21 Amendments of António Fernando CORREIA DE CAMPOS related to 2013/0314(COD)
Amendment 10 #
Proposal for a regulation
Recital 26 a (new)
Recital 26 a (new)
(26a) When the above is manifestly impossible, bearing in mind that not all contributors are located within the Union but their data might be essential for a given benchmark, the contributors concerned may, after acquainting themselves with the code of conduct governing the submission of data to the administrator, continue to submit data for that benchmark. In that event, the administrator has to be legally responsible for the quality of the data used to produce the benchmark.
Amendment 16 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall apply to the provision of benchmarks within the Union, the contribution of input data to acertain benchmarks and the use of acertain benchmarks within the Union. It shall encompass the IOSCO principles and shall be applied in proportion to the size of, and the risks arising from, particular benchmarks, their administrators, and the benchmark-setting process, including the number and types of contributors.
Amendment 45 #
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2a. When, owing to the nature and the location of a contributor, the administrator cannot have the code of conduct signed, but considers the data in question to be essential for a given benchmark, it may, after ascertaining that the contributor has acquainted itself with the code of conduct governing the submission of data, continue to accept data for that benchmark. In that event, the administrator shall be legally responsible for the quality of the data used to produce the benchmark.
Amendment 47 #
Proposal for a regulation
Article 11 – paragraph 1 – introductory part
Article 11 – paragraph 1 – introductory part
Amendment 48 #
Proposal for a regulation
Article 11 – paragraph 1 – point a
Article 11 – paragraph 1 – point a
(a) The supervised contributor shall ensure that the provision of input data is not affected by any existing or potential conflict of interest and that, where any discretion is required, it is independently and honestly exercised based on relevant information in accordance with the code of conduct (‘Conflicts of interest’).Does not affect the English version.)
Amendment 50 #
Proposal for a regulation
Article 11 – paragraph 1 – point b
Article 11 – paragraph 1 – point b
(b) The supervised contributor shall have a control framework that ensures the integrity, accuracy and reliability of the input data and that the input data is provided in accordance with the provisions of this Regulation and the code of conduct (‘Adequate controls’).Does not affect the English version.)
Amendment 52 #
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
Amendment 53 #
Proposal for a regulation
Article 11 – paragraph 3
Article 11 – paragraph 3
Amendment 56 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
Amendment 65 #
Proposal for a regulation
Article 14 – paragraph 1 – introductory part
Article 14 – paragraph 1 – introductory part
1. Where contributors, comprising at least 20% of the contributors tof a critical benchmark or of a widely used commodity benchmark, as determined by ESMA, have ceased contributing, or there are sufficient indications that at least 20% of the contributors are likely to cease contributing, in any year, the competent authority of the administrator of a critical benchmark shall have the power to:
Amendment 66 #
Proposal for a regulation
Article 14 – paragraph 1 – point a
Article 14 – paragraph 1 – point a
(a) require supervised entities and contributors of commodity and energy data, selected in accordance with paragraphs 2, to contribute input data to the administrator in accordance with the methodology, code of conduct or other rules;
Amendment 67 #
Proposal for a regulation
Article 14 – paragraph - 1 (new)
Article 14 – paragraph - 1 (new)
-1. The administrator shall notify the relevant competent authority if it considers the number of contributors to have become inadequate or their distribution to constitute a risk and in any event when 20% of the contributors have ceased, or are likely to cease, contributing. The notification shall be accompanied by a risk analysis and such measures as might serve to mitigate the risks identified.
Amendment 68 #
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. For a critical benchmark, the supervised entities or a widely used commodity benchmark, as determined by ESMA, the supervised entities or contributors of commodity and energy data that are required to contribute in accordance with paragraph 1 shall be determined by the competent authority of the administrator on the basis of the following criteria:
Amendment 69 #
Proposal for a regulation
Article 14 – paragraph 2 – point a
Article 14 – paragraph 2 – point a
(a) the size of the supervised entity’s or commodity or energy data contributor’s actual and potential participation in the market that the benchmark seeks to measure;
Amendment 70 #
Proposal for a regulation
Article 14 – paragraph 2 – point b
Article 14 – paragraph 2 – point b
(b) the supervised entity’s or commodity or energy data contributor’s expertise and ability to provide input data of the necessary quality.
Amendment 74 #
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
1. An administrator shall publish the input data used to determine the benchmark immediately after publication of the benchmark except where publication would have serious adverse consequences for the contributors or adversely affect the reliability or integrity of the benchmark. In such cases publication may be delayed for a period that significantly diminishes these consequences. Any personal data included in iInput data shall not be published in anonymised form.
Amendment 75 #
Proposal for a regulation
Article 16 – paragraph 1 a (new)
Article 16 – paragraph 1 a (new)
1a. Immediately after publication of the benchmark, the administrator shall communicate to the competent authority any grounds for the methodology used to determine the benchmark and any input data which, for the reasons set out in paragraph 1, have not been published.
Amendment 77 #
Proposal for a regulation
Article 18 – paragraph 1
Article 18 – paragraph 1
1. Where a supervised entity intends to enter into a financial contract with a consumer, that supervised entity shall first obtain the necessary information regarding the consumer’s knowledge and experience with respect to the benchmark, his financial situation and his objectives in respect of that financial contract, in accordance with Article 19(4) and (5) of Directive 2004/39/EC, and the benchmark statement published in accordance with Article 15 and shall assess whether referencing the financial contract to that benchmark is suitable for him.
Amendment 84 #
Proposal for a regulation
Article 20 – paragraph 2 – subparagraph 1 – point a
Article 20 – paragraph 2 – subparagraph 1 – point a
(a) administrators authorised or registered in that third country comply with binding requirements which are equivalent to the requirements resulting from this Regulation, in particular taking into account if the legal framework and supervisory practice of a third country ensures compliance with the IOSCO principles on financial benchmarks published on 17 July 2013, or if the legal framework and supervisory practice of a third country ensure compliance with the IOSCO Principles for Oil Price Reporting Agencies, published on 5 October 2012, when oil or commodity benchmarks are involved; and
Amendment 95 #
Proposal for a regulation
Article 35 – paragraph 2 a (new)
Article 35 – paragraph 2 a (new)
2a. Performing its role in the implementation and monitoring of Regulation (EC) No 1227/2011, the Agency for the Cooperation of Energy Regulators (ACER) shall cooperate with ESMA for the purposes of this Regulation and, without delay, shall supply all information necessary to fulfil its obligations.
Amendment 114 #
Proposal for a regulation
Annex III – point 6 – introductory part
Annex III – point 6 – introductory part
6. An administrator shall describe and publish with each calculation, to the extent possireasonable without prejudicing duedelaying the date of publication of the benchmark: