[ParlTrack]

Proposal for a regulation
Recital 9 a (new)

(9a) Any PTRR exemption should not circumvent the clearing obligation, and should only become applicable for still outstanding positions that were already outstanding when the clearing obligation entered into force. It is further to be clarified which entities are to be allowed to provide PTRR services.

2023/07/07
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Recital 14

(14) Macroprudential supervision is not restricted to transactions between financial counterparties, but also requires monitoring of exposures between financial and non-financial counterparties belonging to the same consolidation. Regulation (EU) 2019/834 of the European Parliament and of the Council34 amended Regulation (EU) No 648/2012 to introduce, inter alia, an exemption from reporting requirements for OTC derivative transactions between counterparties within a group, where at least one of the counterparties is a non- financial counterparty. That exemption has been introduced because intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative transactions and are used primarily for internal hedging within groups. As such, those transactions do not significantly contribute to systemic risk and interconnectedness with the rest of the financial system. The exemption for those transactions from reporting requirements has, however, limited the ability of ESMA, the ESRB and other authorities to clearly identify and assess the risks taken by non- financial counterparties. To ensure more visibility on intragroup transactions, considering their potential interconnectedness with the rest of the financial system and taking into account recent market developments, in particular strains on energy markets as a result of Russia’s unprovoked and unjustified aggression against Ukraine, that exemption should be removed both for existing and for new intragroup transactions. __________________ 34 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42).

2023/07/07
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 32

Regulation (EU) No 648/2012
Article 44 – paragraph 1 – subparagraph 2

(32) in Article 44(1), the second subparagraph is replaced by the following : ‘ A CCP shall measure, on a daily basis, its potential liquidity needs. It shall take into account the liquidity risk generated by the default of at least the two entities, including clearing members or liquidity providers, to which it has the largest exposures.; ’deleted

2023/07/07
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 33 – point a

Regulation (EU) No 648/2012
Article 46 – paragraph 1

(a) paragraph 1 is replaced by the following: ‘ 1. collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. A CCP may accept public guarantees or public bank or commercial bank guarantees, provided that they are unconditionally available upon request within the liquidation period referred to in Article 41. Where bank guarantees are provided to a CCP, that CCP shall take them into account when calculating its exposure to the bank that is also a clearing member. The CCP shall apply adequate haircuts to asset values and guarantees to reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts. When revising the level of the haircuts it applies to the assets it accepts as collateral, the CCP shall take into account any potential procyclicality effects of such revisions.; ’deleted A CCP shall accept highly liquid

2023/07/07
Committee: ECON

Johan VAN OVERTVELDT

Proposal for a regulation
Article 1 – paragraph 1 – point 34 – point b

Regulation (EU) No 648/2012
Article 49 – paragraph 1 g – point g

(g) any other change to the models that could have a material effect on the overall risk of the CCP or for its clearing members and clients.

2023/07/07
Committee: ECON

5 Amendments of Johan VAN OVERTVELDT related to 2022/0403(COD)

ParlTrack - 2011-2024