15 Amendments of Werner LANGEN related to 2013/0306(COD)
Amendment 119 #
Proposal for a regulation
Recital 22
Recital 22
(22) Money market instruments are transferable instruments normally dealt in on the money market, as treasury and local authority bills, certificates of deposits, commercial papers, certain types of high quality asset backed securities, bankers' acceptances or medium- or short-term notes. They should be eligible for investment by MMFs only insofar as they comply with maturity limits or in the case of asset backed securities are eligible as high quality assets according to the liquidity rules in part six of Regulation (EU) No 575/2013 and are considered by the MMF to be of high credit quality.
Amendment 126 #
Proposal for a regulation
Recital 23
Recital 23
(23) ACertain asset Bbacked Commercial Papers (ABCPs)securities that are of major significance for the real economy should be considered eligible money market instruments to the extent that they arespect additional requirements. Due to the fact that dur eligible as high quality liquid assets according to the liquidity rules in part six of Regulation (EU) No 575/2013, specified ing the crisis certain securitisations were particularly unstable, it is necessary to impose maturity limits and quality criteria on the underlying assets. Not all categories of underlying assets should be eligible because some were more confrontedCommission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013. This shall apply for qualified high quality liquid asset backed securities comprising one of the following subcategories of securitised underlying assets as referred to in Article 13, para. 2 (g) in point (iii) or (iv) of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013, namely auto loans and/or auto leases to borrowers or lessees established or resident in a Member State as referred to in point (iv) or commercial loans, leases or credit facilities to undertakings established in a Member State to finstabilityance capital expenditures or business operations other than others. For this reason the underlying assets should be exclusively composed of short-term debt instruments that have been issued by corporates in the course of their business activity, such as trade receivables. Instruments such as auto loans and leases, equipment leases, consumer loans, residential mortgage loans, credit card receivables or any other type of instrument linked to the acquisition or financing of services or goods by consumers should not be eligible. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions and circumstances under which the underlying exposure or pool of exposures is considered to exclusively consist of corporate debt and the conditions and numerical thresholds determining when corporate debt is of high credit quality and liquid. acquisition or the development of commercial real estate as referred to in point (iii). The reference to certain subcategories of securitised underlying assets as referred to in the delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 is important to ensure a uniform definition of eligible underlying securitised assets for the purpose of the liquidity regulations for credit institutions and this regulation which in turn is of importance for the liquidity of such instruments to avoid impediments to real economy securitisations. Asset Backed Commercial Papers (ABCPs) should be considered eligible money market instruments to the extent that they respect additional requirements. Due to the fact that during the crisis certain securitisations were particularly unstable, it is necessary to impose quality criteria on the underlying assets. ESMA should be entrusted with drafting regulatory technical standards to be submitted for endorsement by the Commission with regard to the conditions determining when debt is of high credit quality.
Amendment 235 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) "high quality liquid asset backed security" means a qualified asset-backed security referred to in Article 12, para. 1(a) meeting the requirements laid down in Article 13 of the Commission delegated regulation (EU) No ... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013 defined for a uniform specification to be eligible transferable assets of high liquidity and credit quality according to Article 416, para. 1(d) of Regulation (EU) No 575/2013;
Amendment 297 #
Proposal for a regulation
Article 9 – paragraph 1 – point b – point ii a (new)
Article 9 – paragraph 1 – point b – point ii a (new)
(iia) it is eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 304 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Standard MMFs shall be allowed to invest in a money market instrument that undergoes regular yield adjustments in line with money market conditions every 397 days or on a more frequent basis while either not having a residual maturity exceeding 2 years or being eligible as high quality liquid asset backed security referred to in Article 2, paragraph 7(a).
Amendment 306 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Amendment 321 #
Proposal for a regulation
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1 a. High quality liquid asset backed securities referred to in Article 2, paragraph 7 (a) shall be considered eligible provided that the underlying securitized assets consist of assets as referred to in Article 13, paragraph 2 (g) point (iii) or (iv) of Commission delegated regulation (EU) No... to supplement Regulation (EU) 575/2013 with regard to liquidity coverage requirement for Credit Institutions based on Article 460 of Regulation (EU) No 575/2013.
Amendment 322 #
Proposal for a regulation
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1 b. Asset Backed Commercial Papers shall be considered as eligible provided that they are liquid and that the underlying exposures are of high credit quality.
Amendment 325 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – introductory part
Article 10 – paragraph 2 – subparagraph 1 – introductory part
For the purpose of a consistent application of paragraph 1, ESMA shall develop draft regulatory technical standards specifying: conditions determining when asset backed commercial papers are liquid and when the underlying debt is of high credit quality.
Amendment 326 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point a
Article 10 – paragraph 2 – subparagraph 1 – point a
Amendment 330 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 – point b
Article 10 – paragraph 2 – subparagraph 1 – point b
Amendment 360 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
(1) A MMF shall invest no more than 510% of its assets in any of the following:
Amendment 365 #
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
Amendment 376 #
Proposal for a regulation
Article 14 – paragraph 5 – introductory part
Article 14 – paragraph 5 – introductory part
(5) Notwithstanding the individual limits laid down in paragraphs 1 and 3, a MMF shall not combine, where this would lead to investment of more than 105% of its assets in a single body, any of the following:
Amendment 391 #
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
(1) A MMF may not holdacquire more than 10% of the money market instruments issued by a single body.