Activities of Werner LANGEN related to 2017/0090(COD)
Plenary speeches (3)
Clearing obligation, reporting requirements and risk-mitigation techniques for OTC derivatives and trade repositories (A8-0181/2018 - Werner Langen) (vote) DE
Clearing obligation, reporting requirements, risk-mitigation techniques and trade repositories (debate) DE
Clearing obligation, reporting requirements, risk-mitigation techniques and trade repositories (debate) DE
Reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council 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 derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories PDF (671 KB) DOC (97 KB)
Amendments (9)
Amendment 42 #
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8a) Ensuring that the clearing obligation reduces systemic risk requires a process of identification of classes of derivatives that should be subject to that obligation. That process should take into account the fact that not all CCP-cleared OTC derivative contracts can be considered suitable for mandatory CCP clearing. OTC derivatives which are concluded as part of a risk reduction service, such as portfolio compression and other non price forming post - trade risk reduction services that reduce non-market risks in derivatives portfolios without changing the market risk of the portfolios in order to reduce the risk in OTC derivatives not cleared by a CCP, should not be subject to the clearing obligation.
Amendment 86 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point -a (new)
Article 1 – paragraph 1 – point 2 – point -a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 – introductory part
Article 4 – paragraph 1 – introductory part
Amendment 90 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 – point b a (new)
Article 1 – paragraph 1 – point 2 – point b a (new)
Regulation (EU) No 648/2012
Article 4 – paragraph 1 a (new)
Article 4 – paragraph 1 a (new)
(ba) the following paragraph 1a is inserted: ‘1a. ESMA shall develop draft regulatory technical standards to specify the types of OTC derivatives contracts for each type of post-trade risk reduction service that should be exempt from the clearing obligation, taking into account in particular the extent to which they mitigate risks, in particular counter party credit risk and operational risk. ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months following entry into force of this amending Regulation]. The Commission is empowered to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) 1095/2010.’
Amendment 151 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) No 648/2012
Article 6b – paragraph 6 a (new)
Article 6b – paragraph 6 a (new)
6a. The implementing act suspending the clearing obligation for specific classes of OTC derivatives referred to in paragraph 3 shall also trigger a suspension of the trading obligation laid down in Article 28(1) and (2) of Regulation (EU) No 600/2014 for the same classes of OTC derivatives subject to this suspension of the clearing obligation. The suspension of that trading obligation shall be extended in line with any extension of the clearing obligation suspension under paragraph 6. When the clearing obligation suspension expires, this shall also trigger the expiry of the trading obligation suspension.
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point a
Article 1 – paragraph 1 – point 7 – point a
Regulation (EU) No 648/2012
article 9 – paragraph 1 – subparagraph 3
article 9 – paragraph 1 – subparagraph 3
The reporting obligation shall not apply to intragroup transactions referred to in Article 3 where: (a) one of the counterparties is a non- financial counterparty.; or (b) one of the counterparties is established in a third country and would be a non- financial counterparty if it were established in the Union.
Amendment 174 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point b
Article 1 – paragraph 1 – point 7 – point b
Regulation (EU) No 648/2012
Article 9 – paragraph 1a – subparagraph 2 a (new)
Article 9 – paragraph 1a – subparagraph 2 a (new)
For the purpose of point (b), to ensure that the financial counterparty has all data needed to fulfil the reporting obligation set out in that point, the non- financial counterparty shall provide to the financial counterparty the details, which the financial counterparty cannot be reasonably expected to possess, relating to the OTC derivative contracts concluded between them.
Amendment 178 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 648/2012
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
A non-financial counterparty taking positions in OTC derivative contracts shallmay calculate, annually, its aggregate month- end average position for the months March, April and May in accordance with paragraph 3.
Amendment 258 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point c a (new)
Article 1 – paragraph 1 – point 19 – point c a (new)
Regulation (EU) No 648/2012
Article 85 – paragraph 5 a (new)
Article 85 – paragraph 5 a (new)
(ca) paragraph 5a is inserted: 5a. By 12 months after entry into force of this amending Regulation, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council assessing whether the alignment of the changes made to the clearing obligation for derivatives, in particular the scope of entities subject to the clearing obligation as well as the suspension mechanism, with the provisions for the trading obligation for derivatives in Regulation No 600/2014 is functioning.
Amendment 267 #
Proposal for a regulation
Article 1 a (new)
Article 1 a (new)
Regulation (EU) No 600/2014
Article 28 – paragraph 1
Article 28 – paragraph 1
Article 1a Article 28(1) of Regulation (EU)No 600/2014 is replaced by the following: 1. Financial counterparties as defined in Article 2(8) of Regulation (EU) No 648/2012 that are subject to the clearing obligation pursuant to Article 4a of that Regulation and non-financial counterparties that meet the conditions referred to in Article 10(1)(b) thereof shall conclude transactions which are neither intragroup transactions as defined in Article 3 of that Regulation nor transactions covered by the transitional provisions in Article 89 of that Regulation with other such financial counterparties or other such non-financial counterparties that meet the conditions referred to in Article 10(1)(b) of Regulation (EU) No 648/2012 in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 32 and listed in the register referred to in Article 34 only on: (a) regulated markets; (b) MTFs; (c) OTFs; or (d) third-country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides for an effective equivalent system for the recognition of trading venues authorised under Directive 2014/65/EU to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non-exclusive basis. Non-financial counterparties that meet the conditions referred to in Article 10(1)(b) of Regulation (EU) No 648/2012 shall only be subject to the obligation to trade on regulated markets, MTFs or OTFs in relation to the transactions in asset classes to which they are subject to a clearing obligation under that Regulation.