16 Amendments of Pervenche BERÈS related to 2011/0298(COD)
Amendment 220 #
Proposal for a directive
Recital 5 a (new)
Recital 5 a (new)
(5a) The Heads of State and Government gave an undertaking at the Cannes G-20 Summit (4 November 2011) with a view to the creation of ‘a global legal entity identifier (LEI) which uniquely identifies parties to financial transactions’.
Amendment 264 #
Proposal for a directive
Recital 47
Recital 47
(47) These potential risks from increased use of technology are best mitigated by a combination of specific risk controls directed at firms who engage in algorithmic or high frequency trading and other measures directed at operators of trading venues that are accessed by such firms. It is desirable to ensure that allgorithmic and high frequency trading firms be authorised when they are a direct member of a trading venue. This should ensure they are is considered as investment services or activities including when they are conducted on own account. This should ensure that firms providing these activities are authorised as investment firms and subject to organisational requirements under the Directive and are properly supervised.
Amendment 369 #
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive shall apply to investment firms, employee share ownership, regulated markets, data reporting service providers and third country firms providing investment services or activities in the Union.
Amendment 384 #
Proposal for a directive
Article 2 – paragraph 1 – point d – point ii a (new)
Article 2 – paragraph 1 – point d – point ii a (new)
(iia) engage in algorithmic trading;
Amendment 498 #
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 concerning measures to specify some technical elements of or amend the definitions laid down in paragraph 1 of this Article, to adjust them to market developmentsif appropriate, to take into account: (a) technical developments in financial markets; (b) the list of abusive practices referred to in Article 34b(b) of Regulation (EU) No …/… of the European Parliament and of the Council of ... [MAR] in particular with regard to high-frequency trading and including, but not limited to, spoofing, quote stuffing and layering.
Amendment 587 #
Proposal for a directive
Article 17 – paragraph 2 a (new)
Article 17 – paragraph 2 a (new)
2a. An investment firm that engages in a high frequency trading strategy shall on a daily basis provide to its home competent authority the raw audit-trail of its quotation and trading activity performed on any regulated market or MTF.
Amendment 679 #
Proposal for a directive
Article 24 – paragraph 1
Article 24 – paragraph 1
1. Member States shall require that, when providing investment services or, where appropriate, ancillary services to clients, an investment firm act honestly, fairly and professionally in accordance with the best interests of its clients and complyies, in particular, with the provisions of Regulation (EU) .../... on packaged retail investment products and Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation, and with the principles set out in this Article and in Article 25.
Amendment 840 #
Proposal for a directive
Article 25 – paragraph 7 a (new)
Article 25 – paragraph 7 a (new)
7a. Investment firms shall comply with the provisions of the regulation on packaged retail investment products.
Amendment 842 #
Proposal for a directive
Article 26 – paragraph 3 a (new)
Article 26 – paragraph 3 a (new)
Investment firms shall comply with the provisions of Regulation (EU) No .../... on packaged retail investment products.
Amendment 892 #
Proposal for a directive
Article 32 – paragraph 3 – subparagraph 1 a (new)
Article 32 – paragraph 3 – subparagraph 1 a (new)
Within one month following receipt of the notification referred to in Article 32(3) of Regulation (EU) No …/… [MiFIR], ESMA may adopt individual decisions requiring competent authorities to take the necessary action to respond to adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or may seriously threaten the investor protection with respect to its own competence in emergency situations. Furthermore, ESMA may extend the implementation of the individual decisions to other national competent authorities.
Amendment 905 #
Proposal for a directive
Article 35 – paragraph 7
Article 35 – paragraph 7
7. Member States shall require that where a financial instrument of an issuer is admitted to trading on one SME growth market, the financial instrument may alsoonly be traded on another SME growth market without the explicit consent of the issuer. In such a case however, the issuer shall not be subject to any obligation relating to corporate governance or initial, ongoing or ad hoc disclosure with regard to the latter SME market.
Amendment 1005 #
Proposal for a directive
Article 51 – paragraph 3
Article 51 – paragraph 3
3. Member States shall require a regulated market or MTF to have in place effective systems, procedures and arrangements to allow identification of orders following an algorithmic trading strategy and of orders following a high-frequency trading strategy when placing such an order and ensure that algorithmic or high-frequency trading systems cannot create or contribute to disorderly trading conditions on the market including systems to limit the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit the minimum tick size that may be executed on the market. In particular Member States shall prohibit a regulated market or MTF from allowing its members to provide direct electronic access.
Amendment 1202 #
Proposal for a directive
Article 67 – paragraph 3
Article 67 – paragraph 3
3. The home Member StateESMA shall require the CTP to ensure that the data provided is consolidated from at least the regulated markets, MTFs, OTFs and APAs and for theall financial instruments specified by delegated acts under paragraph 8(c).
Amendment 1207 #
Proposal for a directive
Article 67 – paragraph 8 – point c
Article 67 – paragraph 8 – point c
Amendment 1209 #
Proposal for a directive
Article 67 – paragraph 8 a (new)
Article 67 – paragraph 8 a (new)
8 a. The Commission shall appoint one single European CTP using a fair and transparent public tender. When appointing the CTP, the Commission shall take into account the extent to which candidates are able to fulfil the conditions mentioned in this Article, the quality of the services they propose and their fees. In order to ensure a fair and transparent public tender, ESMA shall develop draft regulatory technical standards to determine the standards to be used in the course of the public tender.
Amendment 1298 #
Proposal for a directive
Annex 1 – Section A – point 10 a (new)
Annex 1 – Section A – point 10 a (new)
(10a) Algorithmic trading;