12 Amendments of Caroline NAGTEGAAL related to 2017/0090(COD)
Amendment 71 #
Proposal for a regulation
Recital 24
Recital 24
(24) Regulation (EU) No 648/2012 establishes that the clearing obligation should not apply to pension scheme arrangements (PSAs) until a suitable technical solution is developed by CCPs for the transfer of non-cash collateral as variation margins. As no viable solution facilitating PSAs to centrally clear has been developed so far, that temporary derogation should be extended to apply for a further three years. Central clearing should however remain the ultimate aim considering that current regulatory and market developments enable market participants to develop suitable technical solutions within that time period. With the assistance of ESMA, EBA, the European Insurance and Occupational Pensions Authority (‘EIOPA’) and ESRB, the Commission should monitor the progress made by CCPs, clearing members and PSAs towards viable solutions facilitating the participation of PSAs in central clearing and prepare a report on that progress. That report should also cover the solutions and the related costs for PSAs, thereby taking into account regulatory and market developments such as changes to the type of financial counterparty that is subject to the clearing obligation. In order to cater for developments not foreseen at the time of adoption of The Commission should be empowered to extend that derogation for additional two years, if it considers that a solution is withisn regulation, the Commission should be empowered to extend that derogation for additional two years, after having carefully assessed the need for such an extensionach of the stakeholders. The exemption should be continuous from the date of entry into force of Regulation (EU) No 648/2012 and should also apply retrospectively to all OTC derivative contracts executed after 16 August 2018 and before the date of entry into force of this Regulation, if later.
Amendment 78 #
Proposal for a regulation
Article 1 – paragraph 1 – point -1 (new)
Article 1 – paragraph 1 – point -1 (new)
Regulation (EU) No 648/2012
Article 1 – paragraph 4
Article 1 – paragraph 4
(-1) In Article 1, paragraph 4 is replaced by the following: "4. This Regulation shall not apply to: (a)the members of the ESCB and other central banks and Member States’' bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt; (b) the Bank for International Settlements.; (c) the centralmultilateral development banks, and public bodies charged with or intervening in the management of the public debt in the following countries: (i) Japan; (ii) United States of America; (iii) Australia; (iv) Canada; (v) Hong Kong; (vi) Mexico; (vii) Singapore; (viii) Switzerland. s listed in Article 117(2) of Regulation (EU) No 575/2013." Or. en (http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32012R0648)
Amendment 89 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Regulation (EU) No 648/2012
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
‘(b) they are entered into or novated either: (i) on, or after, the date from which the clearing obligation takes effect; or (ii) on, or after, the date from which both counterparties meet the criteria set out in paragraph (a).’;
Amendment 138 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 1 a (new)
Article 6b – paragraph 1 a (new)
1a. Under the conditions laid down in paragraph 1, competent authorities may request that ESMA submits a suspension request to the Commission. Where competent authorities request that ESMA submits a suspension request, they shall provide reasons and submit evidence that at least one of the conditions laid down in the first subparagraph of paragraph 1 is fulfilled. ESMA shall, within 48 hours of the request referred to in the first subparagraph and based on the reasons and evidence provided by the competent authority, either request that the Commission suspend the clearing obligation referred to in Article 4(1), or reject the request. Where ESMA rejects the request, it shall provide reasons in writing to the competent authority concerned and maintain a record of the request.
Amendment 140 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 2
Article 6b – paragraph 2
2. The requests referred to in paragraph 1 and paragraph 1a shall not be made public.
Amendment 143 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 3
Article 6b – paragraph 3
3. The Commission shall, within 48 hours of the request referred to in paragraph 1 and based on the reasons and evidence provided by ESMA, either suspend the clearing obligation for the specific class of OTC derivative or for the specific type of counterparty referred to in paragraph 1, or reject the requested suspension. Where the Commission rejects the request made by ESMA, it shall provide reasons in writing and maintain a record of the request.
Amendment 241 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 1
Article 85 – paragraph 2 – subparagraph 1
By [PO please add date of entry into force + 2 years... [one year following the date of entry into force of this amending Regulation] and every year thereafter until ... [three years following the date of entry into force of this amending Regulation], the Commission shall prepare a report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those technical solutions.
Amendment 243 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 1
Article 85 – paragraph 2 – subparagraph 1
By [PO please add date of entry into force of this amending Regulation + 2 years], the Commission shall prepare a report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those technical solutions. The report shall, if appropriate, be accompanied by a legislative proposal establishing rules for the equal treatment of high-quality government bonds collateral compared to cash collateral posted as variation margins.
Amendment 246 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 2 – introductory part
Article 85 – paragraph 2 – subparagraph 2 – introductory part
ESMA shall, by [PO please add date of entry into force + 18 months... [six months following the date of entry into force of this amending Regulation], and every year thereafter until ... [three years following the date of entry into force of this amending Regulation], in cooperation with EIOPA, EBA and the ESRB, submit a report to the Commission, assessing the following:
Amendment 248 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 3
Article 85 – paragraph 2 – subparagraph 3
Amendment 255 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c
Article 1 – paragraph 1 – point 19 – point c
Regulation (EU) No 648/2012
Article 85 – paragraph 3
Article 85 – paragraph 3
3. By [PO please add 6 months before the date referred to in paragraph 1] ESMA shall report to the Commission on the following: (a) whether viable technical solutions have been developed that facilitate the participaAfter the three-year period referred to in Article 89(1) the Commission shall: (a) submit a proposal for a binding solution oif PSAs in central clearing and the impact of those solutions on the level of central clearing by PSAs, taking into account the report referred to in paragraph 2; (b) the impact of this Regulation on the level of clearing by non-financial counterparties and the distribution of clearing within the non-financial counterparty class, especially with regard to the appropriateness of the clearing thresholds referred to in Article 10(4); (c) the impact of this Regulation on the level of clearing by financial counterparties other thit considers that no solution has been found by stakeholders; (b) adopt a delegated act in accordance with Article 82 to extend the three-year period referred to in Article 89(1) once, by two years, if it considers that a solution is within reach of the stakeholders and those subject to Article 4a(2) and the distribution of clearing within that financial counterparty class, especially with regard to the appropriateness of the clearing thresholds referred to in Article 10(4); (d) transaction data reported to trade repositories, the accessibility of those data and the quality of the information received from trade repositories in accordance with Article 81; (e) counterparties.;at additional time is needed for its finalization; (c) let the exemption lapse, while encouraging stakeholders to implement their solution beforehand if it considers that a solution has been found. the improvement of the quality of the accessibility of clearing by
Amendment 272 #
Proposal for a regulation
Article 2 – paragraph 2 a (new)
Article 2 – paragraph 2 a (new)
If this Regulation enters into force after 16 August 2018, then Article 89(1) shall apply retrospectively to all OTC derivative contracts executed by PSAs after 16 August 2018 and before the date of entry into force of this Regulation.