Procedure : 2017/0810(COD)
Document stages in plenary
Document selected : A8-0219/2018

Texts tabled :

A8-0219/2018

Debates :

Votes :

PV 04/07/2018 - 6.8
CRE 04/07/2018 - 6.8

Texts adopted :

P8_TA(2018)0288

REPORT     ***I
PDF 662kWORD 86k
25.6.2018
PE 619.417v03-00 A8-0219/2018

on the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank

(10850/2017 – ECB/2017/18 - C8‑0228/2017 – 2017/0810(COD))

Committee on Economic and Monetary Affairs

Committee on Constitutional Affairs

Rapporteurs: Gabriel Mato, Danuta Maria Hübner

(Joint committee procedure – Rule 55 of the Rules of Procedure)

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION
 EXPLANATORY STATEMENT
 PROCEDURE – COMMITTEE RESPONSIBLE
 FINAL VOTE BY ROLL CALL IN COMMITTEE RESPONSIBLE

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

on the draft decision of the European Parliament and of the Council amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank

(10850/2017 – ECB/2017/18 – C8‑0228/2017 – 2017/0810(COD))

(Ordinary legislative procedure: first reading)

The European Parliament,

–  having regard to the recommendation by the European Central Bank submitted to Parliament and the Council (10850/2017 – ECB/2017/18)(1),

–  having regard to Article 129(3) of the Treaty on the Functioning of the European Union, pursuant to which the draft act was submitted to Parliament (C8‑0228/2017),

–  having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 40.1 thereof,

–  having regard to the opinion of the European Commission(2),

–  having regard to Article 294(3) and (15) of the Treaty on the Functioning of the European Union,

–  having regard to Rule 59 of its Rules of Procedure,

–  having regard to the joint deliberations of the Committee on Economic and Monetary Affairs and the Committee on Constitutional Affairs under Rule 55 of the Rules of Procedure,

–  having regard to the report of the Committee on Economic and Monetary Affairs and Committee on Constitutional Affairs (A8-0219/2018),

1.  Adopts its position at first reading hereinafter set out;

2.  Instructs its President to forward its position to the Council, the Commission, the European Central Bank and the national parliaments.

Amendment    1

Proposal for a decision

Recital 1

Text proposed by the European Central Bank

Amendment

(1)  The basic tasks to be carried out through the European System of Central Banks (ESCB) include the definition and implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems. Safe and efficient financial market infrastructures, in particular clearing systems, are essential for the fulfilment of these basic tasks.

(1)  The basic tasks to be carried out through the European System of Central Banks (ESCB) include the definition and implementation of the monetary policy of the Union and the promotion of the smooth operation of payment systems, which is essential in order to maintain financial stability. Safe and efficient financial market infrastructures, in particular clearing systems, are essential for the fulfilment of these basic tasks.

Amendment    2

Proposal for a decision

Recital 3

Text proposed by the European Central Bank

Amendment

(3)  On 4 March 2015, the General Court delivered its judgment in United Kingdom v ECB, Case T-496/117, which held that the ECB does not have the competence necessary to regulate the activity of clearing systems. The General Court stated that Article 129(3) of the Treaty enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB, to amend Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’). The Court concluded that “it would be for the ECB, should it consider that the grant to it of a power to regulate infrastructures clearing transactions in securities is necessary for proper performance of the task referred to in the fourth indent of Article 127(2) TFEU, to request the EU legislature to amend Article 22 of the Statute, by the addition of an explicit reference to securities clearing systems.”

(3)  On 4 March 2015, the General Court delivered its judgment in United Kingdom v ECB, Case T-496/117, which held that "the ECB does not have the competence necessary to regulate the activity of clearing systems, so that, in so far as the Policy Framework imposes on CCPs involved in the clearing of securities a requirement to be located within the euro area, it must be annulled for lack of competence". The General Court stated that Article 129(3) of the Treaty enables the European Parliament and the Council, acting in accordance with the ordinary legislative procedure, and on a recommendation from the ECB, to amend Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’). Therefore, the Court concluded that “it would be for the ECB, should it consider that the grant to it of a power to regulate infrastructures clearing transactions in securities is necessary for proper performance of the task referred to in the fourth indent of Article 127(2) TFEU, to request the EU legislature to amend Article 22 of the Statute, by the addition of an explicit reference to securities clearing systems.”

_________________

_________________

7 ECLI: EU:T:2015:133.

7 ECLI: EU:T:2015:133.

Amendment    3

Proposal for a decision

Recital 3 a (new)

Text proposed by the European Central Bank

Amendment

 

(3a)  Although securities clearing systems are a typology of payment systems, more clarity on the issue is required in the light of the General Court’s judgment of 4 March 2015 in Case T-496/11 and therefore, by means of a review of Article 22 of the Statute of the European System of Central Banks and of the European Central Bank, the issue of competence over such systems needs to be made clear.

Amendment    4

Proposal for a decision

Recital 4

Text proposed by the European Central Bank

Amendment

(4)  Significant developments at both global and European level are expected to increase the risk that disturbances affecting clearing systems, in particular central counterparties (CCPs), threaten the smooth operation of payment systems and implementation of the single monetary policy, ultimately affecting the Eurosystem’s primary objective of maintaining price stability.

(4)  Significant developments at both global and European level are expected to increase the risk that disturbances affecting clearing systems, in particular central counterparties (CCPs), threaten the smooth operation of payment systems and implementation of the single monetary policy, ultimately affecting financial stability, including the Eurosystem’s primary objective of maintaining price stability.

Amendment    5

Draft decision

Recital 5

Draft by the European Central Bank

Amendment

(5) On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland notified the European Council of its intention to withdraw from the European Union. The withdrawal of the United Kingdom will lead to a fundamental change in how certain systemically important euro-denominated clearing activities are regulated, overseen and supervised, thereby adversely affecting the Eurosystem’s ability to monitor and manage risks to the smooth operation of payment systems, and implementation of the Eurosystem’s monetary policy.

deleted

Amendment    6

Proposal for a decision

Recital 6

Text proposed by the European Central Bank

Amendment

(6)  Central clearing is becoming increasingly cross-border in nature and systemically important. Given their diverse membership and the pan-European nature of the financial services they provide, CCPs are of key importance to the Union as a whole, and in particular to the euro area. This is reflected in Regulation (EU) No 648/2012 of the European Parliament and of the Council8, which establishes collective supervisory arrangements in the form of colleges, composed of the relevant national and Union authorities, including the Eurosystem in its role as central bank of issue for the euro.

(6)  Central clearing is becoming increasingly cross-border in nature and systemically important. Given their diverse membership and the pan-European nature of the financial services they provide, CCPs are of key importance to the Union as a whole, and in particular to the euro area. This is reflected in Regulation (EU) No 648/2012 of the European Parliament and of the Council, which establishes collective supervisory arrangements in the form of colleges, composed of the relevant national and Union authorities, including the Eurosystem in its role as central bank of issue for the euro, the currency of the Union.

_________________

 

8 2 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).

 

Amendment    7

Proposal for a decision

Recital 7

Text proposed by the European Central Bank

Amendment

(7)  In order to address these issues, on 13 June 2017 the Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it is of utmost importance that it has the relevant powers under the Treaty and the Statute of the ESCB. In particular, the Eurosystem should have regulatory powers to adopt binding assessments and require remedial action, in close cooperation with other Union authorities. Moreover, where necessary to protect the stability of the euro, the ECB should also have the regulatory powers to adopt additional requirements for CCPs involved in the clearing of significant amounts of euro-denominated transactions.

(7)  In order to address these issues, on 13 June 2017 the Commission presented its legislative proposal to ensure financial stability and the safety and soundness of CCPs that are of systemic relevance for financial markets across the Union. In order to ensure that the Eurosystem as central bank of issue for the euro can carry out the role envisaged by the legislative proposal, it is of utmost importance that it has the relevant powers under the Treaty and the Statute of the ESCB. In particular, the Eurosystem should have regulatory powers to adopt binding assessments and require remedial action, in close cooperation with other Union authorities. Moreover, where necessary to protect the stability of the euro, the ECB should also have the regulatory powers to adopt additional requirements for CCPs involved in the clearing of significant amounts of euro-denominated transactions. Those requirements should protect the integrity of the Single Market and ensure that in the supervision of third country CCPs, Union law and the jurisprudence of the Court of Justice of the European Union have primacy.

Amendment    8

Draft decision

Recital 8

Draft by the European Central Bank

Amendment

(8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. The tasks conferred therein should accordingly only be used for monetary policy purposes.

(8) Article 22 of the Statute of the ESCB is part of Chapter IV ‘Monetary functions and operations of the ESCB’. The tasks conferred therein should accordingly only be used for monetary policy purposes. With regard to clearing systems for financial instruments, requirements that may be applied on the basis of that Article should include reporting requirements and requirements imposed on the clearing system to cooperate with the ECB and national central banks in their assessment of the resilience of the system to adverse market developments. Such requirements should also include the opening by the system of an overnight deposit account with the ESCB in accordance with relevant access criteria and requirements of the ESCB. In addition, they should include requirements necessary to address situations in which a clearing system for financial instruments poses an imminent risk of substantial harm to Union financial institutions or markets or to the financial system of the Union or one of its Member States, such as requirements relating to liquidity risk controls, settlement arrangements, margins, collateral or interoperability arrangements. With regard to third-country clearing systems for financial instruments of systemic importance, Regulation (EU) No ... /... [Regulation of the European Parliament and of the Council amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs] provides for the possibility for the ECB to propose additional requirements on such systems.

Amendment    9

Draft decision

Recital 8 a (new)

Draft by the European Central Bank

Amendment

 

(8a) The new powers of the ECB regarding clearing systems for financial instruments on the basis of amended Article 22 of the Statute of the ESCB and of the ECB will be exercised alongside the powers exercised by other Union institutions, agencies and bodies on the basis of provisions relating to the establishment or functioning of the internal market provided for in Part III of the TFEU, including those contained in acts adopted by the Commission or by the Council pursuant to the powers conferred upon them. In that context, in order to ensure that the respective powers of each entity are respected and to prevent conflicting rules and inconsistencies between the decisions taken by different Union institutions, agencies and bodies, the powers conferred under the amended Article 22 of the Statute of the ESCB and of the ECB should be exercised having due regard to the general framework for the internal market established by the co-legislators and in a manner which is fully consistent with the legal acts of the European Parliament and the Council as well as measures adopted under such acts.

Amendment    10

Draft decision

Recital 8 b (new)

Draft by the European Central Bank

Amendment

 

(8b) The ECB should ensure full transparency and accountability towards the European Parliament and the Council regarding the exercise of its powers and tasks under Article 22 of its Statute. In particular, it should keep the European Parliament and the Council regularly informed of all decisions taken and regulations adopted on the basis of that Article. To that end, it should dedicate a specific chapter of its annual report to the exercise of its powers under Article 22 of its Statute and it should publish on its website all the decisions, recommendations and opinions related to regulations that it adopts on the basis of that Article.

Amendment    11

Draft decision

Article 1

Statute of the European System of Central Banks and of the European Central Bank

Article 22

 

Draft by the European Central Bank

Amendment

Article 22

Article 22

Clearing systems and payment systems

Clearing systems and payment systems

The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries.

The ECB and national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems within the Union and with third countries.

 

In order to achieve the objectives of the ESCB and to carry out its tasks, the ECB may make regulations concerning clearing systems for financial instruments within the Union and with third countries, with due regard to the legal acts of the European Parliament and the Council and with measures adopted under such acts, and in a manner which is fully consistent with those acts and measures.

(1)

  OJ C 212, 1.7.2017, p. 14.

(2)

  OJ C 340, 11.10.2017, p. 1.


EXPLANATORY STATEMENT

In the 2015 Case T 496/11, UK vs ECB, the European Court ruled that the wording of Article 22 of the Statute of the European System of Central Banks and of the European Central Bank, which granted the ECB regulatory powers over “clearing and payment systems”, was not to be construed as granting the ECB regulatory powers over CCPs.

The amendment proposed last 22 June 2017 by the ECB aims to modify the Statute in order to bring “clearing systems for financial instruments”, in other words, CCPs, within the scope of the regulatory powers conferred by Article 22 of the Statute.

This would allow the Eurosystem to take up the powers that will be granted to it as central bank of issue of the euro under the Commission proposal amending EMIR as regards the supervision of CCPs, issued last 13 June 2017.

Your rapporteurs welcome the proposed change to the statute. They consider it an important step towards the creation of an effective system for the supervision of CCPs in the Union, which would include an appropriate role for the central banks of issue of the currencies cleared by the respective CCPs.

Your rapporteurs are however mindful of the need to respect the current allocation of competences under the current Treaty on the Functioning of the Union, in which other institutions, agencies and bodies of the Union have the power to establish the general framework relating to CCPs. The new powers of the ECB under the amended Article 22 of its Statute will interact with those of other institutions. It is therefore necessary to lay down a clear principle of respect of the legal framework established by other EU institutions, not least the co-legislators, by the acts adopted by the ECB under the amended Article 22 of its Statute.

For reasons of legal certainty and clarity of interpretation, your rapporteurs also deem it necessary to include in the recitals of the amending act a list of the regulatory powers that can be exercised over CCPs by the ECB under Article 22 of its Statute. This should include all requirements allowing monetary policy concerns to be addressed. However, in order to leave the possibility to make such adjustments to the role of central banks under the EMIR framework as might potentially become necessary in light of experience, this list shall remain open-ended and non-exhaustive. It shall also include any powers necessary for the ECB to address any potential significant emergency situation.


PROCEDURE – COMMITTEE RESPONSIBLE

Title

Amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank

References

10850/2017 – C8-0228/2017 – 2017/0810(COD)

Committees responsible

       Date announced in plenary

ECON

11.9.2017

AFCO

11.9.2017

 

 

Rapporteurs

       Date appointed

Gabriel Mato

15.11.2017

Danuta Maria Hübner

15.11.2017

 

 

Rule 55 – Joint committee procedure

       Date announced in plenary

       

14.12.2017

Discussed in committee

20.3.2018

24.4.2018

24.5.2018

 

Date adopted

19.6.2018

 

 

 

Result of final vote

+:

–:

0:

43

7

6

Members present for the final vote

Gerolf Annemans, Burkhard Balz, Hugues Bayet, Pervenche Berès, Mercedes Bresso, Fabio Massimo Castaldo, David Coburn, Esther de Lange, Markus Ferber, Jonás Fernández, Sven Giegold, Neena Gill, Roberto Gualtieri, Brian Hayes, Gunnar Hökmark, Danuta Maria Hübner, Cătălin Sorin Ivan, Diane James, Ramón Jáuregui Atondo, Georgios Kyrtsos, Alain Lamassoure, Werner Langen, Jo Leinen, Olle Ludvigsson, Gabriel Mato, Costas Mavrides, Alex Mayer, Morten Messerschmidt, Bernard Monot, Caroline Nagtegaal, Luděk Niedermayer, Stanisław Ożóg, Maite Pagazaurtundúa Ruiz, Sirpa Pietikäinen, Anne Sander, Martin Schirdewan, Helmut Scholz, György Schöpflin, Pedro Silva Pereira, Theodor Dumitru Stolojan, Paul Tang, Josep-Maria Terricabras, Ramon Tremosa i Balcells, Ernest Urtasun, Marco Valli, Jakob von Weizsäcker, Marco Zanni

Substitutes present for the final vote

Ashley Fox, Eva Maydell, Cristian Dan Preda, Michel Reimon, Lieve Wierinck

Substitutes under Rule 200(2) present for the final vote

Agustín Díaz de Mera García Consuegra, Seán Kelly, Agnieszka Kozłowska-Rajewicz, Fernando Ruas, Sven Schulze, Ramón Luis Valcárcel Siso

Date tabled

25.6.2018


FINAL VOTE BY ROLL CALL IN COMMITTEE RESPONSIBLE

43

+

ALDE

Caroline Nagtegaal, Maite Pagazaurtundúa Ruiz, Ramon Tremosa i Balcells, Lieve Wierinck

ENF

Gerolf Annemans

PPE

Burkhard Balz, Agustín Díaz de Mera García Consuegra, Markus Ferber, Brian Hayes, Gunnar Hökmark, Danuta Maria Hübner, Seán Kelly, Agnieszka Kozłowska-Rajewicz, Georgios Kyrtsos, Alain Lamassoure, Esther de Lange, Werner Langen, Gabriel Mato, Eva Maydell, Luděk Niedermayer, Sirpa Pietikäinen, Cristian Dan Preda, Fernando Ruas, Anne Sander, György Schöpflin, Sven Schulze, Theodor Dumitru Stolojan, Ramón Luis Valcárcel Siso

S&D

Hugues Bayet, Pervenche Berès, Mercedes Bresso, Jonás Fernández, Neena Gill, Roberto Gualtieri, Cătălin Sorin Ivan, Ramón Jáuregui Atondo, Jo Leinen, Olle Ludvigsson, Costas Mavrides, Alex Mayer, Pedro Silva Pereira, Paul Tang, Jakob von Weizsäcker

7

-

EFDD

David Coburn, Bernard Monot

NI

Diane James

VERTS/ALE

Sven Giegold, Michel Reimon, Josep-Maria Terricabras, Ernest Urtasun

6

0

ECR

Morten Messerschmidt, Stanisław Ożóg

EFDD

Fabio Massimo Castaldo, Marco Valli

GUE/NGL

Martin Schirdewan, Helmut Scholz

Key to symbols:

+  :  in favour

-  :  against

0  :  abstention

Last updated: 27 June 2018Legal notice