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SFTR ToolSecurities Financing Transactions Regulation (SFTR)
Article 32

Article 32 - Regulation 2015/2365 (SFTR)

Article 32

Amendments to Regulation (EU) No 648/2012

Regulation (EU) No 648/2012 is amended as follows:

(1)

In Article 2, point (7) is replaced by the following:

‘(7)

“OTC derivative” or “OTC derivative contract” means a derivative contract the execution of which does not take place on a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered to be equivalent to a regulated market in accordance with Article 2a of this Regulation;’.

(2)

The following Article is inserted:

‘Article 2a

Equivalence decisions for the purposes of the definition of OTC derivatives

1.   For the purposes of Article 2(7) of this Regulation, a third-country market shall be considered to be equivalent to a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC where it complies with legally binding requirements which are equivalent to the requirements laid down in Title III of that Directive and it is subject to effective supervision and enforcement in that third country on an ongoing basis, as determined by the Commission in accordance with the procedure referred to in paragraph 2 of this Article.

2.   The Commission may adopt implementing acts determining that a third-country market complies with legally binding requirements which are equivalent to the requirements laid down in Title III of Directive 2004/39/EC and it is subject to effective supervision and enforcement in that third country on an ongoing basis for the purposes of paragraph 1.

Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 86(2) of this Regulation.

3.   The Commission and ESMA shall publish on their websites a list of those markets that are to be considered to be equivalent in accordance with the implementing act referred to in paragraph 2. That list shall be updated periodically.’.

(3)

In Article 81, paragraph 3 is replaced by the following:

‘3.   A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates:

(a)

ESMA;

(b)

EBA;

(c)

EIOPA;

(d)

the ESRB;

(e)

the competent authority supervising CCPs accessing the trade repositories;

(f)

the competent authority supervising the trading venues of the reported contracts;

(g)

the relevant members of the ESCB, including the ECB in carrying out its tasks within a single supervisory mechanism under Council Regulation (EU) No 1024/2013 (*1);

(h)

the relevant authorities of a third country that has entered into an international agreement with the Union as referred to in Article 75;

(i)

supervisory authorities designated under Article 4 of Directive 2004/25/EC of the European Parliament and of the Council (*2);

(j)

the relevant Union securities and market authorities whose respective supervisory responsibilities and mandates cover contracts, markets, participants and underlyings which fall within the scope of this Regulation;

(k)

the relevant authorities of a third country that have entered into a cooperation arrangement with ESMA, as referred to in Article 76;

(l)

the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the Council (*3);

(m)

the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council (*4);

(n)

the Single Resolution Board established by Regulation (EU) No 806/2014;

(o)

competent authorities or national competent authorities within the meaning of Regulations (EU) No 1024/2013 and (EU) No 909/2014 and of Directives 2003/41/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU and, 2014/65/EU, and supervisory authorities within the meaning of Directive 2009/138/EC;

(p)

the competent authorities designated in accordance with Article 10(5) of this Regulation.

(*1)  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63)."

(*2)  Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (OJ L 142, 30.4.2004, p. 12)."

(*3)  Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1)."

(*4)  Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).’."