29 March 2012

ALDE statement on EMIR’s adoption: EP ensured more choice and efficient services for consumers

In this respect, Ms Bowles continued by referring to amendments tabled by ALDE to ensure open and non-discriminatory access to CCPs and trading venues: "We ensured more transparency around the access requirements to CCPs trading venue, which has laid the groundwork for the Markets in Financial Instruments Directive (MiFID)".

The "principle of fair reasonable and non-discriminatory terms" (FRAND) for granting licensing adopted in EMIR was also a key point. "FRAND terms can be usefully applied in a wide range of financial services, that's why I will be continuing to push for its implementation to achieve openness and competition while respecting legitimate property rights."

"These two important achievements will provide consumers and investors with more choice and efficient services." Moreover, she concluded: "ALDE fought for and won an exemption for pension funds from central clearing, meaning pensioners won't see a reduced return on their pension funds. It is important to ensure this exemption is carried through in the Capital Requirements Regulation with regard to the Credit Valuation Adjustment (CVA) charge."

In line with the need to ensure a further integration of the financial services in the Single Market, the Regulation empowers the recently established European Securities and Markets Authority (ESMA) with a key role in the European OTC derivates market. ESMA will be a member of the colleges supporting national authorities in charge of the supervision of the Central Counterparties (CCPs) operating in several Member States and will have binding mediation power if requested to give its opinion about the authorisation of a CCP establishment.

ALDE coordinator in ECON, Sylvie Goulard (Modem, France), reiterated that: "In the future CCPs should be under the direct supervision of the ESMA, in line with the de Larosière report and the European Supervisory Authorities regulations".

Press release

© ALDE