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4 Amendments of Jessica POLFJÄRD related to 2022/0403(COD)

Amendment 210 #
Isabel BENJUMEA BENJUMEA, Lídia PEREIRA, José Manuel GARCÍA-MARGALLO Y MARFIL, Jessica POLFJÄRD, Frances FITZGERALD, Christophe HANSEN
Proposal for a regulation
Recital 11
(11) It is necessary to ensure that the calibration of the level of the clearing activity to be maintained in accounts at Union CCPs can be adapted to changing circumstances. ESMA has an important role in the assessment of the substantial systemic importance of third-country CCPs and their clearing services. ESMA, in cooperation with the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the ESRB, and after having consulted the European System of Central Banks (ESCB), should therefore develop draft regulatory technical standards specifying the details of the level of substantially systemic clearing services to be maintained in the active accounts in Union CCPs by financial and non-financial counterparties subject to the clearing obligation. Such calibration should not go beyond what is necessary and proportionate to reduce clearing in the identified clearing services at Tier 2 CCPs concerned. In that regard, ESMA should consider the costs, risks and the burden such calibration entails for financial and non-financial counterparties, the impact on their competitiveness, and the risk that those costs are passed on to non-financial firms. Furthermore, ESMA should also ensure that the envisaged reduction in clearing in those instruments, identified as of substantial systemic importance, results in them no longer being considered of substantial systemic importance when ESMA reviews the recognition of the relevant CCPs which according to Article 25(5) of that Regulation and where such a review should be done at least every five years. In addition, suitable phase-in periods for the progressive implementation of the requirement to hold a certain level of the clearing activity in the accounts at Union CCPs should be foreseen.deleted
2023/07/07
Committee: ECON
Amendment 214 #
Isabel BENJUMEA BENJUMEA, Lídia PEREIRA, José Manuel GARCÍA-MARGALLO Y MARFIL, Jessica POLFJÄRD, Frances FITZGERALD, Christophe HANSEN
Proposal for a regulation
Recital 11 a (new)
(11a) It is necessary to explore additional means of enhancing the attractiveness of EU CCPs. This objective must be pursued while safeguarding the competitiveness of EU firms and upholding the freedom of choice for clearing market participants. To achieve a proportionate approach that bolsters EU capital markets, maintains financial stability, and strengthens the competitiveness of the Union's clearing system on a global scale, the implementation of an incentives regime is necessary to encourage businesses to move to EU CCPs.
2023/07/07
Committee: ECON
Amendment 240 #
Isabel BENJUMEA BENJUMEA, Lídia PEREIRA, José Manuel GARCÍA-MARGALLO Y MARFIL, Jessica POLFJÄRD, Frances FITZGERALD, Christophe HANSEN
Proposal for a regulation
Recital 47
(47) To ensure consistent harmonisation of rules and supervisory practice on applications for authorisation, extension of authorisation and model validations the active account requirement and the CCP participation requirements, the Commission should be empowered to adopt regulatory technical standards developed by ESMA with regard to the following: the documents CCPs are required to submit when applying for authorisation, extension of authorisation and validation of model changes; the proportion of activity in the relevant derivative contracts that should be held in active accounts at Union CCPs and the calculation methodology to be used to calculate that proportion; the scope and details of the reporting by Union clearing members and clients to their competent authorities on their clearing activity in third-country CCPs and whilst providing the mechanisms triggering a review of the values of the clearing thresholds following significant price fluctuations in the underlying class of OTC derivatives to also review the scope of the hedging exemption and thresholds for the clearing obligation to apply; and the elements to be considered when laying down the admission criteria to a CCP. The Commission should adopt those regulatory technical standards by means of delegated acts pursuant to Article 290 of the Treaty on the Functioning of the European Union (TFEU) and in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
2023/07/07
Committee: ECON
Amendment 254 #
Isabel BENJUMEA BENJUMEA, Lídia PEREIRA, José Manuel GARCÍA-MARGALLO Y MARFIL, Jessica POLFJÄRD, Frances FITZGERALD, Christophe HANSEN
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Regulation (EU) No 648/2012
Article 7 a (new)
[...]deleted
2023/07/07
Committee: ECON
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