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
Πληροφορίες για το έγγραφο
Τύπος δημοσίευσης
Συγγραφέας
Λέξη κλειδί
- αστικό δίκαιο
- δίκαιο της Ευρωπαϊκής Ένωσης
- ΔΗΜΟΣΙΟΝΟΜΙΚΑ
- διαχείριση κινδύνων
- ΔΙΚΑΙΟ
- διοικητική διαχείριση
- ελεύθερη κυκλοφορία των κεφαλαίων
- εμπορία
- εμπορική πληροφόρηση
- εμπορική πολιτική
- ΕΜΠΟΡΙΟ
- ΕΠΙΧΕΙΡΗΣΕΙΣ ΚΑΙ ΑΝΤΑΓΩΝΙΣΜΟΣ
- Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών
- ΕΥΡΩΠΑΪΚΗ ΕΝΩΣΗ
- εφαρμογή του δικαίου της ΕΕ
- θεσμικά όργανα της Ευρωπαϊκής Ένωσης και ευρωπαϊκή δημόσια διοίκηση
- παράγωγο χρηματοοικονομικό μέσο
- ρύθμιση των εμπορικών συναλλαγών
- σύμβαση
- χρηματοοικονομικές συναλλαγές
- χρηματοοικονομικός κίνδυνος
- χρηματοπιστωτικές ρυθμίσεις
- χρηματοπιστωτική εποπτεία