17 Amendments of Wolf KLINZ related to 2011/0296(COD)
Amendment 122 #
Proposal for a regulation
Recital 12
Recital 12
(12) The financial crisis exposed specific weaknesses in the way information on trading opportunities and prices in financial instruments other than shares is available to market participants, namely in terms of timing, granularity, equal access, and reliability. Pre- and post-trade transparency requirements taking account of the different characteristics and market structures of specific types of instruments other than shares should thus be introduced. In order to provide a sound transparency framework for all relevant instruments, these should apply to bonds and structured finance products with a prospectus or which are admitted to trading either on a regulated market orand are traded on a multilateral trading facility (MTF) or an organised trading facility (OTF), to derivatives which are traded or admitted to trading on regulated markets, MTFs and OTFs orand considered eligible for central clearing, as well as, in the case of post- trade transparency, to derivatives reported to trade repositories. Therefore only those financial instruments traded purely OTC which are deemed particularnot sufficiently illiquid or are bespoke in their design would be outside the scope of the transparency obligations.
Amendment 180 #
Proposal for a regulation
Recital 34
Recital 34
(34) The provision of services by third country firms in the Union is subject to national regimes and requirements. These regimes are highly differentiated and the firms authorised in accordance with them do not enjoy the freedom to provide services and the right of establishment in Member States other than the one where they are established. It is appropriate to introduce a common regulatory framework at Union level. The regime should harmonize the existing fragmented framework, ensure certainty and uniform treatment of third country firms accessing the Union, ensure that and equivalence assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of third countries and should provide for a comparable level of protections to investorretail clients in the EU receiving services by third country firms.
Amendment 191 #
Proposal for a regulation
Recital 36
Recital 36
(36) The provisions of this regulation regulating the provision of services by third country firms in the Union should not affect the possibility for personretail clients established in the Union to receive investment services by a third country firm at their own exclusive initiative. When a third country firm provides services at own exclusive initiative of a personretail client established in the Union, the services should not be deemed as provided in the territory of the Union. In case a third country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, it should not be deemed as a service provided at the own exclusive initiative of the client.
Amendment 235 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
(11) ‘exchange-traded funds’ means units in those open-ended collective investment schemes which are freely negotiable on the capital markets and in most cases track the performance of an index;a fund at least one unit or share class of which is continuously tradable at the initiative or with the prior consent from the UCITS management company or UCITS investment company or, where applicable, the equivalent investment fund manager on at least one regulated market, MTF or OTF with at least one market maker which takes action to ensure that the value of its units or shares does not significantly vary from their net asset value.
Amendment 306 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF based on the trading system operated shall make public prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published and that are sufficiently liquid, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF and that are sufficiently liquid. This requirement shall also apply to actionable indications of interests. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public on a continuous basis during normal trading hours.
Amendment 325 #
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in Article 7(1) for specific sets of products based on the market model, and the specific characteristics of trading activity in a product and the liquidity in the cases defined in accordance with paragraph 4.
Amendment 334 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
Amendment 343 #
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 348 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – introductory part
Article 8 – paragraph 4 – point b – introductory part
(b) the conditions under which pre-trade disclosure may be waived for each class of financial instrument concernedan instrument may be deemed sufficiently liquid to support continuous public pricing and depth of trading interests in accordance with Article 7, paragraphs 1 and 2, based on the following:
Amendment 359 #
Proposal for a regulation
Article 8 – paragraph 4 – subparagraph 1 a (new)
Article 8 – paragraph 4 – subparagraph 1 a (new)
Power is delegated to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
Amendment 362 #
Proposal for a regulation
Article 8 – paragraph 5
Article 8 – paragraph 5
Amendment 418 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes in those bonds andor structured finance products admitted to trading on a regulated market or for which a prospectus has been published, MTF or OTF, emission allowances and derivatives which are clearing-eligible or are admitted to trading on a regulated market or are traded on an MTF or an OTF, for which they are systematic internalisers and for which there is a liquid market in accordance with the conditions in Article 8, when the following conditions are fulfilled:
Amendment 429 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1 available to other clients of the investment firm in an objective non- discriminatory way on the basis of their commercial policy. Systematic internalisers shall be allowed to decide, on the basis of that commercial policy the investors to whom they give access to their quotes. There shall be clear standards for governing access to their quotes. Systematic internalisers may refuse to enter into or discontinue business relationships with investors on the basis of commercial considerations such as the investor credit status, the counterparty risk and the final settlement of the transaction.
Amendment 671 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Access to that information shall be granted on a reasonable commercial basisincluding licences shall be granted within three months following the request by a CCP or a trading venue, and in any event at a price no higher than the lowest price at which access to the benchmark is granted or the intellectual property rights are licensat the same price structure that was granted to another CCP, trading venue or any related person for clearing and trading purposes.
Amendment 767 #
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. A third country firm may provide the services listed in Article 30 of Directive [new MiFID] to eligible counterparties and professional clients established in the Union without the establishment of a branch only where it is registered in the register of third country firms kept by ESMA in accordance with Article 37.
Amendment 789 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
The Commission mayshall by 31 December 2014 adopt a decision in accordance with the procedure referred to in Article 42 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third country comply with legally binding requirements which have equivalent effect to the requirements set out in Directive No [MiFID], in this Regulation and in Directive 2006/49/EC [Capital Adequacy Directive] and in their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 818 #
Proposal for a regulation
Article 45 – paragraph 1
Article 45 – paragraph 1
1. Existing third country firms shall be able to continue to provide services and activities to retail clients in Member States, in accordance with national regimes until [4 years after the entry into force of this regulation]31 December 2016.