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Activities of Ernest URTASUN related to 2022/0074(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories
2023/03/06
Committee: ECON
Dossiers: 2022/0074(COD)
Documents: PDF(316 KB) DOC(112 KB)
Authors: [{'name': 'Johan VAN OVERTVELDT', 'mepid': 125106}]

Amendments (33)

Amendment 105 #
Ernest URTASUN
Proposal for a regulation
Recital 19 a (new)
(19 a) In order to address the existing fragmentation along national lines in the post-trade landscape and to develop a robust, competitive and well supervised capital markets infrastructure, the provision of cross-border services should be subject to the authorisation and supervision of ESMA, where the CSDs operations become of substantial importance for the functioning of the securities markets and the protection of the investors in the Union.
2022/11/16
Committee: ECON
Amendment 119 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 909/2014
Article 7 – paragraph 2a – subparagraph 1 – introductory part
Without prejudice to the penalty mechanism referred to in paragraph 2 of this Article and the right to bilaterally cancel the transaction, the Commission may, by means of an implementing act, decide toBy ... [12 months after the date of entry into force of this Regulation] the Commission shall, after consulting ESMA, assess the impact of cash penalties and reporting requirements on achieving appropriate levels of settlement efficiency in the Union and on the reduction of settlement fails in the Union as well as the appropriateness and proportionality of mandatory buy-in measures to address the level of settlement fails in the Union, and report to the European Parliament and to the Council. Within 6 months of that assessment, the Commission shall adopt delegated acts in accordance with Article 67 to supplement this Regulation by determining for which of the financial instruments referred to in Article 5(1) or categories of transactions in those financial instruments the settlement discipline measures referred to in paragraphs 3 to 8 of this Article are to be applied, where the Commissionassessment referred to in the first subparagraph consicluders that those measures constitute a proportionate means to address the level of settlement fails in the Union and that, based on the number and volume of settlement fails, any of the following conditions is met:
2022/11/16
Committee: ECON
Amendment 123 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point c
Regulation (EU) No 909/2014
Article 7 – paragraph 3 – subaragraph 1
Without prejudice to the penalty mechanism referred to in paragraph 2 of this Article and the right to bilaterally cancel the transaction, where the Commission has adopted an implementing act pursuant to paragraph 2a and where a failing participant has not delivered financial instruments covered by that implementing act to the receiving participant within a period after the intended settlement date (‘extension period’) equal to 4 business days, a buy-in process shall be initiated whereby those instruments shall be available for settlement and delivered to the receiving participant within an appropriate timeframe.
2022/11/16
Committee: ECON
Amendment 126 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point e
Regulation (EU) No 909/2014
Article 7 – paragraph 4 – point d a (new)
(da) for securities financing transactions the buy-in process referred to in paragraph 3 shall not apply.
2022/11/16
Committee: ECON
Amendment 127 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point j
Regulation (EU) No 909/2014
Article 7 – paragraph 14a
14a. TAfter consulting ESMA, the Commission mayshall adopt delegated acts in accordance with Article 67 to supplement this Regulation specifying the reasons for settlement fails that are to be considered as not attributable to the participants to the transaction and the transactions that are not to be considered to involve two trading parties under paragraph 2 and paragraph 4, points (c) and (d), of this Article.;
2022/11/16
Committee: ECON
Amendment 128 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) No 909/2014
Article 10
(2 a) Article 10 is replaced by the following: Article 10 "Article 10 Competent authority Competent authority Without prejudice to the oversight by the members of the ESCB referred to in Article 12(1), a CSD shall be authorised and supervised by the competent authority of its home Member State. By way of derogation from the first subparagraph, and without prejudice to the oversight by the members of the ESCB referred to in Article 12(1), where the cross-border provision of core services referred to in Section A of the Annex by a CSD have become of substantial importance for the functioning of the securities markets and the protection of the investors in the Union or at least in five host Member State, the operations of the CSD shall be carried out under the direct supervision of ESMA. The Commission shall, by means of delegated acts, update the criteria under which the cross-border operations of a CSD could be considered to be or likely to become of substantial importance for the functioning of the securities markets and the protection of the investors in the Union as a whole, taking into account the criteria established by Commission Delegated Regulation(EU) 2017/3891a and relevant ESMA guidelines. ___________________ 1a Commission Delegated Regulation (EU) 2017/389 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council as regards the parameters for the calculation of cash penalties for settlement fails and the operations of CSDs in host Member States (OJ L 65, 10.3.2017, p. 1)." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014R0909- 20220622&from=EN)
2022/11/16
Committee: ECON
Amendment 129 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 2 b (new)
Regulation (EU) No 909/2014
Article 11 – paragraph 3 a (new)
(2b) In Article 11, the following paragraph is added: 3a. ESMA shall be responsible for carrying out the duties under this Regulation for the authorisation and supervision of CSDs of substantial importance for the functioning of the securities markets and the protection of the investors in the Union or in at least five Member States. ESMA shall have the supervisory and investigatory powers necessary for the exercise of its functions.
2022/11/16
Committee: ECON
Amendment 131 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point -a
Regulation (EU) No 909/2014
Article 17 – paragraph 1a
(-a) the following paragraph is inserted: 1a. A CSD shall submit an application for authorisation to ESMA, where the CSD is or is likely to become of substantial importance in at least five Member States or where the CSD is part of a group that comprises two or more CSDs authorised in at least five Member States.
2022/11/16
Committee: ECON
Amendment 134 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Regulation (EU) No 909/2014
Article 23 – paragraph 2 a (new)
2a. Where a CSD has been authorised by ESMA, that authorisation shall be effective and valid for the entire territory of the Union and shall allow the CSD to provide the services for which it has been authorised, throughout the Union.”
2022/11/16
Committee: ECON
Amendment 143 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 8 – point a
Regulation (EU) No 909/2014
Article 24 – paragraph 1 – subparagraph 2
The competent authority of the home Member State mayshall transmit to ESMA any relevant information received from the CSDs during or in relation to on-site inspections.;
2022/11/16
Committee: ECON
Amendment 148 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 1 – subparagraph 1
Colleges of supervisors shall be established to carry out the tasks referred to in paragraph 6 in the following cases: (a) where a CSD is subject to the procedure referred to in Article 23(3) to (7) (‘passporting college’); (b)Where a CSD is of substantial importance in more than one host Member State or where a CSD is part of a group that comprises two or more CSDs authorised in at least two Member States (‘group-level college’)ESMA shall establish, manage and chair a college of supervisors.
2022/11/16
Committee: ECON
Amendment 151 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 1 – subparagraph 2
In the case referred to in the first subparagraph, point (a), the CSD’s home competent authority shall establish, manage and chair the passporting college. That college shall be established within 1 month from the date referred to in Article 23(6). Where the CSD submits subsequent notifications pursuant to Article 23(3), the competent authority of the home Member State shall invite the competent authorities of the relevant host Member States to the passporting college within 1 month from the date referred to in Article 23(6).deleted
2022/11/16
Committee: ECON
Amendment 153 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 1 – subparagraph 3
In the case referred to in the first subparagraph, point (b), where the parent undertaking is a CSD authorised in the Union, the competent authority of the home Member State of that CSD shall establish, manage and chair the group- level college. Where the parent undertaking is not a CSD authorised in the Union, the competent authority of the home Member State of the CSD with the largest balance sheet total shall establish, manage and chair the group-level college.deleted
2022/11/16
Committee: ECON
Amendment 157 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 1 – subparagraph 4
By way of derogation from the third subparagraph, where the application of the criteria referred to in that subparagraph would be inappropriate, the competent authorities may waive by common agreement those criteria and appoint a different CSD’s competent authority to manage and chair the college, taking into account the CSDs concerned and the relative importance of their activities in the relevant Member States. In such cases, the parent CSD or the CSD with the largest balance sheet total, as applicable, shall have the right to be heard before the competent authorities take the decision.deleted
2022/11/16
Committee: ECON
Amendment 158 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 1 – subparagraph 5
The competent authorities shall notify the Commission and ESMA without delay of any agreement made pursuant to the fourth subparagraph.deleted
2022/11/16
Committee: ECON
Amendment 159 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 2 – point a
(a) ESMA, as the chair of the college;
2022/11/16
Committee: ECON
Amendment 161 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 2 – point d
(d) in the case of a passporting college, the competent authority of the host Member States where the CSD is of substantial importance;
2022/11/16
Committee: ECON
Amendment 163 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 2 – point e
(e) in the case of a group-level college of CSDs, the competent authority and the relevant authorities of each CSD in the group;
2022/11/16
Committee: ECON
Amendment 165 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 6 – subparagraph 1 – point c a (new)
(ca) the coordination of the supervisory review and evaluation processes pursuant to Article 22 and Article 60 or that relate to the outsourcing of activities and services under Article 19;
2022/11/16
Committee: ECON
Amendment 167 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 6 – subparagraph 1 – point d
(d) in the case of a passporting college, the cooperation of the home and host Member State pursuant to Article 24 and regarding the measures referred to in Article 23(4), point (e) or any breach of the requirements laid down in this Regulation arising from the provision of services in a host Member State referred to in Article 24(5) and on any issues encountered in the provision of services in other Member States;
2022/11/16
Committee: ECON
Amendment 170 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) No 909/2014
Article 24a – paragraph 6 a (new)
6a. At the request of any of its members, and upon adoption by a majority of the college in accordance with paragraph 6b, the college may adopt binding opinions with regard to issues identified during the review and evaluation processes pursuant to Article 22 or Article 60, or that relate to any extension or outsourcing of activities and services under Article 19, or concerning any potential breach of the requirements laid down in this Regulation arising from the provision of services in a host Member State as referred to in Article 24(5).
2022/11/16
Committee: ECON
Amendment 174 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point -a (new)
Regulation (EU) No 909/2014
Article 25 – paragraph 2
(-a) paragraph 2 is replaced by the following: "2. Notwithstanding paragraph 1, a third-country CSD that intends to provide the core services referred to in points (1) and (2) of Section A of the Annex in relation to financial instruments constituted under the law of a Member State referred to in the second subparagraph of Article 49(1) or to set up a branch in a Member State shall be subject to the procedure referred to in paragraphs 4 to 11 of this Article. " Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014R0909- 20220622&from=EN)
2022/11/16
Committee: ECON
Amendment 175 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point a a (new)
Regulation (EU) No 909/2014
Article 25 – paragraph 4 – point c a (new)
(a a) in paragraph 4, the following point is inserted: (ca) the CSD is established or authorised in a third country that is not considered as having strategic deficiencies in its national anti-money laundering and counter financing of terrorism regime that poses significant threats to the financial system of the Union, in accordance with Article 9 of Directive (EU) 2015/849 of the European Parliament and of the Council1a; _________________ 1a Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73).
2022/11/16
Committee: ECON
Amendment 176 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point b a (new)
Regulation (EU) No 909/2014
Article 25 – paragraph 6 a (new)
(ba) the following paragraph is inserted: 6a. ESMA shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised CSDs with the requirements referred to in this Article. ESMA shall have all the necessary supervisory and investigatory powers for the exercise of its duties.
2022/11/16
Committee: ECON
Amendment 177 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 12 a (new)
Regulation (EU) No 909/2014
Article 29 – paragraph 2 a (new)
(12 a) in Article 29, the following paragraph is inserted: ‘(2a) Prior to using the services of a CSD, an issuer shall ensure that it is identified with a valid legal entity identifier (LEI). A CSD shall not provide services under this Regulation to an issuer prior to obtaining the LEI from that issuer.’;
2022/11/16
Committee: ECON
Amendment 180 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 14 a (new)
Regulation (EU) No 909/2014
Article 47 a (new)
(14 a) the following Article is inserted: 'Article 47a Netting 1. CSDs shall expressly indicate in their internal rules whether they apply netting arrangements. 2. CSDs applying netting arrangements shall measure, monitor, and manage the credit and liquidity risks arising from netting arrangements. 3. ESMA shall, in close cooperation with the EBA and the members of the ESCB, develop draft regulatory technical standards to further specify details of the frameworks for the monitoring, measuring, management, reporting and public disclosure of the risks stemming from netting arrangements. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [one year after the date of entry into force of this amending Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.’.
2022/11/16
Committee: ECON
Amendment 187 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point b – point ii a (new)
Regulation (EU) No 909/2014
Article 54 – paragraph 4 – point d
(d) the authorisation referred to in point (a) is used only to provide the banking-type ancillary services referred to in Section C of the Annex and not to carry out any other activities (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014R0909-ii a) in paragraph 4, point (d) is replaced by the following: "(d) where a CSD seeks to designate a credit institution that does not itself carry out any of the core services referred to in Section A of the Annex, the authorisation referred to in point (a) is used only to provide the banking-type ancillary services referred to in Section C of the Annex for settlement of the cash leg corresponding to the transactions in the securities settlement system of the CSD seeking to use the banking-type ancillary services in a currency other than that of the country where the settlement takes place, and not to carry out any other activities. Where a CSD seeks to use a CSD that is authorised pursuant to paragraph 3, the authorisation referred to in point (a) is used only to provide the banking-type ancillary services in Section C of the Annex for the settlement of the cash leg of the transactions in the securities settlement system of the CSD seeking to use the banking-type ancillary services in a currency other than that of the country where the settlement takes place, and not to carry out any other activities;" Or. en 20220622&from=EN)
2022/11/16
Committee: ECON
Amendment 189 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 17 – point c
Regulation (EU) No 909/2014
Article 54 – paragraph 5 – subparagraph 2
The competent authorityESMA shall monitor at least once per year that the threshold referred to in the first subparagraph is respected and report its findings to ESMA, ESCB and EBA. Where the competent authoritythe competent authority, ESCB and EBA. Where ESMA determines that the threshold has been exceeded, the competent authority shall require the CSD concerned to seek authorisation in accordance with paragraph 4. The CSD concerned shall submit its application for authorisation within 6 months.;
2022/11/16
Committee: ECON
Amendment 193 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point b
Regulation (EU) No 909/2014
Article 69 – paragraph 4a – subparagraph 1 – point b
(b) … [PO please insert the date = 31 years after the date of entry into force of this Regulation].
2022/11/16
Committee: ECON
Amendment 194 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point b
Regulation (EU) No 909/2014
Article 69 – paragraph 4a – subparagraph 2
A third-country CSD that provides the core services referred to in Section A, points (1) and (2), of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), second subparagraph pursuant to the applicable national rules on the recognition of third-country CSDs shall submit a notification to ESMA within 2one years from ... [PO please insert the date of entry into force of this Regulation].
2022/11/16
Committee: ECON
Amendment 195 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 23 – point b
Regulation (EU) No 909/2014
Article 69 – paragraph 4b
4b. A third-country CSD that provided the core service referred to in Section A, point (3), of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), before … [PO please enter the date of entry into force of this Regulation] shall submit the notification referred to in Article 25(2a) within 2one years from …[PO please insert the date of entry into force of this Regulation].
2022/11/16
Committee: ECON
Amendment 196 #
Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 23 a (new)
Regulation (EU) No 909/2014
Article 72
Amendment to Regulation (EU) No Article 15 of Regulation (EU) No 236/2012 is deleted. (23 a) Article 72 is replaced by the following: Article 72 "Article 72 Amendment to Regulation (EU) No 236/2012 236/2012 The following Article is inserted: ‘Article 15 Buy-in procedures Without prejudice to additional measures adopted under the CSDR, a central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place that comply with all of the following requirements: (a) where a natural or legal person who sells shares is not able to deliver the shares for settlement within four business days of the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement; (b) where the buy-in of the shares for delivery is not possible, an amount is paid to the buyer based on the value of the shares to be delivered at the delivery date plus an amount for losses incurred by the buyer as a result of the settlement failure; (c) the natural or legal person who fails to settle reimburses all amounts paid pursuant to points (a) and (b). A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place to ensure that where a natural or legal person who sells shares fails to deliver the shares for settlement by the date on which settlement is due, such person is required to make daily payments for each day that the failure continues. The daily payments referred to in the third subparagraph shall be sufficiently high to act as a deterrent to natural or legal persons failing to settle." Or. en (https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014R0909- 20220622&from=EN)
2022/11/16
Committee: ECON
Amendment 199 #
René REPASI, Ernest URTASUN
Proposal for a regulation
Article 1 – paragraph 1 – point 25
(ba) further regulate the practice of internalised settlement;
2022/11/16
Committee: ECON
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