6 Amendments of Anneliese DODDS related to 2013/0306(COD)
Amendment 118 #
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, asset backed securities of high quality and liquidity, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits andor are considered by the MMF to be of high credit quality.
Amendment 123 #
Proposal for a regulation
Recital 23
Recital 23
(23) Asset Backed Commercial Papers (ABCPs) and Asset Backed Securities should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose inter alia maturity limits andor quality criteria on the underlying assets. Not allHowever, categories of underlying assets should be eligible because some were more confronted to instability than othersthat have performed well during the crisis and demonstrated a good liquidity and credit track-record should be eligible. For this reason the underlying assets should be exclusively composed of short- term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, , or of other instruments of high credit quality and liquidity, meeting the requiprements leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers should not be eligibleaid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions which will establish high standards regarding quality and liquidity. This will combine the requirements of risk minimization for MMFs with the encouragement for MMFs to finance the real economy. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid.
Amendment 253 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22a) "asset-backed securities of high liquidity and credit quality" means assets meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions;
Amendment 296 #
Proposal for a regulation
Article 9 – paragraph 1 – point b – introductory part
Article 9 – paragraph 1 – point b – introductory part
(b) it is in the form of asset-backed securities of high liquidity and credit quality in line with the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions or it displays one of the following alternative characteristics:
Amendment 302 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while not having a residual maturity exceeding 2 years. or qualifying as asset-backed securities of high liquidity and credit quality complying with the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions;
Amendment 319 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. A securitisation shall also be considered as eligible provided that it qualifies as asset-backed security of high liquidity and credit quality meeting the requirements laid down in Article 13 of the Commission delegated regulation [No .../...] to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions.