Activities of Jürgen KLUTE related to 2010/0250(COD)
Plenary speeches (2)
Derivatives, central counterparties and trade repositories (debate)
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 OTC derivatives, central counterparties and trade repositories PDF (888 KB) DOC (996 KB)
Amendments (65)
Amendment 137 #
Proposal for a regulation
Recital 9
Recital 9
(9) Incentives to promote the use of CCPs have not proven to be sufficient to ensure that standardised OTC derivatives are actually cleared. Mandatory CCP clearing requirements for those OTC derivatives that can be cleared are therefore necessary.
Amendment 140 #
Proposal for a regulation
Recital 9 a (new)
Recital 9 a (new)
(9 a) Derivative contracts which are not eligible for CCP clearing should be standardised to become eligible for CCP clearing.
Amendment 141 #
Proposal for a regulation
Recital 9 b (new)
Recital 9 b (new)
(9 b) One of the main risks in derivatives markets is the missing transparency, amongst other reasons caused by highly complex financial products. Therefore derivatives contracts should be standardised by all means, not standardised derivative contracts which are not eligible for CCP clearing and which are too complex to be reported by trade repositories should be prohibited.
Amendment 142 #
Proposal for a regulation
Recital 9 c (new)
Recital 9 c (new)
(9 c) Regarding the high volatility of food and feed prices and numerous researches showing a relation between food prices and speculation in food, derivative contracts related to food or feed should be prohibited.
Amendment 207 #
Proposal for a regulation
Recital 41
Recital 41
Amendment 210 #
Proposal for a regulation
Recital 42
Recital 42
(42) Interoperability arrangements arcould be important tools for greater integration of the post-trading market within the Union and regulation should be provided for. However, interoperability arrangements may expose CCPs to additional risks. Given the additional complexities involved in an interoperability arrangement between CCPs clearing OTC derivative contracts, it is appropriate at this stage to restrict the scope of interoperability arrangements to cash securities. However, by 30 September 2014systemically relevant risks. Therefore, ESMA should submit a report to the Commission oin whether an extension of that scope to other financial instruments would be appropriateich the possible risks of interoperability and opportunities are examined.
Amendment 257 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) ’over the counter (OTC) derivatives' means derivative contracts whose execution does not take place on a regulated market as defined by Article 4 (1) point 14 of Directive 2004/39/EC; EC or on a third-country market recognized as totally equivalent to an EU regulated market;
Amendment 262 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ’'financial counterparty' means an undertaking established in the Union which is an authorised investment firms as set out in Directive 2004/39/EC, an authorised derivatives trader/broker/dealer, an authorised credit institutions as defined in Directive 2006/48/EC, an authorised insurance undertakings as defined in Directive 73/239/EEC, an authorised assurance undertakings as defined in Directive 2002/83/EC, an authorised reinsurance undertakings as defined in Directive 2005/68/EC, an authorised undertakings for collective investments in transferable securities (UCITS) as defined in Directive 2009/65/EC, an authorised institutions for occupational retirement provision as defined in Directive 2003/41/EC anor an authorised alternative investment funds managers as defined in Directive 2010/.../EU; an authorised undertaking, or a subsidiary, affiliate or other corporate unit of a ‘non-financial counter party’ (as defined in (7)), which engages in activities that are defined under EU law as: (a) a swap dealer or a security-based swap dealer; (b) a major swap participant or major security-based swap participant; (c) an issuer that is an investment firm (d) a commodity pool; (e)’ an affiliate of any entity described in subclauses above
Amendment 267 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7
Article 2 – paragraph 1 – point 7
(7) ’non-financial counterparty' means an undertaking established in the Union other than the entities referred to in point (6); in points (1) and (6,) which only hedges its commercial risks except which are objectively linked to its physical commercial activities, and which does not engage in swaps to hedge financial and speculative risks;
Amendment 270 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7 a) A counter party established in the Union that engages in activities that are both undertaken by those counter parties referred to in point (6) and point (7) shall have to fulfil the obligations of this directive according whether its activities are being defined as the ones of a ‘financial counterparty’ or activities as ‘non-financial counter party’.
Amendment 271 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
(7 b) Excessive speculation can be defined as exceptionally high volumes of OTC derivatives by financial counter parties, too high level of interconnectedness, market manipulation. In the case of commodity derivatives it means sudden or unreasonable changes in the price of such commodity, market manipulation, squeezes, and corners, as well as OTC commodity trades that are disruptive to the price discovery function of futures markets and too high OTC derivatives with no or little economic or social value.
Amendment 292 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1
Article 3 – paragraph 1 – subparagraph 1
A financial counterparty or a non- financial counterparty referred to in Article 7(2) shall clear all OTC derivative contracts which are considered eligible pursuant to Article 4 and are concluded with other financial counterparties or non- financial counterparties referred to in Article 7(2) in the relevant CCPs listed in the register as referred to in Article 4(4).
Amendment 293 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 1 a (new)
Article 3 – paragraph 1 – subparagraph 1 a (new)
There shall be no clearing obligation in the case of derivative contracts between subsidiary undertakings of the same parent company or between a parent company and a subsidiary undertaking as defined in Article 80(7) of Directive 2006/48. There shall be no clearing obligation in the case of derivative contracts between members of the same institutional protection scheme as defined in Art. 80(8) of Directive 2006/48. This derogation shall not affect the reporting obligation under Article 6 or the obligations in relation to risk mitigation techniques under Article 8.
Amendment 299 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2
Article 3 – paragraph 1 – subparagraph 2
That clearing obligation shall also apply to financial counterparties and to the non- financial counterparties referred to in Article 7(2) which enter into eligible OTC derivative contracts with third country entities.
Amendment 305 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2 a (new)
Article 3 – paragraph 1 – subparagraph 2 a (new)
Eligibility of clearance of OTC derivatives will also be made dependent on criteria that aim at avoiding excessive and other financial, market, economic and social risks. ESMA as well as the Commission are delegated with powers to impose position limits through supervisory or legislative measures.
Amendment 306 #
Proposal for a regulation
Article 3 – paragraph 1 – subparagraph 2 b (new)
Article 3 – paragraph 1 – subparagraph 2 b (new)
Derivative contracts which are not considered eligible pursuant to Article 4 or which are not eligible for clearing pursuant to delegated powers of ESMA and the Commission as defined in subparagraph 2 are prohibited.
Amendment 343 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point a
Article 4 – paragraph 3 – subparagraph 1 – point a
(a) reduction of systemic risk in the financial system; structured products must not be involved
Amendment 367 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
Article 4 – paragraph 3 – subparagraph 1 – point e a (new)
(e a) adequate standardisation of contracts and processes
Amendment 369 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2
Article 4 – paragraph 3 – subparagraph 2
Before taking a decision, ESMA shall conduct a public consultation and, where appropriate, consult with the competent authorities of third countries.
Amendment 394 #
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Standardisation obligation Contracts must be standardised to such an extent that they are eligible for clearing by a CCP. This concerns a standardisation of legal relationships, of confirmation agreements, documentation as well as the customary handling of events. Otherwise, these contracts are not admitted to trading. Processes must be standardised to such an extent that contracts can be cleared by a central counterparty. This concerns straight through processing (STP), matching, confirmation and settlement. Otherwise, it is not permitted to trade these contracts. ESMA will submit drafts for the standardisation of contracts and processes to the Commission by 30th June 2012 at the latest.
Amendment 399 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
A CCP that has been authorised to clear eligible OTC derivative contracts shall accept clearing such contracts on a non- discriminatory basis, regardless of the venue of execution as long as the venue in question is sufficiently transparent and regulated. Products which do not meet the requirements of Article 4 may not be cleared by the CCP.
Amendment 419 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
Amendment 436 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1
Article 6 – paragraph 2 – subparagraph 1
Where a trade repository is not able to record the details of an OTC derivative contract, financial counterparties shall report the details of their positions in thosthe trading of this contract must be suspended. The contract has to the competent authority designated in accordance with Article 48 of Directive 2004/39/ECbe standardised to such an extent that it is suitable for recording by a trade repository.
Amendment 437 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 2
Article 6 – paragraph 2 – subparagraph 2
Amendment 470 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts that exceed the information threshold to be determined pursuant to paragraph 3(a), it shall notify the competent authority designated in accordance with Article 48 of Directive 2004/39/EC thereof, providing justification for taking those positions.
Amendment 473 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 2
Article 7 – paragraph 1 – subparagraph 2
Amendment 478 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 1
Article 7 – paragraph 2 – subparagraph 1
Where a non-financial counterparty takes positions in OTC derivative contracts exceeding 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. Exemptions from clearing can only be determined by ESMA, up to a certain threshold, and after interests of all stakeholders in society as well as all financial, economic, social and environmental negative aspects have been assessed.
Amendment 481 #
Proposal for a regulation
Article 7 – paragraph 2 – subparagraph 2 a (new)
Article 7 – paragraph 2 – subparagraph 2 a (new)
Discharge of the clearing obligation referred to in subparagraph 1 must be completed after the interest of all stakeholders in society as well as all negative financial, economic, social and environmental aspects have been assessed, and where possible within six months.
Amendment 482 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2 a. 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 the commercial or treasury financing activity of that counterparty shall also be taken into account.
Amendment 487 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point a
Article 7 – paragraph 3 – subparagraph 1 – point a
Amendment 491 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
Article 7 – paragraph 3 – subparagraph 1 – point b a (new)
(b a) Criteria for establishing which OTC derivative contracts could be exempted from clearing, whereby those OTC derivatives measurable as directly linked to the commercial commodity or exchange rates should not be automatically exempted but favourable consideration for exemption could be given to non- financial counter parties that are cooperatives and too small to result in financial or other negative impacts on the financial and physical markets in which they operate, and after non-clearing has been assessed to result in no risks for the non-financial counter party itself and the financial systems.
Amendment 492 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
Those thresholde exemptions shall be determined up to the threshold level taking into account the systemic relevance of the sum of net positions and exposures by counterparty per class of derivatives. over a specific period of time, and after the interests of all stakeholders in society have been taken into account as well as all financial, economic, social and environmental negative aspects have been assessed. Exemptions to non-financial counterparties up to a certain threshold can only be provided if they fulfil the definition of non-financial counterparties and they report for each OTC derivative information that ensures avoiding abuse of the non-financial counterparty exemption, including: - Information on the ability of the non- financial counterparty how to meet obligations associated with non cleared swaps and its annexes e.g. credit support annexes which include credit triggers; - Regularly updated information about the provisions and the costs of the swap agreement and the (credit support) annex(es), segregated into those elements of objective commercial risk hedging and those for additional (financial) risks; - Information whether the swap or any other OTC derivative is in whole or in part entered into for speculative purposes; - Concrete information about the risks being hedged and the relationship between those risks and the swap transactions; - Confirmation that each swap has been reviewed by the issuer’s internal processes regarding the specific risks and obligations, and the rationale to use that particular swap.
Amendment 514 #
Proposal for a regulation
Article 7 – paragraph 5
Article 7 – paragraph 5
5. The Commission, in consultation with ESMA, ESRB and other relevant authorities, shall periodically review the thresholds established in paragraph 3 and amend them, where necessary.
Amendment 519 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point a
Article 8 – paragraph 1 – subparagraph 1 – point a
(a) where possible, electronic means ensuring the timely confirmation of the terms of the OTC derivative contract;
Amendment 522 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1 – point b
Article 8 – paragraph 1 – subparagraph 1 – point b
(b) robust, resilient and auditable standardized processes in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts.
Amendment 528 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
For the purposes of point (b), the value of outstanding contracts shall be marked-to- market on a daily basis and risk management procedures shall require the timely, accurate and appropriately segregated exchange of collateral or the appropriate and proportionate holding of capitalcapital backing commensurate with the risk, in accordance with the applicable regulatory capital requirements for financial counterparties.
Amendment 531 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2 a (new)
Article 8 – paragraph 1 – subparagraph 2 a (new)
Powers shall be delegated to the Commission as well as ESMA to prohibit non cleared OTC derivatives and to adopt position limits for non cleared OTC derivatives by all market participants, with emphasis on preventing excessive speculation. Also, the capacity and costs of all supervisory authorities, or lack of it, to supervise all non cleared OTC derivatives should be taken into account in relation with the volume of non cleared OTC derivatives.
Amendment 552 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The authorisation shall specify the services or activities which the CCP is authorised to provide or perform including the classes of financial instruments covered by the authorisation in compliance with the provisions of Article 5. The authorisation must be restricted to the activity as clearinghouse and the associated activities; any expansion to other activities, such as investment activities for example, is inadmissible.
Amendment 555 #
Proposal for a regulation
Article 10 – paragraph 4 – subparagraph 2 a (new)
Article 10 – paragraph 4 – subparagraph 2 a (new)
A CCP has the legal form of an institution under public law.
Amendment 633 #
Proposal for a regulation
Article 20 – paragraph 3
Article 20 – paragraph 3
3. Without prejudice to cases covered by criminal law, tax law, the competent authorities, ESMA, bodies or natural or legal persons other than competent authorities which receive confidential information pursuant to this Regulation may use it only in the performance of their duties and for the exercise of their functions, in the case of the competent authorities, within the scope of this Regulation or, in the case of other authorities, bodies or natural or legal persons, for the purpose for which such information was provided to them or in the context of administrative or judicial proceedings specifically related to the exercise of those functions, or both. Where ESMA, the competent authority or other authority, body or person communicating information consents thereto, the authority receiving the information may use it for other purposes.
Amendment 638 #
Proposal for a regulation
Article 21 – paragraph 4 a (new)
Article 21 – paragraph 4 a (new)
4 a. The central counterparties transfer all transaction data to the ESMA to enable it to prescribe a European Financial Transaction Tax for all members of the central counterparties.
Amendment 673 #
Proposal for a regulation
Article 24 – paragraph 8
Article 24 – paragraph 8
8. The CCP shall be subject to frequent and independent audits. The results of these audits shall be communicated to the board and made available to the competent authority and to the respective national Parliament.
Amendment 680 #
Proposal for a regulation
Article 25 – paragraph 2 – subparagraph 1
Article 25 – paragraph 2 – subparagraph 1
A CCP shall have a board of which at least onetwo third, but no less than two, of its members are independent. The compensation of the independent and other non-executive members of the board shall not be linked to the business performance of the CCP.
Amendment 690 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. A CCP shall establish a risk committee, which shall be composed of representatives of its clearing members and independent members of the board and a representative of the competent authority. The risk committee may invite employees of the CCP to attend risk committee meetings in a non-voting capacity. The advice of the risk committee shall be independent from any direct influence by the management of the CCP.
Amendment 695 #
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as, but not limited to, a significant change in its risk model, the default procedures, the criteria for accepting clearing members or the clearing of new classes of instruments pursuant to Articles 4, 4a and 5. The advice of the risk committee is not required for the daily operations of the CCP or in emergency situations.
Amendment 706 #
Proposal for a regulation
Article 28 – paragraph 1
Article 28 – paragraph 1
1. The competent authority shall not authorise a CCP until it has been informed of the identities of the shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings and the amounts of those holdings. The qualifying holdings may not exceed 25%. At least 20% of the shareholdings must be held by a corporation under public law.
Amendment 708 #
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
2. The competent authority shall refuse authorisation to a CCP where, it is not satisfied as to the suitability of the shareholders or members that have qualifying holdings in the CCP, taking into account the need to ensure the sound and prudent management of a CCP. The competent authority may prohibit the intended purchase or increase of holdings if it considers that this is necessary to ensure sustainable and sound management of the CCP. For the same reason it may prohibit the owner of major holdings or a company controlled by him to exercise his voting rights or to transfer these voting rights to a trustee, which it may also instruct with selling shares of a major holding.
Amendment 711 #
Proposal for a regulation
Article 29 – paragraph 2 – subparagraph 1
Article 29 – paragraph 2 – subparagraph 1
Any natural or legal person or such persons acting in concert (hereinafter referred to as ’the proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CCP or to further increase, directly or indirectly, such a qualifying holding in a CCP as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10%, 20%, 3015 % or 520% or so that the CCP would become its subsidiary (hereinafter referred to as the proposed acquisition), shall first notify in writing the competent authorities of the CCP in which they are seeking to acquire or increase a qualifying holding, indicating the size of the intended holding and relevant information, as referred to in Article 30(4).
Amendment 713 #
Proposal for a regulation
Article 29 – paragraph 6
Article 29 – paragraph 6
6. The proposed acquisition is approved as soon as the competent authority agreed. The competent authority shall agree or refuse an acquisition within two working days after being informed. Where the competent authority does not oppose the proposed acquisition within the assessment period, it shall be deemed to be approved.
Amendment 725 #
Proposal for a regulation
Article 31 – paragraph 5 a (new)
Article 31 – paragraph 5 a (new)
5 a. The share of exposures of a market participant may not exceed 5 percent of the exposures of the CCP.
Amendment 731 #
Proposal for a regulation
Article 33 – paragraph 1 – point b a (new)
Article 33 – paragraph 1 – point b a (new)
(b a) The CCP prevents conflicts of interest between the service provider, its employees and managers relevant for the respective outsourcing and any of the clients of the CCP which could be subject of the respective outsourcing.
Amendment 743 #
Proposal for a regulation
Article 35 – paragraph 1
Article 35 – paragraph 1
1. A CCP shall establish the categories of admissible clearing members and the admission criteria. Such criteria shall be non-discriminatory, transparent and objective so as to ensure fair and open access to the CCP and shall ensure that clearing members have sufficient financial resources, at least Euro 50,000, and operational capacityies, in particular a commercially equipped business enterprise, the reliability and the professional aptitude of the owner or managing director to conduct securities or commodity transactions at the stock market and the guarantee of the proper execution of the stock market transactions to meet the obligations arising from participation in a CCP. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk for the CCP. These provisions do not apply to holdings of public corporations within the meaning of Art 28 paragraph 1.
Amendment 768 #
Proposal for a regulation
Article 37 – paragraph 2
Article 37 – paragraph 2
2. A CCP shall require each clearing member to distinguish and segregate in accounts with the CCP the assets and positions of that clearing member from those of its clients. A CCP shall allowoffers clients to have a more detailed segregation of their assets and positions, including full segregation of the assets of the clients of the clearing member. The CCP shall publicly disclose the risks and costs associated with the different levels of segregation.
Amendment 779 #
Proposal for a regulation
Article 37 – paragraph 3
Article 37 – paragraph 3
3. Depending on the level of segregation chosen by a client, tThe CCP shall ensure that it is able to transfer on request at a pre-defined trigger event, without the consent of the clearing member and within a pre-defined transfer periodt any time its assets and positions to another clearing member. That othere clearing members shall only be obliged where it has previouslassume the obligation for acquirement by entereding into adequate contractual relationship for that purposes.
Amendment 805 #
Proposal for a regulation
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A CCP shall impose, call and collect margins to limit its credit exposures from its clearing members, and where relevant, from CCPs which have interoperable arrangements. Such margins shall be sufficient to cover potential exposures that the CCP estimates will occur until the liquidation of the relevant positions. They shall be sufficient to cover losses that result from at least 99 per cent of the exposures movements over an appropriate time horizon and they shall ensure that a CCP fully collateralises its exposures with all its clearing members, and where relevant with CCPs which have interoperable arrangements, at least on a daily basis. Where the relevant period does not include any stress periods they have to be integrated in the calculation.
Amendment 815 #
Proposal for a regulation
Article 39 – paragraph 4
Article 39 – paragraph 4
Amendment 818 #
Proposal for a regulation
Article 39 – paragraph 4 a (new)
Article 39 – paragraph 4 a (new)
4 a. CCP limits the number of contracts and the tradable volume per clearing member per month. The Commission is authorised to determine the respective parameters for the maximum number and the maximum volume of outstanding contracts. The ESMA submits respective parameters to the Commission by 30th June 2012 at the latest.
Amendment 831 #
Proposal for a regulation
Article 40 – paragraph 2
Article 40 – paragraph 2
2. A CCP shall establish the minimum size of contributions to the default fund and the criteria to calculate the contributions of the single clearing members. The contributions shall be proportional to the exposures of each clearing member, in order to ensure that the contributions to the default fund at least enable the CCP to withstand the default of the clearing member to which it has the largest exposures or of the second and third largest clearing members, if the sum of their exposures is largers with the two largest exposures.
Amendment 839 #
Proposal for a regulation
Article 41 – paragraph 2
Article 41 – paragraph 2
2. A CCP shall develop scenarios of extreme but plausible market conditions, which include the most volatile periods that have been experienced by the markets for which the CCP provides its services. The default fund referred to in Article 40 and the other financial resources referred to in paragraph 1 shall at all times enable the CCP to withstand the default of the two clearing members to which it has the largest exposures and shall enable the CCP to withstand sudden sales of financial resources and rapid reductions in market liquidity.
Amendment 887 #
Proposal for a regulation
Title 5
Title 5
Amendment 935 #
Proposal for a regulation
Article 64 – paragraph 3
Article 64 – paragraph 3
3. A trade repository shall maintain and operate an adequate organisational structure to ensure continuity and orderly functioning of the trade repository in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures. It has to be established under public law.
Amendment 938 #
Proposal for a regulation
Article 64 – paragraph 4
Article 64 – paragraph 4
4. The senior management and members of the board of a trade repository shall be of sufficiently good repute and experience so as to ensure the sound and prudent management of the trade repository. At least one third of these members has to independent, on member is delegated by the competent authority. The appointment of the other members requires the approval of the competent authority.
Amendment 939 #
Proposal for a regulation
Article 64 – paragraph 6
Article 64 – paragraph 6
6. A trade repository shall publicly disclose the prices and fees associated with services provided. It shall disclose the prices and fees of single services and functions provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-relatedcovering.
Amendment 941 #
Proposal for a regulation
Article 64 – paragraph 6 a (new)
Article 64 – paragraph 6 a (new)
6 a. Within a trade repository a „trading surveillance office“ has to be established. This office regularly controls whether the notifications received correlate with the market data and which examines whether deviations are in fact illegal actions or whether reporting obligations have been violated. ESMA shall be immediately informed about any violation of the reporting obligations.
Amendment 952 #
Proposal for a regulation
Article 67 – paragraph 2 – point d a (new)
Article 67 – paragraph 2 – point d a (new)
(d a) the public in an aggregate way every week in a meaning format to allow non participants to be duly informed about concrete figures of volume, positions, prices and value, as well as trends, risks and other relevant information that increases the transparency of the OTC derivatives markets. Powers are delegated to ESMA to set and review the publication format criteria and to decide whether such publication is better issued by the relevant national or European authorities.