Changes from plenary report to adopted text

Removed(27) Article 50 is amended as follows:

Removed(a) paragraph 2 is replaced by the following:

Removed‘2. The power to adopt delegated acts as referred to in the following provisions shall be conferred for an indeterminate period from 2 July 2014: Article 1(9), Article 2(2) and (3), 5(9a), 13(2), 15(5), 17(3), Article 19(2) and (3), and Articles 26(1a), 27(4), ▌27g(7), 27h(4), 31(4), 38k(10), 38n(3), 40(8), 41(8), 42(7), 45(10) and 52(10).’;

Removed(b) in paragraph 3, the first sentence is replaced by the following:

Removed‘The delegation of power referred to in the following provisions may be revoked at any time by the European Parliament or by the Council: Article 1(9), Article 2(2) and (3), 5(9a), Articles 13(2), 15(5), 17(3), Article 19(2) and (3), and Articles 26(1a), 27(4), ▌27g(7), 27h(4), 31(4), 38k(10), 38n(3), 40(8), 41(8), 42(7), 45(10) and 52(10).”;

Removed(c) in paragraph 5, the first sentence is replaced by the following:

Removed‘A delegated act adopted pursuant to Article 1(9), Article 2(2) and (3), 5(9a), Articles 13(2), 15(5), 17(3), Article 19(2) and (3), and Articles 26(1a), 27(4), ▌27g(7), 27h(4), 31(4), 38k(10), 38n(3), 40(8), 41(8), 42(7), 45(10) and 52(10) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and to the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object.”;

Removed(28) Article 52 is amended as follows:

Removed(a) paragraphs 11 and 12 are replaced by the following:

Removed‘11. Three years after the first authorisation of a consolidated tape, the Commission shall, after having consulted ESMA, submit a report to the European Parliament and to the Council on the following:

Removed(a) the asset classes covered by a consolidated tape;

Removed(b) the timeliness and delivery quality of market data consolidation;

Removed(c) the role of market data consolidation in reducing implementation shortfall;

Removed(d) the number of subscribers to consolidated market data per asset class;

Removed(e) the effect of market data consolidation on remedying information asymmetries between various capital market participants;

Removed(f) the appropriateness and functioning of the participation scheme for market data contributions;

Removed(g) the effects of the consolidated market data on investments in SMEs.

Removed(h) the possibility that the tape facilitates the identification of financial instruments which display features aligned with Regulation [PO please insert reference to the Regulation on European green bonds]

Removed12. If by [OP insert date …▌ as of entry into force], no consolidated tapes have emerged through the selection procedures organised by ESMA as referred to in Article 27da, the Commission shall review the framework and shall accompany that review, where appropriate and after having consulted ESMA, with a legislative proposal▌’;

Removed(b) paragraphs 13, 14 and 15 are deleted;

Removed(c) the following paragraph is added:

Removed‘15a. By 30 June 2025, ESMA shall assess whether setting minimum holding periods of options, futures, swaps, forwards and any other derivative contracts and instruments relating at least to wholesale energy products, agricultural products, or emission allowances would effectively limit the volatility on these markets and ensure convergence between prices of derivatives in the delivery month and spot prices for the underlying commodity, without prejudice to price discovery on the market for the underlying commodity.

RemovedBy 31 December 2025, on the basis of that report and taking into due account the goals of the capital markets union, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to amend this Regulation by setting minimum holding periods as referred to in the first subparagraph.’

Removed(29) in Article 54, paragraph 2 is deleted.

RemovedThis Regulation shall enter into force and apply on the twentieth day following that of its publication in the Official Journal of the European Union.

RemovedThis Regulation shall be binding in its entirety and directly applicable in all Member States.

RemovedDone at Brussels,

RemovedFor the European Parliament For the Council

RemovedThe President The President