Changes from plenary report to adopted text

Removed(a) paragraphs 1 and 2 are replaced by the following:

Removed‘1. Without prejudice to Article 22a, ESMA shall fulfil a coordination role between competent authorities and across colleges to:

Removed(a) build a common supervisory culture and consistent supervisory practices;

Removed(b) ensure uniform procedures and consistent approaches;

Removed(c) strengthen consistency in supervisory outcomes, in particular with regard to supervisory areas which have a cross-border dimension or a possible cross-border impact;

Removed(d) strengthen coordination in emergency situations in accordance with Article 24;

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Removed(b) paragraphs 2, 3 and 4 are deleted;

Removed(18) the following Articles ▌ are inserted:

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Removed‘Article 23b

RemovedJoint supervisory activities

Removed1. Each CCP authorised under Article 14 shall be subject to joint supervisory activities. Those activities shall be coordinated by ESMA and the college in the context of the annual review and evaluation process, and shall be open for the participation of each college member on a voluntary basis.

Removed2. Participants in the joint supervisory activities shall be tasked with duties that include, but are not limited to, all of the following:

Removed(a) participating to on-site inspections pursuant to Article 21(3);

Removed(b) participating in relevant supervisory assessments;

Removed(c) contributing to the annual review and evaluation process, carried out by ESMA in accordance with Article 21(1).

Removed2 a. ESMA may also coordinate, with input from the college, joint supervisory activities in areas not foreseen at the time of the previous annual review, notably in assessing the CCP’s compliance with the requirements of this Regulation and assessing any material supervisory concerns that may have arisen since.

Removed3. ESMA shall be in charge of establishing and coordinating the joint supervisory activities.

Removed4. ESMA and authorities participating to the joint supervisory activities shall consult each other and agree on the use of resources with regard to the joint supervisory activities.”;

RemovedJoint Monitoring Mechanism

Removed1. ESMA shall establish a Joint Monitoring Mechanism for the exercise of the tasks referred to in paragraph 2.

RemovedThe Joint Monitoring Mechanism shall be composed of:

Removed(a) representatives of ESMA;

Removed(b) representatives of EBA and EIOPA;

Removed(c) representatives of the Commission, the ESRB, the ECB and the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance Council Regulation (EU) No 1024/2013.

Removed(ca) representatives of the central banks of issue of the currencies other than the euro in which the derivative contracts referred to in Article 7a(2) are denominated.

RemovedESMA shall manage and chair the meetings of the Joint Monitoring Mechanism. The Chair of the Joint Monitoring Mechanism, upon request of the other members of the Joint Monitoring Mechanism or on his own initiative, may invite other authorities to participate in the meetings when relevant to the topics to be discussed.

Removed2. The Joint Monitoring Mechanism shall:

Removed(a) monitor the implementation of the requirements set out in Articles 7a and 7b, including all of the following:

Removed(i) the overall exposures and reduction of exposures to substantially systemically important clearing services identified pursuant to Article 25(2c);

Removed(ii) developments related to clearing in CCPs authorised under Article 14 and access to clearing by clients to such CCPs, including fees charged by such CCPs for establishing accounts pursuant to Article 7a and any fees charged by clearing members to their clients for establishing accounts and undertaking clearing pursuant to Article 7a;

Removed(iii) other significant developments in clearing practices having an impact on the level of clearing at CCPs authorised under Article 14;

Removed(b) monitor client clearing relationships, including portability and clearing members and clients’ interdependencies and interactions with other financial market infrastructures;

Removed(c) contribute to the development of Union-wide assessments of the resilience of CCPs focussing on liquidity, credit and operational risks concerning CCPs, clearing members and clients;

Removed(d) identify concentration risks, in particular in client clearing, due to the integration of Union financial markets, including where several CCPs, clearing members or clients use the same service providers, due to clients accessing the same CCP via different clearing members of that CCP, or due to clients maintaining large positions in markets of products that the CCP clears, or due to several clients clearing through few clearing members;

Removed(e) monitor the effectiveness of the measures aimed at improving the attractiveness of Union CCPs, encouraging clearing at Union CCPs and enhancing the monitoring of cross-border risks.

RemovedThe bodies participating in the Joint Monitoring Mechanism and national competent authorities shall cooperate and share the information necessary to carry out the monitoring activities referred to in the first subparagraph.

RemovedWhere the required information is not made available, including information referred to in Article 7a(4), ESMA may, by simple request, require authorised CCPs, their clearing members and their clients to provide the necessary information enabling ESMA and the other bodies participating to Joint Monitoring Mechanism to perform the assessment referred to in the first subparagraph.

Removed3. ESMA shall, in cooperation with the other bodies participating to the Joint Monitoring Mechanism, submit an annual report to the European Parliament, the Council and the Commission on the results of its activities pursuant to paragraph 2.

RemovedWhere appropriate, this report shall include recommendations for potential Union-level action to address identified horizontal risks.

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Removed(19) Article 24 is replaced by the following:

Removed‘Article 24

RemovedEmergency situations

Removed1. ESMA shall inform ESMA, the college, the relevant members of the ESCB, the Commission and other relevant authorities without undue delay of any emergency situation relating to a CCP, including all of the following:

Removed(a) situations or events which impact, or are likely to impact, the prudential or financial soundness or the resilience of CCPs authorised in accordance with Article 14, their clearing members or clients;

Removed(b) where a CCP intends to activate its recovery plan pursuant to Article 9 of Regulation (EU) No 2021/23, a competent authority has taken an early intervention measure pursuant to Article 18 of that Regulation or a competent authority has required a total or partial removal of the senior management or board of the CCP pursuant to Article 19 of that Regulation;

Removed(c) where there are developments in financial markets, which may have an adverse effect on market liquidity, the transmission of monetary policy, the smooth operation of payment systems or the stability of the financial system in any of the Member States where the CCP or one of its clearing members are established.

Removed2. ESMA shall coordinate competent authorities, the resolution authority designated pursuant to Article 3(1) of Regulation (EU) 2021/23 and colleges to build a common response to emergency situations relating to a CCP.

Removed3. In case of emergency situations, except where a resolution authority has taken a resolution action in relation to a CCP pursuant to Article 21 of Regulation (EU) No 2021/23, and to coordinate the responses of competent authorities, a meeting of the CCP Supervisory Committee:

Removed(a) may be convened by the Chair of the CCP Supervisory Committee;

Removed(b) shall be convened by the Chair of the CCP Supervisory Committee, upon the request of two members of the CCP Supervisory Committee.

Removed4. Any of the following authorities may also be invited to the meeting referred to in the paragraph 3, where relevant, considering the issues to be discussed at the meeting:

Removed(a) the relevant central banks of issue;

Removed(b) the relevant competent authorities for the supervision of clearing members, including, where relevant, the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013;

Removed(c) the relevant competent authorities for the supervision of trading venues;

Removed(d) the relevant competent authorities for the supervision of clients where they are known;