3 Amendments of Esther DE LANGE related to 2017/0090(COD)
Amendment 70 #
Proposal for a regulation
Recital 24
Recital 24
(24) Regulation (EU) No 648/2012 establishes that the clearing obligation should not apply to pension scheme arrangements (PSAs) until a suitable technical solution is developed by CCPs for the transfer of non-cash collateral as variation margins. As no viable solution facilitating PSAs to centrally clear has been developed so far, that temporary derogation should be extended to apply for a further three years. Central clearing should however remain the ultimate aim considering that current regulatory and market developments enable market participants to develop suitable technical solutions within that time period. With the assistance of ESMA, EBA, the European Insurance and Occupational Pensions Authority (‘EIOPA’) and ESRB, the Commission should monitor the progress made by CCPs, clearing members and PSAs towards viable solutions facilitating the participation of PSAs in central clearing and prepare a report on that progress. That report should also cover the solutions and the related costs for PSAs, thereby taking into account regulatory and market developments such as changes to the type of financial counterparty that is subject to the clearing obligation. In order to cater for developments not foreseen at the time of adoption of this regulation, the Commission should be empowered to extend that derogation for additional two years, after having carefully assessed the need for such an extensionThe Commission should be empowered to extend that derogation if no viable solutions have been reached and the adverse effect of central clearing of derivative contracts on the retirement benefits of future pensioners remains unchanged. This extension should be accompanied by a legislative proposal establishing rules for the equal treatment of high-quality government bonds collateral compared to cash collateral posted as variation margins.
Amendment 243 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 1
Article 85 – paragraph 2 – subparagraph 1
By [PO please add date of entry into force of this amending Regulation + 2 years], the Commission shall prepare a report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those technical solutions. The report shall, if appropriate, be accompanied by a legislative proposal establishing rules for the equal treatment of high-quality government bonds collateral compared to cash collateral posted as variation margins.
Amendment 251 #
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point b
Article 1 – paragraph 1 – point 19 – point b
Regulation (EU) No 648/2012
Article 85 – paragraph 2 – subparagraph 3
Article 85 – paragraph 2 – subparagraph 3
The Commission shall adopt a delegated act in accordance with Article 82 to extend the three-year period referred to in Article 89(1) once, by two years, where it concludes that no viable technical solution has been developed and that the adverse effect of centrally clearing derivative contracts on the retirement benefits of future pensioners remains unchanged. After the adoption of the delegated act referred to in this paragraph, the Commission shall present a legislative proposal establishing rules for the equal treatment of high-quality government bonds collateral compared to cash collateral posted as variation margins;