Activities of Sharon BOWLES related to 2011/0296(COD)
Plenary speeches (1)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC derivatives, central counterparties and trade repositories (debate)
Amendments (58)
Amendment 160 #
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27 a) The Commission should produce a report specifying whether the content and format of transaction reports are sufficient to enable competent authorities to detect market abuse, and whether it is appropriate to require investment firms to report any additional information, such as a designation to identify the algorithm or instigator of an algorithm responsible for the investment decision and the execution of the transaction. Regulators are interested in identifying the person, natural or legal, who made the decision to trade. Given that clients can specify the algorithms they wish the investment firm to deploy in order to achieve their objectives or leave it to the investment firm to determine which algorithm to use to achieve best execution; it is the identity of the person that deployed the algorithm that is useful for the regulator.
Amendment 161 #
Proposal for a regulation
Recital 28 a (new)
Recital 28 a (new)
(28 a) Repurchase agreements and securities lending have played a part in uncertainty about ownership and liabilities as evidenced in the financial crisis. Institutions should report the level, at least in aggregate terms, of repurchase agreements, securities lending and all forms of encumbrance or clawback arrangements. Such information should be reported to a trade repository or a Central Securities Depository to enable access, inter alia, by EBA, ESMA, relevant competent authorities, the ESRB and relevant central banks and the ESCB. In liquidation proceedings unregistered clawback arrangements should not have legal effect.
Amendment 165 #
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29 a) The purpose of transaction reporting is to monitor market abuse. In high volume market segments this may lead to more information than can be processed, until such a time as better technological tools are available. ESMA should prepare a report on any market segments that are covered by other reporting, such as to trade repositories, or for which there is a low risk or there are already other safeguards in place.
Amendment 176 #
Proposal for a regulation
Recital 33
Recital 33
(33) Trading venues should also be required to provide access including data feeds on a transparent and non- discriminatory basis to CCPs that wish to clear transactions executed on the trading venue. In Regulation (EU) No. .../... [EMIR] interoperability is limited to cash securities but ESMA is to report by 2014 on whether an extension of that scope to other financial instruments would be appropriate. Nothing in EMIR prevents parties agreeing interoperability bilaterally, whether for equities, derivatives or other instruments. Licensing and access to information about indices and other benchmarks that are used to determine the value of financial instruments should also be provided to CCPs and other trading venues on a non- discriminatory basis. The removal of barriers and discriminatory practices is intended to increase competition for clearing and trading of financial instruments in order to lower investment and borrowing costs, eliminate inefficiencies and foster innovation in Union markets. The Commission should continue to closely monitor the evolution of post-trade infrastructure and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market.
Amendment 181 #
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 investors in the EU receiving services by third country firms. In applying the requirements relating to third country firms, the Commission and Member States should keep in mind the central role that the EU plays in worldwide financial markets, the interdependence of EU and third country financial markets, and the benefit to EU investors, citizens, companies, public authorities, and the European economy which stems from international trade. With this in mind, the application of third country requirements should not, except where justified by objective and evidence-based prudential concerns, prevent EU investors and issuers from investing in or obtaining funding from third countries, nor conversely should they prevent third country investors and issuers from investing, raising capital, or obtaining other financial services in European markets.
Amendment 226 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ‘organised trading facility (OTF)’ means any system or facility, which is not a regulated market or MTF or CCP, operated by an investment firm or a market operator, in which multiple third-party buying and selling interests in financial instruments are able to interact in the system in a way that results in a contract in accordance with the provisions of Title II of Directive [new MiFID];
Amendment 238 #
Proposal for a regulation
Article 2 – paragraph 1 – point 21
Article 2 – paragraph 1 – point 21
(21) ‘management body’ means the governing body of an investment firm, market operator or data reporting services provider, comprising the supervisory and the managerial functions, which has the ultimate decision-making authority and is empowered to set the entityinvestment firm's, the market operator's or the data services provider's strategy, objectives and overall direction. The management body shall, includeing persons who effectively direct the business of the entity;
Amendment 245 #
Proposal for a regulation
Article 2 – paragraph 1 – point 26
Article 2 – paragraph 1 – point 26
(26) ‘central counterparty’ (´CCP') means a central counterparty as defined under Article 2(1) of Regulation [ ] (EMIR).
Amendment 250 #
Proposal for a regulation
Article 2 – paragraph 1 – point 29 a (new)
Article 2 – paragraph 1 – point 29 a (new)
(29 a) 'primary issuance' means a transaction in instruments with bespoke material terms designed for the specific requirements of financial or non- financial counterparties which would be classified as eligible counterparties or professional clients according to Annex II and Article 30 of Directive .../.../EU [new MiFID].
Amendment 314 #
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, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF and are below a transaction size of €100,000. 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 322 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Regulated markets and investment firms and market operators operating an MTF or an OTF shall give access, on reasonable commercial terms and on a non- discriminatory basis, to the arrangements they employ for making public the information referred to in the first paragraph to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 17based on the trading system operated shall, where appropriate, 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, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. To the extent prices are made, regulated markets and investment firms and market operators operating an MTF or an OTF shall make this information available to the public where appropriate on a continuous basis during normal trading hours. Where transactions are arranged on a discretionary basis between market participants through voice negotiation, pre-trade indicative prices must be published as close to the transaction price as reasonably practicable.
Amendment 347 #
Proposal for a regulation
Article 8 – paragraph 4 – point a
Article 8 – paragraph 4 – point a
(a) the range of orders or quotes, the prices and the depth of trading interest at those prices, to be made public for each class of financial instrument that are below a transaction size of €100,000 concerned in accordance with paragraph 1 of Article 7;
Amendment 432 #
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 provided they are below a transaction size of €100,000.
Amendment 438 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. They shall undertake to enter into transactions with any other client to whom the quote is made available under the published conditions when the quoted size is at or below a size specific to the instrumenttransaction size of €100,000. ESMA shall develop regulatory technical standards to vary or update that threshold, or to provide different thresholds for specific instruments, in particular where liquidity is an issue.
Amendment 471 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are clearing-eligible or are reported to trade repositories in accordance with Article [6] of Regulation [EMIR] or are admitted to trading on a regulated market or are traded on an MTF or an OTF shall make public the volume and price of those transactions and the time at which they were concluded. This information shall be made public through an APA.
Amendment 494 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The reports shall, in particular, include details of the names and numbers of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms withinand the investment firmstigator of those algorithms responsible for the investment decision and the execution of the transaction, and means of identifying the investment firms concerned. For transactions not carried out on a regulated market, MTF or OTF, the reports shall also include a designation identifying the types of transactions in accordance with the measures to be adopted pursuant to Article 19(3)(a) and Article 20(3)(a).
Amendment 507 #
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 1 – point c
Article 23 – paragraph 8 – subparagraph 1 – point c
(c) the references of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, the information and details of the identity of the client, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms withinand the investment firmstigator of those algorithms responsible for the investment decision and the execution of the transaction, means of identifying the investment firms concerned, the way in which the transaction was executed, and data fields necessary for the processing and analysis of the transaction reports in accordance with paragraph 3.
Amendment 514 #
Proposal for a regulation
Article 23 – paragraph 9
Article 23 – paragraph 9
9. Two years after entry into force of this Regulation, ESMA shall report to the Commission on the functioning of this Article, including its interaction with the related reporting obligations under Regulation [EMIR], and whether the content and format of transaction reports received and exchanged between competent authorities comprehensively enable tohe monitor the activitiesing of investment firms´ activities in accordance with Article 21 of this Regulation. The Commission may take steps to propose any changes, including providing for transactions to be transmitted to a system appointed by ESMA instead ofrather than to competent authorities, which would allows relevant competent authorities to access all the information reported pursuant to this Article.
Amendment 516 #
Proposal for a regulation
Article 23 – paragraph 9 – subparagraph 1 (new)
Article 23 – paragraph 9 – subparagraph 1 (new)
Amendment 517 #
Proposal for a regulation
Article 23 a (new)
Article 23 a (new)
Article 23 a Additional reporting requirements Institutions shall report the level, at least in aggregate terms, of repurchase agreements, securities lending and all forms of encumbrance or clawback arrangements. Repurchase agreements should be recorded as lending not as sale and repurchase. Such information should be reported to a trade repository or a Central Securities Depository to enable access, inter alia, by EBA, ESMA, relevant competent authorities, the ESRB and relevant central banks and the ESCB. In liquidation proceedings unregistered clawback arrangements shall not have legal effect.
Amendment 568 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – introductory part
Article 26 – paragraph 3 – subparagraph 1 – introductory part
In developing the draft implementingregulatory technical standards, ESMA shall consider the class of derivatives or a relevant subset thereof as sufficiently liquid pursuant totaking into account the following criteria:
Amendment 571 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point a
Article 26 – paragraph 3 – subparagraph 1 – point a
(a) the average frequency of trades over a range of market conditions, having regard to the nature, lifecycle and fungibility of products within the class of derivatives;
Amendment 573 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point b
Article 26 – paragraph 3 – subparagraph 1 – point b
(b) the average size of trades, the market risk exposure of trades and the frequency of large-in-scale trades;
Amendment 575 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c
Article 26 – paragraph 3 – subparagraph 1 – point c
(c) the number, trading activity and type of active market participants;
Amendment 579 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
(c a) a comparison with all derivative trading activity within the asset class;
Amendment 582 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
(c b) the nature of current trading activity and the impact on liquidity if existing trading activity were not able to continue;
Amendment 584 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
(c c) other factors influencing product liquidity specific to the individual class of derivatives.
Amendment 586 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 2
Article 26 – paragraph 3 – subparagraph 2
Before submitting the draft implementingregulatory technical standards to the Commission for adoption, ESMA shall conduct a public consultation and, where appropriate, may consult with the competent authorities of third countries.
Amendment 587 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 2
Article 26 – paragraph 3 – subparagraph 2
Before submitting the draft implementing technical standards to the Commission for adoption, ESMA shall conduct a public consultation and, where appropriate, may consult with the competent authorities of third countries. In developing the draft regulatory standards, ESMA shall determine whether the class of derivatives or relevant subset thereof is only sufficiently liquid in transactions below a certain size.
Amendment 604 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
1. Without prejudice to Article 8 of Regulation [ ] (EMIR), a CCP shall accept to clear financial instruments on a non- discriminatory and transparent basis, including as regards collateral requirements and fees related to access, regardless of the trading venue on which a transaction is executed, unless such access would clearly threaten the smooth and orderly functioning of the CCP or the functioning of the financial markets in a manner that causes systemic risk. This in particular should ensure that a trading venue has the right to non-discriminatory treatment in terms of how contracts traded on its platforms are treated in terms of collateral requirements and netting of economically equivalent contracts and cross-margining with correlated contracts cleared by the same CCP. A CCP may require that the trading venue comply with the reasonable operational and technical requirements established by the CCP, providing that the CCP offers relevant internationally accepted communication procedures and standards. This requirement does not apply to any derivative contract that is already subject to the access obligations under Article 8 of Regulation [EMIR].
Amendment 608 #
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. The CCP shall provide a written response to the trading venue within three months either permitting access, under the condition that the relevant competent authority has not denied access pursuant to paragraph 4, or denying access. The CCP may only deny a request for access based on a comprehensive risk analysis and under the conditions specified in paragraph 6. If a CCP refuses access it shall provide full reasons in its response and inform its competent authority in writing of the decision. The CCP shall make access possible within three months of providing a positive response to the access request.
Amendment 609 #
Proposal for a regulation
Article 28 – paragraph 3 a (new)
Article 28 – paragraph 3 a (new)
3 a. Where a CCP denies access to a trading venue under paragraph 3, it shall notify its competent authority which shall review the decision to ensure it complies with paragraphs 1 and 3. If the competent authority decides that the CCP has not complied with paragraphs 1 and 3 it shall inform the CCP, trading venue, and competent authority of the trading venue of its decision and shall order the CCP to make access possible within three months.
Amendment 612 #
Proposal for a regulation
Article 28 – paragraph 4 a (new)
Article 28 – paragraph 4 a (new)
Amendment 613 #
Proposal for a regulation
Article 28 – paragraph 6 – introductory part
Article 28 – paragraph 6 – introductory part
6. The Commission shall adopt by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 617 #
Proposal for a regulation
Article 28 – paragraph 6 – point a
Article 28 – paragraph 6 – point a
(a) the conditions under which access could be denied by a CCP, including conditions based on the volume of transactions, the number and type of userswhich shall be transparent, objective, proportionate and non-discriminatory conditions based on whether access to a CCP would clearly and significantly, threaten the smooth and orderly functioning of the CCP, or other factors creating undueunctioning of financial markets, in a manner that causes systemic risks.
Amendment 619 #
Proposal for a regulation
Article 28 – paragraph 6 – subparagraph 1 (new)
Article 28 – paragraph 6 – subparagraph 1 (new)
ESMA shall submit those draft regulatory standards to the Commission by [xx] months from the date of entry into force of this Regulation.
Amendment 627 #
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. Without prejudice to Article 8a of Regulation [ ] (EMIR), a trading venue shall provide trade feeds on a non- discriminatory, objective and transparent basis, including as regards fees related to access, on request to any CCP authorised or recognised by Regulation [ ] (EMIR) that wishes to clear financial transactions executed on that trading venue unless such access would clearly and significantly, threaten the smooth and orderly functioning of the trading venue or the functioning of financial markets in a manner that causes systemic risk. This requirement does not apply to any derivative contract that is already subject to the access obligations under Article 8a of Regulation [EMIR].
Amendment 632 #
Proposal for a regulation
Article 29 – paragraph 3
Article 29 – paragraph 3
3. The trading venue shall provide a written response to the CCP within three months either permitting access, under the condition that the relevant competent authority has not denied access pursuant to paragraph 4, or denying access. The trading venue may only deny access based on a comprehensive risk analysis and under the conditions specified under paragraph 6. When access is refused the trading venue shall provide full reasons in its response to the trading venue and inform its competent authority in writing of the decision. The trading venue shall make access possible within three months of providing a positive response to the access request.
Amendment 634 #
Proposal for a regulation
Article 29 – paragraph 3 a (new)
Article 29 – paragraph 3 a (new)
3a. Where a trading venue denies access to a CCP under paragraph 3, it shall notify its competent authority which shall review the decision to ensure it complies with paragraphs 1 and 3. If the competent authority decides that the trading venue has not complied with paragraphs 1 and 3 it shall inform the trading venue, CCP, and competent authority of the CCP of its decision and shall order the trading venue to make access possible within three months.
Amendment 636 #
Proposal for a regulation
Article 29 – paragraph 4
Article 29 – paragraph 4
4. The competent authority of the trading venue may only deny a CCP access to a trading venue where such access would clearly and significantly threaten the smooth orand orderly functioning of markets. If a competenthe trading venue or the functioning of financial markets in a manner that causes systemic risk or such other conditions to be adopted by the Commission under paragraph 6 below. Such decision must be based on a comprehensive risk analysis, taking into account that nothing in EMIR prevents parties agreeing interoperability bilaterally, whether for equities, derivatives or other instruments. If a competent authority denies access on that basis it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the trading venue and the CCP including the evidence on which its decision is based.
Amendment 643 #
Proposal for a regulation
Article 29 – paragraph 4 a (new)
Article 29 – paragraph 4 a (new)
Amendment 646 #
Proposal for a regulation
Article 29 – paragraph 6 – introductory part
Article 29 – paragraph 6 – introductory part
6. The Commission shall adopt by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 648 #
Proposal for a regulation
Article 29 – paragraph 6 – point a
Article 29 – paragraph 6 – point a
(a) the conditions under which access could be denied by a trading venue, includingwhich shall be transparent, objective, proportionate and non-discriminatory and include conditions based on the volume of transactions, the number of users or other factors creating undue risks., including those relating to the smooth and orderly functioning of the markets
Amendment 651 #
Proposal for a regulation
Article 29 – paragraph 6 – point b
Article 29 – paragraph 6 – point b
(b) the conditions under which access is granted, including customer demand and safety criteria, adequate mechanisms for managing liquidity fragmentation, whether interoperability arrangements are necessary, confidentiality of information provided regarding financial instruments during the development phase and the non- discriminatory and transparent basis as regards fees related to access.
Amendment 653 #
Proposal for a regulation
Article 29 – paragraph 6 – subparagraph 1 (new)
Article 29 – paragraph 6 – subparagraph 1 (new)
ESMA shall submit those draft regulatory standards to the Commission by [xx] months from the date of entry into force of this Regulation.
Amendment 663 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – introductory part
Article 30 – paragraph 1 – subparagraph 1 – introductory part
Where the value of any product or financial instrument is calculated by reference to a benchmark index, a person with proprietary rights to the benchmark index shall ensure that CCPs and trading venues are permitted, for the purposes of trading and clearing, non- discriminatory access to:
Amendment 664 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – point a
Article 30 – paragraph 1 – subparagraph 1 – point a
(a) relevant price and data feeds and, insofar as is necessary and does not violate confidentiality obligations to third parties, information on the composition, basic methodology and pricing of that benchmark; and to
Amendment 667 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 1 – point b
Article 30 – paragraph 1 – subparagraph 1 – point b
(b) licenceappropriate, non-exclusive licences to use the benchmark index for trading and/or clearing the relevant products or financial instruments, subject to appropriate proportionality for SMEs and any partial requirements.
Amendment 672 #
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 reasonableand non- exclusive licences shall be granted on terms that are fair, reasonable, non- discriminatory and commercial basis 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 aton commercial, arms-length terms no more onerous than the terms on which access to the benchmark index is granted or the intellectual property rights therein are licensed to another CCP, trading venue or any related person for clearing and trading purposes.
Amendment 676 #
Proposal for a regulation
Article 30 – paragraph 2 – point b a (new)
Article 30 – paragraph 2 – point b a (new)
(ba) Application may be made to the Commission for a limited term licence deferring some of the non-exclusive criteria for the purposes of testing a new index.
Amendment 679 #
Proposal for a regulation
Article 30 – paragraph 3 – point b a (new)
Article 30 – paragraph 3 – point b a (new)
(ba) the procedure to be followed when a CCP or trading venue declines to conclude a licence in the three month period;
Amendment 680 #
Proposal for a regulation
Article 30 – paragraph 3 – point b b (new)
Article 30 – paragraph 3 – point b b (new)
(bb) the general conditions of a limited term licence for the purposes of testing a new index;
Amendment 692 #
Proposal for a regulation
Article 31 – paragraph 2 – point a
Article 31 – paragraph 2 – point a
(a) the proposed action addresses a serious threat to investor protection or to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union;
Amendment 695 #
Proposal for a regulation
Article 31 – paragraph 3 – subparagraph 1 – introductory part
Article 31 – paragraph 3 – subparagraph 1 – introductory part
When taking action under this Article ESMA shall take into account the extent to which, insofar as possible, ensure that the action:
Amendment 709 #
Proposal for a regulation
Article 32 – paragraph 2 – subparagraph 1 – point d
Article 32 – paragraph 2 – subparagraph 1 – point d
(d) it has properly consulted with relevant market participants and competent authorities in other Member States that may be significantly affected by the action; and
Amendment 714 #
Proposal for a regulation
Article 32 – paragraph 3 – introductory part
Article 32 – paragraph 3 – introductory part
3. The competent authority shall not take action under this Article unless, not less than one month before it takes the action, it has notifiedconsulted with relevant market participants, all other competent authorities and ESMA, and it has published in writing ofthe details of:
Amendment 780 #
Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 3
Article 36 – paragraph 4 – subparagraph 3
Persons established in the Union shall be allowed to receive investment services by a third country firm not registered in accordance with paragraph 1 only at their own exclusive initiative. An initiative by an individual shall not entitle the third country firm to market new categories of product to that individual.
Amendment 822 #
Proposal for a regulation
Article 46 – paragraph 2
Article 46 – paragraph 2
This Regulation shall apply from [24 months after the entry into force of this Regulation], except for Articles 2(3), 4(3), 6(2), 8(4), 10(2), 11(2), 12(2), 13(7), 14(5), 14(6), 16(3), 18(2,), 18(3), 19(3), 20(3), 23(8), 24(5), 25, 26, 28(6), 29(6), 30(3), 31, 32, 33, 34 and 35, which shall apply immediately following the entry into force of this Regulation.