100 Amendments of Jonás FERNÁNDEZ related to 2013/0314(COD)
Amendment 256 #
Proposal for a regulation
Recital 16
Recital 16
(16) Benchmarks that are provided by central banks and public authorities in the Union are subject to control by public authorities and meet principles, standards and procedures which ensure the accuracy, integrity and independence of their benchmarks as provided for by this Regulation. It is therefore not necessary that these benchmarks should be subject to this Regulation. However, third country central banks and public authorities may also provide benchmarks that are used in the Union. It is necessary to determine that only those central banks and public authorities of third countries that produce benchmarks are exempted from the obligations under this Regulation that are subject to similar standards to those established by this Regulation.
Amendment 258 #
Proposal for a regulation
Recital 26
Recital 26
(26) The integrity and accuracy of benchmarks depends on the integrity and accuracy of the input data provided by contributors. It is essential that the obligations of the contributors in respect of this input data are clearly specified, can be relied on and are consistent with the benchmark administrator’s controls and methodology. It is therefore necessary that the benchmark administrator produces a code of conduct to specify these requirements and that the contributors are bound by that code of conduct, which will be legally binding for critical benchmarks.
Amendment 266 #
Proposal for a regulation
Recital 30
Recital 30
(30) The failure of certain critical benchmarks may have a significant impact on financial stability, market orderliness or investors and it is therefore necessary that additional requirements apply to ensure the integrity and robustness of these critical benchmarks. WTherse a benchmark references a significant value of financial instruments it will have such an impact. It is therefore necessary that the Commission determines those benchmarks that reference financial instrumpotentially destabilising effects of critical benchmarks can be felt in a single Member State or in more than one. The critical nature of these benchmarks will thus be affirmed with regard to a single Member State or to the EU as a whole if more than one Member State is affected. The national competents above a certain threshold and should be considered critical benchmarksuthorities and EMSA will establish which benchmarks are to be classed as critical.
Amendment 267 #
Proposal for a regulation
Recital 31 a (new)
Recital 31 a (new)
(31a) Once a benchmark has been classed as critical, its administrator could exploit a monopoly position over the users of that benchmark. With this in mind, the college of competent authorities for that critical benchmark will need to oversee the sale price and the administrator’s costs in order to prevent market abuse.
Amendment 278 #
Proposal for a regulation
Recital 37
Recital 37
(37) A set of effective tools and powers and resources for the competent authorities of Member States and for EMSA guarantees supervisory effectiveness. This Regulation therefore should in particular provide for a minimum set of supervisory and investigative powers with whichhich should be entrusted to competent authorities of Member States should be entrusted in accordance with national law and to EMSA. When exercising their powers under this Regulation competent authorities and ESMA should act objectively and impartially and remain autonomous in their decision making.
Amendment 298 #
Proposal for a regulation
Article 2 – paragraph 2 – point a
Article 2 – paragraph 2 – point a
(a) Members of the European System of Central Banks (ESCB) and EU public authorities which provide or have control over the provision of benchmarks provided for public policy purposes, including measures of employment, economic activity and inflation.
Amendment 303 #
Proposal for a regulation
Article 2 – paragraph 2 – point b
Article 2 – paragraph 2 – point b
(b) Central banks and public authorities of third countries whose legal framework is recognised by the Commission as providing for principles, standards and procedures equivalent to the requirements on the accuracy, integrity and independence of the provision of benchmarks provided for by this Regulation.
Amendment 318 #
Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
The Commission shall establish a list of central banks and public authorities of third countries referred to in paragraph 2(b).
Amendment 344 #
Proposal for a regulation
Article 3 – paragraph 1 – point 19
Article 3 – paragraph 1 – point 19
(19) ‘interbank interest rate benchmark’ means a benchmark where the underlying asset for the purposes of point (1)(c) of this Article is the rate at which banks may lend to, or borrow from other banks, or the rate available on the wholesale financial markets;
Amendment 351 #
Proposal for a regulation
Article 3 – paragraph 1 – point 21
Article 3 – paragraph 1 – point 21
(21) ‘critical benchmark’ means a benchmark, the majority of contributors to which are supervised entities an which, if it were no longer to be provided, or if it is provided using an unrepresentative set of contributors or data with regard to the underlying reality it is designed to measure, would that reference financial instruments having a notional valuve a significant adverse impact on financial stability, on the orderly functioning of the markets and on the real economy; (a) a critical benchmark shall be ‘national’ in nature oif at least 500 billion euro; the adverse effects of it no longer being provided or of it not being fully provided are restricted to one Member State. If such an effect is felt in more than one Member State, the benchmark shall be a ‘critical European benchmark’.
Amendment 358 #
Proposal for a regulation
Article 3 – paragraph 1 – point 22 a (new)
Article 3 – paragraph 1 – point 22 a (new)
(22a) ‘public authority’ means: (a) any government or public administration; (b) any entity or person, either performing public administrative functions under national law, or having public responsibilities or functions or providing public services, including measures of inflation, labour and economic activities, under the control of an entity falling within the definition laid down in point (a).
Amendment 363 #
Proposal for a regulation
Article 5 – paragraph 2
Article 5 – paragraph 2
2. An administrator shall comply with the governance and control requirements set out in Section A of Annex 1I, with differential requirements between critical benchmarks and everything else.
Amendment 411 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. The code of conduct shall be signed by the administrator and the contributors and. Where critical benchmarks are concerned, the code of conduct shall be legally binding on all parties to it.
Amendment 417 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. If a benchmark is classed as critical, contributors to that benchmark, even if they are not supervised contributors, must comply with all the obligations laid down in this article and set out in Section E of Annex I.
Amendment 427 #
Proposal for a regulation
Article 12 – paragraph 3 – point a
Article 12 – paragraph 3 – point a
Amendment 435 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
1. The Commission shall adopt a list of benchmarks located within the Union which are critical benchmarks, in accordance with the definition laid down in Article 3(21). A national competent authority may study any benchmark, registered at any time owing to needs detected by the competent authority itself, and describe it as ‘critical’ in line with the definition laid down in Article 3(21). The national competent authority may assess the benchmark and describe it as a ‘critical national benchmark’ or a ‘critical European benchmark’. EMSA, the remaining national competent authorities and the administrator of that benchmark shall be informed of any such decision. Once all parties have been notified: (a) If any of the national competent authorities and/or the administrator raise an objection, they shall have 20 calendar days to submit the appropriate documentation substantiating their position to the competent authority responsible for the benchmark. At the end of this period the competent authority shall make an informed decision within the following five calendar days. (b) If a national competent authority continues to object to the decision, EMSA must take action at the request of the national authority concerned and in accordance with Article 19 of Regulation EU No 1095/2010 and issue a judgment within the following 20 calendar days. (c) The administrator may also apply to EMSA should he or she disagree with his or her benchmark being classed as critical, once the procedure for informing the competent authority has been exhausted. EMSA shall once again have 20 calendar days within which to issue a binding decision.
Amendment 439 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1 a (new)
Article 13 – paragraph 1 – subparagraph 1 a (new)
Amendment 440 #
Proposal for a regulation
Article 13 – paragraph 1 – subparagraph 1 b (new)
Article 13 – paragraph 1 – subparagraph 1 b (new)
Amendment 447 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. Within 5 working days from the date of application of the decision including a critical benchmark in the list referred to in paragraph 1of this Article, the administrator of that critical benchmark shall notify the code of conduct to the relevant competent authority. The relevant competent authority shall verify within 30 days whether the content of the code of conductOnce a benchmark has been defined as "critical", the college of competent authorities shall be formed pursuant to Article 34. The college shall be responsible for supervising compliances with the additional requirements of this Regulation. In case the relevant competent authority finds elements which do not comply with the requirements of this Regulation, it shall inform the administrator. The administrator shall adjust the code of conduct to ensure that it complies with the requirements of this Regulation within 30 days of such a request. laid down for critical benchmarks and with which the administrator and the contributors shall comply. The college of competent authorities shall request the information needed in order to grant the authorisation enabling this benchmark to be provided under the additional conditions imposed by this Regulation on account of the benchmark being a critical one, as laid out in Article 23.
Amendment 450 #
Proposal for a regulation
Article 13 – paragraph 2 a (new)
Article 13 – paragraph 2 a (new)
2a. If the contributors of a benchmark defined as critical are non-supervised entities, then the college of competent authorities, established in accordance with Article 34 of this Regulation, shall take on the work of a competent authority for said contributors, and shall be empowered to exact compliance with the requirements of this Regulation. (b) If non-supervised contributors to a critical benchmark are located in a third country outside of the European Union, the administrator shall supervise its own contributors on behalf of its college of competent authorities in regard to compliance with the requirements laid down in Article 11, the signature of the legally binding code of conduct, the mandatory contribution to the benchmark itself and all other requirements laid down in this Regulation. c) In the event that the administrator cannot assume this responsibility, the college of competent bodies shall draw up a special contingency plan to enable provision of the benchmark to be maintained with minimum impact on compliance with the requirements laid down in this Regulation or else its replacement by another benchmark with fewer bureaucratic problems, in line with the model set down in Article 24 for cases where provision of critical benchmarks ceases.
Amendment 452 #
Proposal for a regulation
Article 13 – paragraph 2 b (new)
Article 13 – paragraph 2 b (new)
2b. The college of competent authorities shall review at least once every two years benchmarks previously classed as critical.
Amendment 456 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the contributors toEvery two years the administrator of a critical benchmark shave ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, the competent authority of the administrator of a critical benchmark shall have the power to:ll provide its college of competent authorities with a report analysing the representativeness of its benchmarkʼs market.
Amendment 460 #
Proposal for a regulation
Article 14 – paragraph 1 – point a
Article 14 – paragraph 1 – point a
Amendment 463 #
Proposal for a regulation
Article 14 – paragraph 1 – point b
Article 14 – paragraph 1 – point b
Amendment 466 #
Proposal for a regulation
Article 14 – paragraph 1 – point c
Article 14 – paragraph 1 – point c
Amendment 470 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 a (new)
Article 14 – paragraph 1 – subparagraph 1 a (new)
1a. Any contributor to a critical benchmark wishing to cease contributing shall notify the college of competent authorities and the administrator thereof. The college shall examine the impact the loss of said contributor will have on the representativeness of the critical benchmark and shall request for this a relevant report from the administrator, irrespective of the studies drawn up by the college of competent authorities itself.
Amendment 471 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 b (new)
Article 14 – paragraph 1 – subparagraph 1 b (new)
1b. If the college of competent authorities considers that this loss will affect the representativeness of the benchmark it shall be able to: (a) require all potential contributors to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules; (b) determine the form in which, and the time by which, these input data are to be contributed to the administrator; (c) change the code of conduct, methodology or other rules of the critical benchmark.
Amendment 472 #
Proposal for a regulation
Article 14 – paragraph 1 – subparagraph 1 c (new)
Article 14 – paragraph 1 – subparagraph 1 c (new)
1c. If the contributor is not located within the European Union, its potential departure from the panel shall be subject to the contingency plan provided for in Article 13(2)(a), and drawn up by the college of competent authorities.
Amendment 476 #
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. For a critical benchmark, the supervised entities that are required to contribute in accordance with paragraph 1b shall be determined by the college of competent authority of the administratories on the basis of the following criteria:
Amendment 477 #
Proposal for a regulation
Article 14 – paragraph 2 – point a
Article 14 – paragraph 2 – point a
(a) the size of the supervised entity’contributorʼs actual and potential participation in the market that the benchmark seeks to measure;
Amendment 478 #
Proposal for a regulation
Article 14 – paragraph 2 – point b
Article 14 – paragraph 2 – point b
(b) the supervised entity’contributorʼs expertise and ability to provide input data of the necessary quality.
Amendment 482 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The competent authority of a supervised contributor that has been required to contribute to a benchmark through measures taken in accordance with points (a) and (b) of paragraph 1b shall assist the competent authority of the administrator in the enforcement of such measures.
Amendment 488 #
Proposal for a regulation
Article 14 – paragraph 4 – introductory part
Article 14 – paragraph 4 – introductory part
4. The college of competent authority of the administratories for the critical benchmark shall review each measure adopted under paragraph 1b one year following its adoption. It shall revoke it if:
Amendment 504 #
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Article 14a Mitigation of market power of critical benchmark administrators 1. The administrator, in controlling the provision of the benchmark, shall have due regard to the principles of market integrity and benchmark continuity including the need for legal certainty for contracts which reference the benchmark. When providing the benchmark for use in a financial contract, financial instrument or to measure the performance of an investment fund, the administrator shall ensure that the benchmark is made available at a reasonable commercial price. 2. ESMA shall develop draft regulatory technical standards to determine the meaning of reasonable commercial price, in accordance with paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission in 90 natural days after adoption of this Regulation. Power shall be delegated to the Commission to adopt the regulatory technical standards referred to in the first paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 506 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. An administrator shall publish a benchmark statement for each benchmark, for entry in the register for that benchmark, which:
Amendment 514 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. An administrator shall publish the input data used to determine the benchmark immediately afterstore and make available to the competent authority on request the data used to determine the benchmark value, and this for a period of five years from the date of publication of theat benchmark except where publication woulvalue. The administrator concerned shave serious adverse consequences for the contributors or adversely affect the reliability or integrity of the benchmark. In such cases publication may be delayed for a period that significantly diminishes these consequences. Any personal data included in input data shall not be publishedll be responsible for protecting the data stored where this contains confidential information, sensitive business details or information of a personal nature. The administrator may, in any event, only publish any personal data used to calculate the benchmark if the person concerned has given his/her written consent for this.
Amendment 517 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The Commission shall be empowered to adopt delegated acts in accordance with Article 37 concerning measures to further specify the information to be disclosstored in accordance with paragraph 1, and the means of publication as well as the circumstances when publication may be delayed and the means by which it shall be transmittedaccording to which that information may, on request, be sent to or made accessible to the competent authority.
Amendment 521 #
Proposal for a regulation
Article 17 – paragraph 1
Article 17 – paragraph 1
1. An administrator shall publish a procedure concerning the actions to be taken by the administrator in the event of changes to or the cessation of a benchmark. That information should be included in the code of conduct adopted under Article 9 of this Regulation.
Amendment 522 #
Proposal for a regulation
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1a. In the case of critical benchmarks, any change in methodology or data or in any other factor relating to the calculation of a benchmark must first be approved by the college of competent authorities.
Amendment 523 #
Proposal for a regulation
Article 17 – paragraph 1 b (new)
Article 17 – paragraph 1 b (new)
1b. An administrator who is considering ceasing production of a critical benchmark must notify the college of competent authorities of this, and also forward to it the relevant documentation justifying that decision. (a) the college may require that the benchmark continue to be provided, monitoring any potential losses of contributors as set out in Article 14, for a maximum period of six months. (b) by the end of that six month period, the college shall, where the conditions for that benchmark being ‘critical’ continue to exist, develop a contingency plan providing an alternative means of maintaining that benchmark or a means of producing an alternative benchmark:
Amendment 534 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. Where the supervised entity considers, on the basis of the assessment under paragraph 1, that the benchmark is not suitable for the consumer, the supervised entity shall warn the consumer in writing with reasons. Where a suitable alternative benchmark exists for the consumer, the supervised entity must offer the consumer use of that alternative benchmark for the financial contract concerned. Where no such benchmark exists, the supervised entity must not enter into any financial contract with the consumer.
Amendment 560 #
Proposal for a regulation
Article 21 – title
Article 21 – title
Registration of third country administrators
Amendment 569 #
Proposal for a regulation
Article 22 – title
Article 22 – title
Requirement for authorisationgistration of administrators and benchmarks
Amendment 570 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. An administrator shall apply for authorisation to provide benchmarks if it provides indicesof a benchmark which areis used or intended to be used to reference financial instruments or financial contracts or to measure the performance of an investment fund must be entered in the relevant register maintained by the competent authority.
Amendment 571 #
Proposal for a regulation
Article 22 – paragraph 1 a (new)
Article 22 – paragraph 1 a (new)
1a. Each competent national authority shall maintain an electronic-access public register listing all the administrators referred to in paragraph 1 and all the benchmarks which each of them have provided.
Amendment 572 #
Proposal for a regulation
Article 22 – paragraph 1 b (new)
Article 22 – paragraph 1 b (new)
1b. The administrator shall notify in the register maintained by the competent national authorities all the information attesting to fulfilment of the requirements set out in this Regulation: code of conduct, benchmark statement, etc.
Amendment 573 #
Proposal for a regulation
Article 22 – paragraph 1 c (new)
Article 22 – paragraph 1 c (new)
1c. ESMA shall consolidate all the national registers of administrators and benchmarks into one register, even when the information concerning fulfilment of the requirements of this Regulation is maintained in national registers where the benchmarks are not critical benchmarks.
Amendment 574 #
Proposal for a regulation
Article 22 – paragraph 2
Article 22 – paragraph 2
Amendment 575 #
Proposal for a regulation
Article 23 – title
Article 23 – title
Amendment 577 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. The administrator shall submit an application for authorisation to the competent authority of the Member State in which the administrator is located. Once a benchmark has been defined as critical, be this nationally or Europe-wide, and once the corresponding college of competent authorities has been established, that college shall be responsible for granting authorisation for the provision of that benchmark in line with its new legal status, after verifying that all the requirements have been fulfilled. Thus: (a) the administrator must notify the college of competent authorities of the legally-binding code of conduct drawn up pursuant to Article 9(2) with five days of the benchmark irreversibly being defined as critical. The administrator and the contributors shall have a transitional period of 30 calendar days in which to comply with the remaining additional requirements applicable to critical benchmarks. (b) at the end of that period, the college of competent authorities for the critical benchmark shall verify, within a further period of 30 calendar days, whether the benchmark provision process fulfils all the requirements set out in this Regulation. If it does, then authorisation shall be granted for provision of the critical benchmark. (c) If it does not, then the college of competent authorities shall notify the administrator and/or contributors of the errors detected and shall allow a further 15 days for their correction, granting the relevant authorisation where this is done. (d) If, finally, the college of competent authorities decides to refuse to grant authorisation for the provision of a critical benchmark which was already being provided without that status, the college shall draw up a contingency plan for minimising the impact of that benchmark not being provided: (1) the plan may provide for the issuing of a temporary permit of up to three months, during which period the benchmark may continue to be provided on the basis of the previous model, pending fulfilment of the relevant requirements for its authorisation as a critical benchmark. (2) Should the administrator and/or the contributors fail to fulfil the requirements for continuing to provide a benchmark defined as critical by the end of that period, the competent authority shall draw up a plan for provision of the benchmark to cease within a period of three months, and for the provision of an alternative benchmark to replace the previous one under more secure conditions.
Amendment 579 #
Proposal for a regulation
Article 23 – paragraph 1 a (new)
Article 23 – paragraph 1 a (new)
1a. The Commission shall be empowered to adopt delegated acts in accordance with Article 37 concerning measures to further specify information to be provided in the register, taking into account the principle of proportionality and the costs to the administrators and competent authorities.
Amendment 580 #
Proposal for a regulation
Article 23 – paragraph 2
Article 23 – paragraph 2
Amendment 582 #
Proposal for a regulation
Article 23 – paragraph 2 – point a
Article 23 – paragraph 2 – point a
Amendment 584 #
Proposal for a regulation
Article 23 – paragraph 2 – point b
Article 23 – paragraph 2 – point b
Amendment 586 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
Amendment 589 #
Proposal for a regulation
Article 23 – paragraph 4
Article 23 – paragraph 4
Amendment 592 #
Proposal for a regulation
Article 23 – paragraph 5
Article 23 – paragraph 5
Amendment 597 #
Proposal for a regulation
Article 23 – paragraph 6
Article 23 – paragraph 6
Amendment 599 #
Proposal for a regulation
Article 23 – paragraph 7
Article 23 – paragraph 7
Amendment 601 #
Proposal for a regulation
Article 24 – title
Article 24 – title
Withdrawal or suspension of authorisation for the provision of a critical benchmark
Amendment 604 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. The college of competent authority shallies may withdraw or suspend the authorisation of an administratorto provide a critical benchmark wheren the administrator:requirements under this Regulation no longer being fulfilled.
Amendment 605 #
Proposal for a regulation
Article 24 – paragraph 1 – point a
Article 24 – paragraph 1 – point a
Amendment 606 #
Proposal for a regulation
Article 24 – paragraph 1 – point b
Article 24 – paragraph 1 – point b
Amendment 608 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
Article 24 – paragraph 1 – point c
Amendment 610 #
Proposal for a regulation
Article 24 – paragraph 1 – point d
Article 24 – paragraph 1 – point d
Amendment 611 #
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
1a. Where instances of non-compliance by the administrator and/or the contributors are identified, the college of competent authorities must grant a period of no more than 30 calendar days for their correction, independently of any sanctions triggered by such non- compliance under Article 31.
Amendment 612 #
Proposal for a regulation
Article 24 – paragraph 1 b (new)
Article 24 – paragraph 1 b (new)
1b. Where the benchmark provision process continues without all the requirements being fulfilled (and independently of any sanctions triggered by such non-compliance under Article 31), the college of competent authorities shall adopt the procedure set out in paragraph 23(1)(d) for benchmarks which were already being provided but which after being defined as ‘critical’ did not fulfil the requirements for authorisation set out in this Regulation.
Amendment 613 #
Proposal for a regulation
Article 24 – paragraph 2
Article 24 – paragraph 2
Amendment 651 #
Proposal for a regulation
Article 31 – paragraph 1 – introductory part
Article 31 – paragraph 1 – introductory part
Amendment 661 #
Proposal for a regulation
Article 31 – paragraph 2 – point f – point 2 – point ii
Article 31 – paragraph 2 – point f – point 2 – point ii
ii) for breaches of points (b) and (c) of Articles 67(1), whichever is the higher of EUR250,000 or 2 % of its total annual turnover according to the last available accounts approved by the management body; where the legal person is a parent undertaking or a subsidiary of a parent undertaking which has to prepare consolidated financial accounts according to Directive 2013/34/EU, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income according to Directive 86/635/EC for banks and Directive 91/674/EC for insurance companies according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking or if the person is an association, 10% of the aggregate turnovers of its members.
Amendment 665 #
Proposal for a regulation
Article 31 – paragraph 4 a (new)
Article 31 – paragraph 4 a (new)
4a. In the case of critical benchmarks, where responsibility lies with a board of competent authorities chaired by ESMA, power to apply the sanctions set out in the previous paragraphs shall be determined by this college of competent authorities. (a) To allow unilateral decisions by the chair of the board of competent authorities where necessary, the European Union shall endow ESMA with the powers and funding necessary to implement at least the administrative measures and sanctions referred to in paragraph 5.
Amendment 678 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
Amendment 684 #
Proposal for a regulation
Article 34 – paragraph 5
Article 34 – paragraph 5
Amendment 686 #
Proposal for a regulation
Article 34 – paragraph 6 – subparagraph 1 – introductory part
Article 34 – paragraph 6 – subparagraph 1 – introductory part
Amendment 688 #
Proposal for a regulation
Article 34 – paragraph 6 – subparagraph 1 – point d
Article 34 – paragraph 6 – subparagraph 1 – point d
(d) the assistance to be provided under Article 14(3) in the enforcement of the measures referred to in Article14(1b) (a) and (b).
Amendment 690 #
Proposal for a regulation
Article 34 – paragraph 7
Article 34 – paragraph 7
Amendment 691 #
Proposal for a regulation
Article 34 – paragraph 8 – subparagraph 1
Article 34 – paragraph 8 – subparagraph 1
Amendment 692 #
Proposal for a regulation
Article 34 – paragraph 8 – subparagraph 2
Article 34 – paragraph 8 – subparagraph 2
Amendment 695 #
Proposal for a regulation
Article 34 – paragraph 9
Article 34 – paragraph 9
Amendment 701 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 1 – introductory part
Article 34 – paragraph 10 – subparagraph 1 – introductory part
Competent authorities other than ESMA may refer to ESMA any of the following situatmay appeal against the decision of ESMA within the college of competent authorities within 7 calendar days after the communication of the decision by the chair. ESMA shall review the decision in the light of documentation submitted by the appellant within 15 calendar days, after which it shall deliver a final and irrevocable decisions:.
Amendment 702 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 1 – point a
Article 34 – paragraph 10 – subparagraph 1 – point a
Amendment 703 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 1 – point b
Article 34 – paragraph 10 – subparagraph 1 – point b
Amendment 705 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 1 – point c
Article 34 – paragraph 10 – subparagraph 1 – point c
Amendment 706 #
Proposal for a regulation
Article 34 – paragraph 10 – subparagraph 1 – point d
Article 34 – paragraph 10 – subparagraph 1 – point d
Amendment 707 #
Proposal for a regulation
Article 34 – paragraph 10 a (new)
Article 34 – paragraph 10 a (new)
16a. With regard to a national critical benchmark, the college of competent authorities shall be chaired by the national competent authority. In addition, all final decisions otherwise taken by ESMA in the colleges of competent authorities shall be taken in this case by the competent national authority.
Amendment 711 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. The power to adopt delegated acts referred to in Articles 3(2), 5(3), 7(3), 9(3), 11(4), 12(3), 16(2), and 23(72) shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of this Regulation].
Amendment 713 #
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. The delegation of power referred to in Articles 3(2), 5(3), 7(3), 9(3), 11(4), 12(3), 16(2), and 23(72) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or on a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 714 #
Proposal for a regulation
Article 37 – paragraph 5
Article 37 – paragraph 5
5. A delegated act adopted pursuant to Articles 3(2), 5(3), 7(3), 9(3), 11(4), 12(3), 16(2), and 23(72) shall enter into force only if no objection has been expressed by either the European Parliament or the Council within a period of two 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 two months at the initiative of the European Parliament or of the Council.
Amendment 715 #
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. An administrator providing a benchmark on [the date of entry into force of this Regulation] shall apply for authorisation underits entry in the register accredited by the competent authority in accordance with Article 232 within [24 months after the date of application]90 calendar days.
Amendment 719 #
Proposal for a regulation
Article 39 – paragraph 1 a (new)
Article 39 – paragraph 1 a (new)
1a. The competent national authorities shall decide which of the registered benchmarks are to be considered 'critical'. These benchmarks shall be authorised in accordance with the provisions of Article 23. In any case, the national competent authorities and ESMA may initiate the process for classifying a benchmark as 'critical' even if it has not been registered within the period of 90 calendar days following entry into force of this Regulation.
Amendment 720 #
Proposal for a regulation
Article 39 – paragraph 1 b (new)
Article 39 – paragraph 1 b (new)
1b. During the process of regularisation, all benchmarks, whether critical or not, may be further developed under the previous model with a deadline for adaptation in accordance with Article 22 or Article 23, depending on the legal nature of the benchmark.
Amendment 721 #
Proposal for a regulation
Article 39 – paragraph 1 c (new)
Article 39 – paragraph 1 c (new)
1c. Where an existing non-critical benchmark does not meet the requirements of this Regulation, but changing that benchmark to conform with the requirements of this Regulation would result in a force majeure event, frustrate or otherwise breach the terms of any financial contract or financial instrument which references that benchmark, paragraph 5 of this Article shall apply.
Amendment 722 #
Proposal for a regulation
Article 39 – paragraph 2
Article 39 – paragraph 2
Amendment 723 #
Proposal for a regulation
Article 39 – paragraph 3
Article 39 – paragraph 3
Amendment 726 #
Proposal for a regulation
Article 39 – paragraph 4 a (new)
Article 39 – paragraph 4 a (new)
4a. If an existing critical benchmark does not meet requirements, the provisions of Article 23 shall apply.
Amendment 745 #
Proposal for a regulation
Annex I – section A – part II – point 10 – introductory part
Annex I – section A – part II – point 10 – introductory part
10. The oversight function of the critical benchmarks shall be one of the following:
Amendment 747 #
Proposal for a regulation
Annex I – section A – part II – point 10 – point c
Annex I – section A – part II – point 10 – point c
Amendment 749 #
Proposal for a regulation
Annex I – section A – part II – point 10 a (new)
Annex I – section A – part II – point 10 a (new)
10a. The oversight function of the non- critical benchmarks shall be one of the following: (a) the function of an oversight officer carried out by a natural person. Oversight officers must not be involved in the provision of any benchmark they oversee.
Amendment 770 #
Proposal for a regulation
Annex I – section C – part III – point 5 a (new)
Annex I – section C – part III – point 5 a (new)
5a. Regarding critical benchmarks, the administrator shall notify the college of competent authorities (defined in Article 34 of this Regulation) of any change in benchmark formulation methods. The college shall have 30 calendar days to approve the change.
Amendment 778 #
Proposal for a regulation
Annex II – point 6
Annex II – point 6