Activities of Miguel VIEGAS related to 2013/0314(COD)
Plenary speeches (2)
Indices used as benchmarks in financial instruments and financial contracts (A8-0131/2015 - Cora van Nieuwenhuizen) PT
Indices used as benchmarks in financial instruments and financial contracts (A8-0131/2015 - Cora van Nieuwenhuizen) PT
Amendments (9)
Amendment 251 #
Proposal for a regulation
Recital 8
Recital 8
(8) The scope of this Regulation should be as broad as necessary to create a preventive regulatory framework. The production of benchmarks involves discretion in their determination and is inherently subject to certain types of conflicts of interest, which implies the existence of opportunities and incentives to manipulate those benchmarks. These risk factors are common to all benchmarks, and all of them should be made subject to adequate governance and control requirements. The degree of risk, however, is variable, and the approach adopted in each case should therefore invariably be tailored to the particular circumstances. Since the vulnerability and importance of a benchmark varies over time, restricting the scope by reference to currently important or vulnerable indices would not address the risks that any benchmark may pose in the future. In particular, benchmarks that are currently not widely used may be so used in the future, so that, in their regard, even a minor manipulation may have significant impact.
Amendment 252 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9a) Physical commodities present unique characteristics which must be taken into account in order to avoid undermining the integrity of commodity benchmarks and ensure the existing transparency in the commodity market. Accordingly Annex III of this Regulation reflects the principles developed for commodities benchmarks by IOSCO, the International Energy Agency and the International Energy Forum specially designed to apply to all commodity benchmarks within this Regulation.
Amendment 260 #
Proposal for a regulation
Recital 27
Recital 27
(27) Many benchmarks are determined from input data that is provided by regulated venues, energy exchanges and emission allowance auctions. These venues are subject to regulation and supervision that ensures the integrity of the input data, provides for governance requirements and procedures for the notification of breaches. Therefore these benchmarks are released from certain obligations in order to avoid dual regulation and because their supervision ensures the integrity of the input data used. Many benchmarks, however, are based on data contributions from outside entities which are not necessarily termed APAs, ARMs, or CTPs within the meaning of MiFID 2. The fact of using such data, provided that they have been obtained directly from market observation, should not serve to exclude the benchmarks concerned from the scope of this Regulation.
Amendment 276 #
Proposal for a regulation
Recital 35 a (new)
Recital 35 a (new)
(35a) This Regulation also establishes a recognition system allowing benchmark administrators located in a third country to supply their benchmarks in the Union, provided that these conform to the requirements set out in this Regulation or to internationally agreed IOSCO principles, and that effective cooperation arrangements exist with their home- country supervisors.
Amendment 281 #
Proposal for a regulation
Recital 41
Recital 41
(41) This Regulation respects the fundamental rights and observes the principles recognised in the Treaty on the Functioning of the European Union (TFEU) and in the Charter of Fundamental Rights of the European Union, in particular the right to respect for private and family, the protection of personal data, the right to freedom of expression and information, the freedom to conduct a business, the right to property, the right to consumer protection, the right to an effective remedy, the right of defence. ThereforeAccordingly,, this Regulation should be interpreted and applied in accordance with those rights and principles. Notably, when this Regulation refers to rules governing the freedom of expression in other media and the rules or codes governing the journalist professions, consideration should be given to these freedoms as they are guaranteed in the Union as in the Member States and as recognised under Article 11 of the Charter of Fundamental Rights and other relevant provisions.
Amendment 305 #
Proposal for a regulation
Article 2 – paragraph 2 – point b a (new)
Article 2 – paragraph 2 – point b a (new)
(ba) commodity benchmarks which comply with the IOSCO Principles of 5 October 2012 for Oil Price Reporting Agencies or the IOSCO Principles of 17 July 2013 for Financial Benchmarks, until such time as ESMA, on the basis of the review of the IOSCO Principles for Oil Price Reporting Agencies, and of Annex III of this Regulation, has determined whether and how commodity benchmarks can be encompassed within the scope of this Regulation or whether they should be governed by their own rules.
Amendment 339 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11
Article 3 – paragraph 1 – point 11
(11) ‘regulated data’ means input data that is contributed directly from a trading venue as defined in point (25) of paragraph 1 of Article 2 of [MIFIR] or approved publication arrangement as defined in point (18) of paragraph 1 of Article 2 of [MIFIR] or an approved reporting arrangement as defined in point (20) of paragraph 1 of Article 2 of [MIFIR] in accordance with mandatory post -trade data requirements or an electricity exchange as referred to in point (j) of paragraph 1 of Article 37 of Directive 2009/72/EC19 or a natural gas exchange as referred to in point (j) of paragraph 1 of Article 41 of Directive 2009/73/EC20 or an auction platform referred to in Article 26 or in Article 30 of Regulation (EU) No 1031/2010 of the European Parliament and of the Council, or data contributed by third countries or groupings of third countries or other competent public authorities under the technical conditions set out above; __________________ 19 OJ L 211, 14.8.2009 p. 55. 20 OJ L 9, 14.8.2009 p. 112.
Amendment 413 #
Proposal for a regulation
Article 9 – paragraph 3 – subparagraph 2
Article 9 – paragraph 3 – subparagraph 2
The Commission shall take into account the different characteristics of benchmarks and contributors, notably in terms of differences in input data and methodologies, whether the contributors are voluntary, the risks of input data being manipulated and international convergence of supervisory practices in relation to benchmarks. of this regulation. ESMA shall provide guidelines, after close consultation with ACER, with regard to applicability of legally binding codes of conduct in particular with regard to non-regulated entities and price reporting agencies within the EU.
Amendment 554 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013; and with the IOSCO Principles for Oil Price Reporting Agencies, published on 5 October 2012, and with the IOSCO Principles for the Regulation and Supervision of Commodity Derivative Markets published on 15 September 2011, when oil or commodity benchmarks are involved; and