Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-314-500"
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"en.20120329.36.4-314-500"2
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"This initiative features among a wider series of actions carried out globally with the aim of bringing greater stability to the financial system in general, and to the over-the-counter (OTC) derivatives market in particular. As far as non-financial (corporatist) counterparties are concerned, in theory, they will not come under the provisions of this regulation, except when their positions on OTC derivatives reach a threshold regarded as being systemically important. Since it is assumed that, generally speaking, their operations with derivatives have a direct link more with commercial than speculative activities, the relevant positions will not be subject to this regulation. I think that the relevant national authorities should retain responsibility for granting authorisation (which also means rescinding authorisation that has been granted) and for supervision, since they are best placed to examine how central counterparties (CCPs) operate on a daily basis, to carry out regular reviews and to take appropriate action, where necessary. Given the systemic importance of CCPs and the cross-border aspect of their activities, it is important for the European Securities and Markets Authority to play a key role in authorising them."@en1
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