to contribute the data for the period of 4 weeks, from the date of the notification, unless the administrator instructs him to provide the input data for a shorter time; (b) the earliest time to start the contribution according to point (a) of paragraph 1 is 4 weeks from the decision of competent authority; (c) the maximum period for contribution based on point (a) of paragraph 1 is 1 year and can be extended for each contributor by competent authority once for another 1 year period; (d) the contributors which are requested to contribute according to point (a) of paragraph 1 shall make effort to comply with requirements of this regulation as soon as possible at reasonable cost, and must comply with all requirements of this regulation after 6 months at the latest.
Amendment 497 #
Proposal for a regulation
Article 14 – paragraph 4 b (new)
Article 14 – paragraph 4 b (new)
4b. If administrator or the competent authority judges, that the regime of mandatory contribution of at least one contributor, providing input data according to point (a) of paragraph 1, will last for longer time than 18 month, or if more than third contributors provide data according to point (a) of paragraph 1 for longer than 3 month, than: (a) the administrator must without a delay provide a written proposal to the competent authority proposing measures, that will eliminate the need to use point (a) of paragraph 1 for securing the representative input data; (b) if the competent authority, after consulting ESMA, considers this measures to be sufficient , than in order to allow smooth implementation of proposed measures, can extend the period from 1 (c) of this Article once more for 6 month for any contributor; (c) any such a change shall not be considered as a breach of any financial contract or financial instrument which refers to that benchmark; (d) in case that proposed changes will not assure representativeness and robustness of the benchmark, the competent authority has to decide on a date, after which the benchmark cannot be used by supervised entities for new financial instruments or contracts. Limits for contribution according to point (a) of paragraph 1, that are stated in point (d) of paragraph 1, do not apply after such a decision.
Amendment 532 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer's knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to and the financial contract uses a benchmark, the supervised entity should inform the consumer about the appropriateness of the use of thatis benchmark is suitable for himfor the proposed contract.
Amendment 537 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitablethat selected benchmark possess substantial risk for theis consumer, the supervised entity shallould warn the consumer in a writing with reasonsten form.
Amendment 716 #
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. An administrator natural or legal person providing a benchmark on [the date of entry into force of this Regulation] shall apply for authorisation or registration under Article 23 within [124 months after the date of application].