Activities of Robert GOEBBELS related to 2010/0251(COD)
Plenary speeches (4)
Explanations of vote
Explanations of vote
Explanations of vote
Short selling and certain aspects of credit default swaps (debate)
Amendments (70)
Amendment 139 #
Proposal for a regulation
Recital 3
Recital 3
(3) It is appropriate and necessary for the provisions to take the legislative form of a Regulation as some provisions impose direct obligations on private parties to notify and disclose net short positions relating to certain instruments and regarding uncovered short selling. A regulation is also necessary to confer powers on the European Securities and Markets Authority (ESA(ESMA) established by Regulation (EU) No […/…]1095/2010 of the European Parliament and of the Council16 to coordinate measures taken by competent authorities or to take measures itself.
Amendment 142 #
Proposal for a regulation
Recital 4
Recital 4
(4) To set an end to the current fragmented situation in which some Member States have taken divergent measures and to restrict the possibility of divergent measures being taken by competent authorities it is important to address the potential risks arising from short selling and credit default swaps in a harmonised manner. The requirements to be imposed should address the identified risks without unduly detracting from the benefits that short selling provides toand ensure the quality and efficiency of markets.
Amendment 148 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Although commodities markets, and especially agricultural markets, are exposed to similar risks to those of other financial instruments in this Regulation, commodities do not fall within the scope of this Regulation. Purely speculative trading should be prohibited and ESA(ESMA) and the competent authorities should be given the competence to tackle dysfunctions in commodities markets effectively. In this regard, the Commission should put forward an appropriate proposal for regulating commodities markets, taking into consideration their specificities. Commodities relevant to the energy sector should be addressed in the Commission's proposal for a Regulation on energy market integrity and transparency (COM(2010)0726).
Amendment 154 #
Proposal for a regulation
Recital 6
Recital 6
(6) Enhanced transparency relating to significant net short positions in specific financial instruments is likely to be of benefit to both the regulator and to market participants. For shares admitted to trading on a trading venue or privately placed in the Union, a two-tier model should be introduced that provides for greater transparency of significant net short positions in shares at the appropriate level. At a lower threshold notification of a position should be made privately to the regulators concerned to enable them to monitor and, where necessary, investigate short selling that may create systemic risks or be abusive; at a higher threshold, positions should be publicly disclosed to the market in order to provide useful information to other market participants about significant individual short selling positions in shares.
Amendment 155 #
Proposal for a regulation
Recital 7
Recital 7
(7) Disclosure to regulators of significant net short positions relating to sovereign debt or relating to the indices of financial markets of Member States or the Union would provide important information to assist regulators in monitoring whether such positions are in fact creating systemic risks or being used for abusive purposes. Notification to regulators of significant net short positions relating to sovereign debt inor the indices of financial markets of Member States or the Union should therefore be provided for. Such a requirement should only include private disclosure to regulators as publication of information to the market for such instruments could have a detrimental effect on sovereign debt markets where liquidity is already impaired or relating to the indices of financial markets of Member States or the Union. Any requirement should include notification of significant exposures to sovereign issuers obtained by using credit default swaps and financial instruments related to the financial indices of Member States or of the Union.
Amendment 159 #
Proposal for a regulation
Recital 9
Recital 9
(9) In order to ensure a comprehensive and effective transparency requirement, it is important to include not only short positions created by trading shareecurities, index-related instruments or sovereign debt on trading venues but also short positions created by trading outside trading venues and economic net short positions created by the use of derivatives.
Amendment 163 #
Proposal for a regulation
Recital 10
Recital 10
(10) To be useful to regulators and the market, any transparency regime should provide complete and accurate information about a natural or legal person's positions. In particular, information provided to the regulator or the market should take into account both short and long positions so as to provide valuable information about the natural or legal person's net short position in sharecurities, indices, sovereign debt and credit default swaps.
Amendment 164 #
Proposal for a regulation
Recital 11
Recital 11
(11) The calculation of short position or long position should take into account any form of economic interest which a natural or legal person has in relation to the issued share capital of company or, issued sovereign debt of the Member State or the Union or indices of financial markets of a Member State or the Union. In particular, it should take into account such an interest obtained directly or indirectly through the use of derivatives such as options, futures, contracts for differences and spread bets relating to shares orecurities, sovereign debt or indices. In the case of positions relating to sovereign debt it should also take into account credit default swaps relating to sovereign debt issuers.
Amendment 172 #
Proposal for a regulation
Recital 12
Recital 12
(12) In addition to the transparency regime for the disclosure of net short positions in sharecurities, a requirement for the marking of sell orders that are executed on trading venues as short orders should be introduced to provide supplementary information about the volume of short sales of sharecurities executed on trading venues. Information about short sale orders should be collated by the trading venue or by the investment firm which executes orders on behalf of clients or for own account when orders are not executed on trading venues and published in summary form at least daily in order to also help competent authorities and market participants to monitor levels of short selling.
Amendment 176 #
Proposal for a regulation
Recital 13
Recital 13
(13) Buying credit default swaps without having a long position in underlying sovereign debt can be, economically speaking, equivalent to taking a short position on the underlying debt instrument. The calculation of a net short position in relation to sovereign debt should therefore include credit default swaps relating to an obligation of a sovereign debt issuer. The credit default swap position should be taken into account both for the purposes of determining whether a natural or legal person has a significant net short position relating to sovereign debt that needs to be notified to a competent authority or a significant uncovered position in a credit default swap relating to an issuer of sovereign debt that needs to be notified to the authoritythat is prohibited pursuant to this Regulation.
Amendment 178 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to be effective, it is important that the transparency obligations apply regardless of where the natural or legal person is located, including where the natural or legal person is located outside the Union, but has a significant net short position in a company that has shares admitted to trading on a trading venue in the Union or a net short position in sovereign debt issued by a Member State or the Unfinancial instrument covered by this Regulation.
Amendment 182 #
Proposal for a regulation
Recital 16
Recital 16
(16) Uncovered short selling of shares and sovereign debt is sometimes viewed as increasing the potential risk of settlement failure and volatility. To reduce such risks it is appropriate to place proportionate restrictions on uncovered short selling. The detailed restis increasing the risk of market manipulation, settlement failure and volatility. For this reason uncovered short sales and uncovered positions in credit default swaps are prohibited. It is appropriate to allow short sales only of previously borrowed securities or debt or of securictions should take into account the different arrangements currently used for covered short sellinges or debt of which the loan is guaranteed. It is also appropriate to include requirements on trading venues relating to buy-in procedures and fines for failed settlement of transactions in those instruments. The buy-in procedures and late settlement requirements should set basic standards relating to settlement discipline.
Amendment 192 #
Proposal for a regulation
Recital 17
Recital 17
(17) Measures relating to sovereign debt and sovereign credit default swaps including increased transparency and restrictions on uncovered short selling should impose requirements which are proportionate and at the same time avoid an adverse impact on the liquiditefficiency of sovereign bond markets and sovereign bond repurchase (repo) markets.
Amendment 198 #
Proposal for a regulation
Recital 22
Recital 22
(22) In the case of a significant fall in the price of a financial instrument on a trading venue a competent authority should also have the ability to temporarily restrict short selling of the financial instrument on that venue in order to be able to intervene rapidly where appropriate and for a 24 hour period to prevent a disorderly price fall of the instrument concerned.
Amendment 204 #
Proposal for a regulation
Recital 29
Recital 29
(29) ESA(ESMA) should be given a general power to conduct an inquiry into an issue or practice relating to short selling or the use of credit default swaps to assess whether that issue or practice poses any potential threat to financial stability or to market confidence. ESA(ESMA) should publish a report setting out its findings when it conducts such an inquiry and, if ESA (ESMA) considers that a measure should be introduced at Union level, its decision should be binding on competent authorities.
Amendment 206 #
Proposal for a regulation
Recital 32
Recital 32
(32) Based on guidelines adopted by ESA(ESMA) and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial services sector, Member States should lay down rules on sanctionpenalties applicable to infringements of the provisions of this Regulation and ensure that they are implemented. The sanctionpenalties should be effective, proportionate and dissuasive. Ultimately, a harmonised penalties regime should be established in the Union.
Amendment 209 #
Proposal for a regulation
Article 1 – point 1
Article 1 – point 1
(1) financial instruments that are admitted to trading on a trading venue in the Union or privately placed, including such instruments when traded outside a trading venue;
Amendment 219 #
Proposal for a regulation
Article 2 – paragraph 1 – point m
Article 2 – paragraph 1 – point m
(m) "principal venue" in relation to a shareecurity means the venue for the trading of that shareecurity with the highest turnover;
Amendment 220 #
Proposal for a regulation
Article 2 – paragraph 1 – point p
Article 2 – paragraph 1 – point p
(p) "short sale" in relation to a share or debfinancial instrument means any sale of the share or debfinancial instrument which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the share or debt for delivery at settlementnd any sale that is completed by the delivery of a financial instrument borrowed by, or for the account of, the seller;
Amendment 225 #
Proposal for a regulation
Article 2 – paragraph 1 – point s a (new)
Article 2 – paragraph 1 – point s a (new)
(sa) "uncovered short sale" in relation to a financial instrument means the short sale of a financial instrument when the seller has not borrowed, or entered into an agreement to borrow, before or at the time of submitting the short sale order, the financial instrument that it is to deliver to the purchaser.
Amendment 226 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. For the purposes of this Regulation, a position resulting from either of the following shall be considered a short position relating to the issued share capital of a company or, to the issued sovereign debt of a Member State or the Union or to the indices of financial markets of a Member State or the Union:
Amendment 229 #
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a short sale of a shareecurity issued by the company or a debt instrument issued by the Member State or Union;
Amendment 233 #
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) a natural or legal person entering into transaction which creates or relates to a financial instrument other than the instruments referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of a decrease in the price or value of the share orecurity, debt instrument or index.
Amendment 235 #
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. For the purposes of this Regulation, a position resulting from either of the following shall be considered a long position relating to the issued share capital of a company or, issued sovereign debt of a Member State or the Union or indices of financial markets of a Member State or the Union:
Amendment 239 #
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) holding a shareecurity issued by the company or a debt instrument issued by the Member State or Union;
Amendment 241 #
Proposal for a regulation
Article 3 – paragraph 2 – point b
Article 3 – paragraph 2 – point b
(b) a natural or legal person entering into a transaction which creates or relates to a financial instrument other than the instruments referred to in point (a) and the effect or one of the effects of the transaction is to confer a financial advantage on the natural or legal person in the event of an increase in the price or value of the share or debtecurity, debt instrument or index-related instrument.
Amendment 250 #
Proposal for a regulation
Article 3 – paragraph 7 – point a
Article 3 – paragraph 7 – point a
(a) where a natural or legal person is considered to hold a shareecurity or debt instrument for the purposes of paragraph 2;
Amendment 251 #
Proposal for a regulation
Article 3 – paragraph 7 – point c a (new)
Article 3 – paragraph 7 – point c a (new)
(ca) the method of calculating net short positions for index-related instruments.
Amendment 261 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall notify the relevant competent authority whenever the position reaches or falls below a relevant notification threshold referred to in paragraph 2.
Amendment 273 #
Proposal for a regulation
Article 6 – title
Article 6 – title
Marking of short orders on trading venue
Amendment 277 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
A trading venue that has sharecurities admitted to trading or an investment firm which executes orders on behalf of clients of for own accounts in those instruments outside a trading venue shall establish procedures that ensure that natural or legal persons executing orders on the trading venue or through the investment firm are in a position to mark sell orders as short orders if the seller is entering into a short sale of the shareecurities. The trading venue or the investment firm shall publish at least daily a summary of the volume of orders marked as short orders.
Amendment 284 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. A natural or legal person who has a net short position in relation to the issued share capital of a company that has shares admitted to trading on a trading venue shall disclose to the public details of the position whenever the position reaches or falls below a relevant publication threshold referred to in paragraph 2.
Amendment 294 #
Proposal for a regulation
Article 8 – title
Article 8 – title
Notification to competent authorities of significant net short positions in sovereign debt and credit default swapfinancial instruments other than shares
Amendment 297 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. A natural or legal person who has any of the following positions shall notify the relevant competent authority wheneveras soon as any such position reaches or falls below a relevant notification threshold for the Member State concerned or the Union:
Amendment 298 #
Proposal for a regulation
Article 8 – paragraph 1 – point a
Article 8 – paragraph 1 – point a
(a) a net short position relating to the issued sovereign debt of a Member State or of the Union or a net short position in a financial instrument relating to the issued sovereign debt of a Member State or of the Union;
Amendment 302 #
Proposal for a regulation
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) an uncovered position in a credit default swap relating to an obligation net short position relating to the indices of a financial market of a Member State or the Union or a net short position in a financial instrument relating to the indices of a financial market of a Member State or the Union.
Amendment 304 #
Proposal for a regulation
Article 8 – paragraph 1 – point b a (new)
Article 8 – paragraph 1 – point b a (new)
(ba) a net short position in a financial instrument relating to the issued share capital of a company.
Amendment 307 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. The relevant notification thresholds shall consist of an initial amount and then additional incremental levels in relation to each Member State and the Union, asbe specified in the measures taken by the Commission in accordance with paragraph 3.
Amendment 309 #
Proposal for a regulation
Article 8 – paragraph 3 – introductory part
Article 8 – paragraph 3 – introductory part
3. The Commission shall, by means of delegated acts in accordance with Article 36 and subject to the conditions of Articles 37 and 38, specify the amounts and incremental levelrelevant notification thresholds referred to in paragraph 2. It shall take into account all of the following elements:
Amendment 323 #
Proposal for a regulation
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Competent authorities shall provide information in summary form to ESMA on a quarterly basis on net short positions relating to shares or sovereign debt, and uncovered positions relating to credit default swapsecurities, indices or sovereign debt, for which it is the relevant competent authority and receives notifications under Articles 5 to 8.
Amendment 324 #
Proposal for a regulation
Article 11 – paragraph 2 – subparagraph 1
Article 11 – paragraph 2 – subparagraph 1
ESMA may request at any time, in order to carry out its duties under this Regulation, additional information from a relevant competent authority of a Member State about net short positions relating to shares or sovereign debtecurities, indices or uncsovered positions relating to credit default swapsign debt.
Amendment 325 #
Proposal for a regulation
Chapter 3 – title
Chapter 3 – title
Amendment 326 #
Proposal for a regulation
Article 12 – title
Article 12 – title
Amendment 328 #
Proposal for a regulation
Article 12 – paragraph 1 – introductory part
Article 12 – paragraph 1 – introductory part
1. A natural or legal person may only enter into a short sale of a share admitted to trading on a trading venue or a short sale of a sovereign debt instrument wheren one of the following conditions is fulfilled:
Amendment 339 #
Proposal for a regulation
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
(a) the natural or legal person has borrowed the share or sovereign debtfinancial instrument;
Amendment 343 #
Proposal for a regulation
Article 12 – paragraph 1 – point b
Article 12 – paragraph 1 – point b
(b) the natural or legal person has entered into an agreement to borrow the share or sovereign debtfinancial instrument;
Amendment 348 #
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
Amendment 364 #
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1
Article 12 – paragraph 2 – subparagraph 1
2. In order to ensure uniform conditions of application of paragraph 1 powers are conferred to the Commission to adopt implementing technical standards identifying the types of agreements or arrangements that adequately ensure that the share or sovereign debtfinancial instrument will be available for settlement.
Amendment 365 #
Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 2
Article 12 – paragraph 2 – subparagraph 2
The Commission shall in particular take into account the need to preserve liquiditthe efficiency of markets especially sovereign bond markets and sovereign bond repurchase markets (repo markets).
Amendment 371 #
Proposal for a regulation
Article 12 a (new)
Article 12 a (new)
Article 12a Uncovered short sales Uncovered short sales shall be prohibited.
Amendment 373 #
Proposal for a regulation
Article 12 b (new)
Article 12 b (new)
Article 12b Uncovered positions in credit default swaps Uncovered positions in credit default swaps shall be prohibited.
Amendment 406 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Articles 5, 7, 12 and 13 shall not apply to shares of a company admitted to trading on a trading venue in the Union where the principal venue for the trading of the shares is located in a country outside the Union.
Amendment 407 #
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 1
Article 14 – paragraph 2 – subparagraph 1
2. The relevant competent authority for sharecurities of a company that are traded on a trading venue in the Union and a venue located outside the Union shall determine, at least every two years, whether the principal venue for the trading of those sharecurities is located outside the Union.
Amendment 408 #
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 2
Article 14 – paragraph 2 – subparagraph 2
The relevant competent authority shall notify ESA (ESMA) of any such sharesecurity identified as having their principal venue located outside the Union.
Amendment 409 #
Proposal for a regulation
Article 14 – paragraph 2 – subparagraph 3
Article 14 – paragraph 2 – subparagraph 3
ESA (ESMA) shall publish the list of sharecurities for which the principal venue is located outside the Union every two years. The list shall be effective for a two year period.
Amendment 412 #
Proposal for a regulation
Article 15 – paragraph 1 – introductory part
Article 15 – paragraph 1 – introductory part
1. Articles 5, 6, 7, 8 and 12 to 8 shall not apply to the activities of an investment firm or a third country entity or a local firm that is a member of a trading venue or of a market in a third country, whose legal and supervisory framework has been declared equivalent pursuant to paragraph 2, when it deals as principal in a financial instrument, whether traded on or outside a trading venue, in either or both of the following capacities:
Amendment 434 #
Proposal for a regulation
Article 15 – paragraph 3
Article 15 – paragraph 3
3. Articles 8 and 12 shall not apply to the activities of a natural or legal person when, acting as an authorised primary dealer pursuant to an agreement with an issuer of sovereign debt, it is dealing as principal in a financial instrument in relation to primary or secondary market operations relating to the sovereign debt.
Amendment 436 #
Proposal for a regulation
Article 15 – paragraph 4
Article 15 – paragraph 4
4. Articles 5, 6, 7 and 127 shall not apply to a natural or legal person when it enters into a short sale of a security or has a net short position in relation to the carrying out of a stabilisation under Chapter III of Commission Regulation (EC) No 2273/2003.
Amendment 443 #
Proposal for a regulation
Article 16 – paragraph 1 – introductory part
Article 16 – paragraph 1 – introductory part
1. The competent authority of a Member State may require natural or legal persons who have net short positions in relation to a specific financial instrument or class of financial instruments to notify it or to disclose to the public details of the position whenever the position reaches or falls below a notification threshold fixed by the competent authority, where all the following conditdverse events or developments constitute a serionus are fulfilled:threat to financial stability or to market confidence in the Member State or in another Member State.
Amendment 444 #
Proposal for a regulation
Article 16 – paragraph 1 – point a
Article 16 – paragraph 1 – point a
Amendment 445 #
Proposal for a regulation
Article 16 – paragraph 1 – point b
Article 16 – paragraph 1 – point b
Amendment 449 #
Proposal for a regulation
Article 17 – paragraph 1 – introductory part
Article 17 – paragraph 1 – introductory part
1. The competent authority of a Member State may take the measure referred to in paragraphs 2 or 3, where all of the following conditions are fulfilled:dverse events or developments constitute a serious threat to financial stability or to market confidence in the Member State or one or more other Member States.
Amendment 451 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 452 #
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
Amendment 463 #
Proposal for a regulation
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
1. The competent authority of a Member State may limit natural or legal persons from entering into credit default swap transactions relating to an obligation of a Member State or the Union or limit the value of uncovered credit default swap positions that may be entered into by natural or legal persons that relate to an obligation of a Member State or the Union, where both the following conditions are fulfilled: (a) there are adverse events or developments which constitute a serious threat to financial stability or to market confidence in the Member State or one or more other Member States; (b) the measure is necessary to address the threat.
Amendment 472 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
Amendment 490 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. Where a competent authority proposes to take or takes measures contrary to an ESMA opinion under paragraph 2 or declines to take measures contrary to an ESMA opinion under that paragraph it shall immediately publish on its website a notice fully explaIf ESA (ESMA) considers that a measure should be introduced at Union level its decision shall be binding its reasons for doing soon competent authorities.
Amendment 510 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
Based on guidelines adopted by ESA (ESMA) and taking into consideration the Commission's Communication on reinforcing sanctioning regimes in the financial services sector, Member States shall establish rules on administrative measures, sanctions and pecuniary penalties applicable to infringements of the provisions of this Regulation and shall take all measures necessary to ensure that they are implemented. The measures, sanctions and penalties provided for must be effective, proportionate and dissuasive.
Amendment 512 #
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
Member States shall notify those provisions to ESA (ESMA) and the Commission by [1 July 2012] at the latest and shall notify it without delay of any subsequent amendment affecting them.
Amendment 516 #
Proposal for a regulation
Article 40 – paragraph 1 – subparagraph 1 a (new)
Article 40 – paragraph 1 – subparagraph 1 a (new)
The Commission, taking into account ESA (ESMA)'s opinion, shall establish harmonised rules on administrative measures, pecuniary and non-pecuniary penalties applicable to infringements of the provisions of this Regulation.