18 Amendments of Elisa FERREIRA related to 2011/0298(COD)
Amendment 224 #
Proposal for a directive
Recital 11
Recital 11
(11) It is necessary to establish a comprehensive regulatory regime governing the execution of transactions in financial instruments irrespective of the trading methods used to conclude those transactions so as to ensure a high quality of execution of investor transactions and to uphold the integrity and overall efficiency of the financial system. A coherent and risk-sensitive framework for regulating the main types of order-execution arrangement currently active in the European financial marketplace should be provided for. It is necessary to recognise the emergence of a new generation of organised trading systems alongside regulated markets whichand MTF which have benefited from a regulatory loophole under the current MiFID regime and that they should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets.
Amendment 225 #
Proposal for a directive
Recital 12
Recital 12
(12) All trading venues, namely regulated markets, MTFs, and OTFSystematic Internalisers, should lay down transparent rules governing access to the facility. However, while regulated markets and MTFs should continue to be subject to highly similar requirements regarding whom they may admit as members or participants, OTFSystematic Internalisers should be able to determine and restrict access based inter alia on the role and obligations which their operators have in ry have in relation to their clients. (This amendment (i.e. the delaetion to their clients.of "OTF") applies throughout the text. Adopting it will necessitate corresponding changes throughout.)
Amendment 232 #
Proposal for a directive
Recital 13
Recital 13
(13) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out on an over-the-counter (OTC) basis. OTC trading refers to bilateral trading outside regulated markets, MTFs and OMTFs on an occasional, ad hoc and irregular basis with eligible counterparties and at sizes above standard market size. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account bywhen executing client orders outside a regulated market, an MTF or an OMTF. In order to ensure the objective and effective application of this definition to investment firms, any bilateral trading carried out with clients should be relevant and quantitative criteria should complement the qualitative criteria for the identification of investment firms required to register as systematic internalisers, laid down in Article 21 of Commission Regulation No 1287/2006 implementing Directive 2004/39/EC. While an OTF is any system or facility in which multiple third party buying and selling interests interact in the system, aA systematic internaliser should not be allowed to bring together third party buying and selling interests.
Amendment 303 #
Proposal for a directive
Recital 53
Recital 53
(53) Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client in order to assess the appropriateness of the service or the instrument for the client. Since these services entail a relevant reduction of clients' protections, it is appropriate to improve the conditions for their provision. In particular, it is appropriate to exclude the possibility to provide these services in conjunction with the ancillary service consisting of granting credits or loans to investors to allow them to carry out a transaction in which the investment firm is involved, since this increases the complexity of the transaction and makes more difficult the understanding of the risk involved. It is also appropriate to better define the criteria for the selection of the financial instruments to which these services should relate in order to exclude the financial instruments, including collective investment in transferable securities (UCITS), which embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved.
Amendment 489 #
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Market distorting positions' means positions which do not objectively reduce risks directly related to commercial activities related to the commodity and are above the level required to provide sufficient liquidity for positions which do objectively reduce risks directly related to commercial activities related to the commodity, or which otherwise disrupt the price discovery function of the market;
Amendment 614 #
Proposal for a directive
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Member States shall require that investment firms or market operators operating an MTF or an OTF, in addition to meeting the requirements laid down in Article 16, establish transparent rules and procedures for fair and orderly trading and establish objective and non-discretionary criteria for the efficient execution of orders. They shall have arrangements for the sound management of the technical operations of the facility, including the establishment of effective contingency arrangements to cope with risks of systems disruption.
Amendment 820 #
Proposal for a directive
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
Article 25 – paragraph 3 – subparagraph 1 – point a – point iv
(iv) shares or units in UCITS excluding structured UCITS as referred to in Article 36 paragraph 1 subparagraph 2 of Commission Regulation 583/2010;
Amendment 903 #
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 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 1097 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Member States shall ensure that regulated markets, operators of MTFcompetent authorities apply to regulated markets and OMTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants, or class of market members or participants, can enter into over a specified period of time, or alternative arrangements with equivalent effect such as position management with automatic review thresholds , to be imposed in order to:
Amendment 1108 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
(c a) ensure price discovery for the physical market;
Amendment 1111 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
Article 59 – paragraph 1 – subparagraph 1 – point c b (new)
(cb) prevent the build-up of market distorting positions.
Amendment 1116 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 2
Article 59 – paragraph 1 – subparagraph 2
The limits or arrangements shall be transparent and non- discriminatory, specifying the persons to whom they apply and any exemptions, and taking account of the nature and composition of market participants and of the use they make of the contracts admitted to trading. In particular, they shall differentiate between positions which objectively reduce risks directly related to commercial activities related to the commodity, and other positions. They shall specify clear quantitative thresholds such as the maximum number of contracts persons can enter, taking account of the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market. They shall apply to both cash-settled and physically-settled contracts and for spot, single and all delivery month(s).
Amendment 1129 #
Proposal for a directive
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Regulated markets, MTF and OMTFs shall inform their competent authority of the details of the limits or arrangements. The competent authority shall communicate the same information to ESMA which shall publish and maintain on its website a database with summaries of the limits or arrangements in force.
Amendment 1134 #
Proposal for a directive
Article 59 – paragraph 3
Article 59 – paragraph 3
3. The Commission shall be empowered to adopt delegated acts in accordance with Article 94 to determine (a) the limits or alternative arrangements on the number of contracts which any person can enter into over a specified period of time and the necessary equivalent effects of the alternative arrangements established in accordance with paragraph 1, as well as the conditions for exemptions. The limits or alternative arrangements shall take account of the conditions referred to in paragraph 1 and the limits that have been set by regulated markets, MTFs and OTFs. The limits or alternative arrangemen, (b) the proportion of contracts held across regulated market and MTF on commodity derivatives which do not objectively reduce risks directly related to commercial activities related to the commodity, versus contracts which do, (c) additional controls needed to ensure orderly operation of markets, and (d) the conditions for exemptions and for determining when positions objectively reduce risks directly related to commercial activities relating to the commodity. The limits shall take account of the conditions referred to in paragraph 1, the need for appropriate differentiation between commodities and categories of market participants, and the limits that have been set by trading venues. The limits determined in the delegated acts shall also take precedence over any measures imposed by competent authorities pursuant to Article 72(1) paragraph (g) of this Directive.
Amendment 1141 #
Proposal for a directive
Article 59 – paragraph 4
Article 59 – paragraph 4
Amendment 1160 #
Proposal for a directive
Article 60 – paragraph 1 a (new)
Article 60 – paragraph 1 a (new)
1 a. Member States shall ensure that investment firms trading in commodity derivatives or emission allowances or derivatives thereof outside of a trading venue provide the competent authority, upon request, with a complete breakdown of their positions, in accordance with Article 23 of Regulation (EU) No .../... [MiFIR].
Amendment 1171 #
Proposal for a directive
Article 60 – paragraph 3 – subparagraph 2
Article 60 – paragraph 3 – subparagraph 2
The reports mentioned in point (a) of paragraph 1 shouldall specify the number of long and short positions by category of trader, changes thereto since the previous report, percent of total open interest represented by each category, and the number of traders in each category. The reports mentioned in point (a) of paragraph 1 and in paragraph 1a shall also differentiate between: (i) positions that have been identified as positions which objectively reduce risks directly related to commercial activities related to the commodity; (ii) other positions.
Amendment 1176 #
Proposal for a directive
Article 60 – paragraph 4 – subparagraph 1
Article 60 – paragraph 4 – subparagraph 1
ESMA shall develop draft implementing technical standards to determine the format of the reports mentioned in point (a) ofaragraph 1 and in paragraph 1,a and the content of the information to be provided in accordance with paragraph 2.