Amendment of pending proposal for a Regulation 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 (EMIR II Commission's proposal)
Date: 2017-09-20
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: EU office or agency, European System of Central Banks, capital market, central bank, financial control, financial instrument, financial legislation, financial transaction, market supervision, third country

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   EN 

   EUROPEAN COMMISSION  Brussels, 20.9.2017  COM(2017) 539 final 2017/0136 (COD)   Amendment of pending proposal for a Regulation 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 (EMIR II Commission's proposal)  
 
 
EXPLANATORY MEMORANDUM 

On  13  June  2017,  the  Commission  put  forward  a  proposal  for  a  Regulation  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 (EMIR II Commission's proposal [COM (2017) 331 final]). 

The proposal aims at equipping the Capital Markets Union with a more effective and consistent 
supervisory system for CCPs, in the interest of further market integration, financial stability and a 
level-playing  field.  Among  other  things,  the  proposal  intends  to  ensure  closer  cooperation 
between  national  competent  authorities  for  the  supervision  of  CCPs  and  central  banks 
responsible  for  Union  currencies.  Accordingly,  a  new  body  is  proposed  to  be  established 
within  the  European  Securities  and  Markets  Authority  (ESMA)  ('CCP  Executive  Session') 
which will be responsible for handling tasks related to CCPs in general and supervising Union 
and  third-country  CCPs  in  particular.  The  CCP  Executive  Session  is  to  be  composed  of 
permanent  and  CCP-specific  members.  Permanent  members  include  the  Head  of  the  CCP 
Executive Session and two independent Directors, who act independently and objectively in 
the interest of the Union as a whole. Members specific to each CCP include a representative 
of  the  competent  national  authority  of  the  Member  States  where  the  CCP  is  established, 
designated  in  accordance  with  Regulation  (EU)  No  648/2012,  and  a  representative  of  the 
relevant  central  bank(s)  of  issue.  That  proposal  also  enhances  ESMA's  role  in  colleges,  by 
providing  that  the  permanent  members  of  the  CCP  Executive  Session  shall  participate  in 
college meetings  for CCPs under Regulation (EU) No 648/2012,  with the Head of the CCP 
Executive Session chairing and managing those meetings. 

The  present  document  is  put  forward  to  supplement  the  EMIR  II  Commission's  proposal.  It 
forms  part  of  a  package  of  measures  with  the  purpose  of  enhancing  the  supervision  of  EU 
financial  markets  by  improving  the  operation  of  the  system  of  European  Supervisory 
Authorities (ESAs). The present document specifically envisages allocating an additional task 
to the CCP Executive Session. That addition is considered necessary in view of the effective 
setting up of the CCPs Executive Session prior to the upcoming ESAs reform. 

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In point 7 of the Commission's Proposal for a Regulation of the European Parliament and the 
Council  amending  Regulation  (EU)  No  1095/2010  establishing  a  European  Supervisory 
Authority (European Securities and Markets Authorities) and amending Regulation (EU) No 
648/2012 as regards the procedure and authorities involved for the authorisation of CCPs and 
requirements for the recognition of third-country CCPs [COM(2017)331 final], the following 
point (-a) is to be inserted in paragraph 1 of Article 44b: 

taking  decisions  and  actions  on  CCP  matters  with  respect  to  Articles  17, 

"(-a) 
19, 29, 29a and 30 of this Regulation;". 

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