Changes from report parliamentary committee draft to plenary report

Added1.5.4. Compatibility with the Multiannual Financial Framework and possible synergies with other appropriate instruments

Added1.5.5. Assessment of the different available financing options, including scope for redeployment

Added1.6. Duration and financial impact of the proposal/initiative

Added1.7. Management mode(s) planned

Added2. MANAGEMENT MEASURES

Added2.1. Monitoring and reporting rules

Added2.2. Management and control system(s)

Added2.2.1. Justification of the management mode(s), the funding implementation mechanism(s), the payment modalities and the control strategy proposed

Added2.2.2. Information concerning the risks identified and the internal control system(s) set up to mitigate them

Added2.2.3. Estimation and justification of the cost-effectiveness of the controls (ratio of "control costs ÷ value of the related funds managed"), and assessment of the expected levels of risk of error (at payment & at closure)

Added2.3. Measures to prevent fraud and irregularities

Added3. ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE

Added3.1. Heading(s) of the multiannual financial framework and expenditure budget line(s) affected

Added3.2. Estimated financial impact of the proposal on appropriations

Added3.2.1. Summary of estimated impact on operational appropriations

Added3.2.2. Estimated output funded with operational appropriations

Added3.2.3. Summary of estimated impact on administrative appropriations

Added3.2.4. Compatibility with the current multiannual financial framework

Added3.2.5. Third-party contributions

Added3.3. Estimated impact on revenue

AddedLEGISLATIVE FINANCIAL STATEMENT

AddedFRAMEWORK OF THE PROPOSAL/INITIATIVE

Added1.1. Title of the proposal/initiative

AddedProposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 Text with EEA relevance.

Added1.2. Policy area(s) concerned

AddedInternal Market – Financial Services.

Added1.3. The proposal/initiative relates to:

Addeda new action

Addeda new action following a pilot project/preparatory action

Addedthe extension of an existing action

Addeda merger or redirection of one or more actions towards another/a new action

Added1.4. Objective(s)

Added1.4.1. General objective(s)

AddedPromote financial stability and strengthen the Capital Markets Union (CMU).

Added1.4.2. Specific objective(s)

AddedThis proposal has the following specific objectives to achieve the general objectives for the EU internal market for central clearing services:

Added- Encourage clearing at EU CCPs and reduce excessive reliance on systemic non-EU CCP by building a more attractive and robust EU clearing market.

Added- Ensure that the supervisory framework for EU CCPs is sufficient to manage the risks associated with the interconnectedness of the EU financial system and increasing clearing volumes, in particular in respect to cross-border risks, as these risks could be further amplified as EU clearing markets grow.

AddedExpected result(s) and impact

AddedSpecify the effects which the proposal/initiative should have on the beneficiaries/groups targeted.

AddedThe proposal aims to strengthen the EU clearing market by improving the attractiveness of EU CCPs, encouraging clearing in EU CCPs and enhancing the assessment and management of cross-border risks.

Added1.4.3. Indicators of performance

AddedSpecify the indicators for monitoring progress and achievements.

AddedFor each specific objective the following performance indicators have been set.

AddedImprove the attractiveness of EU CCPs:

Added– Measured by % of contracts cleared by EU clearing participants in EU and third-country CCPs.

Added– Number of new EU CCP products approved.

Added– Time taken on average (number of days) to approve new CCP products and validate model changes.

Added– Number of non-objection procedures completed.

AddedEncourage clearing in EU CCPs:

Added– Average amounts on active accounts at EU CCPs.

Added– Transactions cleared in EU CCPs in different currencies (absolute value and compared to global markets).

Added– Number of clearing members and clients in EU CCPs.

Added– Volume of contracts cleared outside EU CCPs by EU actors or for EU-currency denominated contracts.

AddedEnhancing the assessment of cross-border risks:

Added– Number of opinions issued by ESMA per year.

Added– Number of cases where NCAs deviate from ESMA opinions.

Added– Number of joint supervisory teams established and tasks performed.

Added– Number of times ESMA coordinated information requests or asked.

Added1.5. Grounds for the proposal/initiative