12 Amendments of Lídia PEREIRA related to 2020/0267(COD)
Amendment 188 #
Proposal for a regulation
Recital 14
Recital 14
(14) A DLT MTF should be able to request one or several exemptions on a temporary basis, as listed under this Regulation, to be granted by the competent authority after ESMA has issued a non- binding opinion, if it complies with the conditions attached to such exemptions as well as additional requirements set under this Regulation to address novel forms of risks raised by the use of DLT. The DLT MTF should also comply with any compensatory measure imposed by the competent authority in order to meet the objectives pursued by the provision for which an exemption has been requested.
Amendment 223 #
Proposal for a regulation
Recital 33
Recital 33
(33) The specific permission granted to a DLT market infrastructure should follow the same procedures as the authorisation of a traditional MTF, or a CSD where such a CSD is seeking to operate a new securities settlement system. However, when applying for a permission, the applicant DLT infrastructure should indicate the exemptions it would be seeking. Before granting a permission to a DLT market infrastructure, the competent authority should consult ESMA. ESMA should issue a non-binding opinion and make any non- binding recommendations on the application or the exemptions requested. ESMA should also consult the competent authorities of the other Member States. Where issuing its non-binding opinion, ESMA should aim at ensuring financial stability, market integrity and investor protection. In order to ensure the level- playing field and fair competition across the single market, ESMA’s non-binding opinion should also aim at ensuring the consistency and proportionality of the exemptions granted by different competent authorities across the Union.
Amendment 237 #
Proposal for a regulation
Recital 40
Recital 40
(40) Five years after the entry into application of this Regulation, ESMA, after consulting the national competent authorities, should report to the Commission on this pilot regime for DLT market infrastructures, including on the potential benefits linked to the use of DLT, the risks raised and the technical difficulties. Based on ESMA’s report, the Commission should report to the Council and European Parliament. This report should assess the costs and benefits of extending this regime on DLT market infrastructures for another period of time, extending this regime to new type of financial instruments, making this regime permanent with or without modifications, bringing modifications to the Union financial services legislation or terminating this regime.
Amendment 250 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
(1 a) the owner and accountable entity in charge of the DLT network should provide the information related to the underlying technical approach of DLT infrastructure and be liable in the event of any issues or disruptions. A delineation between permissioned and permission-less DLT infrastructures should be introduced in the text as liabilities linked to the two types of DLT infrastructures could be different;
Amendment 256 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ‘DLT transferable securities’ means ‘transferable securities’ within the meaning of Article 4(1)(44) (a) and (b) of Directive 2014/65/EU, including depositary receipts, that are issued, recorded, transferred and stored using a DLT;
Amendment 259 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6 a (new)
Article 2 – paragraph 1 – point 6 a (new)
(6 a) “DLT units of collective investment undertakings” means units of collective investment undertakings mentioned in Annex III, section C, item 3 of Directive 2014/65/EU that are issued, recorded, transferred and stored using a DLT;
Amendment 278 #
Proposal for a regulation
Article 3 – paragraph 1 – point b a (new)
Article 3 – paragraph 1 – point b a (new)
(b a) DLT ETF units, UCITS units, investing in the types of instruments referred to in points (a) and (b).
Amendment 333 #
Proposal for a regulation
Article 5 – paragraph 1 – point c
Article 5 – paragraph 1 – point c
(c) complies with the conditions set out in paragraphs 2 to 7 and with any additional compensatory measures that the competent authority or ESMA after consulting the national competent authority, which granted the specific permission may deem appropriate in order to meet the objectives pursued by the provisions from which an exemption is requested or to ensure investor protection, market integrity and/or financial stability.
Amendment 405 #
Proposal for a regulation
Article 7 – paragraph 3 – introductory part
Article 7 – paragraph 3 – introductory part
3. BeforeAfter deciding on an application for a specific permission to operate a DLT MTF under this Regulation, the competent authority of the home Member State shall notify and provide all relevant information on the DLT MTF to ESMA, an explanation of the exemptions requested, their justifications and any compensatory measures proposed by the applicant or required by the competent authoritythe application to operate on the DLT MTF to ESMA for information purposes and in order to fulfil the obligations set out in Article 7, paragraph 5, second subparagraph.
Amendment 452 #
Proposal for a regulation
Article 9 – paragraph 1 – introductory part
Article 9 – paragraph 1 – introductory part
1. Without prejudice to the application of any relevant provisions of Directive 2014/65/EU and Regulation (EU) No 909/2014, the operators of DLT market infrastructures shall cooperate with the competent authorities which are entrusted with granting specific permissions under this Regulation and with ESMA.
Amendment 455 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 – introductory part
Article 9 – paragraph 1 – subparagraph 1 – introductory part
In particular, immediately upon becoming aware of any of the matters listed below, the operators of DLT market infrastructures shall notify, the said competent national authorities and ESMA, thereof. Such matters include, without limitation:
Amendment 470 #
Proposal for a regulation
Article 10 – paragraph 1 – introductory part
Article 10 – paragraph 1 – introductory part
1. Five years from the entry into application of this Regulation, at the latest, ESMA shall present a report to the Commission on: