Activities of Jürgen KLUTE related to 2012/0029(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC PDF (681 KB) DOC (494 KB)
Amendments (9)
Amendment 130 #
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) One of the key lessons of the financial crisis is that capital markets have been insufficiently regulated and they have not been able to allocate savings efficiently into productive investments. Instead excessive speculation with potentially dangerous financial products has taken place. For this reason the over- reliance of capital markets for funding the real economy should be reduced and more traditional financing models supported. Capital market actors should therefore act in a way that serves society as a whole rather than a few financial speculators. Any post-trade infrastructure should integrate and apply these core principles.
Amendment 347 #
Proposal for a regulation
Article 18 – paragraph 1 – point d
Article 18 – paragraph 1 – point d
(d) where the CSD has seriously and systematically infringed the requirements set out in this Regulation.
Amendment 355 #
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. The competent authority shall, at least on an annual basis, review the arrangements, strategies, processes and mechanisms implemented by a CSD with respect to compliance with this Regulation and evaluate the risks to which the CSD is, or might be, exposed or associated with. The competent authority shall be entitled to collect all the relevant information necessary for its evaluation.
Amendment 361 #
Proposal for a regulation
Article 20 – paragraph 4
Article 20 – paragraph 4
4. When performing the review and evaluation referred to in paragraph 1, the competent authority shall consult at an early stagelosely cooperate with the relevant authorities referred to in Article 11 at an early stage concerning the functioning of the securities settlement systems operated by the CSD.
Amendment 406 #
Proposal for a regulation
Article 23 – paragraph 5 a (new)
Article 23 – paragraph 5 a (new)
5 a. A third country CSD shall submit a request to ESMA where it wishes to extend its activities to one or more of the following: (a) ancillary services not explicitly set out in Section B of the Annex; (b) the operation of another securities settlement system; (c) the settlement of all or part of the cash leg of its securities settlement system in the books of another central bank; (d) setting up an interoperable CSD link.
Amendment 411 #
Proposal for a regulation
Article 25 – paragraph 1
Article 25 – paragraph 1
1. The senior management of a CSD shall be of sufficiently good repute and experience so as to ensure the sound and, prudent and risk-averse management of the CSD.
Amendment 426 #
Proposal for a regulation
Article 29 – paragraph 1
Article 29 – paragraph 1
1. A CSD shall be designed to meet the needs of its participants and the markets it serves. It shall contribute to the efficient allocation of financial resources into productive investments to the benefit of the needs of the real economy.
Amendment 546 #
Proposal for a regulation
Article 52 – paragraph 2 – subparagraph 2
Article 52 – paragraph 2 – subparagraph 2
Following a detailed impact assessment, a consultation of the undertakingsCSD concerned and after taking into account the opinions of the EBA, the ESMA and the EC, the ECB, and the supervisory authorities and the assessment of the ESRB, the Commission shall adopt an implementing decision in accordance with the procedure referred to in Article 66. The Commission shall give reasons for its implementing decision.
Amendment 601 #
Proposal for a regulation
Article 55 – paragraph 1 – point d
Article 55 – paragraph 1 – point d
(d) where the CSD and the designated credit institution have seriously and systematically infringed the requirements set out in this Regulation.