23 Amendments of Danuta Maria HÜBNER related to 2017/0230(COD)
Amendment 324 #
Proposal for a regulation
Recital 47 a (new)
Recital 47 a (new)
(47a) There is currently no uniform set of rules in the Union applying to third country trading venues. While some issues are dealt with at the Union level, a significant number of areas concerning the provision of services by third country trading venues in the Union, in particular the provision of remote access and post- trade transparency, are currently subject to national rules, with a wide variety of applicable frameworks. This prevents the establishment of a level playing field within the Union and results in duplication of supervisory work and potentially inconsistent supervisory practices. The establishment of a single framework for the recognition and oversight of third country trading venues at the Union level should therefore be considered. Within this framework, entrusting ESMA with the recognition and oversight of third-country trading venues would ensure a consistent approach and provide third-country trading venues with a single point of contact in the Union. In order to ensure a proportionate approach, the rules applying to third country trading venues should differ depending on the systemic significance of the trading venue for the Union. The supervision of non- systemically significant trading venues should mainly defer to the third country supervisor. However, systemically significant third country trading venues should be required to comply with the requirements of Regulation 600/2014, subject to comparable compliance, and ESMA should have the power to request information from those trading venues, conduct investigations and on-site inspections at those venues, collect fees from them and impose fines and periodic payments when they are in breach of their obligations.
Amendment 325 #
Proposal for a regulation
Recital 47 b (new)
Recital 47 b (new)
(47b) A recognition regime for third country Central Securities Depositories (CSDs) currently only exists with regards to the provision of notary services and central maintenance services. By contrast, third country CSDs may provide settlement services in any country of the Union without being subject to any requirement while settlement services are crucial for financial stability and investor protection. This situation also results in an unlevel playing field between EU and third country CSDs, since EU CSDs require authorisation for the provision of all of their services, which will be exacerbated after the entry into force of the settlement discipline regime. Finally, the current CSD recognition regime leaves only limited tools for ESMA to use in order to ensure consistent and enforceable ongoing monitoring and supervision. For all those reasons, the establishment of a recognition regime applying to all services provided by third country CSDs and designed in a proportionate manner should be considered. In order to ensure a proportionate approach, the rules applying to third country CSDs should differ depending on the systemic significance of the trading venue for the Union. The supervision of non- systemically significant trading venues should mainly defer to the third country supervisor. However, systemically significant third country CSDs should be required to comply with the requirements of Regulation 909/2014, subject to comparable compliance, and ESMA should have the power to request information from those CSDs, conduct investigations and on-site inspections at those CSDs, collect fees from them and impose fines and periodic payments when they are in breach of their obligations.
Amendment 393 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point c – point i a (new)
Article 1 – paragraph 1 – point 5 – point c – point i a (new)
Regulation (EU) No 1093/2010
Article 8 – paragraph 2 – point c b (new)
Article 8 – paragraph 2 – point c b (new)
(ia) the following point (cb) is inserted: "(cb) issue questions and answers, as laid down in Article 16a." (This amendment also applies throughout Article 2 and Article 3.)
Amendment 409 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b a (new)
Article 1 – paragraph 1 – point 6 – point b a (new)
Regulation (EU) No 1093/2010
Article 9 – paragraph 5
Article 9 – paragraph 5
Amendment 414 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 – point b b (new)
Article 1 – paragraph 1 – point 6 – point b b (new)
Regulation (EU) No1093/2010
Article 9– paragraph 5a (new)
Article 9– paragraph 5a (new)
(bb) paragraph 5a is added: “5a. The Authority may, in the cases specified and under the conditions laid down in the legislative acts referred to in Article 1(2), temporarily grant a waiver from certain obligations laid down in those legislative acts. The Authority shall review the decisions referred to in the first subparagraph at appropriate intervals and at least every 12 months. If the decision is not renewed after a twelve-month period, it shall automatically expire.” (This amendment also applies throughout Article 2 and Article 3.)
Amendment 449 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 a (new)
Article 1 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1093/2010
Article 16 a (new)
Article 16 a (new)
(7a) the following Article 16a is inserted “Article 16a Questions and answers 1. In order to ensure the consistent and effective application of Union law within the scope of action of the Authority, any natural or legal person may submit to the Authority questions concerning the implementation of the legislative acts referred to in Article 1(2) and of delegated and implementing technical standards, guidelines and recommendations adopted under such acts. Before submitting a question to the Authority, supervised institutions shall assess whether to first address the question to their competent authority. 2. The Authority shall publish on its website non-binding answers to all admissible questions received pursuant to paragraph 1, unless such publication conflicts with the legitimate interest of the person that submitted the question or would entail risks to the stability of the financial system. 3. Answers by the Authority may be informed by consultations with the Banking Stakeholder Group referred to in Article 37, where appropriate. 4. Answers by the Authority shall be considered suitable for compliance with the requirements of the acts referred to in paragraph 1. Their application shall be rigorously scrutinised and challenged by the Authority.
Amendment 460 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) No 1093/2010
Article 17 – paragraph 2 – subparagraph 3
Article 17 – paragraph 2 – subparagraph 3
Without prejudice to the powers laid down in Article 35 and Article 35b, the Authority may address a duly justified and reasoned request for information directly to other competent authorities or relevant financial institutions, whenever it is deemed necessary for the purpose of investigating an alleged breach or non- application of Union law. Where it is addressed to financial institutions, the reasoned request shall explain why the information is necessary for the purposes of investigating an alleged breach or non- application of Union law. (This amendment also applies throughout Article 2 and Article 3)
Amendment 462 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8 a (new)
Article 1 – paragraph 1 – point 8 a (new)
Regulation (EU) No 1093/2010
Article 17 – paragraph 3 – subparagraph 1
Article 17 – paragraph 3 – subparagraph 1
(8a) in Article 17, the first subparagraph of paragraph 3 is amended as follows: The Authority may, not later than 26 months from initiating its investigation, address a recommendation to the competent authority concerned setting out the action necessary to comply with Union law. (This amendment also applies throughout Article 2 and Article 3)
Amendment 484 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point a – point ii a (new)
Article 1 – paragraph 1 – point 11 – point a – point ii a (new)
Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(iia) pointd) is replaced by the following: “(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and, recommendations, opinions and questions and answers issued by the Authority and proposing amendments where appropriate; and (This amendment also applies throughout Article 2 and Article 3.)
Amendment 501 #
Proposal for a regulation
Article 1 – paragraph 1 – point 11 – point b a (new)
Article 1 – paragraph 1 – point 11 – point b a (new)
Regulation (EU) No (1093/2010)
Article 29– paragraph 2a (new)
Article 29– paragraph 2a (new)
(ba) the following paragraph 2a is added: “2a. The Authority shall, where appropriate, conduct open public consultations regarding the activities set out in paragraph 1 and 2 and analyse the related potential costs and benefits. Such consultations and analyses shall be proportionate in relation to the scope, nature and impact of the activity. The Authority shall, where appropriate, also request opinions or advice from the Banking Stakeholder Group referred to in Article 37.”
Amendment 516 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 1093/2010
Article 29a – paragraph 2 –subparagraph 1
Article 29a – paragraph 2 –subparagraph 1
By 30 September of each year, each competent authority shall submit a draft annual work programme for the following year to the Authority for consideration and specifically stipulate how. When establishing their draft annual work programme, competent authorities shall fully take into account the Strategic Supervisory Plan and the priorities identified therein in their authorisation and on-going supervision, in off-site and on-site inspections, and in national enforcement activities. In the event that the draft programme is aligned with the Strategic Supervisory Plan. annual work programme of a competent authority presents some significant inconsistencies with the Strategic Supervisory Plan, the competent authority concerned shall inform the Authority, stating its reasons. (This amendment also applies throughout Article 2 and Article 3.)
Amendment 519 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) No 1093/2010
Article 29a – paragraph 2 – subparagraph 2
Article 29a – paragraph 2 – subparagraph 2
Amendment 566 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No1093/2010
Article 31a – paragraph 2– subparagraph 4
Article 31a – paragraph 2– subparagraph 4
The Authority shall issue the opinion, without prejudice to any time limits set out in Union law, at the latest within 2one months of from the receipt of the notification pursuant to the first subparagraph. (This amendment also applies throughout Article 2 and Article 3.)
Amendment 574 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) No 1093/2010
Article 31a – paragraph 4a (new)
Article 31a – paragraph 4a (new)
4 a. The Commission shall within [one year from the entry into force of this amending regulation] adopt a delegated act further specifying the criteria and methodology for assessing, for the purposes of paragraphs 2 and 3, the materiality of the activity to be outsourced or delegated. (This amendment also applies throughout Article 2 and 3.)
Amendment 792 #
Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point a
Article 1 – paragraph 1 – point 35 – point a
Regulation (EU) No 1093/2010
Article 48– paragraph 1– subparagraph 2
Article 48– paragraph 1– subparagraph 2
The Chairperson shall be responsible for preparing the work of the Board of Supervisors and shalland chairing the meetings of the Board of Supervisors and the Executive Board.; (This amendment also applies throughout Article 2 and Article 3)
Amendment 798 #
Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point b a (new)
Article 1 – paragraph 1 – point 35 – point b a (new)
(b a) in paragraph 4, the introductory part of subparagraph 1 is replaced by the following: “4. In the course of the 9 months preceding the end of the 5five-year term of office of the Chairperson, the Board of Supervisors shall evaluate: in a confidential report:” (This amendment also applies throughout Article 2 and Article 3.)
Amendment 800 #
Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point b b (new)
Article 1 – paragraph 1 – point 35 – point b b (new)
Regulation (EU) No 1093/2010
Article 48 – paragraph 4 –subparagraph 1 a (new)
Article 48 – paragraph 4 –subparagraph 1 a (new)
Amendment 802 #
Proposal for a regulation
Article 1 – paragraph 1 – point 35 – point c
Article 1 – paragraph 1 – point 35 – point c
Regulation (EU) No 1093/2010
Article 48 – paragraph 4 – subparagraph 2
Article 48 – paragraph 4 – subparagraph 2
The Council, on a proposal from the Commission and taking into account the evaluation, may extend the term of office of the Chairperson once.; subject to confirmation by the European Parliament.; (This amendment also applies throughout Article 2 and Article 3.)
Amendment 895 #
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1094/2010
Article 16 a (new)
Article 16 a (new)
(7a) the following Article 16 a is inserted: “Article 16a Questions and answers 1. In order to ensure the consistent and effective application of Union law within the scope of action of the Authority, any natural or legal person may submit to the Authority questions concerning the implementation of the legislative acts referred to in Article 1(2) and of delegated and implementing technical standards, guidelines and recommendations adopted under such acts. Before submitting a question to the Authority, supervised institutions shall assess whether to first address the question to their competent authority. 2. The Authority shall publish on its website non-binding answers to all admissible questions received pursuant to paragraph 1, unless such publication conflicts with the legitimate interest of the person that submitted the question or would entail risks to the stability of the financial system. 3. Answers by the Authority may be informed by consultations with the Insurance and Reinsurance Stakeholder Group and with the Occupational Pensions Stakeholder Group referred to in Article 37, where appropriate. 4. Answers by the Authority shall be considered suitable for compliance with the requirements of the acts referred to in paragraph 1. Their application shall be rigorously scrutinised and challenged by the Authority.”
Amendment 918 #
Proposal for a regulation
Article 2 – paragraph 1 – point 13 – point b a (new)
Article 2 – paragraph 1 – point 13 – point b a (new)
Regulation (EU) No 1094/2010
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
(ba) the following paragraph 2a is added: “2a. The Authority shall, where appropriate, conduct open public consultations regarding the activities set out in paragraph 1 and 2 and analyse the related potential costs and benefits. Such consultations and analyses shall be proportionate in relation to the scope, nature and impact of the activity. The Authority shall, where appropriate, also request opinions or advice from the Insurance and Reinsurance Stakeholder Group and from the Occupational Pensions Stakeholder Group referred to in Article 37.”
Amendment 1000 #
Proposal for a regulation
Article 3 – paragraph 1 – point 7 a (new)
Article 3 – paragraph 1 – point 7 a (new)
Regulation (EU) No 1095/2010
Article 16 a (new)
Article 16 a (new)
(7a) the following Article 16 a is inserted: ‘Article 16a Questions and answers 1. In order to ensure the consistent and effective application of Union law within the scope of action of the Authority, any natural or legal person may submit to the Authority questions concerning the implementation of the legislative acts referred to in Article 1(2) and of delegated and implementing technical standards, guidelines and recommendations adopted under such acts. Before submitting a question to the Authority, supervised institutions shall assess whether to first address the question to their competent authority. 2. The Authority shall publish on its website non-binding answers to all admissible questions received pursuant to paragraph 1, unless such publication conflicts with the legitimate interest of the person that submitted the question or would entail risks to the stability of the financial system. 3. Answers by the Authority may be informed by consultations with the Securities and Markets Stakeholder Group referred to in Article 37, where appropriate. 4. Answers by the Authority shall be considered suitable for compliance with the requirements of the acts referred to in paragraph 1. Their application shall be rigorously scrutinised and challenged by the Authority.
Amendment 1018 #
Proposal for a regulation
Article 3 – paragraph 1 – point 11 – point b a (new)
Article 3 – paragraph 1 – point 11 – point b a (new)
Regulation (EU) No 1095/2010
Article 29 – paragraph 2 a (new)
Article 29 – paragraph 2 a (new)
(ba) the following paragraph 2a is inserted: ‘2a. The Authority shall, where appropriate, conduct open public consultations regarding the activities set out in paragraph 1 and 2 and analyse the related potential costs and benefits. Such consultations and analyses shall be proportionate in relation to the scope, nature and impact of the activity. The Authority shall, where appropriate, also request opinions or advice from the Securities and Markets Stakeholder Group referred to in Article 37.’
Amendment 1123 #
Proposal for a regulation
Article 6 – paragraph 1 – point 5
Article 6 – paragraph 1 – point 5
3 a. In accordance with [new paragraph of Article 9 of the ESMA Regulation introducing the right to waive some supervisory requirements] of Regulation (EU) No 1095/2010, ESMA may suspend the reporting obligations specified in Article 27(1) for certain or all financial instruments where all of the following conditions are met: (a) The suspension is necessary in order to preserve the integrity and quality of the reference data subject to reporting obligation as specified in Article 27(1) of MiFIR which may be put at risk by any of the following : (i) serious incompleteness, inaccuracy or corruption of the submitted data, or (ii) unavailability in a timely manner, disruption or damage of the functioning of systems used for the submission, collection, procession or storage of the respective reference data by ESMA, national competent authorities, market infrastructures, clearing and settlement systems and important market participants. (b) The existing Union regulatory requirements under Union law that are applicable do not address the threat (c) The suspension does not have any detrimental effect on the efficiency of financial markets or investors that are disproportionate to the benefits of the action. (d) The suspension does not create any regulatory arbitrage. When taking the measure referred to in the first subparagraph, ESMA shall take into account the extent to which the measure ensures the accuracy and completeness of the reported data for the purposes specified in Article 27(2) of MiFIR. Before deciding to take the measure referred to in the first subparagraph, ESMA shall notify the relevant competent authorities. The Commission shall be empowered to adopt delegated acts in accordance with Article 89 specifying criteria and factors to be taken into account by ESMA in determining in which cases the measure referred to in the first subparagraph may be adopted.