Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories
Regulation 648/2012 intends to make derivative markets more stable, transparent and efficient. It implements G20 commitments on over-the-counter derivatives and on the mitigation of risks on financial markets. It establishes several important principles and rules applicable to derivative contracts, such as a clearing obligation or a reporting obligation, but also rules applicable to subjects active in the financial markets, such as central counterparties or trade repositories. The implementation reports of the European Commission, as well as reports of the European Securities and Markets Authority and of the European Systemic Risk Board, show that the regulation in its current state needs several changes and amendments. These reports note the existing challenges linked with procyclicality, frontloading, management of systemic risk or the position of central counterparties and of the European Securities and Markets Authority. Furthermore, the unclear language of the regulation, missing and unclear definitions (e.g. 'client' or 'assets') and the issues linked with transparency should be considered when it comes to be amended. The European Parliament has called on the Commission on several occasions to update the financial legislation and improve the compliance with commitments on OTC derivatives reform set by the G20. Similarly, the European Economic and Social Committee has noted the need to update the existing legislation. Last, but not least, the European Commission itself has expressed the willingness to come forward with a new legislative proposal that will update the existing system of OTC derivatives, central counterparties and trade repositories. It is expected that the Commission will submit this proposal in June 2017.
Briefing
O tomto dokumentu
Druh publikace
Autor
Klíčové slovo
- derivátový nástroj
- EVROPSKÁ UNIE
- Evropský orgán pro cenné papíry a trhy
- FINANČNICTVÍ
- finanční dohled
- finanční právo
- finanční riziko
- finanční transakce
- management
- OBCHOD
- obchodní informace
- obchodní politika
- občanské právo
- orgány EU a evropská veřejná služba
- PODNIKÁNÍ A HOSPODÁŘSKÁ SOUTĚŽ
- právní předpisy Evropské unie
- PRÁVO
- smlouva
- uplatňování právních předpisů EU
- uvádění na trh
- volný pohyb kapitálu
- řízení obchodu
- řízení rizik