[ParlTrack]

Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1

2. Where a non-financial counterparty takes positions in OTC derivative contracts such that the average position over 90 days exceed~~ing~~s the ~~clearing~~ threshold ~~to be~~ determined pursuant to paragraph 3(b), it shall be subject to the clearing obligation set out in Article 3 with regard to all its eligible OTC derivative contracts.

2011/03/17
Committee: ITRE

Philippe LAMBERTS

Proposal for a regulation
Article 7 – paragraph 4

4. In calculating the positions referred to in paragraph 2, OTC derivative contracts entered into by a non-financial counterparty that are objectively measurable as directly linked to reducing the market and credit risk to which the commercial activity of that counterparty is exposed shall not be taken into account.

2011/03/17
Committee: ITRE

Philippe LAMBERTS

Proposal for a regulation
Title V – title

~~Title V Interoperability arrangements~~deleted

2011/03/17
Committee: ITRE

Philippe LAMBERTS

Proposal for a regulation
Article 48

~~1. A CCP may enter into an interoperability arrangement with another CCP, where the requirements under~~ Articles 49 and 50 are fulfilled. 2. When establishing an interoperability arrangement with another CCP for the purpose of providing services to a particular trading venue, the CCP shall have non discriminatory access to the data that it needs for the performance of its functions from that particular trading venue and to the relevant settlement system. 3. Entering into an i8 deleted Interoperability aArrangement ~~or accessing a data feed or a settlement system referred to in paragraphs 1 and 2, shall only be restricted, directly or indirectly, to control any risk arising from that arrangement or access.~~s

2011/03/17
Committee: ITRE

Philippe LAMBERTS

Proposal for a regulation
Article 49

1. CCPs that enter into an interoperability arrangement shall: (a) put in place adequate policies, procedures and systems to effectively identify, monitor and manage the additional risks arising from the arrangement so that they can meet their obligations in a timely manner; (b) agree on their respective rights and obligations, including the applicable law governing their relationships.; (c) identify, monitor and effectively manage credit and liquidity risks so that a default of a clearing member of one CCP does not affect an interoperable CCP; (d) identify, monitor and address potential interdependences and correlations that arise from an interoperability arrangement that may affect credit and liquidity risks related to clearing member concentrations, and pooled financial resources. For the purposes of point (b), CCPs shall use the same rules concerning moment of entry of transfer orders into their respective systems and the moment of irrevocability, as set out in Directive 98/26/EC where relevant. For the purposes of point (c), the terms of the arrangement shall outline the process for managing the consequences of the default where one of the CCPs with which an interoperability arrangement has been concluded is in default. For the purposes of point (d), CCPs shall have robust controls over the re- hypothecation of clearing members' collateral under the arrangement, if permitted by their competent authorities. The arrangement shall outline how these risks have been addressed taking into account sufficient coverage and need to limit contagion. 2. Where the risk management models used by the CCPs to cover their exposure to their clearing members as well as their reciprocal exposures are different, the CCPs shall identify those differences, assess risks that may arise there from and take measures, including securing additional financial resources, that limit their impact on the interoperability arrangement as well as their potential consequences in terms of contagion risks and ensure that these differences do not affect each CCP's ability to manage the consequences of the default of a clearing member.Article 49 deleted Risk management

2011/03/17
Committee: ITRE

Philippe LAMBERTS

Proposal for a regulation
Article 50

Approval of interoperability arrangement 1. An interoperability arrangement shall be subject to the prior approval of the competent authorities of the CCPs involved. The procedure under Article 13 shall apply. 2. The competent authorities shall only grant approval of the interoperability arrangement, where the requirements set out in Article 49 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and that the arrangement does not undermine the effectiveness of supervision. 3. Where a competent authority considers that the requirements set out in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved. It shall also notify ESMA, which shall issue an opinion on the effective validity of the risk considerations as grounds for denial of an interoperability arrangement. ESMA's opinion shall be made available to all the CCPs involved. Where ESMA's assessment differs from the assessment of the relevant competent authority, this authority shall reconsider its position, taking into account the opinion of ESMA. 4. By 30 June 2012, ESMA shall issue guidelines or recommendations with a view to establishing consistent, efficient and effective assessments of interoperability arrangements, in accordance with the procedure laid down in Article 8 of Regulation …/… [ESMA Regulation]rticle 50 deleted

2011/03/17
Committee: ITRE

6 Amendments of Philippe LAMBERTS related to 2010/0250(COD)

ParlTrack - 2011-2024