Text · Amendment list
On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union
Full title
On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union
Document ECON-AM-791136 · COM(2025)0943 – C100328/2025 – 2025/0383(COD)
- Kind
- Amendment list ECON-AM-791136
- Date
- 31 July 2026
- Committee
- Committee on Economic and Monetary Affairs
- Dossier
- 2025-0383
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- Official page PDF Word
- Reference
- COM(2025)0943 – C100328/2025 – 2025/0383(COD)
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| Text proposed by the Commission | Amendment |
|---|---|
| (a) the following points (1a) and (1b) are inserted: | deleted |
| ‘(1a) ‘significant CSD’ means a CSD authorised under Article 16 that qualifies as significant pursuant to Article 11; | |
| (1b) ‘less significant CSD’ means a CSD authorised under Article 16 that is not a significant CSD;;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (8d) ‘e-money token’ means e-money token as defined in Article 3(1), point (7), of Regulation (EU) 2023/1114;; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (9a) ‘transfer of cash’ or ‘cash payment’ means a payment transaction in cash or in e-money tokens; | (9a) ‘transfer of cash’ or ‘cash payment’ means a payment transaction in cash; |
| (This amendment applies throughout the text) |
| Text proposed by the Commission | Amendment |
|---|---|
| (17) ‘competent authority’ means, unless otherwise specified in this Regulation, the national competent authority and ESMA, as designated pursuant to Articles 10 and 11;; | (17) ‘competent authority’ means, unless otherwise specified in this Regulation, ESMA |
| (This amendment applies throughout the text) |
| Text proposed by the Commission | Amendment |
|---|---|
| (17) ‘competent authority’ means, unless otherwise specified in this Regulation, the national competent authority and ESMA, as designated pursuant to Articles 10 and 11;; | (17) ‘competent authority’ means, unless otherwise specified in this Regulation, ESMA, as designated pursuant to Article 11;; |
| Text proposed by the Commission | Amendment |
|---|---|
| (17) ‘competent authority’ means, unless otherwise specified in this Regulation, the national competent authority and ESMA, as designated pursuant to Articles 10 and 11;; | (17) ‘competent authority’ means, unless otherwise specified in this Regulation, ESMA, as designated pursuant to Articles 10 and 11; |
| Text proposed by the Commission | Amendment |
|---|---|
| (k) the following point (17a) is inserted: | deleted |
| ‘(17a) ‘national competent authority’ means the national authority of the Member State in which a CSD is established designated pursuant to Article 10(1);;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (k) the following point (17a) is inserted: | deleted |
| ‘(17a) ‘national competent authority’ means the national authority of the Member State in which a CSD is established designated pursuant to Article 10(1);;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (32a) ‘relayed link’ means an indirect link where the third party is a CSD;; | (32a) ‘relayed link’ means a link between two CSDs via a third CSD acting as intermediary; |
A relayed link consists of a succession of links between CSDs, and such a chain may comprise more than three CSDs. It is therefore inaccurate to qualify this structure as an indirect link, as that notion is intended under CSDR to capture arrangements in which the interposed entity is not a CSD but, typically, a commercial bank.
| Text proposed by the Commission | Amendment |
|---|---|
| (51) ‘real-time gross settlement’ means a settlement mechanism whereby cash, e-money tokens or securities transfer orders in relation to securities transactions of the participants in the securities settlement system are executed on a transaction-by-transaction basis, and whereby settlement of participants’ claims and obligations takes place without deferral and on a gross basis; | (51) ‘real-time gross settlement’ means a settlement mechanism whereby cash or securities transfer orders in relation to securities transactions of the participants in the securities settlement system are executed on a transaction-by-transaction basis, and whereby settlement of participants’ claims and obligations takes place without deferral and on a gross basis; |
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) in Article 2, paragraph 2 is deleted. |
According to the Commission's 2025 deprioritisation exercise, this is an empowerment for which the Level 1 provisions provide sufficient clarity and can be implemented without the need for a separate act in place.
| Text proposed by the Commission | Amendment |
|---|---|
| (3a) in Article 3(2), the following subparagraph is inserted after the first subparagraph: | |
| The requirement in the first subparagraph shall also be considered fulfilled where the relevant securities are recorded in book-entry form with a DLT notary or DLT account keeper that has been granted a specific permission in accordance with Article 10a of Regulation (EU) 2022/858. |
Johan Van Overtveldt, Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci
| Text proposed by the Commission | Amendment |
|---|---|
| When developing the details of the measures and procedures referred to in points (a)(i) and (b) of the first subparagraph, ESMA shall assess whether automated processes and communication standards already exist and are proven to operate efficiently in the relevant market segments; where such processes and standards are demonstrably effective, ESMA shall not impose new or additional standardised procedures or messaging protocols on the market participants concerned. |
| Text proposed by the Commission | Amendment |
|---|---|
| The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash or in e-money tokens.; | The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash or, where provided for in the CSD's rules, in e-money tokens.; |
A clarification should be introduced that the acceptance of e-money tokens (EMTs) for the payment of cash penalties should be at the discretion of each CSD, as set out in its rules, as a general requirement that EMTs must be accepted as equivalent to cash would be overly burdensome for CSDs that do not intend to use EMTs in their operations.
| Text proposed by the Commission | Amendment |
|---|---|
| The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash or in e-money tokens.; | ‘The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash or, where provided for in the CSD’s rules, in e-money tokens. |
| Text proposed by the Commission | Amendment |
|---|---|
| The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash or in e-money tokens.; | The cash penalties shall not be configured as a revenue source for the CSD or its participants. Cash penalties shall be paid in cash. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Settlement internalisers shall report to the competent authorities of their place of establishment on a quarterly basis the aggregated volume and value, broken down by type of financial instrument and type of transaction, of all securities transactions that they settle outside securities settlement systems, and the corresponding settlement fail rates. Competent authorities shall transmit, without undue delay, the information received under the first sentence to ESMA via the central database and ESMA shall publicly disclose the information on the settlement fail rates of internalised settlement. Competent authorities shall also inform ESMA of any potential risk resulting from that settlement activity.; | 1. Settlement internalisers shall report to the competent authorities of their place of establishment on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems, and the corresponding settlement fail rates. Competent authorities shall transmit, without undue delay, the information received under the first sentence to ESMA via the central database. Competent authorities shall also inform ESMA of any potential risk resulting from that settlement activity.; |
| (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.) |
The proposal to further disaggregate reporting by volume and value, according to the type of financial instrument and the type of transaction, would impose additional operational burdens and appears difficult to justify, particularly in light of:
(a) the renewed objective of both the Competitiveness Compass and this legislative initiative to simplify and streamline the EU legislative framework while reducing the associated operational and administrative costs and burdens; and
(b) the fact that settlement internalisation does not give rise to increased risks or competitive distortions within the Union that would justify: (i) a further expansion of the scope of the information to be reported; (ii) the extension of the CSD-specific settlement fail reporting framework to settlement internalisation; or (iii) additional reinforcement of the existing requirements concerning the disclosure of fees and fee schedules to existing and prospective clients or users.
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Settlement internalisers shall report to the competent authorities of their place of establishment on a quarterly basis the aggregated volume and value, broken down by type of financial instrument and type of transaction, of all securities transactions that they settle outside securities settlement systems, and the corresponding settlement fail rates. Competent authorities shall transmit, without undue delay, the information received under the first sentence to ESMA via the central database and ESMA shall publicly disclose the information on the settlement fail rates of internalised settlement. Competent authorities shall also inform ESMA of any potential risk resulting from that settlement activity.; | 1. Settlement internalisers shall report to the competent authorities of their place of establishment on a quarterly basis the aggregated volume and value of all securities transactions that they settle outside securities settlement systems. Competent authorities shall transmit, without undue delay, the information received under the first sentence to ESMA via the central database and ESMA shall publicly disclose the information on the settlement fail rates of internalised settlement. Competent authorities shall also inform ESMA of any potential risk resulting from that settlement activity.; |
| Present text | Amendment |
|---|---|
| "(aa) paragraph 2 is replaced by the following: | |
| 2. ESMA may, in close cooperation with the members of the ESCB, develop draft regulatory technical standards further specifying the content of such reporting. | 2. ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards further specifying the content of such reporting. |
| Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. | Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010." |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) in paragraph 3, the second subparagraph is replaced by the following: | deleted |
| ‘ESMA shall submit those draft implementing technical standards to the Commission by [OP insert date = 18 months after the entry into force of this amending Regulation].;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (8) Article 10 is replaced by the following: | deleted |
| ‘Article 10 | |
| Competent authorities designated by the Member States | |
| 1. | |
| Each Member State shall designate one or more national competent authorities, to carry out the tasks and duties laid down in this Regulation for the authorisation and supervision of less significant CSDs established or to be established in its territory and the support and assistance functions referred to in Article 14(3). Each Member State shall inform the Commission and ESMA thereof. | |
| Where a Member State designates more than one national competent authority in accordance with the first subparagraph, it shall determine their respective roles and shall designate a single authority to be responsible for coordinating cooperation and the exchange of information with the Commission, other Member States’ competent authorities, the relevant authorities, ESMA, and EBA, where specifically referred to in this Regulation. | |
| 2. Without prejudice to Article 11(1), a Member State may designate ESMA as the competent authority for one or more less significant CSDs established in its territory. Where it exercises this option, the Member State shall notify the Commission, ESMA and the national competent authority thereof via the central database. | |
| 3. Each Member State shall ensure that the national competent authority has the supervisory and investigatory powers necessary for the exercise of its functions under this Regulation. | |
| 4. ESMA shall publish on its website a list of the competent authorities of each CSD designated in accordance with this Article or identified in accordance with Article 11(1). | |
| 5. The provisions of this Article are without prejudice to the oversight by the members of the ESCB referred to in Article 12(1).;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (8) Article 10 is replaced by the following: | (8) Article 10 is deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Without prejudice to Article 11(1), a less significant CSD may designate ESMA as the competent authority. Where it exercises this option, the CSD shall notify the Commission, ESMA and the national competent authority thereof via the central database. |
This amendment complements the one proposed by the Commission in paragraph 2 to ensure that both Member States and the CSD itself can opt-in to be supervised centrally by ESMA.
| Text proposed by the Commission | Amendment |
|---|---|
| Competent authority for significant CSDs | ESMA as competent authority for CSDs |
| Text proposed by the Commission | Amendment |
|---|---|
| Competent authority for significant CSDs | Competent authority for CSDs |
| Text proposed by the Commission | Amendment |
|---|---|
| Competent authority for significant CSDs | Competent authority for CSDs |
| (This amendments applies throughout the text.) |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall be the competent authority for significant CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. | 1. ESMA shall be the competent authority for significant CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. The transfer of supervisory tasks to ESMA shall be limited to CSDs that meet the criteria for significance laid down in this Regulation and shall be justified by the size, cross-border activity, systemic relevance or interconnectedness of the CSD concerned. CSDs that do not meet those criteria shall remain under the supervision of the national competent authority of the Member State in which they are established. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall be the competent authority for significant CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. | 1. ESMA shall be the competent authority for all CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall be the competent authority for significant CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. | 1. ESMA shall be the competent authority for CSDs and carry out the supervisory tasks and duties laid down in this Regulation for their authorisation and supervision. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. A CSD shall be considered significant where it fulfils at least one of the following conditions: | deleted |
| (a) it meets the criteria laid down in Article 11a(1); | |
| (b) it belongs to the same group as at least one of the following: | |
| (i) a CSD that is established in the territory of another Member State; | |
| (ii) a CSD, a CCP or a trading venue for which ESMA is the competent authority; | |
| (c) it operates a securities settlement system governed by the law of a different Member State than the Member State where the legal person is established, where such system has been designated in accordance with Article 3 of [Regulation (EU) …/… on settlement finality]; | |
| (d) the Member State where the CSD is established has designated ESMA as the competent authority in accordance with Article 10(2), where this designation applies to that CSD. | |
| ESMA shall determine whether a CSD meets the conditions for qualifying as significant in accordance with this Article. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. A CSD shall be considered significant where it fulfils at least one of the following conditions: | deleted |
| (a) it meets the criteria laid down in Article 11a(1); | |
| (b) it belongs to the same group as at least one of the following: | |
| (i) a CSD that is established in the territory of another Member State; | |
| (ii) a CSD, a CCP or a trading venue for which ESMA is the competent authority; | |
| (c) it operates a securities settlement system governed by the law of a different Member State than the Member State where the legal person is established, where such system has been designated in accordance with Article 3 of [Regulation (EU) …/… on settlement finality]; | |
| (d) the Member State where the CSD is established has designated ESMA as the competent authority in accordance with Article 10(2), where this designation applies to that CSD. | |
| ESMA shall determine whether a CSD meets the conditions for qualifying as significant in accordance with this Article. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. A CSD shall be considered significant where it fulfils at least one of the following conditions: | deleted |
| (a) it meets the criteria laid down in Article 11a(1); | |
| (b) it belongs to the same group as at least one of the following: | |
| (i) a CSD that is established in the territory of another Member State; | |
| (ii) a CSD, a CCP or a trading venue for which ESMA is the competent authority; | |
| (c) it operates a securities settlement system governed by the law of a different Member State than the Member State where the legal person is established, where such system has been designated in accordance with Article 3 of [Regulation (EU) …/… on settlement finality]; | |
| (d) the Member State where the CSD is established has designated ESMA as the competent authority in accordance with Article 10(2), where this designation applies to that CSD. | |
| ESMA shall determine whether a CSD meets the conditions for qualifying as significant in accordance with this Article. | |
| (This amendments applies throughout the text.) |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. ESMA shall assess, at least every 12 months, whether any authorised CSD fulfils at least one of the conditions set out in paragraph 2. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. ESMA shall assess, at least every 12 months, whether any authorised CSD fulfils at least one of the conditions set out in paragraph 2. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. ESMA shall assess, at least every 12 months, whether any authorised CSD fulfils at least one of the conditions set out in paragraph 2. | 3. ESMA shall assess, at least every 36 months, whether any authorised CSD fulfils at least one of the conditions set out in paragraph 2. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Where ESMA has determined that an authorised CSD meets at least one of the conditions laid down in paragraph 2 that CSD shall qualify as significant. Where the CSD is not yet supervised by ESMA, ESMA may set a potential adaptation period that shall not exceed 6 months, after which the CSD shall become supervised by ESMA. | deleted |
| ESMA shall notify the CSD concerned, its relevant authorities and its national competent authority of the outcome of the determination, and of any adaptation period, referred to in the second subparagraph within two working days of the date of that determination. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Where ESMA has determined that an authorised CSD meets at least one of the conditions laid down in paragraph 2 that CSD shall qualify as significant. Where the CSD is not yet supervised by ESMA, ESMA may set a potential adaptation period that shall not exceed 6 months, after which the CSD shall become supervised by ESMA. | deleted |
| ESMA shall notify the CSD concerned, its relevant authorities and its national competent authority of the outcome of the determination, and of any adaptation period, referred to in the second subparagraph within two working days of the date of that determination. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. Before a legal person established in the Union applies for authorisation in accordance with Article 16, it shall request ESMA, via the central database, to determine whether it fulfils at least one of the conditions laid down in paragraph 2 of this Article. | deleted |
| ESMA may request further information from that legal person for that purpose. The legal person shall provide the requested information within the deadline set by ESMA. ESMA shall, within 20 working days from the receipt of all the relevant information, determine whether the legal person meets at least one of the conditions referred to in the first subparagraph. | |
| Where ESMA has determined that the legal person meets at least one of the conditions laid down in paragraph 2 of this Article, that legal person shall qualify as significant and shall be supervised by ESMA, which shall be responsible for the authorisation of such legal person in accordance with Article 16. | |
| Where ESMA has determined that the legal person does not meet any of the conditions laid down in paragraph 2 of this Article, that legal person shall qualify as less significant and it shall be supervised by the national competent authority, as referred to in Article 10(1), of the Member State in which the legal person is established. That authority shall be responsible for the authorisation of such legal person in accordance with Article 16. | |
| ESMA shall inform, via the central database, the legal person, the national competent authority of the Member State in which the legal person is established and the relevant authorities of the outcome of its determination within two working days from the date of that determination. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. Before a legal person established in the Union applies for authorisation in accordance with Article 16, it shall request ESMA, via the central database, to determine whether it fulfils at least one of the conditions laid down in paragraph 2 of this Article. | deleted |
| ESMA may request further information from that legal person for that purpose. The legal person shall provide the requested information within the deadline set by ESMA. ESMA shall, within 20 working days from the receipt of all the relevant information, determine whether the legal person meets at least one of the conditions referred to in the first subparagraph. | |
| Where ESMA has determined that the legal person meets at least one of the conditions laid down in paragraph 2 of this Article, that legal person shall qualify as significant and shall be supervised by ESMA, which shall be responsible for the authorisation of such legal person in accordance with Article 16. | |
| Where ESMA has determined that the legal person does not meet any of the conditions laid down in paragraph 2 of this Article, that legal person shall qualify as less significant and it shall be supervised by the national competent authority, as referred to in Article 10(1), of the Member State in which the legal person is established. That authority shall be responsible for the authorisation of such legal person in accordance with Article 16. | |
| ESMA shall inform, via the central database, the legal person, the national competent authority of the Member State in which the legal person is established and the relevant authorities of the outcome of its determination within two working days from the date of that determination. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. Where ESMA determines that a CSD that was previously determined to be significant has not fulfilled any of the conditions laid down in paragraph 2 for the past 36 months, it shall determine that the CSD shall no longer qualify as a significant CSD. ESMA shall immediately notify the CSD concerned, its relevant authorities and its national competent authority of that determination. That determination shall take effect after an adaptation period to be determined by ESMA which shall not exceed 24 months. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. Where ESMA determines that a CSD that was previously determined to be significant has not fulfilled any of the conditions laid down in paragraph 2 for the past 36 months, it shall determine that the CSD shall no longer qualify as a significant CSD. ESMA shall immediately notify the CSD concerned, its relevant authorities and its national competent authority of that determination. That determination shall take effect after an adaptation period to be determined by ESMA which shall not exceed 24 months. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. ESMA shall, without undue delay, establish, and publish on its website the list of significant CSDs, and keep it updated. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. ESMA shall, without undue delay, establish, and publish on its website the list of significant CSDs, and keep it updated. | 7. ESMA shall, without undue delay, establish, and publish on its website the list of CSDs, and keep it updated. |
| Text proposed by the Commission | Amendment |
|---|---|
| 8. ESMA shall charge fees to the significant CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of significant CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. | 8. ESMA shall charge fees to the significant CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of significant CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. Those fees shall be proportionate to the size, complexity, cross-border activity and systemic relevance of the significant CSD concerned and shall not exceed what is necessary to cover the costs incurred by ESMA for the performance of its supervisory tasks in relation to that CSD. The calculation of fees shall avoid double charging and shall take into account any supervisory fees or charges paid by the CSD to national competent authorities for related supervisory tasks. |
| Text proposed by the Commission | Amendment |
|---|---|
| 8. ESMA shall charge fees to the significant CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of significant CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. | 8. ESMA shall charge fees to the CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. |
| Text proposed by the Commission | Amendment |
|---|---|
| 8. ESMA shall charge fees to the significant CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of significant CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. | 8. ESMA shall charge fees to the CSDs for performing its supervisory tasks and duties laid down in this Regulation for the authorisation and supervision of CSDs and in accordance with the delegated act adopted pursuant to paragraph 10. |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the method of calculation of the amount of the fees; and | (c) the method of calculation of the amount of the fees, which should include a risk-based component; and |
| Text proposed by the Commission | Amendment |
|---|---|
| (10) the following Article 11a is inserted: | deleted |
| [...] |
| Text proposed by the Commission | Amendment |
|---|---|
| Powers of ESMA over significant CSDs under this Regulation | Powers of ESMA over CSDs under this Regulation |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) restrict or limit the business, operations or network of the entity, or request the divestment of activities that pose excessive risks to its soundness; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. ESMA shall consider, in cooperation with EBA and the ESCB, any cross-border risks arising from CSDs’ activities, including due to CSDs’ interconnectedness with trading venues and CCPs and risks due to such cross-border connections. | 6. ESMA shall consider, in cooperation with EBA, the ESCB, the national competent authority and the relevant authorities concerned, any cross-border risks arising from CSDs’ activities, including due to CSDs’ interconnectedness with trading venues and CCPs and risks due to such cross-border connections. |
| Text proposed by the Commission | Amendment |
|---|---|
| (12) the following Article 11c is inserted: | deleted |
| […] | |
| Specific provisions for significant CSDs | |
| 1. By way of derogation from Article 24a, no college shall be established for a significant CSD. Where, for a CSD that becomes significant, a college had been established pursuant to Article 24a, such college shall be dissolved at the latest within a year after the CSD qualified as a significant CSD. In relation to a significant CSD, the procedures referred to in Articles 15, 17, 19a, 21a, 22, 23, 24, 48b, 55 and 60 shall apply without including the college. | |
| 2. | |
| By way of derogation from Articles 7, 13, 15, 17, 19a, 20, 21(1), 21a, 22, 22a, 23, 24, 27a, 27b, 33, 49, 52, 54a, 54b, 54c, 55, 57, 58 and 60 any requirement for the CSD, or the competent authority, to interact with ESMA, or ESMA to interact with the CSD or the competent authority, referred to in those Articles, shall not apply with respect to a significant CSD. | |
| Article 17a shall not apply with respect to significant CSDs.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (12) the following Article 11c is inserted: | deleted |
| […] |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. By way of derogation from Article 24a, no college shall be established for a significant CSD. Where, for a CSD that becomes significant, a college had been established pursuant to Article 24a, such college shall be dissolved at the latest within a year after the CSD qualified as a significant CSD. In relation to a significant CSD, the procedures referred to in Articles 15, 17, 19a, 21a, 22, 23, 24, 48b, 55 and 60 shall apply without including the college. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| For each less significant CSD, ESMA shall fulfil a coordination role between competent authorities, relevant authorities and colleges to: | For each less significant CSD, ESMA shall fulfil a coordination role between competent authorities and relevant authorities: |
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall assess all opinions and recommendations adopted by colleges pursuant to Article 24a of this Regulation, in order to contribute to the consistent and coherent functioning of the colleges and to foster coherence in the application of this Regulation among them. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| In an emergency situation at one or more CSDs that has or is likely to have destabilising effects on cross-border markets, ESMA shall coordinate with the competent authorities, the relevant authorities, and, where applicable, the colleges referred to in Article 24a to build a coordinated response to the emergency situation and ensure effective information sharing among competent authorities, relevant authorities and, where applicable, the colleges referred to in Article 24a. Any tasks undertaken by ESMA under this subparagraph shall be undertaken in accordance with Article 46a of Regulation (EU) No 1095/2010.; | In an emergency situation at one or more CSDs that has or is likely to have destabilising effects on cross-border markets, ESMA shall coordinate with the competent authorities and the relevant authorities to build a coordinated response to the emergency situation and ensure effective information sharing among competent authorities and the relevant authorities. Any tasks undertaken by ESMA under this subparagraph shall be undertaken in accordance with Article 46a of Regulation (EU) No 1095/2010.; |
| Text proposed by the Commission | Amendment |
|---|---|
| (15a) The following article is inserted: | |
| 'Article 16a | |
| Simplified authorisation procedure for DLT operators transitioning from Regulation (EU) 2022/858 | |
| 1. This Article applies to: | |
| (a) an applicant that holds both a specific permission pursuant to Article 10 of Regulation (EU) 2022/858 and an authorisation under Directive 2014/65/EU and applies for authorisation pursuant to Article 16 to operate a DLT TSS in full compliance with this Regulation; | |
| (b) a CSD authorised under Article 16 that operates a DLT SS under a specific permission pursuant to Article 9 of Regulation (EU) 2022/858 and applies for an extension of its authorisation pursuant to Article 19 to provide its DLT SS services in full compliance with this Regulation. | |
| 2. In the case referred to in point (a) of paragraph 1, the competent authority shall limit its assessment to: | |
| (a) those requirements of this Regulation from which the applicant has been exempted under Article 4(2) and (3), Article 4a, Article 5(2) to (9) or Article 5a of Regulation (EU) 2022/858, as applied pursuant to Article 6 of that Regulation; and | |
| (b) the requirements laid down in Articles 26, 27, 28, 31, 42, 43 and 44 of this Regulation, referred to in Article 6(4), first subparagraph, point (c), of Regulation (EU) 2022/858, only to the extent necessary to verify compliance insofar as such compliance is not already ensured by requirements applicable to the applicant under Directive 2014/65/EU. | |
| 3. In the case referred to in point (b) of paragraph 1, the competent authority shall limit its assessment to those requirements of this Regulation from which the applicant is exempted pursuant to Article 5(2) to (9) or Article 5a of Regulation (EU) 2022/858, only to the extent necessary to verify compliance insofar as such compliance is not already ensured by requirements applicable to the applicant under its existing CSD authorisation. | |
| 4. For an application referred to in point (a) or point (b) of paragraph 1, ESMA shall adopt its opinion within 30 working days of the acknowledgement of receipt of the application, and the competent authority shall adopt its decision within two months of that date. | |
| 5. Capital held by an applicant referred to in point (a) of paragraph 1 of this Article under Directive 2014/65/EU shall count towards the capital required under Article 47 of this Regulation. | |
| 6. A CSD authorised under point (a) of paragraph 1 may continue to operate a trading venue within the meaning of Directive 2014/65/EU, provided it holds the requisite authorisation under that Directive and has arrangements ensuring functional separation of its trading and settlement activities. | |
| 7. The specific permission pursuant to Article 10 or Article 9, as applicable, of Regulation (EU) 2022/858 shall expire upon the granting of the authorisation pursuant to Article 16 or the extension of authorisation pursuant to Article 19, as applicable. |
This amendment gives DLT trading-and-settlement and settlement-only operators already holding DLTPR permission a faster route to full CSDR compliance. Reviews focus only on requirements from which they were previously exempted, with a single, shortened timeline for both cases. MiFID II capital counts towards CSDR requirements, and TSS operators may keep operating their trading venue subject to functional separation.
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Without prejudice to Article 11(5), an applicant CSD shall submit an application for an initial authorisation pursuant to Article 16, an application for authorisation of an extension of an existing authorisation pursuant to Article 19 or an application for authorisation of the outsourcing of a core service pursuant to Article 19, to its competent authority. The application shall be immediately shared with the registered recipients referred to in Article 21a and, where applicable, the college referred to in Article 24a.; | 1. Without prejudice to Article 11(5), an applicant CSD shall submit an application for an initial authorisation pursuant to Article 16, an application for authorisation of an extension of an existing authorisation pursuant to Article 19 or an application for authorisation of the outsourcing of a core service pursuant to Article 19, to its competent authority. The application shall be immediately shared with the registered recipients referred to in Article 21a; |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. During the period specified under paragraph 8, the competent authority, ESMA and the relevant authorities may request the applicant CSD to provide additional documents or information, where such documents or information are needed to assess that the applicant CSD meets all of its obligations as laid down in this Regulation. The competent authority may take a decision on the application in the absence of the CSD’s response. | 3. ESMA shall assess the completeness of the application within 20 working days from receiving it and, if this is not complete, it shall set a time limit by which the applicant CSD has to provide additional information. ESMA shall inform the applicant CSD once the application is considered to be complete. |
| Text proposed by the Commission | Amendment |
|---|---|
| During the period specified under paragraph 8, the competent authority shall conduct a risk assessment of the applicant CSD’s compliance with the requirements laid down in this Regulation and shall consult the relevant authorities, ESMA, and, where applicable, the college referred to in Article 24a concerning the features of the securities settlement system operated by the applicant CSD. Within three months of the acknowledgement of receipt of the application referred to in Article 21a(2), where the applicant CSD has applied for an initial authorisation pursuant to Article 16, or within one month of the acknowledgement of receipt of the application referred to in Article 21a(2), where an applicant CSD has applied for an extension of an existing authorisation or for the outsourcing of a core service, pursuant to Article 19: | During the period specified under paragraph 8, ESMA shall conduct a risk assessment of the applicant CSD’s compliance with the requirements laid down in this Regulation and shall submit its draft decision and assessment report to the relevant authorities within two months of the submission of a complete application, where the applicant CSD has applied for an initial authorisation pursuant to Article 16, and within one month of the submission of a complete application, where an applicant CSD has applied for an extension of an existing authorisation or for the outsourcing of a core service, pursuant to Article 19. |
| Text proposed by the Commission | Amendment |
|---|---|
| (a) ESMA shall adopt an opinion pursuant to Article 14(4) determining whether the applicant CSD complies with the requirements laid down in this Regulation, and transmit it to the registered recipients referred to in Article 21a; and | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| Within six months from the acknowledgement of receipt of the application referred to in Article 21a(2), where the applicant CSD has applied for an initial authorisation pursuant to Article 16, or within three months from of the acknowledgement of receipt of the application referred to in Article 21a(2), where an applicant CSD has applied for an extension of an existing authorisation or for the outsourcing of a core service, pursuant to Article 19, the competent authority shall adopt its decision and transmit it to the registered recipients referred to in Article 21a and the applicant CSD. The decision shall include a fully reasoned explanation of whether the authorisation has been granted or refused. | Within six months from the submission of a complete application, where the applicant CSD has applied for an initial authorisation pursuant to Article 16, or within three months from the submission of a complete application, where an applicant CSD has applied for an extension of an existing authorisation or for the outsourcing of a core service, pursuant to Article 19, the competent authority shall adopt its decision and transmit it to the registered recipients referred to in Article 21a and the applicant CSD. The decision shall include a fully reasoned explanation of whether the authorisation has been granted or refused. |
| Text proposed by the Commission | Amendment |
|---|---|
| (17a) the following article is inserted: | |
| Article 17b | |
| Simplified authorisation procedure | |
| 1. Where the operator of a DLT TSS holds both a specific permission pursuant to Article 10 of Regulation (EU) 2022/858 and an authorisation under Directive 2014/65/EU and applies for authorisation pursuant to Article 16, the procedure laid down in Article 17 shall apply subject to paragraphs 2 to 4 of this Article. | |
| 2. The competent authority shall limit its assessment to: | |
| (a) those requirements of this Regulation that do not apply to the applicant, whether by virtue of exemptions granted under Article 5, Article 5a, Article 6 of Regulation (EU) 2022/858+, or by virtue of Article 7a(5) of that Regulation; | |
| (b) in respect to the requirements laid down in Articles 26, 27, 28, 31, 42, 43 and 44 of this Regulation, from which the applicant is exempted pursuant to Article 6(1), first subparagraph, point (c) of Regulation (EU) 2022/858, only to the extent necessary to verify compliance with those requirements insofar as such compliance is not already ensured by requirements applicable to the applicant under Directive 2014/65/EU. | |
| 3. By way of derogation from Article 17(4), first subparagraph, ESMA shall adopt its opinion within 20 working days from the date of the acknowledgement of receipt referred to in Article 21a(2). By way of derogation from Article 17(8), the competent authority shall adopt its decision within three months of that date. | |
| 4. By way of derogation from Article 18(1), a CSD authorised under Article 16 under the procedure referred to in paragraph 1 may continue to operate a trading venue within the meaning of Directive 2014/65/EU, provided that it holds the requisite authorisation under Directive 2014/65/EU, provided that it has in place arrangements ensuring the functional separation of its trading and settlement activities. (5) Capital held by the applicant in accordance with the capital requirements applicable to the applicant under Directive 2014/65/EU shall count towards the capital required under Articles 46 and 47 of this Regulation. The specific permission pursuant to Article 10 of Regulation (EU) 2022/858 shall expire upon the granting of the authorisation pursuant to Article 16. |
| Text proposed by the Commission | Amendment |
|---|---|
| (17b) the following article is inserted: Article 17c | |
| Notification procedure for a DLT SS | |
| 1. Where a CSD operating a DLT SS under a specific permission pursuant to Article 9 of Regulation (EU) 2022/858 intends to provide its core services in relation to the DLT SS in full compliance with this Regulation, it shall notify the competent authority at least 40 working days before the date from which it intends to comply fully with this Regulation. | |
| 2. The notification referred to in paragraph 1 shall include information demonstrating how the CSD will comply with the requirements of this Regulation from which it was exempted under Article 5, Article 5a or Article 7a(5) of Regulation (EU) 2022/858. | |
| 3. The competent authority shall, within 20 working days from receipt of the notification, assess whether it is complete. Where the competent authority concludes that the notification is not complete, it shall immediately inform the CSD and set a deadline for the CSD to provide the missing information. That deadline shall not exceed 20 working days. Until that deadline expires, the period referred to in paragraph 1 shall be suspended. | |
| 4. Upon expiry of the period referred to in paragraph 1, the specific permission pursuant to Article 9 of Regulation (EU) 2022/858 shall expire and the exemptions granted under that specific permission shall cease to apply, unless the competent authority has objected on the ground that the notification does not demonstrate compliance with the applicable requirements of this Regulation. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. An authorised CSD shall not provide any additional services or otherwise undertake any activity for which it is not authorised, or which it has not notified to the competent authority in accordance with Article 19(8). | 1. An authorised CSD shall not provide any additional services or otherwise undertake any activity for which it is not authorised, or which it has not notified to the competent authority in accordance with Article 19(8). A central securities depository duly authorised under this Regulation may fulfil its obligations by using DLT technology. Under no circumstances may the use of DLT technology justify any alleviation of the obligations and functions of central securities depositories, other than under the exemptions granted pursuant to Regulation (EU) 2022/858. |
| Text proposed by the Commission | Amendment |
|---|---|
| An authorised CSD shall submit an application for authorisation to the competent authority where it wishes to outsource a core service to a third party pursuant to Article 30, other than to a CSD within its group as referred to in Article 19a, or extend its activities to one or more of the following:; | An authorised CSD shall submit an application for authorisation to the competent authority where it wishes to outsource a core service to a third party pursuant to Article 30, other than to a regulated entity located in the Union which belongs to the same group as the CSD, or extend its activities to one or more of the following:; |
For reasons of consistency across financial market infrastructures, CSDs should benefit from a regime equivalent to that proposed for trading venues under Article 2f MiFIR, whereby intra-group reliance on group resources is subject to ex-post notification rather than authorisation, the CSD remaining fully responsible for compliance with CSDR in accordance with Article 30.
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) in paragraph 1, the following point is inserted: | |
| ‘(aa) the provision of one or more core services listed in Section A of the Annex using DLT; |
| Text proposed by the Commission | Amendment |
|---|---|
| (20) the following Article 19a is inserted: | deleted |
| [...] |
Considering the amendment in relation to Article 19 to remove the prior approval requirement for outsourcing between regulated entities within the same group, Article 19a becomes unnecessary and can be deleted.
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) the following paragraph is inserted: | |
| 6a. For less significant CSDs, where ESMA considers that there has been a significant change in the risk profile of the CSD, or has concerns relating to financial stability or supervisory consistency, it may convene a coordination meeting with the competent authority and any relevant competent authorities for the purposes of exchanging information and coordinating supervisory actions. |
| Text proposed by the Commission | Amendment |
|---|---|
| (26) Article 24a is amended as follows: | (26) Article 24a is deleted. |
| (This amendment should be reflected throughout Regulation (EU) No 909/2014. References to "colleges" should be deleted and replaced by "relevant competent authorities" where appropriate.) |
| Text proposed by the Commission | Amendment |
|---|---|
| (26) Article 24a is amended as follows: | (26) Article 24a is deleted; |
| Text proposed by the Commission | Amendment |
|---|---|
| (29a) in Article 26, paragraph 9 is deleted; |
According to the Commission's 2025 deprioritisation exercise, this is an empowerment for which CSDs can already address conflicts of interest through their own internal rules and procedures, subject to competent authority assessment; removing it delivers the legal certainty the Commission itself identifies as the rationale for deletion.
| Text proposed by the Commission | Amendment |
|---|---|
| The outsourcing of a core service to a third party other than a CSD within the same group shall be subject to authorisation by the competent authority in accordance with Article 19. The outsourcing of a core service to another CSD within the group shall be subject to approval by ESMA in accordance with Article 19a. | The outsourcing of a core service to a third party other than a regulated entity located in the Union which belongs to the same group as the CSD shall be subject to authorisation by the competent authority in accordance with Article 19. |
For reasons of consistency across financial market infrastructures, CSDs should benefit from a regime equivalent to that proposed for trading venues under Article 2f MiFIR, whereby intra-group reliance on group resources is subject to ex-post notification rather than authorisation, the CSD remaining fully responsible for compliance with CSDR in accordance with Article 30.
| Text proposed by the Commission | Amendment |
|---|---|
| Without prejudice to Chapter II and Article 46 of Regulation (EU) 2022/2554, the CSD and the other regulated entity located in the Union that belongs to the same group as that CSD notify the competent authority of the regulated entity of any deployment of resources or performance of functions referred to in the first subparagraph of this paragraph, without undue delay after that deployment of resources or that performance of functions has commenced; |
This amendment introduces an ex post notification obligation for intra-group allocation of resources or functions, to be fulfilled without undue delay after the arrangement has commenced.
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) the following paragraph is inserted: | |
| 4a. Out of the cases provided for by paragraph 4, where a CSD deploys resources of or relies on the performance of functions by another entity located in the Union that belongs to the same group as that CSD, reliance on that entity shall not constitute outsourcing for the purposes of this Regulation, provided that the CSD has put in place adequate mechanisms to identify clearly and manage the potential adverse consequences, for the operation of the CSD or for its members or participants, of any conflict of interest between the CSD and another entity in the group that will deploy its resources or will perform functions for that CSD. | |
| When deploying resources of or relying on the performance of functions by another entity within the same group, CSDs shall remain fully responsible for discharging all of their obligations under this Regulation. Member States shall not impose any additional requirements for the deployment of resources or reliance on the performance of functions, pursuant to this paragraph, by another entity located in the Union within the same group as the CSD. |
The following proposal facilitates other kinds of outsourcing that are not directly provisions of core or ancillary services.
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) the following paragraph is inserted: | |
| 4a. Out of the cases provided for by paragraph 4, where a CSD deploys resources of or relies on the performance or functions by another entity located in the Union that belongs to the same group as that CSD, reliance on that entity shall not constitute outsourcing for purposes of this Regulation, provided that the CSD has put in place adequate mechanisms to identify clearly and manage the potential adverse consequences, for the operation of the CSD or for its members or participants, of any conflict of interest between the CSD and another entity in the group that will deploy its resources or will perform functions for that CSD. | |
| When deploying resources or relying on the performance of functions by another entity wihin the same group, CSDs shall remain fully responsible for discharging all of their obligations under this Regulation. Member States shall not impose any additional requirements for the deployment of resources or reliance on the performance of functions, pursuant to this paragraph, by another entity located in the Union within the same group as the CSD. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. The use of DLT by a CSD to provide the core services shall not be considered as outsourcing, unless the CSD is entering into an arrangement with a third party to provide the core services using DLT. | 6. The use of DLT by a CSD to provide its core services shall not be considered as outsourcing, when the CSD operates a DLT platform itself and does not enter into an arrangement with a third party to provide those core services using DLT, even if one or more network nodes participating in the consensus mechanism are operated by third parties. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. The use of DLT by a CSD to provide the core services shall not be considered as outsourcing, unless the CSD is entering into an arrangement with a third party to provide the core services using DLT. | 6. The use of DLT by a CSD to provide its core services shall not be considered as outsourcing when the CSD operates a DLT platform itself and does not enter into an arrangement with a third party to provide those core services using DLT, even if one or more network nodes participating in the consensus mechanism are operated by third parties. |
This amendment aims to clarify the circumstances in which the use of DLT by a CSD would not be considered outsourcing.
| Text proposed by the Commission | Amendment |
|---|---|
| (34) in Article 33, the following paragraph 7 is added: | deleted |
| ‘7. The Commission shall be empowered to adopt delegated acts in accordance with Article 67 to enable CSDs to also allow private individuals to become participants in a CSD where such private individuals have been allowed to participate in a securities settlement system under [Regulation (EU) …/… on settlement finality]. The delegated acts shall specify any additional requirements needed to mitigate any risks that may arise for CSDs accepting private individuals as participants.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. The Commission shall be empowered to adopt delegated acts in accordance with Article 67 to enable CSDs to also allow private individuals to become participants in a CSD where such private individuals have been allowed to participate in a securities settlement system under [Regulation (EU) …/… on settlement finality]. The delegated acts shall specify any additional requirements needed to mitigate any risks that may arise for CSDs accepting private individuals as participants.; | deleted |
| (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.) |
The proposal may give rise to additional operational complexities associated with private individual segregation and the resulting fragmentation of post-trade activities. In particular, it would require market participants to: (a) manage the operational processes relating to each individual private investor holding a direct account with a CSD; and (b) separately manage the full range of settlement and post-trade functions, including corporate actions, tax-related processes and other administrative activities. Such implications would be operationally burdensome and are not considered necessary for achieving the objectives pursued by the MISP package within the framework of the CSDR. For these reasons, the proposal is not supported and its deletion is therefore proposed.
| Present text | Amendment |
|---|---|
| (34a) in Article 34, paragraph 2 is replaced by the following: | |
| 2. A CSD shall publish its price list so as to facilitate the comparison of offers and to allow clients to anticipate the price they shall have to pay for the use of services. | "2. A CSD shall publish its price list so as to facilitate the comparison of offers and to allow clients to anticipate the price they shall have to pay for the use of services. A CSD shall notify clients of any updates to its price list within a minimum notice period." |
| Present text | Amendment |
|---|---|
| (34b) in Article 34, paragraph 8 is replaced by the following: | |
| 8. In order to ensure effective application of Union competition rules and enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall maintain analytical accounting for its activities. Such analytical accounts shall at least separate the costs and revenues associated with each of its core services from those associated with ancillary services . | "8. In order to ensure effective application of Union competition rules and enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall not cross-subsidise the costs of providing an ancillary services through revenue generated in relation to the provision of core services. To enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall maintain analytical accounting for its activities. Such analytical accounts shall at least separate the costs and revenues associated with each of its core services from those associated with ancillary services." |
| Text proposed by the Commission | Amendment |
|---|---|
| 9. Settlement internalisers shall disclose to their clients the prices and fees associated with the services they provide and shall differentiate between the prices pertaining to settlement in and outside a securities settlement system. They shall disclose the prices and fees of each service provided separately, including discounts, rebates and the conditions to benefit from those reductions. | 9. Settlement internalisers shall disclose to their clients the prices and fees associated with the services they provide and shall differentiate between the prices pertaining to settlement in and outside a securities settlement system. They shall disclose the prices and fees of each service provided separately, including discounts, rebates and the conditions to benefit from those reductions. For this purpose, CSDs and settlement internalisers shall apply a standardized terminology for each service and function, in order to ensure that customers are able to effectively compare these elements. |
| Text proposed by the Commission | Amendment |
|---|---|
| 9a. CSDs and settlement internalisers shall publish standardised, comparable fee tables for their core services. |
| Text proposed by the Commission | Amendment |
|---|---|
| 9b. CSDs shall report their full fee structures to ESMA on an annual basis. |
| Text proposed by the Commission | Amendment |
|---|---|
| 9c. Based on the reports referred to in paragraph 9b, ESMA shall publish a benchmark comparison of CSD fees by service type and Member State. This report shall specifically highlight unjustified fee divergences and areas where market concentration may result in excessive costs for participants. |
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. | ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. The draft implementing technical standards shall ensure: |
| (a) the use of consistent and standardised terminology; | |
| (b) clearly distinguish fees related to core services and those relating to ancillary services; | |
| (c) clearly distinguish between T2S-related fees and CSDs’ own fees; | |
| (d) ensure fair and non-discriminatory treatment between market participants; | |
| (e) enable market participants to be notified of any changes to fee schedules within a minimum notice period. |
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. | ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. |
| The templates shall: | |
| - define consistent and standardised terminology, | |
| - clearly distinguish fees related to the CSD core services to the ones related to ancillary activities, | |
| - distinguish fees related to the connection to T2S and the ones related to the use of the CSD, | |
| - define a minimum period to notify CSD users of any change to the fees structure |
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. | ESMA shall develop draft implementing technical standards to determine standard forms, templates, a standardised nomenclature for invoice items relating to each core and non-core service and function, as well as to prices, fees, discounts and rebates, procedures for the disclosures referred to in the paragraphs 1, 5 and 9, to ensure a high degree of comparability of the costs, fees and charges applicable to the relevant services across different CSDs. |
| (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.) |
The Commission proposal does not appear to address adequately the objective of enhancing the transparency of CSD pricing for the services they provide. Although the proposed harmonisation of forms, templates and disclosure procedures represents a positive step, it is unlikely on its own to ensure a meaningful improvement in the comparability of the pricing of CSD services and functions. In particular, the proposal does not address: (i) invoice standardisation; and (ii) changes to fee schedules. The terminology used for invoice items is essential to enable CSD participants to understand clearly the services for which they are charged. Detailed and easily reconcilable invoices are therefore necessary to avoid duplication and to distinguish clearly between the different categories of services, such as core and ancillary services. In addition, consistency in the terminology used for fees and fee schedules over time is an important element in supporting the planning activities of market participants. In this regard, advance notification of future amendments to fee schedules, together with a clear indication of their date of application, would be particularly beneficial.
The proposed amendments therefore complement the Commission proposal by addressing these aspects and by extending ESMA's mandate accordingly.
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. | ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the disclosures referred to in the paragraphs 1, 5 and 9. Those standards shall include a standardized nomenclature for invoice items to ensure a high degree of comparability of costs across different CSDs. |
| Text proposed by the Commission | Amendment |
|---|---|
| ESMA shall submit those draft implementing technical standards to the Commission by [OP insert date = 18 months after the entry into force of this amending Regulation]. | ESMA shall submit those draft implementing technical standards to the Commission by [= 12 months after the entry into force of this amending Regulation]. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. A CSD shall keep records and accounts that enable omnibus client segregation. Where a CSD is operating its core services using DLT, and where the CSD enables all participants and their clients to have individual client segregation as defined in paragraph 4, such CSD may, in derogation to the first sentence, opt not to offer omnibus client segregation. This provision is without prejudice to the obligations of the CSD to comply with the requirements set out in Article 48a for at least one of the security settlement systems it operates.; | 3. A CSD shall keep records and accounts that enable both omnibus client segregation and individual client segregation. This provision is without prejudice to the obligations of the CSD to comply with the requirements set out in Article 48a for at least one of the security settlement systems it operates. |
| (This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.) |
The Commission proposal allows CSDs not to offer omnibus client segregation. Where a CSD chooses to provide only individual client segregation, participants would be required to manage settlement and post-trade activities separately for each individual client holding a direct account with the CSD. This would significantly increase the complexity of the settlement and post-trade value chain compared with the current framework. In particular, such an approach would lead to a substantial increase in operational complexity and related costs, resulting from the need to manage a significantly higher number of settlement processes and post-trade activities. This would also have important implications for the processing of corporate actions, shareholders' meetings and tax-related procedures, all of which would become considerably more burdensome under a model based exclusively, or predominantly, on individual segregation. For these reasons, the amendment proposes the deletion of the relevant provision.
| Text proposed by the Commission | Amendment |
|---|---|
| (ba) the following paragraph is added: | |
| 7a. In order to ensure effective application of Union competition rules, a CSD shall not cross-subsidise the costs of providing an ancillary service through revenue generated in relation to the provision of core services. To enable the identification, inter alia, of cross-subsidisation of ancillary services by core services, a CSD shall maintain analytical accounting for its activities. Such analytical accounts shall at least separate the costs and revenues associated with each of its core services from those associated with ancillary services. |
| Text proposed by the Commission | Amendment |
|---|---|
| Cash and e-money token settlement | Cash settlement |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. | 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure, provided that such connection is technically feasible, economically proportionate and does not impose disproportionate costs or operational risks on the CSD or its participants. This paragraph shall not require a CSD to settle in a currency that is not available on such infrastructure, to alter its existing settlement arrangements for currencies not available on such infrastructure, or to migrate settlement activity from a Member State currency to another currency. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. | 2. Where a CSD offers to settle the cash payments of its securities settlement system in central bank money in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. |
This provides legal clarity by clarifying that paragraph 2 refers to central bank money settlement, while paragraph 3 refers to commercial bank money settlement.
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. | 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and settle transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and offer to its participants the possibility to settle their transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. | 2. Where a CSD offers to settle the cash payments of its securities settlement system in a currency available on a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union, that CSD shall connect directly to such infrastructure and settle transactions denominated in currencies available on such infrastructure in accounts opened at such infrastructure. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. The infrastructure referred to in paragraph 2 shall prepare a report to investigate the feasibility of enabling settlement of trades in currencies other than euros, including in non-EU currencies, in central bank money or allow standardised interactions with external approved and openly accessible non-euro payment systems. The report shall be submitted to the Commission by 31 January 2029. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3b. The infrastructure referred to in paragraph 2 shall enable settlement of trades in currencies other than euros, including in non-EU currencies, in central bank money or allow standardised interactions with external approved and openly accessible non-euro payment systems. It shall be possible to offer these services by 31 January 2032. |
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) the CSD has identified, assessed the suitability of, and approved the participation of, all third parties operating network nodes participating in the consensus mechanism; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) the CSD has identified, assessed the suitability of, and approved the participation of, all third parties operating network nodes participating in the consensus mechanism; |
| Text proposed by the Commission | Amendment |
|---|---|
| (cb) the CSD adequately manages the risks related to the use of DLT, including operational and governance risks relating to the DLT network, the network nodes participating in the consensus mechanism, the smart contracts and protocols used by the DLT, the use of cryptography, key custody, and the use of external data providers; |
| Text proposed by the Commission | Amendment |
|---|---|
| (cb) the CSD adequately manages the risks related to the use of DLT, including operational and governance risks relating to the DLT network, the network nodes participating in the consensus mechanism, the smart contracts and protocols used by the DLT, the use of cryptography, key custody, and the use of external data providers; |
| Text proposed by the Commission | Amendment |
|---|---|
| (cc) if the CSD uses DLT to provide the settlement service, it ensures that the settlement of transactions is operationally deterministic and irreversible; |
| Text proposed by the Commission | Amendment |
|---|---|
| (cc) if the CSD uses DLT to provide the settlement service, it ensures that the settlement of transactions is operationally deterministic and irreversible; |
| Text proposed by the Commission | Amendment |
|---|---|
| Where two or more significant CSDs within a group fulfil the criteria of Article 11a(1), the group shall, without undue delay, appoint one of those CSDs as its CSD hub and notify ESMA via the central database. | Where two or more significant CSDs within a group fulfil the criteria of Article 11a(1), the group shall, without undue delay, designate one of those CSDs as its main CSD hub for the purposes of paragraphs 2 and 2a and notify ESMA via the central database. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where two or more significant CSDs within a group fulfil the criteria of Article 11a(1), the group shall, without undue delay, appoint one of those CSDs as its CSD hub and notify ESMA via the central database. | Where two or more significant CSDs within a group fulfil the criteria of Article 11a(1), the group shall be allowed to designate at least one of those CSDs as its CSD hub and notify ESMA via the central database. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Every CSD hub shall establish and maintain a bilateral link with each of the other CSD hubs. | 2. Every CSD hub shall establish and maintain a bilateral link with each of the other CSD hubs. In the cases referred to in the second subparagraph of paragraph 1, the obligation to establish and maintain such bilateral links shall apply to the main CSD hub designated by the group. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Every CSD hub shall establish and maintain a bilateral link with each of the other CSD hubs. | 2. Every CSD hub shall establish and maintain a bilateral link with each of the other CSD hubs where there is reasonable market demand, legal and operational feasibility, and a positive cost-benefit assessment for the integration and resilience of settlement in the Union. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. In groups that have designated a main CSD hub pursuant to the second subparagraph of paragraph 1, other CSD hubs within that group may satisfy the obligations under paragraph 2 through relayed links established and maintained via the main CSD hub. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2b. Where a main CSD hub has been designated in another group pursuant to the second subparagraph of paragraph 1, any relayed link required under the first subparagraph shall be established and maintained solely with that main CSD hub. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Every CSD that is not a CSD hub shall establish and maintain a bilateral link with a CSD hub. | 3. Every CSD hub shall establish and maintain a standard or relayed link with a spoke-CSD. |
| Where a spoke-CSD receives a substantiated request from at least one of its participants for access to instruments issued in CSD hubs, that spoke-CSD shall establish and maintain a standard link with a CSD hub. | |
| Once a link as referred to in subparagraph 2 is established by the spoke-CSD, the CSD hub and spoke-CSD involved shall make that link bilateral. |
CSD hubs are capable of bearing the costs to establish links with all EU CSD. However, smaller CSDs will not be able to do this. To make sure they remain viable, a demand needs to be established for them to also set up the link, making it bilateral.
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Every CSD that is not a CSD hub shall establish and maintain a bilateral link with a CSD hub. | 3. Every CSD that is not a CSD hub shall establish and maintain a bilateral link with a CSD hub when such a link is necessary to meet reasonable market demand and can be established without disproportionate costs or undue risks to the safety and efficiency of settlement. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Every CSD that is not a CSD hub shall establish and maintain a bilateral link with a CSD hub. | 3. Every CSD that is not a CSD hub shall establish and maintain a bilateral standard link with a CSD that is not a CSD hub. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. Links between two CSDs which are both directly connected to a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union shall be established directly via the common settlement infrastructure. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3a. Where a CSD which is not a hub receives a substantiated request from one or more participants for access to equity instruments issued in CSD hubs, that CSD shall establish and maintain a bilateral link with a CSD hub. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. CSDs involved in a bilateral link referred to in paragraphs 2 or 3, as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. | 5. CSD hubs involved in a bilateral link referred to in paragraph 2 as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. |
| CSD hubs maintaining a link to a spoke-CSD, as referred to in paragraph 3, first subparagraph, shall ensure that all financial instruments issued in the receiving CSD are available for settlement through that link. | |
| Spoke-CSDs involved in a bilateral link referred to in paragraph 3, second subparagraph, shall ensure that the instruments requested by one or more of their participants in a substantiated demand, and which are available for settlement in the CSD hub, are available for settlement through that bilateral link. | |
| For the purposes of the third subparagraph, a spoke-CSD shall only be required to offer services relating to instruments meeting all of the following conditions: | |
| - the instrument is denominated in one of its most relevant currencies referred to in Article 12(1), point (b); | |
| - the terms and conditions of the financial instrument or financial instruments concerned are governed by the law of a Member State. |
CSD hubs are capable of bearing the costs to establish links with all EU CSD. However, smaller CSDs will not be able to do this. To make sure they remain viable, a demand needs to be established for them to also set up the link, making it bilateral.
| Text proposed by the Commission | Amendment |
|---|---|
| 5. CSDs involved in a bilateral link referred to in paragraphs 2 or 3, as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. | 5. To the extent that it is legally possible, operationally safe and economically proportionate, CSDs involved in a bilateral link referred to in paragraphs 2 or 3, as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. CSDs involved in a bilateral link referred to in paragraphs 2 or 3, as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. | 5. CSDs involved in a bilateral link referred to in paragraph 2 or a relayed link referred to in paragraph 2a, as applicable, shall ensure that all financial instruments issued in each of the CSDs involved are available for settlement through that bilateral link. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5a. Links between two CSDs which are both directly connected to a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union should be established directly via the common settlement infrastructure. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5a. Links between two CSDs which are both directly connected to a common settlement infrastructure integrated with central bank real-time gross settlement systems operated in the Union shall be established directly via the common settlement infrastructure. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5a. CSD hubs maintaining a link as referred to in paragraph 3, first subparagraph, shall ensure that all financial instruments issued in the receiving CSD are available for settlement through that link. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5b. CSDs involved in a bilateral link referred to in paragraph 3, second subparagraph, shall ensure that all equity instruments issued in each of the CSDs involved are available for settlement through that bilateral link. |
| Present text | Amendment |
|---|---|
| (-i) the first subparagraph is replaced by the following: | |
| The receiving party shall deny access only where such access would affect the smooth and orderly functioning of the financial markets or cause systemic risk. It shall not deny a request on the grounds of loss of market share. | "The receiving party shall deny access only where such access would affect the smooth and orderly functioning of the financial markets or cause systemic risk. It shall not deny a request on grounds of a possible loss of revenue in respect of itself or another entity that belongs to the same group." |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. In addition to the provisions set out in paragraphs 1 to 4 of this Article and in Article 55, where a CSD intends to settle in e-money tokens through its own accounts, the provisions set out in Article 54c shall also apply.; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where a CSD is authorised to designate another CSD in accordance with paragraph 1, it may use such authorisation only for the purposes of the provision of the banking-type ancillary services referred to in Section C of the Annex, or of the services related to e-money tokens, required for the settlement of the payments for all or part of its securities settlement systems and not to carry out any other activities. | 3. Where a CSD is authorised to designate another CSD in accordance with paragraph 1, it may use such authorisation only for the purposes of the provision of the banking-type ancillary services referred to in Section C of the Annex required for the settlement of the payments for all or part of its securities settlement systems and not to carry out any other activities. |
| Text proposed by the Commission | Amendment |
|---|---|
| The first subparagraph shall not apply if the total value of the settlement in cash or in e-money tokens through accounts opened with another CSD referred to in the first subparagraph does not exceed the threshold determined in accordance with Article 54b(12), point (a). | The first subparagraph shall not apply if the total value of the settlement in cash through accounts opened with another CSD referred to in the first subparagraph does not exceed the threshold determined in accordance with Article 54b(12), point (a). |
| Text proposed by the Commission | Amendment |
|---|---|
| Without prejudice to Article 40, paragraphs 1 and 2, where the competent authority deems that the threshold determined in accordance with Article 54b(12), point (a), for settlement in cash or in e-money tokens has been exceeded, the competent authority shall require the CSD concerned to seek an authorisation in accordance with Article 54. The CSD concerned shall submit its application for authorisation within six months. | Without prejudice to Article 40, paragraphs 1 and 2, where the competent authority deems that the threshold determined in accordance with Article 54b(12), point (a), for settlement in cash has been exceeded, the competent authority shall require the CSD concerned to seek an authorisation in accordance with Article 54. The CSD concerned shall submit its application for authorisation within six months. |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. Where a CSD intends to designate another CSD in accordance with paragraph 1 of this Article to settle the payments for all or part of its securities settlement systems in e-money tokens, in addition to the provisions set out in paragraphs 1 to 6 of this Article, the provisions set out in Article 54c shall also apply. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. A CSD that intends to settle the payments in cash or in e-money tokens for all or part of its securities settlement systems through accounts opened with a credit institution authorised in accordance with Article 8 of Directive 2013/36/EU, as referred to in Article 40(3) of this Regulation, shall obtain an authorisation to designate that credit institution under the conditions specified in this Article and in accordance with the procedure set out in Article 55 of this Regulation. | 1. A CSD that intends to settle the payments in cash for all or part of its securities settlement systems through accounts opened with a credit institution authorised in accordance with Article 8 of Directive 2013/36/EU, as referred to in Article 40(3) of this Regulation, shall obtain an authorisation to designate that credit institution under the conditions specified in this Article and in accordance with the procedure set out in Article 55 of this Regulation. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where a CSD is authorised to designate a credit institution in accordance with paragraph 1, it may use such authorisation only for the purposes of the provision of the banking-type ancillary services referred to in Section C of the Annex or of the services related to e-money tokens, required for the settlement of the cash payments for all or part of its securities settlement systems, and not to carry out any other activities. | 3. Where a CSD is authorised to designate a credit institution in accordance with paragraph 1, it may use such authorisation only for the purposes of the provision of the banking-type ancillary services referred to in Section C of the Annex required for the settlement of the cash payments for all or part of its securities settlement systems, and not to carry out any other activities. |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the authorisation under Article 8 of Directive 2013/36/EU is used only to provide the banking-type ancillary services referred to in Section C of the Annex, or the services related to e-money tokens, required for the settlement of the cash payments for all or part of the securities settlement systems of the CSD seeking to use the services referred to in paragraph 1 and not to carry out any other activities; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the authorisation under Article 8 of Directive 2013/36/EU is used only to provide the banking-type ancillary services referred to in Section C of the Annex, or the services related to e-money tokens, required for the settlement of the cash payments for all or part of the securities settlement systems of the CSD seeking to use the services referred to in paragraph 1 and not to carry out any other activities; | (c) the authorisation under Article 8 of Directive 2013/36/EU is used only to provide the banking-type ancillary services referred to in Section C of the Annex required for the settlement of the cash payments for all or part of the securities settlement systems of the CSD seeking to use the services referred to in paragraph 1 and not to carry out any other activities; |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the credit institution is subject to an additional capital surcharge that reflects the risks, including credit and liquidity risks, resulting from the provision of intra-day credit, inter alia, to the participants in a securities settlement system or other users of CSD services; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. Paragraph 5, point (c), shall not apply to a credit institution designated pursuant to paragraph 1 where all of the following conditions are met: | deleted |
| (a) the designation is for the purpose of settling cash payments in non-Union currencies; | |
| (b) the designation is made to only provide one or more of the banking-type ancillary services listed in Section C, points (a), (b) and (c), of the Annex,; | |
| (c) CSD operates in real-time gross settlement for such cash payments. |
| Text proposed by the Commission | Amendment |
|---|---|
| Paragraphs 5 and 6 shall not apply to a credit institution designated pursuant to paragraph 1 where the total value of settlement in cash and in e-money tokens through the accounts opened with the credit institution, calculated over a one-year period, does not exceed the threshold determined in accordance with paragraph 12. | Paragraphs 5 and 6 shall not apply to a credit institution designated pursuant to paragraph 1 where the total value of settlement in cash through the accounts opened with the credit institution, calculated over a one-year period, does not exceed the threshold determined in accordance with paragraph 12. |
| Text proposed by the Commission | Amendment |
|---|---|
| Without prejudice to Article 40(1) and (2), where the competent authority deems that the threshold determined in accordance with paragraph 12 of this Article for settlement in cash or in e-money tokens has been exceeded, the competent authority shall require the CSD concerned to seek a new authorisation in accordance with paragraph 1 of this Article, or an authorisation in accordance with Article 54 or Article 54a. The CSD concerned shall submit its application for authorisation within six months. | Without prejudice to Article 40(1) and (2), where the competent authority deems that the threshold determined in accordance with paragraph 12 of this Article for settlement in cash has been exceeded, the competent authority shall require the CSD concerned to seek a new authorisation in accordance with paragraph 1 of this Article, or an authorisation in accordance with Article 54 or Article 54a. The CSD concerned shall submit its application for authorisation within six months. |
| Text proposed by the Commission | Amendment |
|---|---|
| 11. Where a CSD intends to designate a credit institution in accordance with paragraph 1 to settle the payments for all or part of its securities settlement systems in e-money tokens, in addition to the provisions set out in paragraphs 1 to 10 of this Article, the provisions set out in Article 54c shall also apply. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 12. EBA shall, in close cooperation with the members of the ESCB and ESMA, develop draft regulatory technical standards specifying all of the following: | deleted |
| (a) the threshold referred to in paragraph 8 of this Article and in Article 54a(5) for the settlement in cash or in e-money tokens through accounts opened with a credit institution or with another CSD; | |
| (b) the appropriate risk management and prudential requirements to mitigate risks in relation to the designation of credit institutions in accordance with this Article or CSDs in accordance with Article 54a; | |
| (c) the appropriate risk management and prudential requirements to mitigate risks in relation to the provision of cash settlement in e-money tokens as referred to in Article 54c; | |
| (d) the criteria to assess whether the requirement under Article 54c (2), point (c), is considered fulfilled. | |
| When developing those standards, EBA shall take into account the following: | |
| (a) the implications for the market stability that could derive from a change of risk profile of CSDs and their participants, including the systemic importance of CSDs for the functioning of securities markets; | |
| (b) the implications for the credit and liquidity risks for CSDs, for the designated credit institutions involved and for the CSD participants that result from the settlement of cash payments through accounts opened with credit institutions that are not subject to paragraph 5, and from the settlement of cash payments in e-money tokens; | |
| (c) the possibility for CSDs to settle cash payments in several currencies; | |
| (d) the need to avoid both an unintended shift from settlement in central bank money to settlement in commercial bank money or to settlement in e-money tokens and disincentives to the efforts of CSDs to settle in central bank money; and | |
| (e) the need to ensure a level playing field amongst CSDs in the Union. | |
| EBA shall submit those draft regulatory technical standards to the Commission by [OP insert date = 1 year after entry into force of this amending Regulation]. | |
| Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. |
| Text proposed by the Commission | Amendment |
|---|---|
| Article 54c | deleted |
| […] |
| Text proposed by the Commission | Amendment |
|---|---|
| (a) the e-money token intended to be used for settlement of the cash leg is listed in the ESMA register established in accordance with Article 109 of Regulation (EU) 2023/1114 and is classified as a significant e-money token by EBA in accordance with Articles 56, or 57 of that Regulation; | (a) the e-money token intended to be used for settlement of the cash leg is listed in the ESMA register established in accordance with Article 109 of Regulation (EU) 2023/1114; |
| Text proposed by the Commission | Amendment |
|---|---|
| (aa) the issuer of the e-money token has sufficient creditworthiness and liquidity to meet its obligations, and is operationally reliable and resilient; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ab) the issuer of the e-money token is contractually required and operationally capable of redeeming e-money tokens held by the CSD or the CSD’s participants, in accordance with Article 49(4) of Regulation (EU) 2023/1114, and of ensuring the transfer of funds within one business day of the redemption request; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ac) the reserve of assets backing the e-money token bears a low level of credit and market risks; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ad) the CSD maintains procedures to monitor the issuer of the e-money token and its ongoing compliance with points (a), (b), (c) and (d); |
| Text proposed by the Commission | Amendment |
|---|---|
| (ae) the CSD maintains procedures to manage the default or operational failure of the issuer of the e-money token, or a decrease in the price of the e-money token, including to allocate potential losses and to ensure the continuity of cash-leg settlement; |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the settlement of such payments in e-money tokens takes place through pre-funded accounts; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the e-money token intended to be used for the settlement in the CSD is accessible to the CSD’s participants in a sufficient amount to meet the intended use in the securities settlement system operated by the CSD; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (ca) the e-money token is not fungible with any crypto-asset issued by an issuer not registered in the ESMA register established in accordance with Article 109 of Regulation (EU) 2023/1114; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the following subparagraph is added: | deleted |
| ‘Where e-money tokens are intended to be used, it shall include an explanation of how the CSD intends to meet the conditions laid down in Article 54c(2) of this Regulation and the latest version of the crypto-asset white paper as published by ESMA in accordance with Article 109(4), point (c), of Regulation (EU) 2023/1114 for such e-money token.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (da) the following paragraphs are inserted: | |
| ‘4a. Within 30 working days from the receipt of the application, the competent authority shall assess whether the application is complete. If the application is not complete, the competent authority shall set a time limit by which the applicant CSD has to provide additional information. The competent authority shall inform the applicant CSD when the application is considered to be complete. | |
| 4b. During the period specified in paragraph 5a, the competent authority shall conduct an assessment of the applicant CSD’s compliance with the requirements laid down in this Regulation and, within two months of the submission of a complete application, shall submit its draft decision and assessment report to the relevant authorities.;' |
| Text proposed by the Commission | Amendment |
|---|---|
| Within six months from the acknowledgement of receipt of the application referred to in Article 21a(2), the competent authority shall adopt its decision and transmit it to the registered recipients referred to in Article 21a, the authorities referred to in paragraph 4 and the applicant CSD via the central database. The decision shall include a fully reasoned explanation of whether the authorisation has been granted or refused. Where the decision of the competent authority does not reflect the opinion of any of the authorities referred to in paragraph 4, it shall contain a fully reasoned explanation of any significant deviation from those opinions or conditions or recommendations. | Within six months from the receipt of the complete application referred to in Article 21a(2), the competent authority shall adopt its decision and transmit it to the registered recipients referred to in Article 21a, the authorities referred to in paragraph 4 and the applicant CSD via the central database. The decision shall include a fully reasoned explanation of whether the authorisation has been granted or refused. Where the decision of the competent authority does not reflect the opinion of any of the authorities referred to in paragraph 4, it shall contain a fully reasoned explanation of any significant deviation from those opinions or conditions or recommendations. |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the evolution of scale and scope of internalised settlement in the EU, in particular, a comparison of the number, volume and settlement efficiency of the transactions settled via internalised settlement with transactions settled via CSDs, as well as the evolution of pricing of CSDs and settlement internalisers. The report shall also assess the structure of the market and any potential risks to financial stability from internalised settlement; | (c) the evolution of scale and scope of internalised settlement in the EU. The report shall also assess the structure of the market and any potential risks to financial stability from internalised settlement; |
| Text proposed by the Commission | Amendment |
|---|---|
| (ii) the following subparagraph is added: | deleted |
| ‘In the annual report referred to in the first subparagraph, the EBA shall also assess the use of e-money tokens for settlement in authorised CSDs, including the use of e-money tokens denominated in non-Union currencies.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| (60a) in Article 75, first paragraph, the following point is added: | |
| "(ca) the transfer of supervisory responsibilities has sufficiently taken into account potential fiscal risks related to the activities of the supervised entities." |
| Text proposed by the Commission | Amendment |
|---|---|
| (1a) In Article 4(1), the following subparagraph is inserted after the first subparagraph: | |
| 'The reporting obligation laid down in the first subparagraph shall be deemed to be complied with where the details of the securities financing transaction have been reported in accordance with Article 26a of Regulation (EU) No 600/2014.' |
Securities financing transactions can fall under parallel reporting obligations requiring separate submissions of overlapping data. This amendment ensures that a single submission under the integrated report-once framework discharges the SFTR obligation, removing a duplicative compliance layer. To be read in conjunction with the proposed new Article 26a in MiFIR.
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) In Article 29, paragraph 5 is deleted. |
Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on aggregate SFT volumes.
| Text proposed by the Commission | Amendment |
|---|---|
| (n) ‘marketing’ means a direct or indirect offering or placement at the initiative of the AIFM, the EuVECA manager, the EuSEF manager or the UCITS or on behalf of them of units or shares of an AIF or UCITS to or with investors domiciled or with a registered office in the Union; | (n) ‘marketing’ means a direct or indirect offering or placement at the initiative of the AIFM, the EuVECA manager, the EuSEF manager or the UCITS or on behalf of them of units or shares of an AIF or UCITS they manage to or with investors domiciled or with a registered office in the Union; |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. AIFMs, EuVECA managers, EuSEF managers and UCITS shall ensure that all marketing communications they prepare and make available to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF or units of a UCITS in an equally prominent manner, and that all information included in marketing communications is fair, clear and not misleading.; | 1. AIFMs, EuVECA managers, EuSEF managers and UCITS or their management companies shall ensure that all marketing communications they prepare and make available to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF or units of a UCITS in an equally prominent manner, and that all information included in marketing communications is fair, clear and not misleading.; |
| Text proposed by the Commission | Amendment |
|---|---|
| AIFMs, EuVECA and EuSEF managers and UCITS management companies shall be liable for ensuring that the requirements of this Article are met where the marketing function is delegated to a third party, pursuant to Article 20 of Directive 2011/61/EU, Article 8 of Regulation (EU) No 345/2013, Article 8 of Regulation (EU) No 346/2013 and Article 13 of Directive 2009/65/EC. | AIFMs, EuVECA and EuSEF managers and UCITS management companies shall be liable for monitoring that the requirements of this Article are met where the marketing function is delegated to a third party, pursuant to Article 20 of Directive 2011/61/EU, Article 8 of Regulation (EU) No 345/2013, Article 8 of Regulation (EU) No 346/2013 and Article 13 of Directive 2009/65/EC. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. The Commission shall adopt, by means of a delegated acts in accordance with Article 18b, measures specifying the content and format of the marketing communications referred to in paragraph 1. Those delegated acts shall specify the following: | 6. The Commission shall adopt, by means of a delegated acts in accordance with Article 18b, principles on the content of the marketing communications referred to in paragraph 1. Those delegated acts shall specify the following: |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. The Commission shall adopt, by means of a delegated acts in accordance with Article 18b, measures specifying the content and format of the marketing communications referred to in paragraph 1. Those delegated acts shall specify the following: | 6. The Commission shall adopt, by means of a delegated acts in accordance with Article 18b, principles on the content of the marketing communications referred to in paragraph 1. Those delegated acts shall specify the following: |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the description of risks and rewards in marketing communications; | (d) the description of risks and rewards in marketing communications, taking into account the specific characteristics, strategy, structure and investor base of the collective investment undertaking concerned; |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the description of risks and rewards in marketing communications; | (d) the description of risks and rewards in marketing communications, based on the fund’s specific features and strategies ; |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the description of risks and rewards in marketing communications; | (d) principles on the description of risks and rewards in marketing communications; |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the description of risks and rewards in marketing communications; | (d) principles on the description of risks and rewards in marketing communications; |
| Text proposed by the Commission | Amendment |
|---|---|
| (f) information on past and future performance in marketing communications.; | (f) principles on the information on past and future performance in marketing communications.; |
| Text proposed by the Commission | Amendment |
|---|---|
| (f) information on past and future performance in marketing communications.; | (f) principles on information on past and future performance in marketing communications.; |
| Text proposed by the Commission | Amendment |
|---|---|
| 6a. In preparing such delegated acts, the Commission shall take into account the heterogeneity of AIF and UCITS structures, the difference between open-end and closed-end funds, the professional or retail nature of the investor base, and the diversity of marketing practices, including personalised communications aimed at a limited number of professional investors. |
| Text proposed by the Commission | Amendment |
|---|---|
| (5) Articles 5 and 6 are deleted; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. For the purpose of paragraph 1, host Member States shall not impose, formally or informally, prior approval, validation and notification, mandatory national templates, additional language certificates and requirements, or any equivalent administrative practices which directly or indirectly apply conditions to the use of marketing communications or the exercise of cross-border marketing rights. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Where the competent authorities of the host Member State have reasonable grounds to suspect that the marketing communications referred to in paragraph 1 do not comply with the requirements of Article 4, they may act in accordance with the powers referred to in Article 14a (5) and (7) and in Article 14b (5) and (7).; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (8) Article 9 is replaced by the following: | deleted |
| ‘Article 9 | |
| Common principles concerning fees or charges | |
| 1. Where fees or charges are levied by the competent authorities of host Member States for carrying out their duties in relation to the cross-border marketing of AIFs and UCITS in their territory, such fees or charges shall be consistent and justified with the overall cost relating to the performance of the functions of those competent authorities. | |
| 2. By [Please insert date = 36 months after the entry into force of this Regulation], and every two years thereafter, ESMA shall conduct a review of the fees or charges referred to in paragraph 1 that are imposed by host competent authorities in relation to the marketing of AIFs and UCITS in their territory and shall submit a report to the Commission indicating whether such fees or charges are consistent with the overall cost relating to the performance of the functions of those competent authorities.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Where fees or charges are levied by the competent authorities of host Member States for carrying out their duties in relation to the cross-border marketing of AIFs and UCITS in their territory, such fees or charges shall be consistent and justified with the overall cost relating to the performance of the functions of those competent authorities. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. By [Please insert date = 36 months after the entry into force of this Regulation], and every two years thereafter, ESMA shall conduct a review of the fees or charges referred to in paragraph 1 that are imposed by host competent authorities in relation to the marketing of AIFs and UCITS in their territory and shall submit a report to the Commission indicating whether such fees or charges are consistent with the overall cost relating to the performance of the functions of those competent authorities.; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. By [Please insert date = 36 months after the entry into force of this Regulation], and every two years thereafter, ESMA shall conduct a review of the fees or charges referred to in paragraph 1 that are imposed by host competent authorities in relation to the marketing of AIFs and UCITS in their territory and shall submit a report to the Commission indicating whether such fees or charges are consistent with the overall cost relating to the performance of the functions of those competent authorities.; | 2. By [Please insert date = 24 months after the entry into force of this Regulation], and every two years thereafter, ESMA shall conduct a review of the fees or charges referred to in paragraph 1 that are imposed by host competent authorities in relation to the marketing of AIFs and UCITS in their territory and shall submit a report to the Commission indicating whether such fees or charges are consistent with the overall cost relating to the performance of the functions of those competent authorities.; |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. By [12 months after the entry into force of this Regulation] and thereafter every two years, ESMA shall review the fees or charges referred to in paragraph 1 which are imposed by the competent authorities of the host Member States in relation to the marketing of AIFs and UCITs in their territories. ESMA shall submit a report to the Commission indicating whether those fees or charges are consistent with the overall cost relating to the performance of the functions of those competent authorities. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2b. In the event that ESMA’s report indicates that the fees or charges are not consistent with the cost referred to in paragraph 1, that they are disproportionate or that they have a significant deterrent effect on cross-border marketing, the Commission shall assess, within 12 months of the report’s publication, whether a legislative proposal needs to be submitted in order to harmonise, limit or remove those fees or charges. |
| Text proposed by the Commission | Amendment |
|---|---|
| (9) Article 10 is replaced by the following: | deleted |
| ‘Article 10 | |
| Publication of competent authorities’ arrangements concerning fees or charges on ESMA’s website | |
| 1. In relation to the fees or charges referred to in Article 9(1), ESMA shall publish and maintain up-to-date information on its website, which shall include at least the following: | |
| (a) a list of competent authorities accompanied by an indication of whether fees or charges referred to in Article 9(1) are levied; | |
| (b) for each competent authority that imposes fees or charges as referred to in Article 9(1), the following information shall be provided: | |
| (a) the amount of applicable fees, including the applied fee structure; | |
| (b) the frequency and timing of such fees or charges; | |
| (c) the means and instructions of the payment of such fees or charges; | |
| (d) any other information that an AIFM, EuVECA manager, EuSEF manager and UCITS would require in order to ensure the accurate and timely payment of the fees or charges in accordance with the national rules and procedures of each competent authority. | |
| 2. Where fees or charges are levied by competent authorities in accordance with Article 9(1), AIFMs, EuVECA managers, EuSEF managers and UCITS shall arrange the payment of such fees or charges in accordance with the information provided on the website of ESMA as referred to in paragraph 1. | |
| 3. Competent authorities shall be responsible to provide ESMA with the information referred to in paragraph 1, including any updates thereof, in a timely manner and on an ongoing basis. | |
| 4. ESMA shall not be accountable for any incomplete or inaccurate information in respect of fees or charges on its website.;’ |
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. ESMA shall assess the technical and legal feasibility of establishing a common reference or payment functionality which enables AIFMs, EuVECA managers, EuSEF managers and UCITS to identify, calculate and pay host Member States’ fees or charges through a single point of access, without prejudice to the national ownership of those fees or charges. |
| Text proposed by the Commission | Amendment |
|---|---|
| [...] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where Union financial services legislation provides for supervisory data to be transmitted to the data platform, financial market participants shall submit such information only to their home competent authority. The home competent authority shall remain responsible for verifying the completeness, quality and accuracy of that information before transmitting the validated information to the platform. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. Information contained in the data platform shall be accessible only to ESMA and to competent authorities or other authorities entitled to receive such information under Union law and only to the extent necessary for the exercise of their respective responsibilities. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4b. Where supervisory information required to be exchanged between competent authorities pursuant to Union law has been made available through the data platform, competent authorities shall rely on the information available through the platform for the purposes of fulfilling those obligations, without prejudice to requests for supplementary information where necessary. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5a. ESMA shall use the information gathered in the data platform to monitor market trends and distribution patterns that may indicate restricted choice for end-investors or a reduction in market diversity. ESMA shall share relevant data with the Commission’s departments responsible for competition to support the identification of potential anti-competitive practices within the single market. | |
| Based on the data collected in the platform, ESMA shall publish annual, anonymized statistics broken down by Member State on fund fees and distribution patterns. Those statistics shall specifically highlight instances of significant cost divergence to ensure that the benefits of market integration and scale effectively reach end-investors. |
This amendment utilizes the centralized data platform to establish a technical monitoring framework for cross-border fund distribution and fee structures. It enables ESMA to identify distribution patterns that may restrict investor choice or indicate market concentration, facilitating data sharing with the Commission's competition departments. Furthermore, the publication of anonymized annual statistics on fees and distribution highlights cost divergences between Member States. This mechanism ensures that the platform supports transparency and market diversity, providing a factual basis to assess whether market integration effectively reduces costs for end-investors.
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Where an AIFM or UCITS markets the units of an AIF or UCITS in a host Member State, it shall provide to investors within the territory of such Member State all information and documents which it is required to provide to investors in its home Member State pursuant to Chapter IX of Directive 2009/65/EC and Article 23 of Directive 2011/61/EU. | 1. Where an AIFM or UCITS markets the units or shares of an AIF or UCITS in a host Member State, it shall provide to investors within the territory of such Member State all information and documents which it is required to provide to investors in its home Member State pursuant to Chapter IX of Directive 2009/65/EC and Article 23 of Directive 2011/61/EU. |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) information or documents other than that referred to in point (a) shall be translated into a language customary in the sphere of international finance; | (b) where the information or documents are drafted in a language that is not an official language in the host Member State, information or documents other than that referred to in point (a) shall be translated into a language customary in the sphere of international finance; |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. The requirements set out in points (a) to (c) of paragraph 2 shall also be applicable to any material changes to the information and documents referred to therein. | 3. The requirements set out in paragraph 1 shall also be applicable to any changes to the information and documents referred therein. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. All information and documents required to be provided under this Article to investors shall be provided in electronic format, except where a retail investor has requested to receive the information or document on paper, in which case that information shall be provided on paper, free of charge. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from paragraph 1, the competent authorities of the UCITS host Member State shall be competent to supervise the compliance of UCITS marketed in their territory with the requirements set out in Articles 12a and 17b of this Regulation and with provisions falling outside the field governed by this Regulation and by Directive 2009/65/EC. | By way of derogation from paragraph 1, the competent authorities of the UCITS host Member State shall be competent to supervise the compliance of UCITS marketed in their territory with the requirements set out in Articles 4, 12a and 17b of this Regulation and with provisions falling outside the field governed by this Regulation and by Directive 2009/65/EC. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the host Member State of the UCITS may require a UCITS marketed in their territory to provide the information necessary for the supervision of the UCITS compliance with the applicable rules for which those competent authorities are responsible, as referred to in the first subparagraph. | The competent authorities of the host Member State of the UCITS may request the information strictly necessary to supervise compliance with the applicable rules for which they are responsible in accordance with the first subparagraph. That request shall be specific, proportionate and reasoned, and, whenever possible, shall be sent through the data platform referred to in Article 12 or through the competent authority of the home Member State. Information which is already available on the data platform shall not be requested, except when it needs to be updated on duly justified grounds. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from the second subparagraph, where the competent authorities of the UCITS host Member State are of the opinion that a UCITS does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they are to prevent any further marketing of that UCITS in their territory, they shall refer the matter to ESMA which shall act in accordance with the powers referred to in point (b) of Article 14c(4). | The host NCA may require the management company to take corrective actions regarding marketing communications. The required actions are immediately effective and are notified within two business days via the ESMA platform to the home NCA and to ESMA. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from the second subparagraph, where the competent authorities of the UCITS host Member State are of the opinion that a UCITS does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they are to prevent any further marketing of that UCITS in their territory, they shall refer the matter to ESMA which shall act in accordance with the powers referred to in point (b) of Article 14c(4). | By way of derogation from the second subparagraph, where the competent authorities of the UCITS host Member State are of the opinion that a UCITS does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they are to prevent any further marketing of that UCITS in their territory, they shall refer the matter to the UCITS home Member State.. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the UCITS home Member State decide to withdraw the authorisation, or to suspend the issue, repurchase or redemption of the units of a UCITS, in accordance with the competencies laid down in paragraph 1, they shall communicate those decisions without delay to ESMA through the data platform referred to in Article 12. | Where the competent authorities of the UCITS home Member State decide to withdraw the authorisation, or to suspend the issue, repurchase or redemption of the units of a UCITS, in accordance with the competencies laid down in paragraph 1, they shall, without delay, communicate those decisions to the UCITS host Member State. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the UCITS host Member State shall immediately receive a notification from the data platform indicating the decisions referred to in the first subparagraph. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the UCITS home Member State are competent to supervise the UCITS in accordance with paragraph 1, the competent authorities of the UCITS host Member State that have clear and demonstrable grounds for considering that a UCITS, the units of which are marketed within the territory of that Member State, is in breach of the obligations arising from this Regulation or the provisions adopted pursuant to Directive 2009/65/EC, shall refer those findings to ESMA through the data platform referred to in Article 12. | Where the competent authorities of the UCITS home Member State are competent to supervise the UCITS in accordance with paragraph 1, the competent authorities of the UCITS host Member State that have clear and demonstrable grounds for considering that a UCITS, the units of which are marketed within the territory of that Member State, is in breach of the obligations arising from this Regulation or the provisions adopted pursuant to Directive 2009/65/EC, shall refer those findings to the competent authorities of the UCITS home Member State. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the UCITS home Member shall immediately receive a notification from the data platform indicating the findings referred to in the first subparagraph and shall, without undue delay, take appropriate measures to remedy the situation. | The competent authorities of the UCITS home Member shall, without undue delay, take appropriate measures to remedy the findings referred to in the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the UCITS host Member State may, where they have reasonable grounds for doing so, specifically request the competent authorities of the UCITS home Member State to exercise, without delay, powers pursuant to Article 98(2) of Directive 2009/65/EC, other than point (j) of that paragraph, specifying the reasons for their request in as specific a manner as possible and informing ESMA through the data platform referred to in Article 12 and, where there are potential risks to the stability and integrity of the financial system, the ESRB thereof. | The competent authorities of the UCITS host Member State may, where they have reasonable grounds for doing so, specifically request the competent authorities of the UCITS home Member State to exercise, without delay, powers pursuant to Article 98(2) of Directive 2009/65/EC, other than point (j) of that paragraph, specifying the reasons for their request in as specific a manner as possible and, where there are potential risks to the stability and integrity of the financial system, the ESRB thereof. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. Upon being informed in accordance with the third subparagraph of paragraph 5, the competent authorities of the UCITS home Member State shall, without undue delay, inform ESMA through the data platform referred to in Article 12, and, if there are potential risks to the stability and integrity of the financial system, the ESRB, of the powers exercised to remedy the situation identified by the competent authorities of the UCITS host Member State and of their findings. | deleted |
| The competent authorities of the UCITS host Member State shall immediately receive a notification from the data platform indicating those powers and findings. | |
| ESMA may request the competent authorities to submit to it, without undue delay, explanations in relation to specific cases which raise a serious threat to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union. |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. Where the competent authorities of the UCITS host Member State consider that despite the measures taken by the competent authorities of the UCITS home Member State or because of the absence of measures taken thereof, the UCITS persists in acting in a manner that is clearly prejudicial to the interests of the UCITS host Member State's investors, the competent authorities of the UCITS host Member State shall inform ESMA thereof through the data platform referred to in Article 12 and may request it to act in accordance with the powers referred to under Regulation (EU) No 1095/2010. | deleted |
| The competent authorities of the UCITS home Member State shall immediately receive a notification from the data platform indicating the intention of the UCITS host Member State to request ESMA to resolve the issue pursuant to the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| 8. The competent authorities of the UCITS host Member State may also request the competent authorities of the UCITS home Member State to exercise powers pursuant to Article 84(2), point (b) of Directive 2009/65/EC, specifying the reasons for the request and informing ESMA through the data platform referred to in Article 12 and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof. | 8. The competent authorities of the UCITS host Member State may also request the competent authorities of the UCITS home Member State to exercise powers pursuant to Article 84(2), point (b) of Directive 2009/65/EC, specifying the reasons for the request. If there are potential risks to the stability and integrity of the financial system, the ESRB must also be informed. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the UCITS home Member State do not agree with the request referred to in paragraph 8, they shall inform ESMA through the data platform referred to in Article 12, and, where the ESRB was informed of that request pursuant to paragraph 8, the ESRB thereof, stating the reasons for the disagreement. | Where the competent authorities of the UCITS home Member State do not agree with the request referred to in paragraph 8, they shall inform the competent authorities of the UCITS host Member State indicating the disagreement and the reasons behind it and, where the ESRB was informed of that request pursuant to paragraph 8, the ESRB thereof, stating the reasons for the disagreement. |
| Text proposed by the Commission | Amendment |
|---|---|
| The requesting competent authorities shall immediately receive a notification from the data platform indicating the disagreement of the competent authorities of the UCITS home Member State and the reasons behind it. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 10. On the basis of the information received pursuant to paragraphs 8 and 9, ESMA shall issue without undue delay an opinion to the competent authorities of the UCITS home Member State on the exercise of powers pursuant to Article 84(2), point (b) of Directive 2009/65/EC. | deleted |
| ESMA shall communicate the opinion referred to in the first subparagraph to the competent authorities of the UCITS host Member State. |
| Text proposed by the Commission | Amendment |
|---|---|
| 11. Where the competent authorities of the UCITS home Member State do not agree with ESMA’s opinion referred to in paragraph 10, they shall inform ESMA thereof through the data platform referred to in Article 12 and they shall request ESMA to resolve the issue in accordance with the powers conferred on it under Regulation (EU) No 1095/2010. | deleted |
| The competent authorities of the UCITS host Member State shall immediately receive a notification from the data platform indicating the intention of the UCITS home Member State to request ESMA to resolve the issue pursuant to the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from paragraph 1, the competent authorities of the host Member State of the AIFM shall be competent to supervise the compliance of AIFs marketed in their territory and of AIFMs managing those AIFs with the requirements set out in Article 12a of this Regulation and with provisions falling outside the field governed by this Regulation and Directive 2011/61/EU. | By way of derogation from paragraph 1, the competent authorities of the host Member State of the AIFM shall be competent to supervise the compliance of AIFs marketed in their territory and of AIFMs managing those AIFs with the requirements set out in Article 4 and 12a of this Regulation and with provisions of Directive 2011/61/EU and other provisions falling outside the field governed by this Regulation. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the host Member State of the AIFM may require an AIFM marketing AIFs in their territory to provide the information necessary for the supervision of the AIF’s and AIFM’s compliance with the applicable rules for which those competent authorities are responsible, as referred to in the first subparagraph. | The competent authorities of the host Member State of the AIFM may request the information strictly necessary to supervise the AIF’s and AIFM’s compliance with the applicable rules for which they are responsible in accordance with the first subparagraph. That request shall be specific, proportionate and reasoned, and, whenever possible, shall be sent through the data platform referred to in Article 12 or through the competent authority of the home Member State of the AIFM. Information which is already available on the data platform shall not be requested, except when it needs to be updated on duly justified grounds. |
| Text proposed by the Commission | Amendment |
|---|---|
| However, the competent authorities of the host Member State of the AIFM may take action against that AIFM or against an AIF marketed in their territory if they infringe the laws, regulations and administrative provisions referred to in the first subparagraph of paragraph 2 that are in force in that Member State. | However, the competent authorities of the host Member State of the AIFM may take action against that AIFM and/or against an AIF marketed in their territory if they AIFM and/or AIF infringe the laws, regulations and administrative provisions referred to in the first subparagraph of paragraph 2 that are in force in that Member State. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from the second subparagraph, where the competent authorities of the host Member State of the AIFM are of the opinion that an AIF marketed in their territory or the AIFM that manages it does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they should they should prevent any further marketing of that AIF in their territory, they should refer the matter to ESMA which shall act in accordance with the powers referred to in point (b) of Article 14c(4). | The host NCA may require the management company/AIFM to take corrective actions regarding marketing communications. The required actions are immediately effective and are notified within two business days via the ESMA platform to the home NCA and to ESMA. |
| Text proposed by the Commission | Amendment |
|---|---|
| By way of derogation from the second subparagraph, where the competent authorities of the host Member State of the AIFM are of the opinion that an AIF marketed in their territory or the AIFM that manages it does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they should they should prevent any further marketing of that AIF in their territory, they should refer the matter to ESMA which shall act in accordance with the powers referred to in point (b) of Article 14c(4). | By way of derogation from the second subparagraph, where the competent authorities of the host Member State of the AIFM are of the opinion that an AIF marketed in their territory or the AIFM that manages it does not comply with the requirements referred to in the first subparagraph of paragraph 2 and that for that reason they should they should prevent any further marketing of that AIF in their territory, they should refer the matter to the home Member State of the AIFM. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the home Member State of the AIFM decide to withdraw the authorisation, or to suspend the issue, repurchase or redemption of the units or shares of AIFs marketed in a host Member State, in accordance with the competencies laid down in paragraph 1, they shall communicate those decisions without delay to ESMA through the data platform referred to in Article 12. | Where the competent authorities of the home Member State of the AIFM decide to withdraw the authorisation, or to suspend the issue, repurchase or redemption of the units or shares of AIFs marketed in a host Member State, in accordance with the competencies laid down in paragraph 1, they shall communicate those decisions without delay to the host Member State of the AIFM. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the host Member State of the AIFM shall immediately receive a notification from the data platform indicating the decisions referred to in the first subparagraph. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the home Member State of the AIFM are competent to supervise the AIFM and the AIFs marketed in their territory in accordance with paragraph 1, the competent authorities of the host Member State of the AIFM that have clear and demonstrable grounds for believing that an AIFM marketing units or shares of AIFs within the territory of that Member State is in breach the obligations arising from this Regulation or the provisions adopted pursuant to Directive 2011/61/EU shall refer those findings to ESMA through the data platform referred to in Article 12. | Where the competent authorities of the home Member State of the AIFM are competent to supervise the AIFM and the AIFs marketed in their territory in accordance with paragraph 1, the competent authorities of the host Member State of the AIFM that have clear and demonstrable grounds for believing that an AIFM marketing units or shares of AIFs within the territory of that Member State is in breach the obligations arising from this Regulation or the provisions adopted pursuant to Directive 2011/61/EU shall refer those findings to the competent authorities of the home Member State of the AIFM. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the home Member State of the AIFM shall immediately receive a notification from the data platform indicating the findings referred to in the first subparagraph and shall, without undue delay, take appropriate measures to remedy the situation. | The competent authorities of the home Member State of the AIFM, without undue delay, take appropriate measures to remedy the findings referred to in the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| The competent authorities of the host Member State of the AIFM may, where they have reasonable grounds for doing so, specifically request the competent authorities of the home Member State of the AIFM to exercise, without delay, powers pursuant to Article 46(2) other than point (j) and Article 48 of Directive 2011/61/EU, specifying the reasons for their request in as specific a manner as possible and informing ESMA through the data platform referred to in Article 12 and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof. | The competent authorities of the host Member State of the AIFM may, where they have reasonable grounds for doing so, specifically request the competent authorities of the home Member State of the AIFM to exercise, without delay, powers pursuant to Article 46(2) other than point (j) and Article 48 of Directive 2011/61/EU, specifying the reasons for their request in as specific a manner as possible. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. Upon being informed pursuant to the third subparagraph of paragraph 5, the competent authorities of the home Member State of the AIFM shall, without undue delay, inform ESMA through the data platform referred to in Article 12, and, if there are potential risks to the stability and integrity of the financial system, the ESRB, of the powers exercised to remedy the situation identified by the competent authorities of the host Member State of the AIFM and of their findings. | deleted |
| The competent authorities of the host Member State of the AIFM shall immediately receive a notification from the data platform indicating those powers and findings. | |
| ESMA may request the competent authorities to submit to it, without undue delay, explanations in relation to specific cases which raise a serious threat to investor protection, to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system in the Union. |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. Where the competent authorities of the host Member State of the AIFM believe that despite the measures taken by the competent authorities of the home Member State of the AIFM or because of the absence of measures taken thereof, the AIFM marketing an AIF in their territory or the AIF persists in acting in a manner that is clearly prejudicial to the interests of the host Member State's investors, the competent authorities of the host Member State of the AIFM shall inform ESMA thereof through the data platform referred to in Article 12 and may request it to act in accordance with the powers conferred on it under Regulation (EU) No 1095/2010. | deleted |
| The competent authorities of the home Member State of the AIFM shall immediately receive a notification from the data platform indicating the intention of the host Member State of the AIFM to request ESMA to resolve the issue pursuant to the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| 8. The competent authorities of the host Member State of the AIFM may also request the competent authorities of the home Member State of the AIFM to exercise powers pursuant to Article 46(2), point (j) of Directive 2011/61/EU, specifying the reasons for the request and informing ESMA through the data platform referred to in Article 12 and, if there are potential risks to the stability and integrity of the financial system, the ESRB thereof. | 8. The competent authorities of the host Member State of the AIFM may also request the competent authorities of the home Member State of the AIFM to exercise powers pursuant to Article 46(2), point (j) of Directive 2011/61/EU, specifying the reasons for the request if there are potential risks to the stability and integrity of the financial system, the ESRB must also be informed. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the competent authorities of the home Member State of the AIFM do not agree with the request referred to in paragraph 8, they shall inform ESMA through the data platform referred to in Article 12, and, where the ESRB was informed of that request pursuant to paragraph 8, the ESRB thereof, stating the reasons for the disagreement. | Where the competent authorities of the home Member State of the AIFM do not agree with the request referred to in paragraph 8, they shall inform the competent authorities of the AIFM host Member State indicating the disagreement and the reasons behind it and, where the ESRB was informed of that request pursuant to paragraph 8, the ESRB thereof, stating the reasons for the disagreement. |
| Text proposed by the Commission | Amendment |
|---|---|
| The requesting competent authorities shall immediately receive a notification from the data platform indicating the disagreement of the competent authorities of the home Member State of the AIFM and the reasons behind it. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 10. On the basis of the information received pursuant to paragraphs 8 and 9, ESMA shall issue without undue delay an opinion to the competent authorities of the home Member State of the AIFM on the exercise of powers pursuant to Article 46(2), point (j) of Directive 2011/61/EU. ESMA shall communicate that opinion to the competent authorities of the host Member State of the AIFM. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 11. Where the competent authorities of the home Member State of the AIFM do not agree with ESMA’s opinion referred to in paragraph 10, they shall inform ESMA thereof through the data platform referred to in Article 12 and they shall request ESMA to resolve the issue in accordance with the powers conferred on it under Regulation (EU) No 1095/2010. | deleted |
| The competent authorities of the host Member State of the AIFM shall immediately receive a notification from the data platform indicating the intention of the home Member State of the AIFM to request ESMA to resolve the issue pursuant to the first subparagraph. |
| Text proposed by the Commission | Amendment |
|---|---|
| Article 14c | deleted |
| […] |
| Text proposed by the Commission | Amendment |
|---|---|
| Article 14c | Article 14c |
| Powers of ESMA to address cross-border issues | |
| 1. ESMA shall on an ongoing basis identify diverging, duplicative, redundant and deficient supervisory actions stemming from the home or host competent authorities and hindering the effective exercise of passporting rights by UCITS and AIFs marketed on a cross-border basis in accordance with this Regulation. | |
| 2. For the purpose of paragraph 1, ESMA shall engage with the competent authorities concerned, and, where applicable, collect additional information to identify existing or potential cross-border issues. Where, pursuant to the first subparagraph, ESMA identifies existing or potential cross-border issues its Executive board may issue a decision to take specific supervisory action or to refrain from action, with binding effects for the competent authorities concerned, including on authorisation decisions or their withdrawal, adjustments to authorisation conditions, execution of on-site inspections by national competent authorities or cooperation with joint supervisory teams established and coordinated by ESMA or enforcement actions. | |
| 2a new. Where necessary to ensure compliance with Union law or ensure the orderly functioning and integrity of the financial system or removing market barriers established by national competent authorities, its Executive board may adopt an individual decision addressed to a financial market participant to grant authorisations, enable cross-border business activities or require it to take all necessary action to comply with its obligations under this Directive, including the cessation of any practice. The market participant shall make every effort to comply with the ESMA decision within the specified timeframe. | |
| 3. deleted | |
| 4. ESMA may suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where one of the following conditions are fulfilled: | |
| (a) the competent authorities or stakeholders concerned fail to implement a decision, opinion, recommendation or action adopted or required by ESMA in accordance with paragraph 2 or an opinion issued by the Commission, in accordance with Article 17(4) of Regulation (EU) No 1095/2010; | |
| (b) ESMA has concluded that a UCITS or AIF marketed on a cross-border basis no longer fulfils the requirements of this Regulation, of Directives 2009/65/EC and 2011/61/EU or of Regulations (EU) No 345/2013 and (EU) No 346/2013. | |
| 5. Before suspending the marketing as referred to in paragraph 4, ESMA shall send its draft findings to the UCITS, AIFM, EuVECA manager or EuSEF manager concerned and to the competent authorities of their home Member States. The competent authorities concerned may submit to ESMA a reasoned statement within 30 calendar days of the receipt of the draft findings. | |
| 6. ESMA shall promptly notify the UCITS, AIFM, EuVECA manager or EuSEF manager, as well as the competent authorities of their host Member States of the suspension of the ability to market units or shares of UCITS or AIFs on a crossborder basis. The suspension may start at the date of notification to the UCITS, AIFM, EuVECA manager or EuSEF manager and shall start no later than 30 calendar days following that notification. |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. ESMA shall on an ongoing basis identify diverging, duplicative, redundant and deficient supervisory actions stemming from the home or host competent authorities and hindering the effective exercise of passporting rights by UCITS and AIFs marketed on a cross-border basis in accordance with this Regulation. | 1. On the basis of information available on the data platform referred to in Article 12, information provided by the competent authorities, input from market participants and, where applicable, regular surveys, ESMA shall identify diverging, duplicative, redundant or deficient supervisory actions of the home or host competent authorities that materially hinder the effective exercise of passporting rights by UCITS and AIFs marketed on a cross-border basis in accordance with this Regulation. |
| Text proposed by the Commission | Amendment |
|---|---|
| For the purpose of paragraph 1, ESMA shall engage with the competent authorities concerned, and, where applicable, collect additional information to identify existing or potential cross-border issues. | For the purpose of paragraph 1, ESMA shall engage with the competent authorities concerned, and, where applicable, collect additional information already available to those authorities or to ESMA itself. ESMA shall only request additional information directly from AIFMs, EuVECA managers, EuSEF managers or UCITS when that information is essential and unavailable through other channels, and when the request is proportionate and reasoned. For the purpose of paragraph 1, ESMA shall engage with the competent authorities concerned, and, where applicable, collect additional information to identify existing or potential cross-border issues. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where, despite the corrective actions referred to in paragraph 2 or because the relevant competent authorities fail to implement those corrective actions, the issues identified pursuant to paragraph 2 persist, ESMA shall, without undue delay exercise at least one of the powers conferred on it under Articles 17, 17aaa, 19 or 19a of Regulation (EU) No 1095/2010 in the following cases: | Where, despite the corrective actions referred to in paragraph 2 or because the relevant competent authorities fail to implement those corrective actions, the issues identified pursuant to paragraph 2 persist, ESMA shall, without undue delay exercise at least one of the powers conferred on it under Articles 17, 19 or 19a of Regulation (EU) No 1095/2010 in the following cases: |
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Notwithstanding the actions referred to in paragraph 3, ESMA may suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where one of the following conditions are fulfilled: | deleted |
| (a) the competent authorities or stakeholders concerned fail to implement a decision, opinion, recommendation or action adopted or required by ESMA in accordance with paragraph 3 or an opinion issued by the Commission, in accordance with Article 17(4) of Regulation (EU) No 1095/2010; | |
| (b) ESMA has concluded that a UCITS or AIF marketed on a cross-border basis no longer fulfils the requirements of this Regulation, of Directives 2009/65/EC and 2011/61/EU or of Regulations (EU) No 345/2013 and (EU) No 346/2013. |
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Notwithstanding the actions referred to in paragraph 3, ESMA may suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where one of the following conditions are fulfilled: | 4. Notwithstanding the actions referred to in paragraph 3, ESMA may only suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where that marketing has caused or may imminently cause material damage to market integrity or financial stability and where one of the following conditions are fulfilled: |
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Notwithstanding the actions referred to in paragraph 3, ESMA may suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where one of the following conditions are fulfilled: | 4. Notwithstanding the actions referred to in paragraph 3, ESMA may suspend a UCITS from being marketed in the territory of another Member State or an AIFM, EuVECA manager or EuSEF manager from marketing an AIF in another Member State where such marketing would materially harm market integrity or investor protection and one of the following conditions is fulfilled: |
| Text proposed by the Commission | Amendment |
|---|---|
| (a) the competent authorities or stakeholders concerned fail to implement a decision, opinion, recommendation or action adopted or required by ESMA in accordance with paragraph 3 or an opinion issued by the Commission, in accordance with Article 17(4) of Regulation (EU) No 1095/2010; | (a) the competent authorities or stakeholders concerned fail to implement a decision, opinion, recommendation or action adopted or required by ESMA in accordance with paragraph 3 or an opinion issued by the Commission, in accordance with Article 17(4) of Regulation (EU) No 1095/2010, following a request to do so within a reasonable timeframe; |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) ESMA has concluded that a UCITS or AIF marketed on a cross-border basis no longer fulfils the requirements of this Regulation, of Directives 2009/65/EC and 2011/61/EU or of Regulations (EU) No 345/2013 and (EU) No 346/2013. | (b) ESMA has concluded, on the basis of objective and demonstrable grounds, that a UCITS or AIF marketed on a cross-border basis no longer fulfils the requirements of this Regulation, of Directives 2009/65/EC and 2011/61/EU or of Regulations (EU) No 345/2013 and (EU) No 346/2013 and that the actions of the home or host competent authority are insufficient to avoid such damage. |
| Text proposed by the Commission | Amendment |
|---|---|
| 5. Before suspending the marketing as referred to in paragraph 4, ESMA shall send its draft findings to the UCITS, AIFM, EuVECA manager or EuSEF manager concerned and to the competent authorities of their home Member States. The competent authorities concerned may submit to ESMA a reasoned statement within 30 calendar days of the receipt of the draft findings. | 5. ESMA shall send its draft findings to the UCITS, AIFM, EuVECA manager or EuSEF manager concerned and to the competent authorities of their home Member States. The competent authorities concerned may submit to ESMA a reasoned statement with a remidiation plan related to the company concerned without delay. |
| Text proposed by the Commission | Amendment |
|---|---|
| 6. ESMA shall promptly notify the UCITS, AIFM, EuVECA manager or EuSEF manager, as well as the competent authorities of their host Member States of the suspension of the ability to market units or shares of UCITS or AIFs on a cross-border basis. The suspension may start at the date of notification to the UCITS, AIFM, EuVECA manager or EuSEF manager and shall start no later than 30 calendar days following that notification. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 6a. Any suspension under paragraph 4 shall be proportionate, duly reasoned and limited to the UCITS, AIF, compartment, share class, Member State and time period that are strictly necessary. The initial duration of the suspension shall not exceed three months. ESMA may only extend the duration by means of a new reasoned decision, following a hearing with the UCITS, AIFM, EuVECA manager, EuSEF manager and competent authorities concerned, except in duly justified urgent cases. The suspension itself shall not affect the rights of existing investors, including reporting, repurchase, redemption or distribution obligations provided for in the fund documentation and in the applicable law. |
| Text proposed by the Commission | Amendment |
|---|---|
| 7. ESMA shall publish a report on its activity in accordance with paragraphs 1 to 4 at least annually. | 7. ESMA shall publish a report on its activity in accordance with paragraphs 1 to 3 at least annually. |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. For the purposes of paragraph 1, no additional requirements or administrative procedures shall be imposed on UCITS in respect of the fields governed by this Regulation and by Directive 2009/65/EC. | 2. For the purposes of paragraph 1, no additional requirements, administrative procedures, or fees shall be imposed on UCITS in respect of the fields governed by this Regulation and by Directive 2009/65/EC. |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) where available, the marketing communications referred to in Article 4, accompanied by an attestation from the UCITS that it complies with the requirements of that Article. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 4a. This Article is without prejudice to national regimes applicable to pre-marketing by AIFMs not established in the Union, provided those regimes do not discriminate against Union AIFMs or limit the exercise of the rights set out in this Regulation. |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the EU AIF is a feeder AIF the right to market referred to in the first subparagraph is subject to the condition that the master AIF is also an EU AIF which is managed by an authorised EU AIFM. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (g) where relevant, information on the arrangements established to prevent units or shares of the EU AIF from being marketed to retail investors, including in the case where the AIFM relies on activities of independent entities to provide investment services in respect of the EU AIF; and | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (h) where available, for each EU AIF that the AIFM intends to market, the marketing communications referred to in Article 4, accompanied by an attestation from the AIFM that it complies with the requirements of that Article. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| For the purpose of the procedure set out in this Article, the competent authorities of the home and host Member States shall not request or require any additional documents, certificates or information other than those referred to in paragraphs 2 and 4 of this Article. | 7. For the purpose of the procedure set out in this Article, the competent authorities of the home and host Member States shall not request or require any additional documents, certificates or information other than those referred to in paragraphs 2 and 4 of this Article and shall not impose any fees to AIFMs. |
| Text proposed by the Commission | Amendment |
|---|---|
| […] | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. The fees referred to in paragraph 1 shall only be payable from the date on which the data platform referred to in Article 12 is fully operational and effectively replaces the equivalent national notification channels. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2b. Fees shall be proportionate to the direct cost of the service provided by ESMA and shall not have a deterrent effect on cross-border marketing. Fees shall not be charged for information, documentation or notifications which are already in the possession of ESMA through the data platform. |
Connections
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Sources & citation
Where the facts on this page come from, and how to cite it.
- Data source
- Licensed CC BY 4.0.
- Retrieved
- 25 September 2026
Cite as
European Parliament (2026). “AMENDMENTS 959 - 1211 - Draft report on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union”. Text, 31 July 2026. docId ECON-AM-791136. EU Parl Watch Research. https://news.eu-parl.st-solutions.dev/texts/ECON-AM-791136 (retrieved 25 September 2026). Data: EP Open Data API: document record, https://data.europarl.europa.eu/api/v2/documents/ECON-AM-791136 (CC BY 4.0).
BibTeX
@misc{epw-text-econ-am-791136,
author = {{European Parliament}},
title = {{AMENDMENTS 959 - 1211 - Draft report on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union}},
year = {2026},
date = {2026-07-31},
howpublished = {\url{https://news.eu-parl.st-solutions.dev/texts/ECON-AM-791136}},
url = {https://news.eu-parl.st-solutions.dev/texts/ECON-AM-791136},
urldate = {2026-09-25},
publisher = {EU Parl Watch Research},
note = {Text. docId ECON-AM-791136. Data: EP Open Data API: document record (CC BY 4.0)}
}