16 Amendments of Sari ESSAYAH related to 2013/0314(COD)
Amendment 228 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) ‘benchmark’' means any tradable or widely used commercial index by reference to which the amount payable under a financial instrument or a financial contract, or the value of a financial instrument is determined or an index that is used to measure the performance of an investment fund;
Amendment 231 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
(4) ‘'administrator’' means the natural or legal person that has control over the provision of a critical benchmark;
Amendment 234 #
Proposal for a regulation
Article 3 – paragraph 1 – point 5
Article 3 – paragraph 1 – point 5
(5) ‘'user of a benchmark’' means any person who issues or owns a financial instrument or is party to a financial contract which references a critical benchmark;
Amendment 439 #
Proposal for a regulation
Article 18
Article 18
Amendment 451 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
A supervised entity may use a benchmark in the Union as a reference in a financial instrument or financial contract or to measure the performance of an investment fund if it is provided by an administrator authorised in accordance with Article 23 or an administrator located in a third country that is registered in accordance with Article 21.
Amendment 455 #
Proposal for a regulation
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
1. Benchmarks provided by an administrator established in a third country may be used by supervised entities in the Union provided that the following conditions are complied with:. Where such benchmarks are critical, they may be used provided that the legal framework, supervisory practice, or rules of the producer or administrator of the benchmark in that third country comply with IOSCO principles for financial benchmarks or other international standards for benchmarks. ESMA shall maintain a register of third countries and benchmark providers that it considers can be relied upon as a basis for compliance with international standards without further evidence. ESMA shall update that list using its own information and in consideration of evidence submitted by supervised entities.
Amendment 458 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
Amendment 462 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
Amendment 465 #
Proposal for a regulation
Article 20 – paragraph 1 – point c
Article 20 – paragraph 1 – point c
Amendment 469 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
Amendment 472 #
Proposal for a regulation
Article 20 – paragraph 1 – point e
Article 20 – paragraph 1 – point e
Amendment 475 #
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
Amendment 493 #
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
1. An administrator shall apply for authorisation to provide critical benchmarks if it provides indices which are used or intended to be used to reference financial instruments or financial contracts or to measure the performance of an investment fund.
Amendment 567 #
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. An administrator providing a critical benchmark on [the date of entry into force of this Regulation] shall apply for authorisation under Article 23 within [24 months after the date of application].
Amendment 573 #
Proposal for a regulation
Article 39 – paragraph 3
Article 39 – paragraph 3
3. Where an existing benchmark does not meet the requirements of this Regulation, but changing that benchmark to conform with the requirements of this Regulation would result in a force majeure event, frustrate or otherwise breach or change the terms of any financial contract or financial instrument which references that benchmark, paragraph 4 of this Article shall apply.
Amendment 576 #
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
4. The use of a benchmark shall be permitted by the relevant competent authority of the Member State where the administrator is located until such time as the benchmark references financial instruments and financial contracts worth no more than 5% by valueuntil the termination of the financial instruments and financial contracts that referenced this benchmark at the time of entry into force of this Regulation. No new financial instruments or financial contracts shall reference such an existing benchmark after the entry into application of this Regulation.