30 Amendments of Olivier CHASTEL related to 2023/0379(COD)
Amendment 74 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) In cases where one administrator provides a combination of benchmarks, none of which individually surpass the EUR 50 billion threshold but cumulatively the threshold of EUR 50 billion is surpassed, then the administrator of these non-significant benchmarks will be subject to the same obligations as significant benchmarks.
Amendment 74 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) In cases where one administrator provides a combination of benchmarks, none of which individually surpass the EUR 50 billion threshold but cumulatively the threshold of EUR 50 billion is surpassed, then the administrator of these non-significant benchmarks will be subject to the same obligations as significant benchmarks.
Amendment 78 #
Proposal for a regulation
Recital 12
Recital 12
(12) EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks are specific categories of benchmarks, defined by their compliance with rules governing their methodology and the disclosure requirements their administrator are to make. For that reason, and to prevent claims that could lead users to think that such benchmarks are compliant with the standards attached to those labels, it is necessary to subject those benchmarks to mandatory registration or, authorisation, or recognition, as appropriate, and to supervision.
Amendment 78 #
Proposal for a regulation
Recital 12
Recital 12
(12) EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks are specific categories of benchmarks, defined by their compliance with rules governing their methodology and the disclosure requirements their administrator are to make. For that reason, and to prevent claims that could lead users to think that such benchmarks are compliant with the standards attached to those labels, it is necessary to subject those benchmarks to mandatory registration or, authorisation, or recognition, as appropriate, and to supervision.
Amendment 80 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) The regulatory treatment of commodity benchmarks should be tailored to their specific characteristics. Commodity benchmarks subject to the general rules for financial benchmarks should receive identical treatment to other financial benchmarks and should be covered by Regulation (EU) 2016/1011 only if they are significant or critical benchmarks and have not been exempted from the scope of this Regulation. Commodity benchmarks subject to the specific regime in Annex II of Regulation (EU) 2016/1011 should always be covered by the regulation as there are fewer safeguards to ensure the robustness of the methods of data gathering for and production of the benchmark.
Amendment 80 #
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) The regulatory treatment of commodity benchmarks should be tailored to their specific characteristics. Commodity benchmarks subject to the general rules for financial benchmarks should receive identical treatment to other financial benchmarks and should be covered by Regulation (EU) 2016/1011 only if they are significant or critical benchmarks and have not been exempted from the scope of this Regulation. Commodity benchmarks subject to the specific regime in Annex II of Regulation (EU) 2016/1011 should always be covered by the regulation as there are fewer safeguards to ensure the robustness of the methods of data gathering for and production of the benchmark.
Amendment 82 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Regulation (EU) 2019/2089 has introduced rules as regards the transparency of benchmarks claiming, in their marketing of legal communication, to be taking environmental, social or governance (ESG) factors into consideration in their design. In order to maintain a high level of transparency surrounding ESG-related claims and an adequate level of protection for users, it is necessary to require that users of benchmarks making ESG-related claims do not use such benchmarks when they are not provided with the information referred to in Articles 13(1), point d, and 27(2a) of Regulation (EU) 2016/1011 and that this disclosure information is not aligned with Regulation (EU) 2019/2088 requirements. This should apply to the use of any benchmark claiming to take ESG factors into account in their design, regardless of whether such benchmark is administered in the Union or in a third- country.
Amendment 82 #
Proposal for a regulation
Recital 20 a (new)
Recital 20 a (new)
(20a) Regulation (EU) 2019/2089 has introduced rules as regards the transparency of benchmarks claiming, in their marketing of legal communication, to be taking environmental, social or governance (ESG) factors into consideration in their design. In order to maintain a high level of transparency surrounding ESG-related claims and an adequate level of protection for users, it is necessary to require that users of benchmarks making ESG-related claims do not use such benchmarks when they are not provided with the information referred to in Articles 13(1), point d, and 27(2a) of Regulation (EU) 2016/1011 and that this disclosure information is not aligned with Regulation (EU) 2019/2088 requirements. This should apply to the use of any benchmark claiming to take ESG factors into account in their design, regardless of whether such benchmark is administered in the Union or in a third- country.
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) 2016/1011
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. Titles II, III, with the exception of Articles 23a to 23c, IV and VI .apply only in respect of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks and EU Paris- aligned Benchmarks.;
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a
Article 1 – paragraph 1 – point 1 – point a
Regulation (EU) 2016/1011
Article 2 – paragraph 1a
Article 2 – paragraph 1a
1a. Titles II, III, with the exception of Articles 23a to 23c, IV and VI .apply only in respect of critical benchmarks, significant benchmarks, commodity benchmarks subject to Annex II, EU Climate Transition Benchmarks and EU Paris- aligned Benchmarks.;
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a(new)
Article 1 – paragraph 1 – point 1 – point a a(new)
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 c a (new)
Article 3 – paragraph 1 – point 23 c a (new)
(aa) point (23ca) is added: (23ca) ‘ESG Benchmark’ means a benchmark that pursues ESG objectives consistent with Regulation (EU) 2019/2088.
Amendment 87 #
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point a a(new)
Article 1 – paragraph 1 – point 1 – point a a(new)
Regulation (EU) 2016/1011
Article 3 – paragraph 1 – point 23 c a (new)
Article 3 – paragraph 1 – point 23 c a (new)
(aa) point (23ca) is added: (23ca) ‘ESG Benchmark’ means a benchmark that pursues ESG objectives consistent with Regulation (EU) 2019/2088.
Amendment 88 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) 2016/1011
Article 13 – paragraph 4
Article 13 – paragraph 4
(b) paragraph 4 is deletedreplaced by the following; 4. ESMA shall develop : (a) regulatory technical standards to align benchmark-level ESG disclosures, to be published by the benchmark administrator, with the regulatory disclosures requirements under Regulation (EU) 2019/2088 and its delegated regulations. ESMA shall submit those draft regulatory technical standards to the Commission by 1 April 2025. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010; (b) guidelines regarding benchmarks names aligned with the ones for funds names, prioritising benchmarks underlying ETFs and index funds, by [12 months after the date of entry into force of this amending Regulation];
Amendment 88 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point b
Article 1 – paragraph 1 – point 5 – point b
Regulation (EU) 2016/1011
Article 13 – paragraph 4
Article 13 – paragraph 4
(b) paragraph 4 is deletedreplaced by the following; 4. ESMA shall develop : (a) regulatory technical standards to align benchmark-level ESG disclosures, to be published by the benchmark administrator, with the regulatory disclosures requirements under Regulation (EU) 2019/2088 and its delegated regulations. ESMA shall submit those draft regulatory technical standards to the Commission by 1 April 2025. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010; (b) guidelines regarding benchmarks names aligned with the ones for funds names, prioritising benchmarks underlying ETFs and index funds, by [12 months after the date of entry into force of this amending Regulation];
Amendment 92 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2016/1011
Article 19a – paragraph 4 – introductory part
Article 19a – paragraph 4 – introductory part
4. Administrators that are not authorised or registerpursuant to Article 34 or recognised pursuant to Article 342 shall not :
Amendment 92 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2016/1011
Article 19a – paragraph 4 – introductory part
Article 19a – paragraph 4 – introductory part
4. Administrators that are not authorised or registerpursuant to Article 34 or recognised pursuant to Article 342 shall not :
Amendment 97 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 2016/1011
Article 19a – paragraph 4 – subparagraph 1 – point a
Article 19a – paragraph 4 – subparagraph 1 – point a
(a) provide EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks;
Amendment 97 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) No 2016/1011
Article 19a – paragraph 4 – subparagraph 1 – point a
Article 19a – paragraph 4 – subparagraph 1 – point a
(a) provide EU Climate Transition Benchmarks or EU Paris-aligned Benchmarks;
Amendment 99 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) No 2016/1011
Article 19d
Article 19d
(10 a) Article 19d is amended as follows: "Article 19d Endeavour to provide EU Climate Transition Benchmarks By 1 January 2022, aand EU Paris- aligned Benchmarks Administrators which are located in the Union and which provide significant benchmarks determined on the basis of the value of one or more underlying assets or prices shall endeavour to provide one or more EU Climate Transition Benchmarks. and EU Paris-aligned Benchmarks. "
Amendment 99 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 a (new)
Article 1 – paragraph 1 – point 10 a (new)
Regulation (EU) No 2016/1011
Article 19d
Article 19d
(10 a) Article 19d is amended as follows: "Article 19d Endeavour to provide EU Climate Transition Benchmarks By 1 January 2022, aand EU Paris- aligned Benchmarks Administrators which are located in the Union and which provide significant benchmarks determined on the basis of the value of one or more underlying assets or prices shall endeavour to provide one or more EU Climate Transition Benchmarks. and EU Paris-aligned Benchmarks. "
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 b (new)
Article 1 – paragraph 1 – point 10 b (new)
Regulation (EU) No 2016/1011
Article 19d a (new)
Article 19d a (new)
(10b) The following Article is inserted: “Article 19da Title for the Article here 1. Administrators that are not authorised or registered pursuant to Article 34, or recognised pursuant to Article 32 shall not: (a) provide or endorse ESG Benchmarks; or (b) indicate or suggest, in the name of the benchmarks they make available for the use in the Union or in the legal or marketing documentation for those benchmarks, that the benchmarks they make available pursue ESG objectives or take into account ESG factors. 2. ESMA shall develop draft regulatory technical standards to specify common standards on the names of ESG Benchmarks consistent with Regulation (EU) 2019/2088, and directives 2011/61/EU and 2009/65/EC. ESMA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force of this Regulation]. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first sub-paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.”
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10 b (new)
Article 1 – paragraph 1 – point 10 b (new)
Regulation (EU) No 2016/1011
Article 19d a (new)
Article 19d a (new)
(10b) The following Article is inserted: “Article 19da Title for the Article here 1. Administrators that are not authorised or registered pursuant to Article 34, or recognised pursuant to Article 32 shall not: (a) provide or endorse ESG Benchmarks; or (b) indicate or suggest, in the name of the benchmarks they make available for the use in the Union or in the legal or marketing documentation for those benchmarks, that the benchmarks they make available pursue ESG objectives or take into account ESG factors. 2. ESMA shall develop draft regulatory technical standards to specify common standards on the names of ESG Benchmarks consistent with Regulation (EU) 2019/2088, and directives 2011/61/EU and 2009/65/EC. ESMA shall submit those draft regulatory technical standards to the Commission by [12 months after the entry into force of this Regulation]. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first sub-paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.”
Amendment 104 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) 2016/1011
Article 24 – paragraph 1a (new)
Article 24 – paragraph 1a (new)
1a. The aggregated volume of non- significant benchmarks provided by one administrator, used directly or indirectly within a combination of benchmarks as a reference for financial instruments or financial contracts or for measuring the performance of investments funds having a total average value of at least EUR 50 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable, over a period of six months, are subject to the same obligations as significant benchmarks.
Amendment 104 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11
Article 1 – paragraph 1 – point 11
Regulation (EU) 2016/1011
Article 24 – paragraph 1a (new)
Article 24 – paragraph 1a (new)
1a. The aggregated volume of non- significant benchmarks provided by one administrator, used directly or indirectly within a combination of benchmarks as a reference for financial instruments or financial contracts or for measuring the performance of investments funds having a total average value of at least EUR 50 billion on the basis of all the range of maturities or tenors of the benchmark, where applicable, over a period of six months, are subject to the same obligations as significant benchmarks.
Amendment 128 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c a (new)
Article 1 – paragraph 1 – point 14 – point c a (new)
Regulation (EU) 2016/1011
Article 29 – paragraph 1 b a (new)
Article 29 – paragraph 1 b a (new)
(ca) the following paragraph is inserted: 1ba. A supervised entity may use a benchmark claiming, in its legal or marketing documentation, or denomination, to take ESG factors into account in its methodology, only where its administrator discloses the information referred to in Article 13(1), point (d), and in Article 27(2a). All methodology disclosure requirements must be coherent with Regulation (EU) 2019/2088, directive 2011/61/EU and directive 2009/65/EC. This paragraph shall apply to both EU and non-EU benchmarks.
Amendment 128 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14 – point c a (new)
Article 1 – paragraph 1 – point 14 – point c a (new)
Regulation (EU) 2016/1011
Article 29 – paragraph 1 b a (new)
Article 29 – paragraph 1 b a (new)
(ca) the following paragraph is inserted: 1ba. A supervised entity may use a benchmark claiming, in its legal or marketing documentation, or denomination, to take ESG factors into account in its methodology, only where its administrator discloses the information referred to in Article 13(1), point (d), and in Article 27(2a). All methodology disclosure requirements must be coherent with Regulation (EU) 2019/2088, directive 2011/61/EU and directive 2009/65/EC. This paragraph shall apply to both EU and non-EU benchmarks.
Amendment 130 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 a (new)
Article 1 – paragraph 1 – point 17 a (new)
Regulation (EU) 2016/1011
Article 40 – paragraph 1 – subparagraph 1
Article 40 – paragraph 1 – subparagraph 1
Amendment 130 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 a (new)
Article 1 – paragraph 1 – point 17 a (new)
Regulation (EU) 2016/1011
Article 40 – paragraph 1 – subparagraph 1
Article 40 – paragraph 1 – subparagraph 1
Amendment 131 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 b (new)
Article 1 – paragraph 1 – point 17 b (new)
Regulation (EU) 2016/1011
Article 40 – paragraph 1 – subparagraph 1 a (new)
Article 40 – paragraph 1 – subparagraph 1 a (new)
(17b) Article 40(1), the following subparagraph is added: Administrators not falling within the scope of paragraph 1 may nevertheless select ESMA to be the competent authority responsible for their supervision.
Amendment 131 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17 b (new)
Article 1 – paragraph 1 – point 17 b (new)
Regulation (EU) 2016/1011
Article 40 – paragraph 1 – subparagraph 1 a (new)
Article 40 – paragraph 1 – subparagraph 1 a (new)
(17b) Article 40(1), the following subparagraph is added: Administrators not falling within the scope of paragraph 1 may nevertheless select ESMA to be the competent authority responsible for their supervision.