Activities of Kay SWINBURNE related to 2011/0296(COD)
Plenary speeches (1)
Markets in financial instruments and repeal of Directive 2004/39/EC - Markets in financial instruments and amendment of the EMIR Regulation on OTC 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 markets in financial instruments and amending Regulation [EMIR] on OTC derivatives, central counterparties and trade repositories PDF (612 KB) DOC (509 KB)
Amendments (69)
Amendment 112 #
Proposal for a regulation
Recital 8
Recital 8
(8) This new category of organised trading facility will complement the existing types of trading venues. While regulated markets and multilateral trading facilities are characterised by non-discretionary execution of transactions, the operator of an organised trading facility should have discretion over how a transaction is to be executed. Consequently, conduct of business rules, best execution and client order handling obligations should apply to the transactions concluded on an OTF operated by an investment firm or a market operator. However, because an OTF constitutes a genuine trading platform, the platform operator should be neutral. Therefore, the operator of an OTF should not be allowed to execute in the OTF any transaction between multiple third-party buying and selling interests including client orders brought together in the system against his own proprietary capital. This also excludes them from acting as systematic internalisers in the OTF operated by themis should exclude them from acting as systematic internalisers in the OTF operated by them. In specific circumstances, an OTF should be able to use its own capital in order to facilitate client orders, particularly in less liquid markets and where there are fewer market participants. This is particularly relevant in the non-equities markets.
Amendment 118 #
Proposal for a regulation
Recital 9
Recital 9
(9) All organised trading should be conducted on regulated venues and be fully transparent, both pre and post trade as appropriate. Transparency requirements therefore need to apply to all types of trading venues, and to all financial instruments traded thereon.
Amendment 120 #
Proposal for a regulation
Recital 12
Recital 12
(12) The financial crisis exposed specific weaknesses in the way information on trading opportunities and prices in financial instruments other than shares is available to market participants, namely in terms of timing, granularity, equal access, and reliability. Pre- andAccurate and timely post-trade transparency requirements taking account of the different characteristics and market structures of specific types of instruments other than shares should thus be introduced. In order to provide a sound transparency framework for all relevant instruments, these should apply to bonds and structured finance products with a prospectus or which are admitted to trading either on a regulated market or are traded on a multilateral trading facility (MTF) or an organised trading facility (OTF), to derivatives which are traded or admitted to trading on regulated markets, MTFs and OTFs or considered eligible for central clearing, as well as, in the case of post- trade transparency, to derivatives reported to trade repositories. Therefore only those financial instruments traded purely OTC which are deemed particularly illiquid or are bespoke in their design would be outside the scope of the transparency obligations.
Amendment 125 #
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13 a) The foreign exchange market is vital to many export-oriented firms. It is thus important to ensure transparency and market integrity in foreign exchange markets. These principles are most likely to be compromised by excessive opacity in foreign exchange derivatives markets. The transparency requirements for derivatives should therefore also cover those securities that give rise to a cash settlement determined by reference to currencies ('currency swaps'). Dealings in instruments of payments on foreign exchange spot markets, however, should be exempt from any requirements under this Directive.
Amendment 127 #
Proposal for a regulation
Recital 13 b (new)
Recital 13 b (new)
(13 b) When considering pre-trade transparency and in non-equity markets it is important to consider the needs of non- financial entities. Currently, non- financial entities use request-for-quote electronic platforms. These electronic platforms are used by the majority of non- financial end users as an effective way to request quotes for OTC derivative transactions from a number of financial counterparties at the same time, hence providing competitive pricing and a simple and efficient method of transacting. It is not the intent of this Regulation to prevent voice trading or this electronic method of requesting a quotation on a specific transaction by applying pre trade transparency requirements to them.
Amendment 129 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to ensure uniform applicable conditions between trading venues, the same pre- and post-trade transparency requirements should apply to the different types of venues. The transparency requirements should be calibrated for different types of instruments, including equity, bonds, and derivatives, and for different types of trading, including order- book and, quote-driven systems and request for quote systems as well as hybrid and voice broking systems, and take account of issuance, transaction size and characteristics of national markets.
Amendment 142 #
Proposal for a regulation
Recital 17
Recital 17
(17) Systematic internalisers may decide to give access to their quotes only to retail clients, only to professional clients, or to both. They should not be allowed to discriminate within those categories of clients. Systematic internalisers are not obliged to publish firm quotes in relation to transactions above standard retail market size. The standard market size for any class of financial instrument should not be significantly disproportionate to any financial instrument included in that class.
Amendment 145 #
Proposal for a regulation
Recital 18
Recital 18
(18) It is not the intention of this Regulation to require the application of pre-trade transparency rules to transactions carried out on an OTC basis, the characteristics of which include that they are ad-hoc and irregular and are carried out with wholesale counterparties and are part of a business relationship which is itself characterised by dealings above standard retail market size, and where the deals are carried out outside the systems usually used by the firm concerned for its business as a systematic internaliser.
Amendment 155 #
Proposal for a regulation
Recital 21
Recital 21
(21) Considering the agreement reached by the parties to the G20 Pittsburgh summit on 25 September 2009 to move trading in standardised OTC derivative contracts to exchanges or electronic trading platforms where appropriate, a formal regulatory procedure should be defined for mandating trading between financial counterparties and large non-financial counterparties in all derivatives which have been considered to be clearing-eligible and which are sufficiently liquid to take place on a range of trading venues subject to comparable regulation and enabling participants to trade with multiple counterparties. Th. It is not the intention of this regulation to prohibit or limit the use of bespoke derivatives contracts nor to make them excessively costly for non-financial institutions. Therefore assessment of sufficient liquidity should take account of market characteristics at national level including elements such as the number and type of market participants in a given market, and of transaction characteristics, such as the size and frequency of transactions in that market.
Amendment 157 #
Proposal for a regulation
Recital 22
Recital 22
(22) Considering the agreement reached by the parties to the G20 in Pittsburgh on 25 September 2009 to move trading in standardised OTC derivative contracts to exchanges or electronic trading platforms where appropriate on the one hand, and the relatively lower liquidity of various OTC derivatives on the other, it is appropriate to provide for a suitable range of eligible venues on which trading pursuant to this commitment can take place. All eligible venues should be subject to closely aligned regulatory requirements in terms of organisational and operational aspects, arrangements to mitigate conflicts of interest, surveillance of all trading activity, and pre-and post-trade transparency calibrated by financial instrument, and for multiple third-party trading interests to be able to interact with one anothertrading model. The possibility for operators of venues to arrange transactions pursuant to this commitment between multiple theird partiecipants in a discretionary fashion should however be foreseen in order to improve the conditions for execution and liquidity.
Amendment 167 #
Proposal for a regulation
Recital 31
Recital 31
(31) Regulation [EMIR] sets out the criteria according to which classes of OTC derivatives should be subject to the clearing obligation. It also prevents competitive distortions by requiring non- discriminatory access to central counterparties (CCPs) offering clearing of OTC derivatives to trading venues and non-discriminatory access to the trade feeds of trading venues to CCPs offering clearing of OTC derivatives. As OTC derivatives are defined as derivatives contracts whose execution does not take place on a regulated market, there is a need to introduce similar requirements for regulated markets under this Regulation. Provided that ESMA has declared them subject to it, derivatives traded on regulated markets, MTFs and OTFs should also be subject to a clearing obligation.
Amendment 170 #
Proposal for a regulation
Recital 32
Recital 32
(32) In addition to requirements in Directive 2004/39/EC that prevent Member States from unduly restricting access to post-trade infrastructure such as CCP and settlement arrangements, it is necessary that this Regulation removes various other commercial barriers that can be used to prevent competition in the clearing of financial instruments. To avoid any discriminatory practices, CCPs should accept to clear transactions executed in different trading venues, to the extent that those venues comply with the operational and technical requirements established by the CCP. Access should only be denied if certain access criteria specified in delegated acts are not metaccess would constitute a severe threat to the stability of the financial system.
Amendment 184 #
Proposal for a regulation
Recital 34 a (new)
Recital 34 a (new)
(34 a) When establishing effective equivalence for third country regimes, the commission should be limited to those provisions that have been agreed to at international fora such as the G20. While rules on the derivatives trading obligation should aim to be as coordinated as possible, in line with EMIR, there are many parts of this Directive that are outside of the G20 commitments, nor are they aimed at the stability of the financial system and therefore may not be appropriate for third countries to adopt directly.
Amendment 185 #
Proposal for a regulation
Recital 34 b (new)
Recital 34 b (new)
(34 b) When conducting the third country equivalence assessments the Commission should ensure that it follows an approach which prioritises the EU's largest trading partners first, leaving countries which only have a few firms accessing EU markets until after the more significant markets have been assessed.
Amendment 188 #
Proposal for a regulation
Recital 35
Recital 35
(35) The provision of services to retail clients should always require the establishment of a branch in the Union. The establishment of the branch shall be subject to authorisation and supervision in the Union. Proper cooperation arrangements should be in place between the competent authority concerned and the competent authority in the third country. The provision of services without branches should be limited to eligible counterparties and professional clients. It should be subject to registration by ESMA and to supervision in the third country. Proper cooperation arrangements should be in place between ESMA and the competent authorities in the third country.
Amendment 192 #
Proposal for a regulation
Recital 36
Recital 36
(36) The provisions of this regulation regulating the provision of services by third country firms in the Union should not affect the possibility for persons established in the UnA third country firm should not require EU authorisation tor receive investment services by a third country firm at their own exclusive initiative. When a third country firmgistration when it is providesing services at own exclusivon the initiative of a person established in the Union, the services should not be deemed as provided in the territory of the Union. In case a third country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillarythe EU client, if it only provides services to MiFID authorised firms, or if the services in the Union, it should not be deemed as a service provided at the own exclusive initiativs being provided solely outside of the clientEU.
Amendment 263 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in Article 3(1) based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal market size for the share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument or type of share, depositary receipt, exchange-traded fund, certificate or other similar financial instrument in question or in the case of orders submitted for execution at a suitable midpoint price.
Amendment 267 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
2. Before granting a waiver in accordance with paragraph 1, competent authorities shall notify ESMA and other competent authorities of the intended use of each individual waiver request and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 61 months before the waiver is intended to take effect. Within 31 months following receipt of the notification, ESMA shall issue an opinion to the competent authority in question assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in the delegated act adopted pursuant to paragraphs 3(b) and (c). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 275 #
Proposal for a regulation
Article 4 – paragraph 3 – introductory part
Article 4 – paragraph 3 – introductory part
3. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 283 #
Proposal for a regulation
Article 4 – paragraph 3 – point c a (new)
Article 4 – paragraph 3 – point c a (new)
(c a) the suitable midpoint price orders submitted for execution can be crossed at;
Amendment 285 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1 a (new)
Article 4 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in sub-paragraph 3 in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 297 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 302 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 a (new)
Article 6 – paragraph 2 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 305 #
Proposal for a regulation
Article 7
Article 7
Amendment 307 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
1. Regulated markets and investment firms and market operators operating an MTF or an OTF where appropriate, based on the trading system operated shall make publicsh prices and the depth of trading interests at those prices for orders or quotes advertised through their systems for bonds and structured finance products admitted to trading on a regulated market or for which a prospectus has been published, emission allowances and for derivatives admitted to trading or which are traded on an MTF or an OTF. This requirement shall also apply to actionable indications of interests. RTo the extent that prices are made, regulated markets and investment firms and market operators operating an MTF or an OTF shall makepublish this information available to the publicfor retail size transactions, as referred to in Directive 2004/109/EC and Directive 2010/73/EU, on a continuous basis during normal trading hours.
Amendment 319 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. Regulated markets and investment firms and market operators operating an MTF or an OTF shall give access, on reasonable commercial terms and on a non- discriminatory basis, to the arrangements they employ for making publicpublishing the information referred to in the first paragraph to investment firms which are obliged to publish their quotes in bonds, structured finance products, emission allowances and derivatives pursuant to Article 17.
Amendment 330 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Competent authorities shall be able to waive the obligation for regulated markets and investment firms and market operators operating an MTF or an OTF to make public the information referred to in paragraph 1 of Article 7 based on the type and size of orders and method of trading in accordance with paragraph 4. In particular, the competent authorities shall be able to waive the obligation in respect of orders that are large in scale compared with normal retail market size, as referred to in Directive 2004/109/EC and Directive 2010/73/EU, for the bond, structured finance product, emission allowance or derivative or type of bond, structured finance product, emission allowance or derivative in question.
Amendment 336 #
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Before granting a waiver in accordance with paragraphs 1 and 2, competent authorities shall notify ESMA and other competent authorities of the intended use of waivers and provide an explanation regarding their functioning. Notification of the intention to grant a waiver shall be made not less than 61 months before the waiver is intended to take effect. Within 31 months following receipt of the notification, ESMA shall issue an opinion to the competent authority in question assessing the compatibility of each individual waiver request with the requirements established in paragraphs 1 and 2 and specified in the delegated act adopted pursuant to paragraph 4(b). Where that competent authority grants a waiver and a competent authority of another Member State disagrees with this, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall submit an annual report to the Commission on how they are applied in practice.
Amendment 344 #
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying:
Amendment 351 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point i
Article 8 – paragraph 4 – point b – point i
(i) the market model, such as request for quote systems, and voice brokerage systems;
Amendment 354 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iii
Article 8 – paragraph 4 – point b – point iii
(iii) the liquidity profile, including the number and type of market participants in a given market and any other relevant criteria for assessing liquidity; so as to treat continuous, episodic and illiquid products appropriately.
Amendment 358 #
Proposal for a regulation
Article 8 – paragraph 4 – point b – point iv
Article 8 – paragraph 4 – point b – point iv
(iv) the size orand type of orders ands well as the size and type of an issue of a financial instrument., to allow for appropriate differentiation between the retail, intermediate and wholesale markets;
Amendment 361 #
Proposal for a regulation
Article 8 – paragraph 4 – subparagraph 1 a (new)
Article 8 – paragraph 4 – subparagraph 1 a (new)
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with articles 10-14 of Regulation (EU) No 1095/20101. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 364 #
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5 a. Where the liquidity of a class of financial instrument falls below the threshold determined in accordance with paragraph 5(b)(2), the obligations referred to in Article 7 paragraph 1 may be temporarily suspended by a competent authority responsible for supervising one or more trading venues on which the financial instrument is traded. This threshold shall be defined based on objective criteria. The suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the suspension continue to be applicable. If the suspension is not renewed after that three-month period, it shall automatically expire. Before suspending (or renewing the suspension of) these obligations, the relevant competent authority shall notify ESMA of its proposal and its analysis. ESMA shall issue an opinion to the competent authority as soon as practicable on whether in its view the conditions referred to in this paragraph have arisen. ESMA shall develop draft regulatory technical standards specifying the parameters and methods for calculating the threshold of liquidity referred to in the first paragraph. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the previous subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation EU 1095/2010. The parameters and methods for Member States to calculate the threshold shall be set in such a way that when the threshold is reached, it represents a significant decline in turnover on trading venues supervised by the notifying authority relative to the average level of turnover on those venues for the financial instrument concerned.
Amendment 375 #
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2 a. The Commission shall adopt, by means of delegated acts in accordance with Article 41, a phased approach by product to the introduction of the requirements in paragraphs 1 and 2.
Amendment 377 #
Proposal for a regulation
Article 10 – paragraph 1 – subparagraph 1
Article 10 – paragraph 1 – subparagraph 1
Competent authorities shall be able to authorise regulated markets and investment firms and market operators operating an MTF or an OTF to provide for deferred publication of the details of transactions based on their type, liquidity profile (continuous, episodic or illiquid), the specific characteristics of the trading activity or size. In particular, the competent authorities may authorise the deferred publication in respect of transactions that are large in scale compared with the normal market size for that bond, structured finance product, emission allowance or derivative or that class of bond, structured finance product, emission allowance or derivative.
Amendment 391 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures specifying the offering pre- and post-trade transparency data, including the level of disaggregation of the data to be made available to the public as referred to in paragraph 1.
Amendment 397 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1.
Amendment 431 #
Proposal for a regulation
Article 17 – paragraph 2
Article 17 – paragraph 2
2. Systematic internalisers shall make the firm quotes provided pursuant to paragraph 1 available to other clients of the investment firm in an objective non- discriminatory way on the basis of their commercial policy. Systematic internalisers shall be entitled to update their quotes in order to respond to market conditions or in order to correct for errors.
Amendment 437 #
Proposal for a regulation
Article 17 – paragraph 3
Article 17 – paragraph 3
3. They shall undertake to enter into transactions with any other client to whom the quote is made available under the published conditionsir commercial policy when the quoted size is at or below a size specific to the instrument.
Amendment 446 #
Proposal for a regulation
Article 17 – paragraph 6 a (new)
Article 17 – paragraph 6 a (new)
6 a. An investment firm acting as a systematic internaliser in instruments referred to in Article 17(1) shall establish and maintain effective arrangements and procedures, relevant to its activities as a systematic internaliser, for the regular monitoring of the compliance by its clients with its rules and procedures. A systematic internaliser shall monitor the transactions undertaken by its clients under its systems in order to identify breaches of those rules and procedures, disorderly trading conditions or conduct that may involve market abuse.
Amendment 449 #
Proposal for a regulation
Article 17 – paragraph 6 b (new)
Article 17 – paragraph 6 b (new)
6 b. A systematic internaliser shall report significant breaches of its rules and procedures, disorderly trading conditions or conduct that may involve market abuse to its competent authority. A systematic internaliser shall also supply the relevant information without delay to the authority competent for the investigation and prosecution of market abuse and to provide full assistance to the latter in investigating and prosecuting market abuse occurring on or through its systems.
Amendment 451 #
Proposal for a regulation
Article 18 – paragraph 2
Article 18 – paragraph 2
2. The Commission shall adopt, by means of delegated acts in accordance with Article 41, measureESMA shall develop draft regulatory technical standards specifying the sizes mentioned in Article 17(3) at which firm shall enter into transactions with any other client to whom the quote is made available.
Amendment 454 #
Proposal for a regulation
Article 18 – paragraph 3 – introductory part
Article 18 – paragraph 3 – introductory part
3. The Commission mayshall adopt, by means of delegated acts in accordance with Article 41, measures clarifying what constitutes a reasonable commercial basis to make quotes public as referred to in Article 17(5).
Amendment 456 #
Proposal for a regulation
Article 18 – paragraph 3 – subparagraph 1 a (new)
Article 18 – paragraph 3 – subparagraph 1 a (new)
ESMA shall submit those draft regulatory technical standards to the Commission by...1 Power is delegated to the Commission to adopt the regulatory technical standards referred to in sub-paragraph 2 in accordance with articles 10-14 of Regulation (EU) No 1095/2010. __________________ 1 OJ please insert date 12 months after entry into force of this regulation.
Amendment 491 #
Proposal for a regulation
Article 23 – paragraph 3
Article 23 – paragraph 3
3. The reports shall, in particular, include details of the names and numbers of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, and means of identifying the investment firms concerned. For transactions not carried out on a regulated market, MTF or OTF, the reports shall also include a designation identifying the types of transactions in accordance with the measures to be adopted pursuant to Article 19(3)(a) and Article 20(3)(a).
Amendment 496 #
Proposal for a regulation
Article 23 – paragraph 3 a (new)
Article 23 – paragraph 3 a (new)
3 a. Investment firms must keep internal records that are available upon request to the competent authorities including a designation to identify the clients on whose behalf the investment firm has executed that transaction and a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction.
Amendment 506 #
Proposal for a regulation
Article 23 – paragraph 8 – subparagraph 1 – point c
Article 23 – paragraph 8 – subparagraph 1 – point c
(c) the references of the instruments bought or sold, the quantity, the dates and times of execution, the transaction prices, the information and details of the identity of the client, a designation to identify the clients on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, means of identifying the investment firms concerned, the way in which the transaction was executed, and data fields necessary for the processing and analysis of the transaction reports in accordance with paragraph 3.
Amendment 523 #
Proposal for a regulation
Article 24 – paragraph 1 – introductory part
Article 24 – paragraph 1 – introductory part
1. Financial counterparties as defined in Article 2(6) and non financial counterparties that meet the conditions referred to in Article [5(1b)] of Regulation [ ] (EMIR) shall conclude transactions which are not intragroup transactions as defined in Article [2a] of Regulation [ ] (EMIR) or which are not transactions concluded by pension scheme arrangements as set out in Article 71 of Regulation [ ] (EMIR) with other financial counterparties as defined in Article 2(6) or non financial counterparties that meet the conditions referred to in Article [5(1b)} of Regulation [ ] (EMIR) in derivatives pertaining to a class of derivatives that has been declared subject to the trading obligation in accordance with the procedure set out in Article 26 and listed in the register referred to in Article 27 only on:
Amendment 532 #
Proposal for a regulation
Article 24 – paragraph 1 – point c a (new)
Article 24 – paragraph 1 – point c a (new)
(c a) Systematic Internalisers
Amendment 535 #
Proposal for a regulation
Article 24 – paragraph 1 – point d
Article 24 – paragraph 1 – point d
(d) third country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides aneffective equivalent treciprocal recognitionatment of trading venues authorised under Directive [new MiFID] to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non- exclusive basis.
Amendment 552 #
Proposal for a regulation
Article 26 – paragraph 1 – subparagraph 1 – point b
Article 26 – paragraph 1 – subparagraph 1 – point b
(b) the date or dates from which the trading obligation takes effect. including any phase-in and the categories of counterparties to which the obligation applies
Amendment 559 #
Proposal for a regulation
Article 26 – paragraph 2 – point b
Article 26 – paragraph 2 – point b
(b) the class of derivatives or a relevant subset thereof are considered sufficiently liquid and likely to continue to be sufficiently liquid enough to trade only on the venues referred to in Article 24(1).
Amendment 569 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point a
Article 26 – paragraph 3 – subparagraph 1 – point a
(a) the average frequency and size of trades;
Amendment 576 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
Article 26 – paragraph 3 – subparagraph 1 – point c a (new)
(c a) the volume of trading of a derivative or class of derivatives alongside the number and type of venue available for trading and the ability of the trading venue to handle existing volumes.
Amendment 580 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
Article 26 – paragraph 3 – subparagraph 1 – point c b (new)
(c b) the likely effect upon bid/offer spreads and liquidity provision
Amendment 583 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
Article 26 – paragraph 3 – subparagraph 1 – point c c (new)
(c c) the appropriateness of phasing in the the trading obligation by product or by type of market participant
Amendment 585 #
Proposal for a regulation
Article 26 – paragraph 3 – subparagraph 1 – point c d (new)
Article 26 – paragraph 3 – subparagraph 1 – point c d (new)
(c d) the likely effect upon non-financial entities; a trading obligation should not be imposed if it would result in a materially adverse effect upon liquidity or the commercial activities of non-financial entities.
Amendment 611 #
Proposal for a regulation
Article 28 – paragraph 4 a (new)
Article 28 – paragraph 4 a (new)
4 a. In the event of a disagreement between competent authorities, ESMA shall settle any disputes between competent authorities in accordance with Article 19 of Regulation (EU) No 1095/2010.
Amendment 615 #
Proposal for a regulation
Article 28 – paragraph 6 – point a
Article 28 – paragraph 6 – point a
(a) the conditions under which access could be denied by a CCP, including conditions based on the volume of transactions, the number and type of users or other factors creating undueonly where such access would threaten the smooth and orderly functioning of the markets or would adversely affect systemic risks.
Amendment 642 #
Proposal for a regulation
Article 29 – paragraph 4 a (new)
Article 29 – paragraph 4 a (new)
4a. In the event of a disagreement between competent authorities, ESMA shall settle any disputes between competent authorities in accordance with Article 19 of Regulation (EU) No 1095/2010.
Amendment 647 #
Proposal for a regulation
Article 29 – paragraph 6 – point a
Article 29 – paragraph 6 – point a
(a) the conditions under which access could be denied by a trading venue, including conditions based on the volume of transactions, the number of users or other factors creating undueonly where such access would threaten the smooth and orderly functioning of the markets or would adversely affect systemic risks.
Amendment 668 #
Proposal for a regulation
Article 30 – paragraph 1 – subparagraph 2
Article 30 – paragraph 1 – subparagraph 2
Access to that information shall be granted on a reasonable commercial basis within three months following the request by a CCP or a trading venue, and in any event at a price no higher than the lowest price at which access to the benchmark is granted or the intellectual property rights are licensed to another CCP, trading venue or any related person for clearing and trading purposes.
Amendment 684 #
Proposal for a regulation
Article 31 – paragraph 1 – subparagraph 1 – introductory part
Article 31 – paragraph 1 – subparagraph 1 – introductory part
In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may in exceptional circumstances where the national regulator has failed to act, and where it is satisfied on reasonable grounds that the conditions in paragraphs 2 and 3 are fulfilled, temporarily prohibit or restrict in the Union:
Amendment 719 #
Proposal for a regulation
Article 32 a (new)
Article 32 a (new)
Article 32a Product Innovation Investment firms, when launching any investment products or structured products aimed at retail investors should ensure compliance with suitable measures on product governance as required by the national competent authority to prevent inappropriate products coming to market. As a minimum, product governance should include suitable risk management and regular product performance assessments.
Amendment 788 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 1
Article 37 – paragraph 1 – subparagraph 1
The Commission may adopt a decision in accordance with the procedure referred to in Article 42 in relation to a third country if the legal and supervisory arrangements of that third country ensure that firms authorised in that third country comply with legally binding requirements which have equivalent effect to the requirements set out in Directive No [MiFID], in this Regulation and in Directive 2006/49/EC [Capital Adequacy Directive] and in their implementing measures and that third country provides for equivalent reciprocal recognition of the prudential framework applicable to investment firms authorised in accordance with this directive.
Amendment 793 #
Proposal for a regulation
Article 37 – paragraph 1 – subparagraph 2 – introductory part
Article 37 – paragraph 1 – subparagraph 2 – introductory part
The prudential framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions:
Amendment 811 #
Proposal for a regulation
Article 43 – paragraph 1
Article 43 – paragraph 1
1. Before [2 years following application of MiFIR as specified in Article 41(2)], the Commission after consulting ESMA shall present a report to the European Parliament and to the Council on the impact in practice of the transparency obligations established pursuant to Articles 3 to 6 and 9 to 12, in particular on the application and continued appropriateness of the waivers to pre-trade transparency obligations established pursuant to Articles 3(2) and 4(2) and (3), as well as Article 8.
Amendment 813 #
Proposal for a regulation
Article 43 – paragraph 3 a (new)
Article 43 – paragraph 3 a (new)
3a. Before [2 years following application of MiFIR as specified in Article 41(2)], the Commission after consulting ESMA shall present a report to the European Parliament and to the Council on the feasibility of developing a European Best Bid and Offer System for consolidated quotes and whether it could be an appropriate commercial solution to reducing information asymmetries between market participants as well as being a tool for regulators to better monitor quotation activities on trading venues.