Activities of Petr JEŽEK related to 2017/0136(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs PDF (834 KB) DOC (132 KB)
Amendments (33)
Amendment 128 #
Proposal for a regulation
Recital 9
Recital 9
(9) In view of the global nature of financial markets and of the need to address inconsistencies in the supervision of Union and third-country CCPs, ESMA’s ability to promote convergence in the supervision of CCPs should be enhanced. In order to confer new roles and responsibilities on ESMA, Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing a European Supervisory Authority (ESMA)53 should be amended. __________________ 53Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establa new Supervisory Committee should be set up within the exishting a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p.84ESMA structure.
Amendment 131 #
Proposal for a regulation
Recital 10
Recital 10
Amendment 137 #
Proposal for a regulation
Recital 11
Recital 11
(11) In order to ensure a coherent supervisory approach and to reflect the mandates relevant authorities involved in the supervision of CCPs, the CCP Executive SessionSupervisory Committee should be composed of permanent and CCP-specific members. Permanent members should include the Head of the CCP Executive Session and two independent Directors, who, with a board composed of two permanent and independent Vice Chairs and one permanent and independent Chair. The Chair of the CCP Supervisory Committee and the two Vice Chairs should act independently and objectively in the interest of the Union as a whole. The Commission and the ECB should also appoint permanent members. Members specific to each CCP should include a representative of the competent national authorities of the Member States where the CCP is established, designated in accordance with Regulation (EU) No 648/2012, and a representative of the relevant central bank(s) of issue. The HeadChair of the CCP Executive SessionSupervisory Committee should be able to invite members of the supervisory college, as well as representatives of authorities of third- country CCPs recognised by ESMA as observers to ensure that the views of the other relevant authorities are taken into account by the CCP Executive SessionSupervisory Committee. While the permanent members should participate in all meetings of the CCP Executive SessionSupervisory Committee, CCP specific members and observers should participate only where necessary and appropriate for CCPs under their supervision. The presence of independent permanent members and CCP-specific members should ensure that decisions made in the CCP Executive SessionSupervisory Committee are consistent, appropriate and proportionate across the Union and that the relevant national competent authorities, central banks of issue and observers are involved in the decision-making on issues concerning a CCP established in a Member State.
Amendment 154 #
Proposal for a regulation
Recital 16
Recital 16
(16) To provide for an appropriate level of expertise and accountability, the HeadChair and the two DirectoVice Chairs of the CCP Executive SessionSupervisory Committee should be appointed on the basis of merit, skills, knowledge of clearing, post-trading and financial matters, as well as experience relevant to the supervision and regulation of CCPs. They should be chosen on the basis of an open selection procedure. The Commission should submit a proposal for the appointment of candidates to the European Parliament for approval. Following the European Parliament’s approval of that proposal, the Council should adopt an implementing decision.
Amendment 160 #
Proposal for a regulation
Recital 19
Recital 19
(19) In order to promote consistency in the supervision of Union and third-country CCPs across the Union, the HeadChair of the CCP Executive SessionSupervisory Committee should chair and manage colleges, and the Vice Chairs and permanent members of the CCP Executive SessionSupervisory Committee should attend them. The ECB should, where relevant and in accordance with Council Regulation (EU) No 1024/2013, also join the colleges to be able to exercise its mandate in accordance with Article 127 of the TFEU.
Amendment 179 #
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
Amendment 191 #
Proposal for a regulation
Recital 32
Recital 32
(32) In order to ensure the proper involvement of the central bank(s) of issue, the systemically important third-country CCP should also fulfil any additionrelevant requirements that the central bank(s) of issue consider necessary. Such requirements could relate to stress testing, reporting requirements, liquidity or collateral requirements, thate right for the central bank(s) of issue consider necessaryto participate in on- site inspections and the requirement for the CCP to open a cash account at a central bank before ESMA’s decision to recognize that CCP or, where this is not possible, a commitment to do so within a set timeframe following the recognition of that CCP. The central bank(s) of issue should provide ESMA with confirmation whether or not the CCP complies with anythose additional requirements as quickly as possible and in any case 180 days fromin due time before the deadline for ESMA to reply to the CCP’s application to ESMA.
Amendment 202 #
Proposal for a regulation
Recital 33
Recital 33
(33) The degree of risk posed by a systemically-important CCP to the financial system and stability of the Union varies. The requirements for systemically- important CCPs should therefore be applied in a manner proportionate to the risks that the CCP may present to the Union. Where ESMA and the relevant central bank(s) of issue conclude that a third-country CCP is of such systemic importance that additional requirements will not ensure the financial stability of the Union, ESMA should be able to recommend to the Commission that that CCP should not be recognised. TOn the basis of that recommendation, the Commission should be able to adopt an implementing act declaring that one or more clearing services of the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union.
Amendment 217 #
Proposal for a regulation
Recital 37
Recital 37
Amendment 293 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) No 648/2012
Article 18 – paragraph 2 – point a
Article 18 – paragraph 2 – point a
(a) the permanent members of the CCP Executive SessionSupervisory Committee referred to in Article 44a of Regulation (EU) No 1095/201022a;
Amendment 308 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 648/2012
Article 21 – paragraph 1
Article 21 – paragraph 1
1. Without prejudice to the role of the college, the competent authorities referred to in Article 22, in close cooperation with ESMA, shall review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation and evaluate the risks, which include, at least, financial, operational and cyber risks, to which CCPs are, or might be, exposed.
Amendment 309 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 1
Article 21 – paragraph 3 – subparagraph 1
ESMA shall establish the frequency and depth of the review and evaluation referred to in paragraph 1 having regard to the size, systemic importance, nature, scale and, complexity of the activities and interconnectedness with other financial market infrastructures of the CCPs concerned. The review and evaluation shall be updated at least on an annual basis.
Amendment 311 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 1 a (new)
Article 21 – paragraph 3 – subparagraph 1 a (new)
ESMA shall assess CCPs through regular stress-testing and crisis simulation exercises with respect to potential system- wide stress events. In exercising this role, ESMA shall ensure consistency with the assessments of the resilience of individual CCPs carried out pursuant to Chapter XII of Commission Delegated Regulation (EU) No 153/2013 with regard to the frequency and design of the tests and shall cooperate closely with the colleges established in accordance with Article 18 of this Regulation, the ESRB and competent authorities designated under Article 4 of Directive 2013/36/EU, including the ECB in carrying out its tasks within a single supervisory mechanism under Regulation (EU) No 1024/2013 and any national competent authorities tasked with the supervision of CCPs.
Amendment 312 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 648/2012
Article 21 – paragraph 3 – subparagraph 2
Article 21 – paragraph 3 – subparagraph 2
The CCPs shall be subject to on-site inspections. ESMA staff shall be invited to participate in these on-site inspections, unless ESMA decides otherwise.
Amendment 395 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 648/2012
Article 22 a (new)
Article 22 a (new)
Amendment 411 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
Regulation (EU) No 648/2012
Article 22 b (new)
Article 22 b (new)
7b. The following Article 22b is inserted: Article 22b Where the CCP Supervisory Committee submits draft decisions to the Board of Supervisors, those draft decisions shall be deemed adopted by ESMA unless the Board of Supervisors decides on the basis of a simple majority to reject the draft decision within five working days of its transmission. In cases of particular urgency, the aforementioned period shall not exceed 24 hours. Where the Board of Supervisors rejects a draft decision, it shall state the reasons for doing so in writing.
Amendment 428 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – introductory part
Article 25 – paragraph 2 a – subparagraph 1 – introductory part
ESMA shall determine whether a CPP, or one or more clearing services, activities or financial instruments thereof, is systemically important or likely to become systemically important for the financial stability of the Union or for one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:
Amendment 434 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point a a (new)
Article 25 – paragraph 2 a – subparagraph 1 – point a a (new)
(aa) the risk profile of the CCP, including in terms of financial, operational and cyber risks;
Amendment 435 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point b
Article 25 – paragraph 2 a – subparagraph 1 – point b
(b) the effect that the failure of or a disruption to the CCP would have on financial markets, financial institutions, or the broader financial system, or on the financial stability of the Union or for one or more of its Member States and the availability and applicability of a recovery and resolution plan in the spirit of the Regulation (EU) No xxxx/xxxx on a Framework for the Recovery and Resolution of Central Counterparties;
Amendment 442 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 a – subparagraph 1 – point c
Article 25 – paragraph 2 a – subparagraph 1 – point c
(c) the CCP's clearing membership structure as well as the structure of its network of clients and indirect clients;
Amendment 457 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – introductory part
Article 25 – paragraph 2 b – introductory part
2b. Where ESMA determines a CCP, or one or more clearing services, activities or financial instruments thereof, to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 2a, it may only recognise that CCP, or one or more of the relevant clearing services, activities or financial instruments thereof, where, in addition to the conditions referred to in Article 25(2)(a), (b), (c) and (d), the following conditions are fulfilled:
Amendment 465 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 b – point b
Article 25 – paragraph 2 b – point b
(b) following the consultation referred to in point (f) of paragraph 3, the central banks of issue referred to therein have provided ESMA with written confirmation, within 180 days of the submission of an applicationthe deadline to respond to the consultation referred to in point (f) of paragraph 3, that the CCP complies with relevanyt requirements imposed by those central banks of issue in the carrying out of their monetary policy tasks. Such requirements may relate to stress testing, reporting, liquidity or collateral, the right of the central bank of issue to participate in on-site inspections, and the opening, or commitment to opening, by the CCP of a cash account at a central bank. Where the relevant central bank of issue has not provided a written response to ESMA within the deadline, ESMA may consider thise requirements under this point to be fulfilled;
Amendment 477 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 1
Article 25 – paragraph 2 c – subparagraph 1
ESMA, in agreement withafter obtaining consent of the relevant central banks of issue and commensurate with the degree of systemic importance of the CCP in accordance with paragraph 2aafter consulting the ESRB, may conclude that a CCP is of such substantial systemic importance that compliance with the conditions set out in paragraph 2b does not sufficiently ensure the financial stability of the Union or of one or more of its Member States and should not therefore be recognised. In such a case, ESMA shall recommend that the Commission adopt an implementing act confirming that that CCP should not be recognised in accordance with paragraph 2b. . In such a case, and on the basis of its analysis which has determined that systemic risk will be reduced as a result of such a decision, ESMA shall recommend that the Commission adopt an implementing act prohibiting the CCP concerned from being recognised in accordance with paragraph 2 and requiring the CCP to obtain authorisation in accordance with Article 14 in order to provide the clearing services concerned in the Union. ESMA may, in its analysis, identify specific clearing services or activities for which it considers that recognition shall not be granted or extended. The recommendation shall be accompanied by an analysis of all of the following elements: (a) the elements referred to in points (a) to (d) of Article 25 (2a); (b) the characteristics of the clearing services provided by the CCP, in particular the liquidity needs associated with such services and the related likelihood of need for liquidity support in distressed situations, as well as the substitutability of the clearing services provided by the CCP; (c) the potential consequences of including the outstanding cleared contracts within the scope of the implementing act; (d) the potential consequences on EU clearing members’ own funds requirements under Regulation (EU) No 575/2013 in the event of a requirement under the implementing act for the CCP to immediately apply for authorization in accordance with Article 14; (e) the potential consequences, in terms of costs and benefits, of the requirement for the CCP to apply for authorisation in the Union on the Union clearing members, their clients, linked and operable FMIs and Union markets as a whole, in particular as regards the impact of the decision on the level playing field between Union clients and members and clients and members from other jurisdictions; (f) the potential impact consequences of the requirement for the CCP to apply for authorisation in the Union for the financial stability of the Union or of one or more of its Member States; (g) the existence and nature of liquidity support mechanisms available to the CCP in its home country and the existence of any market mechanisms allowing to spread the risk caused by the CCP.
Amendment 487 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b
Article 2 – paragraph 1 – point 9 – point b
Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 2
Article 25 – paragraph 2 c – subparagraph 2
Amendment 492 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b a (new)
Article 2 – paragraph 1 – point 9 – point b a (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 3 – introductory part
Article 25 – paragraph 3 – introductory part
(ba) paragraph 3 is amended as follows: "3. When assessing whether the conditions referred to in paragraph 2 or paragraph 2a are met, ESMA shall consult: Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32012R0648)
Amendment 495 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b b (new)
Article 2 – paragraph 1 – point 9 – point b b (new)
Regulation (EU) No 648/2012
Article 25 – paragraph 3 a (new)
Article 25 – paragraph 3 a (new)
(bb) the following paragraph 3a is inserted: "3a. In close cooperation with the concerned CCP, third country authority, central banks of issue and ESRB, ESMA may at any time and in the framework of this article assess CCPs through stress- testing and crisis simulation exercises with respect to potential system-wide stress events in order, inter alia, to evaluate the risk profile of the CCP."
Amendment 545 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 3
Article 25 b – paragraph 3
3. ESMA shall carry out assessments of the resilience of recognised CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010. In close cooperation with third country authorities, central banks of issue and the ESRB, ESMA may at any time and within the framework of this article assess CCPs through stress-testing and crisis simulation exercises with respect to potential system-wide stress events in order to, inter alia, evaluate the risk profile of the CCP which includes at least financial, operational and cyber risks.
Amendment 550 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 b – paragraph 3 a (new)
Article 25 b – paragraph 3 a (new)
3a. Where, further to the review referred to in the paragraph 3a, ESMA determines that a Tier 1 CCP has become significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 2 CCP, Articles 25b to 25f shall start to apply to that CCP within one year following the notification to that CCP by ESMA that it will be reclassified as a Tier 2 CCP. Where, following the review referred to in paragraph 4, ESMA assesses that a Tier 2 CCP is no longer significant for the financial stability of the Union or for one or more of its Member States, and is therefore a Tier 1 CCP, Articles 25b to 25f shall cease to apply to that CCP.
Amendment 592 #
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 648/2012
Article 25 m – paragraph 1 – subparagraph 3 a (new)
Article 25 m – paragraph 1 – subparagraph 3 a (new)
The withdrawal of the recognition shall not apply to financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition, as well as to contractual obligations arising from financial instruments and transactions that have been cleared before the date of entry into effect of the decision to withdraw the recognition.
Amendment 600 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11 – point b a (new)
Article 2 – paragraph 1 – point 11 – point b a (new)
Regulation (EU) No 648/2012
Article 49 – paragraph 3 a (new)
Article 49 – paragraph 3 a (new)
(ba) the following paragraph 3a is inserted: "3a. In close cooperation with CCPs, competent authorities, central banks of issue and the ESRB, ESMA may at any time, within the framework of this EU regulation and/or of the EU regulation on a framework for the recovery and resolution of central counterparties, assess CCPs through stress-testing and crisis simulation exercises with respect to potential system-wide stress events."
Amendment 603 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11 a (new)
Article 2 – paragraph 1 – point 11 a (new)
Regulation (EU) No 648/2012
Article 84 – paragraph 3 a (new)
Article 84 – paragraph 3 a (new)
11a. In Article 84, the following paragraph 3a is added: "3a. Competent authorities, ESMA, Central bank of issues and ESRB shall exchange relevant information regarding stress-testing and crisis simulation exercises."
Amendment 605 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 89 – paragraph 3 a
Article 89 – paragraph 3 a
3a. ESMA shall not exercise its powers pursuant to paragraph 2a, 2b and 2c of Article 25 until [insert date of entry into force of the delegated act referred to in the second subparagraph of paragraph 32a of that Article]
Amendment 609 #
Proposal for a regulation
Article 2 – paragraph 1 – point 12
Article 2 – paragraph 1 – point 12
Regulation (EU) No 648/2012
Article 89 – paragraph 3 b
Article 89 – paragraph 3 b
3b. ESMA shall review the recognition decisions adopted pursuant to Article 25(1) before [entry into force of this Regulation] within 128 months from the entry into force of the delegated act referred to in the second subparagraph of Article 25(2a), in accordance with Article 25(5).