ITRE committee draft opinion on OTC derivatives, central counterparties and trade repositories
07 February 2011
Draftsman Ivailo Kalfin (S&D, BG) has tabled 20 amendments in total to the Commission proposal. In the explanatory statement he expresses his support for the concerns of non-financial corporates.
With a view to concentrate on the need to minimize the systemic risk that may be created by OTC derivatives, the rapporteur suggests to fine tune the provisions related to the nonfinancial companies trying to both assure an appropriate regulation of their OTC derivative trades and to moderate the administrative burden of the regulators and the corporate sector.
The suggested amendments cover:
• make some definitions more clear;
• facilitate some procedures;
• help avoiding "clearing shocks" and other disproportionate burdens to the businesses;
• suggest the cancellation of the information threshold, considering that the clearing threshold provides sufficient assurance;
• introduce more coherent and transparent criteria, related to regulatory decisions;
• make clear the procedures when classifying and declassifying OTC derivatives and counterparties as eligible for clearing.
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