[ParlTrack]

Jakob von WEIZSÄCKER, Jonás FERNÁNDEZ, Paul TANG

Proposal for a regulation
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. In its recommendation, ESMA should assess the net benefits of such a move with regards to safeguarding the interests of EU taxpayers and financial stability. The Commission should be able to adopt an implementing act declaring that the third- country CCP should be established in the Union and authorised as such to provide clearing services in the Union.

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Jonás FERNÁNDEZ, Paul TANG

Proposal for a regulation
Article 1 – paragraph 1 – point 7

Regulation (EU) No 1095/2010
Article 44b – paragraph 1 – point c a (new)

(ca) tasks, actions, and decisions for the supervision of systemically important CCPs established in the Union pursuant to Article 22g of Regulation (EU) 648/2012.

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)

Regulation (EU) No 648/2012
Chapter 2 a – Article 22 a (new)

7a. The following chapter is inserted: 'Chapter 2a The CCP - Single Resolution Fund Article 22a General provisions 1. The CCP-Single Resolution Fund (‘CCP-SRF’) is hereby established. 2. Prior to the establishment of a Single Resolution Board for CCPs (CCP- SRB), its revenues shall accumulate for up to 10 years to be used by the SRB as an additional financial backstop to the SRF for the activities within its mandate. 3. Once the CCP-SRB is established, it shall use the CCP-SRF only for the purpose of ensuring the efficient application of the resolution tools and the exercise of the resolution powers referred to in Chapter III of Regulation (EU) [on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365] and in accordance with the resolution objectives and the principles governing resolution referred to in Articles 21 and 23 of that Regulation. Under no circumstances shall the Union budget or the national budgets be held liable for the expenses or losses of the CCP-SRF. 4. The owner of the CCP-SRF shall be the Single Resolution Board. Once established, the CCP-SRB becomes the sole owner of the CCP-SRF 5. Contributions shall be raised in accordance with Articles 22b and 22c.

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)

Regulation (EU) No 648/2012
Article 22 b (new)

7b. The following Article 22b is inserted: Article 22b Target level The target level of the CCP-SRF is 0,25 % of Union GDP. Any capital returns on that fund that accrue beyond the target level shall be used towards the Union budget. Or. en (This Article belongs to Chapter 2a)

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 c (new)

Regulation (EU) No 648/2012
Article 22 c (new)

7c. The following Article 22c is inserted: Article 22c Contributions The contributions shall: (a) consist of a levy on average margin requirements posted by clearing members to CCPs in the previous month; (b) always be set at a positive non-zero rate until the target level is reached; and (c) be collected monthly. The Commission shall be empowered to adopt a delegated act in accordance with Article 22f defining the contributions to the CCP-SRF and their collection, using as basis any margin posted to any CCPs in the Union and any margin posted by clearing members in the Union to CPPs outside the Union where no comparable levy falls due, allowing for differentiated rates taking into account, among others, competitiveness and cross border effects. The Commission shall review that delegated act at least every five years. Or. en (This Article belongs to Chapter 2a)

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 d (new)

Regulation (EU) No 648/2012
Article 22 d (new)

7d. The following Article 22d is inserted: Article 22d Administration and investments 1. Until a specific CCP-SRB is established, the Single Resolution Board, and after the establishment of a specific CCP-SRB, that CCP-SRB shall administer the CCP-SRF in accordance with Commission Delegated Regulation (EU) 2016/451 on general principles and criteria for the investment strategy and rules for the administration of the Single Resolution Fund. 2. The amounts received from a CCP under resolution, from a bridge institution, from interest and other earnings on investments, and from any other earnings shall only benefit the CCP- SRF. 3. The Commission shall be empowered to adopt delegated acts further specifying the rules referred to in paragraph 1. Or. en (This Article belongs to Chapter 2a)

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 e (new)

Regulation (EU) No 648/2012
Article 22 e (new)

7e. The following Article 22e is inserted: Article 22e Mission and use of the CCP-SRF 1. Within the resolution scheme, when applying the resolution tools to CCPs, the Board may use the CCP-SRF, to the extent necessary to ensure the effective application of the resolution tools, only where the following conditions are met: (a) the financial support is necessary to meet the resolution objectives; (b) the financial support is used as a last resort after having assessed and exploited all resolution tools other than government financial stabilisation tools as referred to in Article 45 of Regulation (EU) [on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365] to the maximum extent practicable whilst maintaining financial stability, as determined by the CCP-SRB; and (c) the financial support complies with the Union State aid framework. The CCP-SRF may only be used for the following purposes: (i) to guarantee the liabilities of the CCP under resolution, its subsidiaries, or a bridge institution; (ii) to make contributions to a bridge institution; (iii) to make contributions to the CCP under resolution in lieu of the write-down or conversion tool; and (iv) take any combination of the actions referred to in points (a), (b) and (c). Or. en (This Article belongs to Chapter 2a)

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 f (new)

Regulation (EU) No 648/2012
Article 22 f (new)

7f. The following Article 22f is inserted: Article 22f Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 22c shall be conferred for an indeterminate period of time from the date referred to in Article 83(2) of Regulation (EU) [on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365]. 3. The delegation of power referred to in Article 22c may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 22c shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council. 6. The Commission shall not adopt delegated acts where the scrutiny time of the European Parliament is reduced through recess to less than five months, including any extension.' Or. en (This Article belongs to Chapter 2a)

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)

Regulation (EU) No 648/2012
Chapter 2 b – Article 22 g (new)

7b. The following chapter is inserted: 'Chapter 2b Supervision and oversight of Union CCPs Article 22g Supervision of systemically important CCPs established in the Union 1. ESMA shall determine whether a CPP established in the Union 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) in accordance with Article 25 (2a). 2. Where ESMA determines a CCP established in the Union to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 1, ESMA shall have exclusive competence to carry out all tasks, actions and decisions required for prudential supervisory purposes, including those of the college and the competent authority, in relation to that CCP.'

2018/04/13
Committee: ECON

Jakob von WEIZSÄCKER, Jonás FERNÁNDEZ, Paul TANG

Proposal for a regulation
Article 2 – paragraph 1 – point 9 – point b

Regulation (EU) No 648/2012
Article 25 – paragraph 2 c – subparagraph 1 a (new)

The recommendation shall assess the net benefits of such a move with regards to safeguarding the interests of EU taxpayers and financial stability.

2018/04/13
Committee: ECON

10 Amendments of Jakob von WEIZSÄCKER related to 2017/0136(COD)

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