Procedure : 2017/2979(DEA)
Document stages in plenary
Document selected : B8-0667/2017

Texts tabled :

B8-0667/2017

Debates :

Votes :

Texts adopted :

P8_TA(2017)0489

RECOMMENDATION FOR A DECISION
PDF 253kWORD 52k
5.12.2017
PE614.280v01-00
 
B8-0667/2017

pursuant to Rule 105(6) of the Rules of Procedure


to raise no objections to the Commission delegated regulation of 17 November 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the trading obligation for certain derivatives (C(2017)07684 – 2017/2979(DEA))


Markus Ferber on behalf of the Committee on Economic and Monetary Affairs

Draft European Parliament decision to raise no objections to the Commission delegated regulation of 17 November 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the trading obligation for certain derivatives (C(2017)07684 – 2017/2979(DEA))  
B8‑0667/2017

The European Parliament,

–  having regard to the Commission delegated regulation (C(2017)07684),

–  having regard to the Commission’s letter of 29 November 2017 asking Parliament to declare that it will raise no objections to the delegated regulation,

–  having regard to the letter from the Committee on Economic and Monetary Affairs to the Chair of the Conference of Committee Chairs of 4 December 2017,

–  having regard to Article 290 of the Treaty on the Functioning of the European Union,

–  having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1) (MiFIR), and in particular Articles 32(1) and 50(5) thereof,

–  having regard to Articles 10(1) and 13 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC(2),

–  having regard to the draft regulatory technical standards on the trading obligation for derivatives under MiFIR submitted by the European Securities and Markets Authority (ESMA) on 28 September 2017 pursuant to Article 32(1) of MiFIR,

–  having regard to the accompanying letter from ESMA to the Commission of 28 September 2017 on ESMA’s draft regulatory technical standards on the trading obligation under MiFIR,

–  having regard to the recommendation for a decision by the Committee on Economic and Monetary Affairs,

–  having regard to Rule 105(6) of its Rules of Procedure,

A.  whereas the delegated regulation sets out in its Annex the classes of derivatives that should be subject to the trading obligation introduced by Article 28 of MiFIR; whereas derivatives subject to this trading obligation may only be traded on a regulated market, on a multilateral trading facility, organised trading facility or third-country trading venue deemed to be equivalent by the Commission;

B.  whereas ESMA submitted the draft regulatory technical standard (RTS) on 28 September 2017 with an accompanying letter to the Commission, asking all parties involved to commit to shortening their deadlines to ensure that the political objective for the trading obligation to apply as of 3 January 2018 is achieved; whereas ESMA notes, furthermore, that a significant number of equivalence determinations still need to be completed before the trading obligation takes effect;

C.  whereas Parliament considers that the RTS adopted is not the same as the draft RTS submitted by ESMA due to the Commission’s amendments to the text, and whereas Parliament considers that it has three months to object to the RTS (‘scrutiny period’);

D.  whereas the delegated regulation should apply from 3 January 2018, the date of application of Directive (EU) 2014/65 (‘MiFID II’) and MiFIR, and a full use of the three-month scrutiny period available to Parliament would go beyond the date on which the rules on the trading obligation take effect;

E.  whereas the trading obligation for derivatives is an important element of the commitments agreed upon by G20 leaders in Pittsburgh in 2009;

F.  whereas a swift publication of the delegated regulation in the Official Journal would allow for timely implementation and legal certainty concerning the provisions applicable to the trading obligation for derivatives;

G.  whereas Parliament underlines the importance of the Commission finalising the appropriate equivalence decisions before the trading obligation comes into effect;

H.  whereas Parliament notes that the RTS does not contain any specific provisions regarding package transactions and that further guidance might be needed by the Commission and ESMA on the treatment of packages; whereas Parliament considers that this guidance should be in line with the provisions laid down in the MiFID II ‘Quick Fix’;

1.  Declares that it has no objections to the delegated regulation;

2.  Instructs its President to forward this decision to the Council and the Commission.

(1)

OJ L 173, 12.6.2014, p. 84.

(2)

OJ L 331, 15.12.2010, p. 84.

Last updated: 6 December 2017Legal notice