Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-03-29-Speech-4-317-001"
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"en.20120329.36.4-317-001"2
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"I voted for the proposal for a regulation on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories. The regulation sets out the conditions for authorising CCPs, the criteria for examination to ensure appropriate characteristics for central clearing, and the registration of derivatives in trade repositories where the aggregate information can be used to analyse systemic risks, amongst other things. CCPs are regulated by bank prudential regulators in most Member States, while, at European level, it is the European Banking Authority (EBA) that has the most expertise, making it essential for the European Securities and Markets Authority (ESMA) and the EBA to work closely together. The amendments being proposed by the regulation make some definitions clearer; facilitate certain procedures; help avoid ‘clearing shocks’ and other disproportionate burdens to businesses; suggest the cancellation of the information threshold, given that the clearing threshold provides sufficient assurance; introduce coherent and transparent criteria for regulatory decisions, and clarify the procedures when classifying OTC derivatives and CCPs as eligible for clearing. While promoting the resilience and transparency of derivatives markets, the regulation also intends to maintain the efficiency of these markets for hedging by end-users, whether financial or non-financial. Maintaining the international nature of this market promotes both these objectives when underpinned by cooperation between supervisory authorities and convergent international standards."@en1
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