10 Amendments of Reinhard BÜTIKOFER related to 2011/0298(COD)
Amendment 20 #
Proposal for a directive
Article 2 – paragraph 1 – point i – subparagraph 1
Article 2 – paragraph 1 – point i – subparagraph 1
provided that in all cases this is an ancillary activity to their main business, when considered on a group basis, and that main business is not the provision of investment services within the meaning of this Directive or banking services under Directive 2006/48/EC and that the size of the ancillary business does not represent a systemically significant proportion of the markets in which it operates ;
Amendment 23 #
Proposal for a directive
Article 2 – paragraph 3 – subparagraph 1
Article 2 – paragraph 3 – subparagraph 1
3. The Commission shall adopt delegated acts in accordance with Article 94 concerning measures in respect of exemptions (c) and (i), to clarifying when an activity is to be considered as ancillary to the main business on a group level, the determination of the market proportion that shall be considered systemically significant, as well as for determining when an activity is provided in an incidental manner.
Amendment 29 #
Proposal for a directive
Article 4 – paragraph 2 – point 33 a (new)
Article 4 – paragraph 2 – point 33 a (new)
33a) 'Excessive speculation' means trading activity in any commodity under contracts of sale of such commodity for future delivery made on or subject to the rules of contract markets or derivatives transaction execution facilities, or on electronic trading facilities with respect to a significant price discovery contract, causing sudden or unreasonable fluctuations or unwarranted changes in the price of such commodity.
Amendment 30 #
Proposal for a directive
Article 4 – paragraph 2 – point 33 b (new)
Article 4 – paragraph 2 – point 33 b (new)
33b) A 'bona fide hedging transaction' means either: (a) a transaction or position that: (i) represents a substitute for transactions made or to be made or positions taken or to be taken at a later time in a physical marketing channel; (ii) is economically appropriate to the reduction of risks in the conduct and management of a commercial enterprise; and (iii) arises from the potential change in the value of: - assets that a person owns, produces, manufactures, processes, or merchandises or anticipates owning, producing, manufacturing, processing, or merchandising; - liabilities that a person owns or anticipates incurring; or - services that a person provides, purchases, or anticipates providing or purchasing; or (b) a transaction or position that that reduces risks attendant to a position resulting from a derivative that (i) was executed opposite a counterparty for which the transaction would qualify as a bona fide hedging transaction pursuant to point (a) or (ii) meets the requirements of point (a).
Amendment 35 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – introductory part
Article 59 – paragraph 1 – subparagraph 1 – introductory part
1. Member States shall ensure that regulated markets, operators of MTFs and OTFs which admit to trading or trade commodity derivatives apply limits on the number of contracts which any given market members or participants can enter into over a specified period of time, or alternative arrangements with equivalent effect and additional arrangements to complement such limits, such as position management with automatic review thresholds , to be imposed in order to:
Amendment 36 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point a
Article 59 – paragraph 1 – subparagraph 1 – point a
(a) support liquidityensure sufficient market liquidity for bona fide hedging transactions;
Amendment 37 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c
Article 59 – paragraph 1 – subparagraph 1 – point c
(c) support ordensure that the price discoverly pricingfunction and settlement conditions. of the underlying market are not disrupted;
Amendment 38 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
Article 59 – paragraph 1 – subparagraph 1 – point c a (new)
(ca) diminish, eliminate, or prevent excessive speculation.
Amendment 39 #
Proposal for a directive
Article 59 – paragraph 1 – subparagraph 1 a (new)
Article 59 – paragraph 1 – subparagraph 1 a (new)
In setting the limits Member States shall ensure that the legitimate interests of participants conducting bona-fide hedging activities are respected.
Amendment 48 #
Proposal for a directive
Article 69 – paragraph 3 a (new)
Article 69 – paragraph 3 a (new)
3a. For the purposes of effectively carrying its duties in relation to commodities markets and coordinating supervisory activities between the designated national competent authorities with responsibility for those markets, ESMA shall establish a specific commodities division.