Activities of Olle SCHMIDT 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)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories PDF (612 KB) DOC (509 KB)
Amendments (147)
Amendment 99 #
Proposal for a regulation
Recital 6
Recital 6
(6) Definitions of regulated market, MTF and MOTF should be introduced and closely aligned with each otherto capture organised multilateral trading functionality. The definitions of regulated markets and MTFs should be aligned to reflect the fact that they represent effectively the same type of organised trading functionality. The definitions of OTF should exclude bilateral systems where an investment firm enters into every trade on own account, even as a riskless counterpartybe similar but should permit the operator of the OTF a greater degree of flexibility in how it sets its rules and procedures to ensure that it is able to capture all forms of organised multilateral trading that do not correspond to the categories of regulated market and MTF. The definitions should not exclude systems where the operator acts in a riskless principal capacity and is interposed between the buyer and seller. The term ‘'system’' encompasses all those markets that are composed of a set of rules and a trading platform as well as those that only function on the basis of a set of rules. Regulated markets, MTFs and MOTFs are not obliged to operate a ‘technical’central order book system for matching orders but may operate other trading protocols including systems whereby users are able to request quotes from multiple providers. A market which is only composed of a set of rules that governs aspects related to membership, admission of instruments to trading, trading between members, reporting and, where applicable, transparency obligations is a regulated market or an M, MTF or OTF within the meaning of this Directive and the transactions concluded under those rules are considered to be concluded under the systems of a regulated market or an MTF, MTF or OTF. The definitions require that buying and selling interests be brought together in such a way as to result in a contract, meaning that execution takes place under the system's rules or by means of the system's protocols or internal operating procedures. The term ‘'buying and selling interests’' is to be understood in a broad sense and includes orders, quotes and indications of interest. TheRegulated markets and MTFs should be subject to a requirement that the interests be brought together in the system by means of non- discretionary rules set by the system operator means that they are brought together under the system's rules or by means of the system's protocols or internal operating procedures (including procedures embodied in computer software). The term ‘non-discretionary rules’ means that these rules leave these rules leave the regulated market or investment firm operating an MTF with no discretion as to how interests may interact. The definitions require that interests be brought together in such a way as to result in a contract, meaning that execution takes place under the system's rules or by means of the system's protocols or internal operating procedures.
Amendment 103 #
Proposal for a regulation
Recital 7
Recital 7
(7) In order to make European markets more transparent and to level the playing field between various venues offering multilateral trading services it is necessary to introduce a new category of organised trading facility (OTF). This new category is broadly defined so that now and in the future it should be able to capture all types of organised execution and arranging of trading which do not correspond to the functionalities or regulatory specifications of existing venues. Consequently appropriate organisational requirements and transparency rules which support efficient price discovery need to be applied. The new category includes broker crossing systems, which can be described as internal electronic matching systems operated by an investment firm which execute client orders against other client orders or against proprietary capital, where in the best interest of users of the system. The new category also encompasses those systems which should be eligible for trading clearing-eligible and sufficiently liquid derivatives but which do not correspond to the defining features of existing trading venues. It shall not include facilities where there is no genuine trade execution or arranging taking place in the system, such as bulletin boards used for advertising buying and selling interests, other entities aggregating or pooling potential buying or selling interests, or electronic post-trade confirmation services.
Amendment 110 #
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organised trading facility will complement the existing types of trading venues. While regulated markets and multilateral trading facilities are characterised by non-discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. Consequently, conduct of business rules, best execution and client order handling obligations should apply to the transactions concluded on an OTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading platform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital, other than in relation to the firm's market making activities. This also excludes them from acting as systematic internalisers in the OTF operated by them. Therefore, the operator of an OTF should be subject to the same obligations as an MTF in relation to the sound management of potential conflicts of interest. Under such obligations, the OTF operator should ensure operational segregation between its OTF and any proprietary trading activity, so as to ensure the fair, orderly and efficient interaction of multiple third party buying and selling interests in the system (including those that relate to the operator's proprietary capital).
Amendment 117 #
Proposal for a regulation
Recital 9
Recital 9
(9) All organised trading should be conducted on regulated venues and be fullyhave maximised transparentcy, both pre and post trade. TAppropriately calibrated transparency requirements therefore need to apply to all types of trading venues, and to all financial instruments traded thereon.
Amendment 119 #
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 or 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 or 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 designnature would be outside the scope of the pre- and post trade transparency obligations.
Amendment 128 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure uniform applicable conditions between trading venues, the same pre- and post-trade transparency requirements should apply to the different types of venues. The transparency requirements should be adapted to meet the characteristics of each type of financial instrument and market and should therefore be calibrated for different types of instruments, including equity, bonds, and derivatives, and for different types of trading, including order- book and, quote-driven, request for quote systems and click to trade systems as well as hybrid and voice broking systems (i.e. market model), and take account of issuance, trading activity, number and type of market participants, order or transaction size and, characteristics of national markets, such as, currency area, type of issuers, market size and market maturity and other relevant criteria for assessing liquidity on a given market.
Amendment 131 #
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) The transparency requirements should be proportionate, taking into account the need for a proper balance between transparency and liquidity and thus consider the interests of both investors and government bond issuers and market liquidity. The requirements should not counteract financial stability or regulatory purposes, such as regulating financial institutions.
Amendment 132 #
Proposal for a regulation
Recital 14 b (new)
Recital 14 b (new)
(14 b) There should be a clear distinction between algorithmic trading used by market participants and the use of algorithms by post-trade risk reduction services such as compound transaction services. Compound transaction services should not be seen as a class of algorithmic trading. ESMA should determine the extent to which trading venues which offer compound transaction services, should be subject to Article 18(1)-18(3) and Article 20(3) for the purpose of providing these services.
Amendment 134 #
Proposal for a regulation
Recital 16
Recital 16
(16) An investment firm executing client orders against own proprietary capital should be deemed a systematic internaliser, unless the transactions are carried out outside regulated markets, MTFs and OTFs on an occasional, ad hoc and irregular basis. Systematic internalisers should be defined as investment firms which, on an organised, frequent and systematic basis, deal on own account by executing client orders outside a regulated market, an MTF or an OTF. 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 shcould 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, a systematic internaliser should not be allowed, to bring together third party buying and selling interests except on an irregular basis.
Amendment 141 #
Proposal for a regulation
Recital 17
Recital 17
(17) Systematic internalisers may decide to give access to their quotes only to retail clients, only to professional clients, or to both. They should not be allowed to discriminate within those categories of clients. Systematic internalisers are not obliged to publish firm quotes in relation to transactions in equity instruments above standard market size and in non-equity instrument above retail-size. The standard market size or retail size for any class of financial instrument should not be significantly disproportionate to any financial instrument included in that class.
Amendment 144 #
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular andor are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard market size or retail market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 153 #
Proposal for a regulation
Recital 19
Recital 19
(19) Market data should be easily and readily available to users in a format as disaggregated as possible to allow investors, and data service providers serving their needs, to customise data solutions to the furthest possible degree. Therefore, pre- and post-trade transparency data should be made available to the public in an ‘"unbundled’" fashion in order to reduce costs for market participants when purchasing data. Post trade data should be made available for free after 15 minutes by regulated markets, MTFs, OTFs, and SIs. Furthermore, approved publication arrangements should ensure the consistency and quality of both real time and delayed market data based on common European data standards. End users will therefore have access either directly or indirectly via competing data vendors to a standardised European consolidated tape.
Amendment 154 #
Proposal for a regulation
Recital 21
Recital 21
(21) Considering the agreement reached by the parties to the G20 Pittsburgh summit on 25 September 2009 to move trading in standardised OTC derivative contracts to exchanges or electronic trading platforms where appropriate, a formal regulatory procedure should be defined for mandating trading between financial counterparties and large non-financial counterparties in all derivatives which have been considered to be clearing-eligible and which are sufficiently liquid to take place on a range of trading venues subject to comparable regulation and enabling participants to trade with multiple counterparties. The assessment of sufficient liquidity should take account of market characteristics at national level including elements such as the number and type of market participants in a given market, and of transaction characteristics, such as the size and frequency of transactions in that market. Compound transaction post-trade risk reduction services accord with the overarching G20 policy aim of mitigating systemic risk on the OTC derivatives markets, and trades in OTC derivative contracts which are component transactions of a compound transaction post-trade risk reduction service, such as a multilateral trade compression cycle or a multilateral basis risk management cycle of current OTC derivatives portfolios, must be addressed separately hereunder to ensure compliance with such policy aims. This includes a need for such trades to be addressed separately under the trading mandate, and, furthermore, because component transactions of a compound transaction are not based on any bids or offers (i.e. no price discovery takes place), ESMA should determine the extent to which Articles 7, 9, 23 and 24(1) should apply to such component transactions.
Amendment 158 #
Proposal for a regulation
Recital 24
Recital 24
(24) Competent authorities' powers should be complemented with an explicit mechanism for prohibiting or restricting the marketing, distribution and sale of any financial instrument giving rise to serious concerns regarding investor protection, orderly functioning and integrity of financial markets, or the stability of the whole or part of the financial system, together with appropriate coordination and contingency powers for ESMA. The exercise of such powers should be subject to the need to fulfil a number of specific conditions and be used only in exceptional cases.
Amendment 174 #
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. Licensing and access to information about indices and otherThe right of access of a CCP to a trading venue should be subject to transparent, proportionate and neutral criteria including customer demand and safety criteria and any necessary interoperability arrangements. In order to allow the full development of a competitive Single Market in all financial instruments, including exchange traded derivatives, it is necessary for benchmark indices to be subject to mandatory non- exclusive licensing to appropriate trading and venues and CCPs. Access to information about indices and benchmark indices 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. Access to information about indices and benchmark indices 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. Any trading venue or CCP providing such information and products may charge fees for the services provided to market participants on a cost recovery basis plus reasonable profits only. Cost recovery refers to costs directly attributable to the services rendered under the index service products. 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 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 179 #
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 accWhile Member States should be able to retain those regimes and requirements, it is appropriate to introduce a common regulatory framework at Union level to allow third country firms that establish a branch in the Union to provide services and activities across the Union through the branch, where the branch has been authorised by the competent authoritiess ing the Union, ensure thatMember State and, among other things, and equivalence assessment has been carried out by the Commission in relation to the regulatory and supervisory framework of the third countries and should provide for a comparable level of protections to investors in the EU receiving services by thiry. It is also appropriate for the common framework to allow a third country firm to provide services or activities to certain eligible counterparties that are established in a Member State otherwise than through a branch in that Member State without requiring authorisation in that Member State or registration by ESMA. Third country firms that wish to be able to provide services or activities to other eligible counterparties and "per se" professional clients across the Union should be able to do so, if they register with ESMA and (among other things) an equivalence assessment has been carried country firmst by the Commission in relation to the regulatory and supervisory framework of the third country.
Amendment 187 #
Proposal for a regulation
Recital 35
Recital 35
(35) The provision of services to retail clients should always require the establishment of a branch in the Unionird country firms that establish a branch in the Union under the common Union framework for branches should be able to provide service and activities across the Union to retail clients from the branch but this should not prevent a retail client receiving services from a third country firm at the client's own exclusive initiative or otherwise receiving services outside the Union (or in accordance with a national regime). The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. The provision of services withoutOnce authorised the branches should be limited to eligible counterparties. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country. subject to supervision in the Member State where the branch is established; the third country firm should be able to provide services in other Member States through the authorised and supervised branch, subject to a notification procedure.
Amendment 190 #
Proposal for a regulation
Recital 36
Recital 36
(36) The provisions of this regulation regulating the provision of services or activities by third country firms in the Union should not affect the possibility for persons established in the Union to receive investment services or activities from by a third country firm at their own exclusive initiative, for investment firms authorised under this Directive or credit institutions authorised under Directive 2006/48/EC providing investment services or activities to receive investment services or activities from a third country firm or for clients of such an investment firm or credit institution to receive investment services or activities from a third country firm through the mediation of the investment firm or credit institution or for persons established in the Union to receive investment services or activities from a third country firm where those services or activities are provided outside the Union. When a third country firm provides services ator activities at the own exclusive initiative of a person established in the Union, the services or activities 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 (otherwise than in the context of a continuing relationship between the third country firm and that person relating to the provision of those services or activities), it should not be deemed as a service or activity provided at the own exclusive initiative of the client. When a third country firm provides services or activities to or through the mediation of an investment firm authorised under this directive or a credit institution authorised under Directive 2006/48/EC providing investment services or activities, the services or activities of the third country firm should not be deemed as provided in the territory of the Union. The investment firm acting as intermediary will remain responsible for providing the client with the protections under this directive applicable to the service it has provided to the client. When a person established in the Union moves outside the Union to receive services or activities provided by a third country firm or the characteristic performance of the third country firm takes place outside the Union, the services or activities should not be deemed as provided in the Union.
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Regulation applies to investment firms, authorised under Directive [new MiFID] and credit institutions authorised under Directive [new MiFID]2006/48/EC when providing one or more investment services and/or performing investment activities and regulated markets.
Amendment 198 #
Proposal for a regulation
Article 1 – paragraph 4 a (new)
Article 1 – paragraph 4 a (new)
4 a. Title VIII of this Regulation applies to third country firms providing investment services or activities within a Member State other than through a branch in that Member State.
Amendment 202 #
Proposal for a regulation
Article 1 – paragraph 4 b (new)
Article 1 – paragraph 4 b (new)
4 b. The provisions of Title VIII only apply to third country firms. These are not investment firms or credit institutions authorised under Directive [new MiFID].
Amendment 239 #
Proposal for a regulation
Article 2 – paragraph 1 – point 24
Article 2 – paragraph 1 – point 24
(24) ‘'benchmark’ index' means any tradable or broadly used commercial index or published figure calculated by the application of a formula to the value of one or more underlying assets or prices by reference to which the amount payable under a financial instrument is determined, which acts as the standard measure of the performance of the relevant assets or class or group of assets.
Amendment 248 #
Proposal for a regulation
Article 2 – paragraph 1 – point 28 a (new)
Article 2 – paragraph 1 – point 28 a (new)
(28 a) "Third country firm" means an investment firm or credit institution the head office of which is outside the Union when providing or performing one or more investment services or investment activities in the Union to which Directive [new MiFID] applies. However, only investment services or activities provided or performed in the Union shall be taken into account for the purposes of applying the exemptions in Articles 2 and 3 of Directive [new MiFID] in relation to a third country firm;
Amendment 249 #
Proposal for a regulation
Article 2 – paragraph 1 – point 29 a (new)
Article 2 – paragraph 1 – point 29 a (new)
(29 a)'compound transaction' means a transaction arranged by a post-trade risk reduction service provider, where: (a) the transaction is cycle-based and multilateral (excluding the service provider), and must be accepted in full by all participants or it will not be effected; (b) the transaction is designed to be market risk neutral for each participant within its tolerances; and (c) the transaction is computed with the aim to reduce secondary risks emerging from existing OTC derivatives transactions, such as counterparty credit risk, operational risk and/or basis risk. ESMA shall develop draft regulatory technical standards to further specify the characteristics of a compound transaction and the extent to which Articles 7, 9, 23 and 24(1) should apply to its component transactions. ESMA shall submit those draft regulatory technical standards to the Commission by...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 253 #
Proposal for a regulation
Article 2 – paragraph 3
Article 2 – paragraph 3
3. The Commission may adopt, by means of delegated acts in accordance with Article 41, measuresESMA may develop draft regulatory technical standards to specifying some technical elements of the definitions laid down in paragraph 1 to adjust them to market developments. ESMA shall submit those draft regulatory technical standards to the Commission by...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 264 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – 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 3(1) based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of (a) orders that are large in scale compared with normal market size for the share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or type of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument in question, or (b) orders submitted for execution/crossing at a suitable midpoint price as determined by the Commission by means of delegated acts in accordance with Article 41.
Amendment 266 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 62 months before the waiver is intended to take effect. Within 3 months fFollowing receipt of the notification, ESMA shall issue an opinion within 2 months to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). When the 2 month period has expired, the competent authority may put into effect the waiver irrespective whether of ESMA has issued an opinion. Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 276 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying:
Amendment 281 #
Proposal for a regulation
Article 4 – paragraph 3 – point c
Article 4 – paragraph 3 – point c
(c) the market model for which pre-trade disclosure may be waived under paragraph 1, and in particular, the applicability of the obligation to trading methods operated by regulated markets, MTFs and OTFs which conclude transactions under their rules by reference to prices established outside the regulated markets, MTFs and OTFs or by periodic auction for each class of financial instrument concerned.
Amendment 284 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 a (new)
Article 4 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010;
Amendment 293 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Competent authorities shall be able to authorise regulated markets to provide for deferred publication of the details of transactions based on their type or size. In particular, the competent authorities may authorise the deferred publication in respect of transactions that are large in scale compared with the normal market size for that share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or that class of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or relate to significant distributions as defined in Article 2(9) of Commission Regulation (EC) 2273/2003. Regulated markets and investment firms and market operators operating an MTF or an OTF shall obtain the competent authority's prior approval of proposed arrangements for deferred trade- publication, and shall clearly disclose these arrangements to market participants and the public. ESMA shall monitor the application of these arrangements for deferred trade-publication and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 298 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying:
Amendment 303 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 a (new)
Article 6 – paragraph 2 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 309 #
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, for instruments that meet the liquidity criteria specified in this paragraph, 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. Regulated markets and investment firms and market operators operating an MTF or an OTF shall make thissuch information available to the public on a continuous basis during normal trading hours. , for instruments that meet the liquidity criteria specified in this paragraph, on a continuous basis during normal trading hours. Where transactions are negotiated between professional and eligible counterparties through voice negotiation, pre-trade indicative prices must be published as close to the transaction price as reasonably practicable. The requirements set out in this Article shall only apply to those financial instruments which are determined to be sufficiently liquid or for which there is a liquid market.
Amendment 324 #
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: (i) the market model,; (ii) the specific characteristics of trading activity in a product and the liquidity in the cases defined in accordance with paragraph 4. ; (iii) the characteristics of individual markets including the number and type of market participants (iv) the size or type of orders, method of trading and the size and type of an issue of a financial instrument; (v) profile and any other relevant criteria for assessing liquidity for a certain product; In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal retail market size for the bond, structured finance product, emission allowance or derivative or type or class of bond, structured finance product, emission allowance or derivative in question. The requirements set out in this Article shall only apply to those financial instruments which are determined to be sufficiently liquid or for which there is a liquid market.
Amendment 328 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 a (new)
Article 8 – paragraph 1 – subparagraph 1 a (new)
In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal retail market size for the bond, structured finance product, emission allowance or derivative or type or class of bond, structured finance product, emission allowance or derivative in question.
Amendment 329 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. 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 paragraph 1 of Article 7 based on the type and size of orders and method of trading in accordance with paragraph 4. In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal market size for the bond, structured finance product, emission allowance or derivative or type of bond, structured finance product, emission allowance or derivative in quesensure that, when determining the type and scope of a waiver, all relevant circumstances are taken into account, including the interest of both investors, issuers and government bond issuers and market liquidity. The competent authorities shall ensure that transparency requirements should not counteract financial stability or regulatory purposes, such as regulating financial institutions.
Amendment 335 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 62 months before the waiver is intended to take effect. Within 3 months fFollowing receipt of the notification, ESMA shall issue an opinion within 2 months to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraph 4(b). When the 2 month period has expired the competent authority may put into effect the waiver irrespectively if ESMA has issued an opinion or not. Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 346 #
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, measuresESMA shall develop draft regulatory technical standards to specifying:
Amendment 349 #
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 concerned in accordance with paragraphs 1 and 2, based on the following:
Amendment 353 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii
Article 8 – paragraph 4 – point b – point iii
(iii) the liquidity profile, including the number and type of market participants in a given market and any other relevant criteria for assessing liquidity for a particular product;
Amendment 357 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii a (new)
Article 8 – paragraph 4 – point b – point iii a (new)
(iii a) the characteristics of individual markets including the number and type of market participants in a given market;
Amendment 360 #
Proposal for a regulation
Article 8 – paragraph 4 – subparagraph 1 a (new)
Article 8 – paragraph 4 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 376 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Competent authorities shall be able to authorise regulated markets and investment firms and market operators operating an MTF or an OTF to provide for deferred publication of the details of transactions based on their type or size. In particular, the competent authorities may authorise the: (i) the market model; (ii) the specific characteristics of trading activity in a product; (iii) the characteristics of individual markets including the number and type of market participants (iv) the size or type of orders, method of trading and the size and type of an issue of a financial instrument; (v) profile and any other relevant criteria for assessing liquidity for a certain product; The requirements set out in this Article shall only apply to those financial instruments which are determined to be sufficiently liquid or for which there is a liquid market. The competent authorities shall be able to provide for deferred publication in respect of transactionorders that are large in scale compared with the normal retail market size for thate bond, structured finance product, emission allowance or derivative or thatype or class of bond, structured finance product, emission allowance or derivative. in question, or relate to significant distributions as defined in Art.2(9) of Regulation No. 2273/2003 EC. Competent authorities shall ensure that, when determining the type and scope of a deferred publication, all relevant circumstances are taken into account, including the interest of both investors and government bond issuers and market liquidity. The competent authorities shall ensure that transparency requirements should not counteract financial stability or regulatory purposes, such as regulating financial institutions.
Amendment 380 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
In particular, the competent authorities shall be able to provide for deferred publication in respect of orders that are large in scale compared with normal retail market size for the bond, structured finance product, emission allowance or derivative or type or class of bond, structured finance product, emission allowance or derivative in question.
Amendment 383 #
Proposal for a regulation
Article 10 – paragraph 2 – introductory part
Article 10 – paragraph 2 – introductory part
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying:
Amendment 387 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) the conditions for authorising for each class of financial instrument concerned a deferred publication of trades for a regulated market, an investment firm, including a systematic internaliser or an investment firm or market operator operating an MTF or an OTF and the criteria to be applied when deciding the transactions for which, due to their size or the type of bond, structured finance product, emission allowance or derivative involved, deferred publication and/or the omission of the volume of the transaction and/or the aggregation of transactions is allowed.
Amendment 388 #
Proposal for a regulation
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) tThe conditions for authorisingunder which post-trade disclosure may be deferred for each class of financial instrument concerned a deferred publication of trades for a regulated market, an investment firm, including a systematic internaliser or an investment firm or market operator opein accordance with paragraphs 1 based on the following: (i) the market model; (ii) the specific characteristics of tratding an MTF or an OTF and the criteria to be applied when deciding the transactions for which, due toctivity in a product; (iii) the characteristics of individual markets including the number and type of market participants (iv) their size or the type of bond, structured finance product, emission allowance or derivative involved, deforders, method of trading and the size and type of an issue of a financial instrument; (v) the liquidity profile and any other red publication and/or the omission of the volume of the transaction is allowed.levant criteria for assessing liquidity for certain product;
Amendment 389 #
Proposal for a regulation
Article 10 – paragraph 2 – subparagraph 1 a (new)
Article 10 – paragraph 2 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 392 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Commission may adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying the offering pre- and post- trade transparency data, including the level of disaggregation of the data to be made available to the public as referred to in paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 394 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. Regulated markets, MTFs and OTFs shall make the information published in accordance with Articles 3 toand 10 available to the public on a reasonable commercial basis. The information shall be made available free of any charge to any party, commercial or public, 15 minutes after the publication of a transaction.
Amendment 398 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1.
Amendment 402 #
Proposal for a regulation
Article 13 – paragraph 1 a (new)
Article 13 – paragraph 1 a (new)
1 a. All transactions in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments which are not intragroup transactions as referred to in Article 2a of Regulation (EU) No .../... [EMIR] and which are not concluded on a regulated market or MTF or an OTF shall be concluded through an investment firm that is a systematic internaliser unless: (a) the transaction involves the primary issuance of the instrument; or (b) no systematic internaliser is available in the relevant instrument, or use of an available systematic internaliser would not be consistent with duties owed to clients on whose behalf the transaction is executed or the definition of systematic internaliser. 2. All transactions in bonds, structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and derivatives which are eligible for clearing or which are admitted to trading on a regulated market or are traded on an MTF or an OTF and which are not subject to the trading obligation under Article 26, which are not concluded on a regulated market, MTF, OTF or third-country trading venue assessed as equivalent in accordance with Article 26(4), shall be concluded through an investment firm that is a systematic internaliser unless: (a) the transaction involves the primary issuance of the instrument; or (b) no systematic internaliser is available in the relevant instrument, or use of an available systematic internaliser would not be consistent with duties owed to clients on whose behalf the transaction is executed or the definition of systemic internaliser.
Amendment 403 #
Proposal for a regulation
Article 13 – paragraph 2
Article 13 – paragraph 2
2. This Article and Articles 14, 15 and 16 shall apply to systematic internalisers when dealing for sizes up to standard market size. Systematic internalisers that only deal in sizes above standard market size or that deal in sizes below standard market size as part of transactions where execution in several securities is part of one transaction shall not be subject to the provisions of this Article.
Amendment 405 #
Proposal for a regulation
Article 13 – paragraph 7
Article 13 – paragraph 7
7. In order to ensure the efficient valuation of shares, depositary receipts, exchange- traded funds, certificates and other similar financial instruments and maximises the possibility of investment firms of obtaining the best deal for their clients the Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying the elements related to the publication of a firm quote as referred to in paragraph 1 and to the standard market size as referred to in paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 410 #
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 1
Article 14 – paragraph 2 – subparagraph 1
Systematic internalisers shall, while complying with the provisions set down in Article 27 of Directive [new MiFID], execute the orders at or below the quoted size and which they receive from their clients in relation to the shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments for which they are systematic internalisers at the quoted prices at the time of reception of the order. or such other price which would satisfy the systematic internaliser's obligation under Article 27 of Directive [new MiFID].
Amendment 412 #
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. In order to ensure the efficient valuation of shares, depositary receipts, exchange- traded funds, certificates and other similar financial instruments and maximises the possibility of investment firms of obtaining the best deal for their clients the Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying the criteria specifying when prices fall within a public range close to market conditions as referred to in paragraph 2. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 414 #
Proposal for a regulation
Article 14 – paragraph 6
Article 14 – paragraph 6
6. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in paragraph 1.
Amendment 415 #
Proposal for a regulation
Article 16 – paragraph 3 – introductory part
Article 16 – paragraph 3 – introductory part
3. In order to ensure the efficient valuation of shares, depositary receipts, exchange- traded funds, certificates and other similar financial instruments and maximises the possibility of investment firms of obtaining the best deal for their clients the Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying:
Amendment 417 #
Proposal for a regulation
Article 16 – paragraph 3 – subparagraph 1 a (new)
Article 16 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 419 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. Systematic internalisers shall provide firm quotes into retail clients in those bonds andor structured finance products admitted to trading on a regulated market or for which a prospectus has been publishedtraded on an MTF or OTF, emission allowances and derivatives which are clearing-eligible orand are admitted to trading on a regulated market or are traded on an MTF or an OTF when the following conditions are fulfilled:for which they are systematic internalisers and for which there is a liquid market, when the following conditions are fulfilled: a) they are prompted for a firm quote by a client of the systematic internaliser; b) they agree to provide a firm quote; c) pre-trade disclosure for these financial instruments has not been waived in accordance with Article 8; d) the quoted size is at or below a retail size specific to the instrument. This Article shall apply to systematic internalisers when dealing for sizes up to retail market size. Systematic internalisers that only deal in sizes above retail market size shall not be subject to the provisions of this Article.
Amendment 428 #
Proposal for a regulation
Article 17 – paragraph 1 a (new)
Article 17 – paragraph 1 a (new)
1 a. Systematic internalisers shall be entitled to update or remove their quotes at any time to reflect changes in market conditions or to correct technical errors.
Amendment 430 #
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 on request, 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, including commercial considerations such as the investor credit status, the counterparty risk and the final settlement of the transaction.
Amendment 436 #
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 athe retail size specific to the instrument.
Amendment 441 #
Proposal for a regulation
Article 17 – paragraph 4
Article 17 – paragraph 4
4. Systematic internalisers shall be allowed to establish non-discriminatory and transparent limits on the number of transactions they undertake to enter into with clients pursuant to any given quote according to paragraph 1.
Amendment 444 #
Proposal for a regulation
Article 17 – paragraph 6
Article 17 – paragraph 6
6. The retail size quotes shall be such as to ensure that the firm complies with its obligations under Article 27 of Directive [new MiFID], and shall reflect prevailing market conditions in relation to prices at which transactions are concluded for the same or similar instruments on regulated markets, MTFs or OTFs.
Amendment 452 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measuresESMA shall develop draft regulatory technical standards to specifying the sizes mentioned in Article 17(3) at which a firm shall enter into transactions with any other client to whom the quote is made available. Such sizes shall correspond to a size customarily undertaken by a retail investor in the relevant sub-category of instrument within an asset class. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 455 #
Proposal for a regulation
Article 18 – paragraph 3
Article 18 – paragraph 3
3. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in Article 17(5).
Amendment 459 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments admitted to trading on a regulated market or which 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. The information shall be made available free of any charge to any party, commercial or public, 15 minutes after the publication of a transaction.
Amendment 464 #
Proposal for a regulation
Article 19 – paragraph 3 – introductory part
Article 19 – paragraph 3 – introductory part
3. The Commission may adopt, by means of delegated acts in accordance with Article 41, measures specifying the followingESMA shall develop draft regulatory technical standards to specify:
Amendment 466 #
Proposal for a regulation
Article 19 – paragraph 3 – subparagraph 1 a (new)
Article 19 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 479 #
Proposal for a regulation
Article 20 – paragraph 2 a (new)
Article 20 – paragraph 2 a (new)
2 a. Competent authorities shall be able to authorise investment firms to provide for deferred publication pursuant to Article 10.
Amendment 480 #
Proposal for a regulation
Article 20 – paragraph 3 – introductory part
Article 20 – paragraph 3 – introductory part
3. The Commission may adopt, by means of delegated acts in accordance with Article 41, measures specifying the followingESMA shall develop draft regulatory technical standards to specify:
Amendment 481 #
Proposal for a regulation
Article 20 – paragraph 3 – subparagraph 1 (new)
Article 20 – paragraph 3 – subparagraph 1 (new)
ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 500 #
Proposal for a regulation
Article 23 – paragraph 6
Article 23 – paragraph 6
6. The reports shall be made to the competent authority either by the investment firm itself, an ARM acting on its behalf or by the regulated market or MTF or OTF through whose systems the transaction was completed. Trade- matching or reporting systems, including trade repositories registered or recognised in accordance with Title VI of Regulation [ ] (EMIR), may be approved by the competent authority as an ARM. In cases where transactions are reported directly to the competent authority by a regulated market, an MTF, an OTF or an ARM, the obligation on the investment firm laid down in paragraph 1 may be waived. In cases where transactions have been reported to a trade repository in accordance with aArticle [76] of Regulation [ ] (EMIR) which is approved as an ARM and where these reports contain the details required under paragraphs 1 and 3, the obligation on the investment firm laid down in paragraph 1 shall be considered to have been complied with.
Amendment 505 #
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 1 – point a
Article 23 – paragraph 8 – subparagraph 1 – point a
(a) data standards and formats for the information to be publishreported in accordance with paragraphs 1 and 3, including the methods and arrangements for reporting financial transactions and the form and content of such reports;
Amendment 512 #
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 2
Article 23 – paragraph 8 – subparagraph 2
ESMA shall submit those draft regulatory technical standards to the Commission by […]. The draft standards shall take into account the need for a consistent approach with the obligations and regulatory technical standards developed in accordance with Article 9 of Regulation [.../...EMIR]
Amendment 515 #
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 to monitor the activities of investment firms in accordance with Article 21. The Commission may take steps to propose any changes, including providing for transactions to be transmitted to a system appointed by ESMA instead of to competent authorities, which allows relevant competent authorities to access all the information reported pursuant to this Article.
Amendment 524 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. Financial counterparties as defined in Article 2(6) and non financial counterparties that meet the conditions referred to in Article [5(1b)] of Regulation [ ] (EMIR) shall conclude transactions which are not intragroup transactions as defined in Article [2a] of Regulation [ ] (EMIR) or which are not transactions concluded by pension scheme arrangements as set out in Article 71 of Regulation [ ] (EMIR) with other financial counterparties as defined in Article 2(6) or non financial counterparties that meet the conditions referred to in Article [5(1b)} of Regulation [ ] (EMIR) in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 26 and listed in the register referred to in Article 27 only on:
Amendment 533 #
Proposal for a regulation
Article 24 – paragraph 1 – point c a (new)
Article 24 – paragraph 1 – point c a (new)
(c a) Systematic Internalisers
Amendment 534 #
Proposal for a regulation
Article 24 – paragraph 1 – point d
Article 24 – paragraph 1 – point d
(d) third country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides an equivalent reciprocalffective system for the equivalent recognition of trading venues authorised under Directive [new MiFID] to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non-exclusive basis.
Amendment 541 #
Proposal for a regulation
Article 24 – paragraph 5
Article 24 – paragraph 5
5. The Commission shall adopt by means of delegated acts in accordance with Article 41 measuresESMA shall develop draft regulatory technical standards to specifying the types of contracts referred to in paragraph 2 which have a direct, substantial and foreseeable effect within the Union and the cases where the trading obligation is necessary or appropriate to prevent the evasion of any provision of this Regulation. ESMA shall submit those draft regulatory technical standards to the Commission by ...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 567 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – introductory part
Article 26 – paragraph 3 – subparagraph 1 – introductory part
In developing the draft implementing technical standards, ESMA shall consider the class of derivatives or a relevant subset thereof as sufficiently liquid and the sizes at which they are likely to be sufficiently liquid over a range of market conditions, pursuant to the following criteria:
Amendment 570 #
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;
Amendment 572 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point b
Article 26 – paragraph 3 – subparagraph 1 – point b
(b) the average size ofand size distribution of trades and the frequency of large-in-scale trades;
Amendment 574 #
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, market model and type of active market participants;
Amendment 577 #
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) the type and number of counterparties active, and expected to be active within the market for the relevant class of derivative contracts;
Amendment 581 #
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) any other factors influencing liquidity specific to the individual class of derivatives.
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 606 #
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. 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. 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 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 629 #
Proposal for a regulation
Article 29 – paragraph 1 a (new)
Article 29 – paragraph 1 a (new)
1a. A CCP which already has a dominant market share of the clearing business either in Europe or in a third country cannot use the access right to trading venues, established by Article 29.1, to reinforce its position.
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 635 #
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 threaten the smooth or orderly functioning of markets. 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. For OTC derivatives, access of the CCP to a trading venue shall be granted in accordance with the provisions of Regulation [ ] (EMIR).
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 645 #
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, for instruments other than OTC derivatives measures specifying:
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 652 #
Proposal for a regulation
Article 29 – paragraph 6 – point b a (new)
Article 29 – paragraph 6 – point b a (new)
(ba) what would constitute a dominant market share of the clearing business either in Europe or in a third country for the purposes of Article 29.1.a (new).
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 661 #
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 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 665 #
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.
Amendment 669 #
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 any 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 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 673 #
Proposal for a regulation
Article 30 – paragraph 2 – introductory part
Article 30 – paragraph 2 – introductory part
2. No CCP, trading venue or related entity in the EU may enter into, or continue to be party to, an agreement with any provider of a benchmark the effect of which would beindex which would have, or has, the effect of either:
Amendment 674 #
Proposal for a regulation
Article 30 – paragraph 2 – point a
Article 30 – paragraph 2 – point a
(a) to preventing any other CCP or trading venue from obtaining access to such information or rights as referred to in paragraph 1; or
Amendment 675 #
Proposal for a regulation
Article 30 – paragraph 2 – point b
Article 30 – paragraph 2 – point b
(b) to preventresulting in any other CCP or trading venue from obtaining access to such information or rights on terms any less advantageous than those conferred on that CCP or trading venue.
Amendment 678 #
Proposal for a regulation
Article 30 – paragraph 3 – point b
Article 30 – paragraph 3 – point b
(b) the conditions under which access isand licences are granted, including confidentiality of information provided and nature of the fair, reasonable, non- discriminatory commercial terms required.
Amendment 685 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – point a
Article 31 – paragraph 1 – subparagraph 1 – point a
(a) the marketing, distribution or sale of certain financial instruments or financial instruments with certain featuresany of the financial instruments listed at section C of annex 1 of [new MiFID; or
Amendment 687 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 2
Article 31 – paragraph 1 – subparagraph 2
A prohibition or restriction may apply in exceptional circumstances, or be subject to exceptions, specified by ESMA.
Amendment 701 #
Proposal for a regulation
Article 32 – paragraph 1 – introductory part
Article 32 – paragraph 1 – introductory part
1. A competent authority may prohibit or restrict in or from that Member State on an exceptional basis:
Amendment 702 #
Proposal for a regulation
Article 32 – paragraph 1 – point a
Article 32 – paragraph 1 – point a
(a) the marketing, distribution or sale of certain financial instruments or financial instruments with certain featuresany of the financial instruments listed at section C of annex 1 of [new MiFID]; or
Amendment 716 #
Proposal for a regulation
Article 32 – paragraph 3 – point c a (new)
Article 32 – paragraph 3 – point c a (new)
(ca) the action is proportionate taking into account the likely effect on the investor who may hold, use or benefit from the financial instrument or activity;
Amendment 718 #
Proposal for a regulation
Article 32 – paragraph 6
Article 32 – paragraph 6
6. The Commission shall adopt by means of delegated acts in accordance with Article 41 measuresESMA shall develop draft regulatory technical standards to specifying criteria and factors to be taken into account by competent authorities in determining when the threats to investor protection or to the orderly functioning and integrity of financial markets and to the stability of the whole or part of the financial system of the Union referred to in paragraph 2(a) arise. ESMA shall submit those draft regulatory technical standards to the Commission by...*. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Amendment 726 #
Proposal for a regulation
Chapter 2 – title
Chapter 2 – title
Position Management and Positions
Amendment 727 #
Proposal for a regulation
Article 34 – paragraph 1
Article 34 – paragraph 1
1. ESMA shall perform a facilitation and coordination role in relation to measures taken by competent authorities pursuant to Article 71(2) subparagraph (i) and Article 72(1) subparagraphs (f) and (g) of Directive [new MiFID]. In particular ESMA shall ensure that a consistent approach is taken by competent authorities with regard to when these powers are exercised, the nature and scope of the measures imposed, and the duration and follow-up of any measures.
Amendment 728 #
Proposal for a regulation
Article 34 – paragraph 2
Article 34 – paragraph 2
2. After receiving notification of any measure under Article 83(5) of Directive [new MiFID] ESMA shall record the measure and the reasons thereof. In relation to measures pursuant to Article 72(1) subparagraph (f) and (g) of Directive [new MiFID], it shall maintain and publish on its website a database with summaries of the measures in force including details on the person or class of persons concerned, the applicable financial instruments, any quantitative measures or thresholds such as the maximum number of contractopen positions persons can enter intohold before a limit is reached, any exemptions thereto, and the reasons thereof.
Amendment 752 #
Proposal for a regulation
Article 35 – paragraph 4
Article 35 – paragraph 4
4. Before deciding to undertake or renew any measure referred to in paragraph 1, ESMA shall notify relevant competent authorities of the measure it proposes. In case of a request under subparagraph (a) or (b) of paragraph 1 the notification shall include the identity of the person or persons to whom it was addressed and the details and reasons thereof. In case of a measure under subparagraph (c) of paragraph 1 the notification shall include details on the person or class of persons concerned, the applicable financial instruments, the relevant quantitative measures such as the maximum number of contractopen positions the person or class of persons in question can enter intohold, and the reasons thereof.
Amendment 753 #
Proposal for a regulation
Article 35 – paragraph 6
Article 35 – paragraph 6
6. ESMA shall publish on its website notice of any decision to impose or renew any measure referred to in subparagraph (c) of paragraph 1. The notice shall include details on the person or class of persons concerned, the applicable financial instruments, the relevant quantitative measures such as the maximum number of contractopen positions the person or class of persons in question can enter intohold, and the reasons thereof.
Amendment 762 #
Proposal for a regulation
Title 8
Title 8
Provision of services or activities without a branch by third country firms
Amendment 763 #
Proposal for a regulation
Article 36 – title
Article 36 – title
Amendment 764 #
Proposal for a regulation
Article 36 – paragraph -1 a (new)
Article 36 – paragraph -1 a (new)
-1a. A third country firm may provide or perform any investment services and/or activities together with ancillary services to persons recognised as eligible counterparties for the purposes of Article 30 of [new MiFID] that are established in a Member State otherwise than through a branch in that Member State without requiring authorisation in that Member State under that directive or registration under Article 36 of this Regulation.
Amendment 765 #
Proposal for a regulation
Article 36 – paragraph -1 a (new)
Article 36 – paragraph -1 a (new)
Amendment 766 #
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 established in the Union without the establishment of a branch onlyor perform investment services and/or activities together with ancillary services to professional clients referred to in Section I of Annex II of Directive [new MiFID] established in a Member State otherwise than through a branch in that Member State, without requiring authorisation in that Member State under that directive, where it is registered in the register of third country firms kept by ESMA in accordance with Article 37.
Amendment 772 #
Proposal for a regulation
Article 36 – paragraph 2 – introductory part
Article 36 – paragraph 2 – introductory part
2. ESMA can register a third country firm that has applied for the provision or performance of investment services and activities in the Union in accordance with paragraph 1 only where the following conditions are met:
Amendment 773 #
Proposal for a regulation
Article 36 – paragraph 2 – point a
Article 36 – paragraph 2 – point a
(a) the Commission has adopted a decision in accordance with Article 37, paragraph 1 recognising that the prudential and business conduct framework of the third country has an equivalent effect;
Amendment 774 #
Proposal for a regulation
Article 36 – paragraph 2 – point b
Article 36 – paragraph 2 – point b
(b) the firm is authorised in the jurisdiction where its head office is established to provide the investment services or activities to be provided in the Union and it is subject to effective supervision and enforcement ensuring a full compliance with the requirements applicable in that third country;
Amendment 775 #
Proposal for a regulation
Article 36 – paragraph 3 – subparagraph 1
Article 36 – paragraph 3 – subparagraph 1
The third country firm referred to inwishing to provide or perform investment services or activities under paragraph 1 shall submit its application to ESMA after the adoption by the Commission of the decision referred to in Article 37 determining that the legal and supervisory framework of the third country in which the third country firm is authorised with respect to prudential and business conduct matters is equivalent to the requirements described in Article 37 (1).
Amendment 777 #
Proposal for a regulation
Article 36 – paragraph 4 – subparagraph 1
Article 36 – paragraph 4 – subparagraph 1
Third country firms providing servicor performing services or activities in accordance with this Article shall inform clients established in the Union, before the provision of any investment services, that they are not allowed to provide services to clients other than eligible counterparties or activities, that, except as permitted by the applicable national provisions adopted under Article 36b of Directive [new MiFID] they are not allowed to provide investment services or activities to which Directive [new MiFID] applies in the Union to clients other than the professional clients referred to in paragraph 1 and that they are not subject to supervision in the Union. They shall indicate the name and the address of the competent authority responsible for supervision in the third country.
Amendment 783 #
Proposal for a regulation
Article 36 – paragraph 5
Article 36 – paragraph 5
5. Any disputes between the third country firms and EU investors shall be settled in accordance with the law of and subject to the jurisdiction ofThird country firms providing or performing services or activities in accordance with this Article shall offer to clients established in the Union, before the provision or performance of any investment services or activities, to submit any disputes relating to those services or activities to the jurisdiction of a court or arbitral tribunal in a Member State.
Amendment 787 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
The Commission may 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 with respect to prudential and business conduct matters which have equivalent effect to the prudential and business conduct 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 reciprocalffective equivalent recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 792 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2 – introductory part
Article 37 – paragraph 1 – subparagraph 2 – introductory part
The prudential and business conduct framework of a third country mayshall be considered to have equivalent effect where that framework fulfils all the following conditions:
Amendment 795 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2 – point e a (new)
Article 37 – paragraph 1 – subparagraph 2 – point e a (new)
(ea) A decision of the Commission under this paragraph may be limited to a category or categories of firms. In that case, a third country firm may be registered under Article 36 if it falls within a category covered by the Commission's decision.
Amendment 797 #
Proposal for a regulation
Article 37 a (new)
Article 37 a (new)
Article 37 a Services or activities provided through a branch outside the third country in which the head office is established 1. Where the third country firm is providing or performing the investment services or activities in question through a branch established in a third country other than the country in which its head office is located, Articles 36 and 37 shall apply as if the references to the third country in which the firm's head office is established included a reference to the third country in which the branch is located, to the extent relevant having regard to the division of supervisory responsibilities between the two third countries. 2. Where the third country firm is providing or performing the investment services or activities in question through a branch established in a Member State authorised under Article 46a [new MiFID], Article 36(4) shall be modified to permit the firm to refer to the supervision of the branch by the competent authority of the Member State in which the branch is established.
Amendment 798 #
Proposal for a regulation
Article 38 – paragraph 1
Article 38 – paragraph 1
ESMA shall register the non-EUthird country firms allowed to provide or perform investment services or activities in the Union in accordance with Article 36. The register shall be publicly accessible on the website of ESMA and shall contain information on the services or activities which the non-EUthird country firms are permitted to provide or perform and the reference of the competent authority responsible for their supervision in the third country.
Amendment 801 #
Proposal for a regulation
Article 39 – paragraph 1 – point a
Article 39 – paragraph 1 – point a
(a) ESMA has well-founded reasons based on documented evidence to believe that, in the provision of investment services and activities in the Union, the non-EU firm ithird countries acting in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of markets, or
Amendment 803 #
Proposal for a regulation
Article 39 – paragraph 1 – point b
Article 39 – paragraph 1 – point b
(b) ESMA has well-founded reasons based on documented evidence to believe that, in the provision of investment services and activities in the Union, the non-EUthird country firm has seriously infringed the provisions applicable to it in the third country in which its head office is established or through which it is providing the services or activities and on the basis of which the Commission has adopted the Decision in accordance with Article 37, paragraph 1.
Amendment 808 #
Proposal for a regulation
Article 39 a (new)
Article 39 a (new)
Article 39a Additional requirements Where a third country firm is providing or performing services or activities covered by Article 35a(1) or Article 36(1) to an eligible counterparty or professional client in a Member State, that Member State shall not impose any additional requirements on the third country firm in respect of matters covered by Directive [new MiFID] or this Regulation.
Amendment 810 #
Proposal for a regulation
Article 40 – paragraph 1
Article 40 – paragraph 1
The Commission shall be empowered to adopt delegated acts in accordance with Article 41 concerning 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), 2012(2), 14(6), 18(3), 28(6), 29(6), 30(3), 31(8), 32(6), 35(10) and 45(2).