12 Amendments of Peter SKINNER related to 2010/0250(COD)
Amendment 145 #
Proposal for a regulation
Recital 11 a (new)
Recital 11 a (new)
(11 a) Financial guarantee insurance and other contracts of insurance relating to securities where that insurance cannot be traded separately from the relevant security and cannot be used for speculative purposes should not be considered as derivative contracts for the purposes of this Regulation.
Amendment 170 #
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) The Commission shall ensure that the necessary and appropriate use of OTC derivatives by non-financial counterparties to hedge market risks arising from business operations is not undermined in terms of pricing or availability by future legislative proposals.
Amendment 183 #
Proposal for a regulation
Recital 22
Recital 22
(22) It is important that market participants report all details regarding OTC derivative contracts they have entered into to trade repositories. As a result, information on the risks inherent in OTC derivatives markets will be centrally stored and easily accessible to ESMA, the relevant competent authorities and the relevant central banks of the ESCB. Nonetheless, there should be restrictions on the extent to which trade repositories and CCPs can use client information for commercial or other non-regulatory purposes, even in aggregated form.
Amendment 255 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ’over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC or on a third country trading facility that performs a similar function to a regulated market;
Amendment 276 #
Proposal for a regulation
Article 2 – paragraph 1 – point 15 a (new)
Article 2 – paragraph 1 – point 15 a (new)
Amendment 284 #
Proposal for a regulation
Article 2 – paragraph 1 – point 22 a (new)
Article 2 – paragraph 1 – point 22 a (new)
(22 a) ‘occupational pension scheme" means either an institution for occupational retirement provision as defined in Directive 2003/41/EC or an arrangement where the provisions of national law accord particular benefits to the client in relation to the product by virtue of its use for the purposes of retirement planning.
Amendment 323 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. Derivative contracts used for the purposes of risk mitigation by occupational pension schemes shall be excluded from the clearing obligation set out in Article 3.
Amendment 324 #
Proposal for a regulation
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. The competent authority of each Member State shall draw up a list of the financial counterparties established in the territory of its Member State and shall forward that list to ESMA. The list shall also include a list of all AIFs established in the territory of its Member State showing whether they are managed by an EU AIFM or a non-EU AIFM (within the meaning of Directive 2010/.../ ) and a list of undertakings established in third countries which would fall within the definition of a financial counterparty if they were established in the Union that have branches in the territory of its Member State. A similar communication shall be made in respect of each change to that list. ESMA shall publish and update those lists at its website, each time that a competent authority communicates changes to its list.
Amendment 645 #
Proposal for a regulation
Article 23 – paragraph 1
Article 23 – paragraph 1
1. A CCP established in a third country may provide clearing services to entities established in the Union only where that CCP is recognised by ESMA. This restriction shall also apply to a third country CCP where it provides clearing services to an entity established in the Union which is acting through a branch outside the Union. However, it shall not apply to a third country CCP where it provides clearing services to a subsidiary outside the Union of an entity established in the Union.
Amendment 670 #
Proposal for a regulation
Article 24 – paragraph 6 a (new)
Article 24 – paragraph 6 a (new)
6 a. A CCP shall ensure that trade or client information received in respect of OTC derivative contracts that are cleared pursuant to the requirements of this Regulation is used solely to meet its requirements and is not used or exploited commercially, other than with the prior written consent of the client to whom it belongs.
Amendment 671 #
Proposal for a regulation
Article 24 – paragraph 7
Article 24 – paragraph 7
7. A CCP shall make its governance arrangements and the rules governing the CCP available to the public, including admission criteria for clearing membership, available publicly without charge.
Amendment 889 #
Proposal for a regulation
Article 48 – paragraph 1 a (new)
Article 48 – paragraph 1 a (new)
1 a. In order not to create additional systemic risk, interoperable arrangements shall be restricted to CCPs clearing transferable securities, specifically cash equities as defined in Article 4(1) point 18 (a) of Directive 2004/39/EC. However, by 30 September 2014, ESMA should submit a report to the Commission on whether an extension of that scope to other financial instruments would be appropriate.