10 Amendments of Paul TANG related to 2017/0136(COD)
Amendment 199 #
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. 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.
Amendment 250 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7
Article 1 – paragraph 1 – point 7
Regulation (EU) No 1095/2010
Article 44b – paragraph 1 – point c a (new)
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.
Amendment 403 #
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
Chapter 2 a – Article 22 a (new)
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.
Amendment 404 #
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)
Amendment 413 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 c (new)
Article 2 – paragraph 1 – point 7 c (new)
Regulation (EU) No 648/2012
Article 22 c (new)
Article 22 c (new)
Amendment 417 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 d (new)
Article 2 – paragraph 1 – point 7 d (new)
Regulation (EU) No 648/2012
Article 22 d (new)
Article 22 d (new)
Amendment 418 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 e (new)
Article 2 – paragraph 1 – point 7 e (new)
Regulation (EU) No 648/2012
Article 22 e (new)
Article 22 e (new)
Amendment 421 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 f (new)
Article 2 – paragraph 1 – point 7 f (new)
Regulation (EU) No 648/2012
Article 22 f (new)
Article 22 f (new)
Amendment 423 #
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
Chapter 2 b – Article 22 g (new)
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.'
Amendment 483 #
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 a (new)
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.