Activities of Werner LANGEN related to 2011/0296(COD)
Plenary speeches (2)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
Amendments (36)
Amendment 1 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours. This publication obligation does not apply to derivative transactions of non-financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 2 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real-time as is technically possible. This publication obligation does not apply to derivative transactions of non-financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 3 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are admitted to trading onsubject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 when the following conditions are fulfilled:
Amendment 4 #
Proposal for a regulation
Article 17 – paragraph 5 – subparagraph 1 a (new)
Article 17 – paragraph 5 – subparagraph 1 a (new)
This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 5 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading subject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 6 #
Proposal for a regulation
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2a. The trading obligation shall not apply to wholesale energy products which are subject to appropriate monitoring by the competent prudential-supervision authorities as defined in Regulation (EU) No 2011/1227 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency.
Amendment 9 #
Proposal for a regulation
Article 46 – paragraph 2 a (new)
Article 46 – paragraph 2 a (new)
2a. For persons whose main business consists of dealing on own account in commodities and/or commodity derivatives, the Regulation shall apply in full only from ...*. Where the persons that deal on own account in commodities and/or commodity derivatives are part of a group the main business of which is the provision of investment services under Directive 2004/39/EG or banking services under Directive 2000/12/EG, the Regulation shall apply in accordance with paragraph 2. __________ * OJ: Please enter date two years on from the date of entry into force of this regulation.
Amendment 136 #
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OMTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, a systematic internaliser should not be allowed to bIn the case of stock markets, these criteria should be determined for individual shares; in the case of non-stock markets, they should be determined for each asset class. The introduction of quantitative criteria should help to assess whether the activities play an essential economic role as a systematic internaliser of an undertaking for the institution itself or the market by considering togeither third partye relevant share in the buysing and selling interestess of the undertaking itself or the share in the trading activities per individual share or an asset class other than shares.
Amendment 149 #
Proposal for a regulation
Recital 18
Recital 18
(18) It is appropriate to ensure that as much trading as possible which occurs outside regulated execution venues takes place in organised systems to which appropriate transparency requirements apply. It is not the intention of this Regulation to require the application of pre-trade transparency rules to OTC transactions carried out on an OTC basisinvolving primary issuance, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser instruments are bespoke and designed for the specific requirements of wholesale financial or non-financial counterparties. It has to be kept in mind that firms whose main business is producing and/or supplying a commodity and which trade on own account in commodity derivatives as an ancillary activity are already subject to tailor-made regulatory oversight and to regulatory reporting obligations specifically to spot and physical forward transactions by virtue of Regulation 2011/1227/EC (REMIT) and are subject to regulatory reporting obligations in respect of standard derivative transactions and regulatory oversight by virtue of Regulation [ ] (EMIR).
Amendment 169 #
Proposal for a regulation
Recital 32
Recital 32
Amendment 173 #
Proposal for a regulation
Recital 33
Recital 33
Amendment 292 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2 a. The arrangements regulated markets and investment firms and market operators operating an MTF employ for making public the information under paragraph 1 shall conform to the regulatory requirements of an APA.
Amendment 316 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 370 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make public the price, volume and time of the transactions executed in respect of bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTFwhich are subject to the trading obligations as referred to in Article 24. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make details of all such transactions public as close to real- time as is technically possible. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 422 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are admitted to trading subject to the trading obligations as referred to in Article 24 when the following conditions a regulated market or are traded on an MTF or an OTF when the following conditions are fulfilled: fulfilled: This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 474 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading subject to the trading obligations as regulated market or are traded on an MTF or an OTFferred to in Article 24 shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA. This publication obligation does not apply to such derivative transactions of non- financial counterparties which reduce the objectively measurable risks that are directly related to the business activity or the business financing of this counterparty.
Amendment 522 #
Proposal for a regulation
Article 24 – title
Article 24 – title
Obligation to trade on regulated markets, or MTFs or OTFs(This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 529 #
Proposal for a regulation
Article 24 – paragraph 1 – point c
Article 24 – paragraph 1 – point c
Amendment 538 #
Proposal for a regulation
Article 24 – paragraph 2 a (new)
Article 24 – paragraph 2 a (new)
2a. The obligation defined in paragraph 1 should not apply to wholesale trading in energy products which is subject to appropriate supervision by the competent supervisory authority as defined in Regulation (EU) No 1227/2011 (REMIT).
Amendment 543 #
Proposal for a regulation
Article 24 – paragraph 5 a (new)
Article 24 – paragraph 5 a (new)
5 a. The obligation to trade on regulated markets and MTFs shall be in place by 1st January 2014. All technical standards and delegated acts related to it should be completed in due time so that the obligation to trade can be effected by that date.
Amendment 544 #
Proposal for a regulation
Article 24 a (new)
Article 24 a (new)
Amendment 556 #
Proposal for a regulation
Article 26 – paragraph 2 – point a
Article 26 – paragraph 2 – point a
(a) the class of derivatives or a relevant subset thereof has to be admitted to trading or traded on at least one regulated market, MTF or O or on an MTF referred to in Article 24(1), and
Amendment 562 #
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid to trade only on the venues referred to in Article 24(1).; and
Amendment 563 #
Proposal for a regulation
Article 26 – paragraph 2 – point b a (new)
Article 26 – paragraph 2 – point b a (new)
(ba) effective risk management is facilitated by non-financial counterparties with OTC derivatives which are not subject to the clearing obligation pursuant to Article [7/10] of Regulation [ ] (EMIR); and
Amendment 564 #
Proposal for a regulation
Article 26 – paragraph 2 – point b b (new)
Article 26 – paragraph 2 – point b b (new)
(b b) the class of derivatives or a relevant subset thereof shall be subject to the clearing obligation as indicated in Article 4 paragraphs 2 and 4 of Regulation [ ] (EMIR);
Amendment 578 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
(ca) the characteristics of the derivative, particularly whether they are tailored to particular needs or whether they serve hedging purposes as defined by ESMA/the EU Commission in regulation (EMIR).
Amendment 600 #
Proposal for a regulation
Article 28
Article 28
Amendment 623 #
Proposal for a regulation
Article 29
Article 29
Amendment 659 #
Proposal for a regulation
Article 30
Article 30
Amendment 686 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – point b
Article 31 – paragraph 1 – subparagraph 1 – point b
(b) a type of financial activity or practice. Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management shall be excepted from the prohibitions and restrictions provided for by this article.
Amendment 689 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2 a (new)
Article 31 – paragraph 1 – subparagraph 2 a (new)
The power granted by paragraph 1 shall not apply to derivatives of a non-financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
Amendment 704 #
Proposal for a regulation
Article 32 – paragraph 1 – subparagraph 1 a (new)
Article 32 – paragraph 1 – subparagraph 1 a (new)
The power granted by paragraph 1 shall not apply to derivatives of a non-financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
Amendment 711 #
Proposal for a regulation
Article 32 – paragraph 2 – subparagraph 1 – point e
Article 32 – paragraph 2 – subparagraph 1 – point e
(e) the action does not have a discriminatory effect on services or activities provided from another Member State. Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management pursuant to Article [10] of Regulation […] (EMIR) shall be excepted from the prohibitions and restrictions provided for by this article.
Amendment 739 #
Proposal for a regulation
Article 35 – paragraph 1 – point c a (new)
Article 35 – paragraph 1 – point c a (new)
(ca) Derivatives transactions entered into by non-financial undertakings which reduce in an objectively measurable manner risks directly associated with their business activity or liquidity management and financial management pursuant to Article [10] of Regulation […] (EMIR) shall be excepted from the measures provided for by this article.
Amendment 741 #
Proposal for a regulation
Article 35 – paragraph 1 – subparagraph 1 a (new)
Article 35 – paragraph 1 – subparagraph 1 a (new)
The power granted by paragraph 1(b) and (c) shall not apply to derivatives of a non- financial counterparty which reduce in an objectively measurable manner risks directly associated with the business activity or business financing of this counterparty or of non-financial counterparties belonging to its group of undertakings.
Amendment 824 #
Proposal for a regulation
Article 46 – paragraph 3 a (new)
Article 46 – paragraph 3 a (new)
3a. In relation to persons who were previously excluded pursuant to Article 2(1)(k) of Directive 2004/39/EC, this Regulation shall enter into force [two years after the entry into force of the Regulation].