[pic] | COMISIA COMUNITILOR EUROPENE | Bruxelles, 20.10.

2009 COM(2009) 563 final COMUNICARE A COMISIEI CTRE PARLAMETUL EUROPEAN, CONSILIU, COMITETUL ECONOMIC I SOCIAL EUROPEAN, COMITETUL REGIUNILOR I BANCA CENTRAL EUROPEAN

[pic] | COMMISSION OF THE EUROPEAN COMMUNITIES | Brussels, 20.10.2009 COM(2009) 563 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE, THE COMMITTEE OF THE REGIONS AND THE EUROPEAN CENTRAL BANK

Asigurarea unor piee eficiente, sigure i solide pentru Ensuring efficient, safe and sound derivatives instrumentele financiare derivate: aciuni strategice markets: Future policy actions viitoare COMUNICARE A COMISIEI CTRE PARLAMETUL EUROPEAN, CONSILIU, COMITETUL ECONOMIC I SOCIAL EUROPEAN, COMITETUL REGIUNILOR IBANCA CENTRAL EUROPEAN COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE, THE COMMITTEE OF THE REGIONS ANDTHE EUROPEAN CENTRAL BANK

Asigurarea unor piee eficiente, sigure i solide pentru Ensuring efficient, safe and sound derivatives instrumentele financiare derivate: aciuni strategice markets: Future policy actions viitoare (Text cu relevan pentru SEE) 1. INTRODUCERE (Text with EEA relevance) 1. INTRODUCTION

Instrumentele financiare derivate au un rol util n Derivatives play a useful role in the economy: they economie: ele pot fi utilizate pentru a transfera (n can be used to transfer (all or part of) the risks totalitate sau n parte) riscurile inerente activitii inherent to economic activity from economic agents economice de la agenii economici care nu sunt who are not willing to bear them to those who are. dispui s le asume ctre cei care sunt dispui s fac However, they also contributed to the financial acest lucru. Acestea/ele au contribuit ns i la turmoil by allowing leverage to increase and by turbulenele financiare permind creterea efectului interconnecting market participants, a fact which de levier i interconectarea participanilor pe pia, went unnoticed because of the lack of market fapt care a trecut neobservat din cauza lipsei de transparency, resulting from the predominant overtransparen a pieei datorat structurii predominant the-counter (OTC) market structure. Already in July extrabursiere a acesteia. n luna iulie a acestui an this year, the Commission identified four Comisia identificase deja patru instrumente complementary tools to reduce the negative impact complementare de reducere a impactului negativ al of OTC derivatives markets on financial stability: (i) pieelor extrabursiere ale instrumentelor derivate increase standardisation, (ii) use trade repositories, asupra stabilitii financiare: (i) creterea (iii) strengthen the use of Central Counter-party standardizrii, (ii) utilizarea depozitelor de date clearing houses (CCPs), and (iv) increase the use of referitoare la tranzacii, (iii) utilizarea mai intensiv a organised trading venues[1]. The proposed tools caselor de compensare n contraparte central (CPC) have been the subject of a stakeholder consultation i, (iv) utilizarea pe scar mai larg a locurilor de and were debated at a high-level conference on 25 tranzacionare organizate[1]. Instrumentele propuse September 2009[2]. au fost subiectul unei consultri a prilor interesate i au fost dezbtute la o conferin la nivel nalt care a avut loc n 25 septembrie 2009[2]. Prezenta comunicare examineaz punct cu punct principalele deficiene ale organizrii actuale a pieei instrumentelor derivate i se refer att la piaa extrabursier, ct i la instrumentele derivate tranzacionate n locuri de tranzacionare organizate. Ea subliniaz aciunile strategice pe care Comisia This Communication examines one by one the main shortcomings of the current derivatives market organisation as concerns both OTC and derivatives traded on organised trading venues. It outlines the policy actions the Commission intends to take in 2010 to address these problems and thus meet the

intenioneaz s le ntreprind n 2010 pentru a rezolva aceste probleme, rspunznd astfel nevoii de stabilitate i transparen mai mare pe aceste piee, care a fost recunoscut n raportul De Larosire, n concluziile Consiliului European din iunie 2009 i de G20. Toate propunerile legislative i de alt natur care vizeaz punerea n aplicare a orientrilor strategice stabilite mai jos vor face obiectul unei analize de impact corespunztoare. 2. Abordare general Comisia este de prere c trebuie s aib loc o schimbare de paradigm. Punctul de vedere tradiional, conform cruia instrumentele financiare derivate sunt instrumente financiare destinate unei utilizri profesionale, care necesit doar o reglementare lejer, trebuie nlocuit cu o abordare n care legislaia permite pieei s stabileasc n mod corespunztor preul riscurilor. Msurile propuse vor avea drept rezultat trecerea de la o pia de tranzacionare predominant extrabursier i bilateral a instrumentelor financiare derivate la o compensare i tranzacionare mai centralizate.

need for greater stability and transparency in these markets as recognised by the De Larosire report, the June 2009 European Council conclusions and the G20. All legislative and other proposals to give effect to the policy orientations set out below will be subject to appropriate impact assessment.

2. GENERAL APPROACH The Commission believes that a paradigm shift must take place away from the traditional view that derivatives are financial instruments for professional use, for which light-handed regulation was thought sufficient, towards an approach where legislation allows markets to price risks properly. As a result, the proposed measures will shift derivative markets from predominantly OTC bilateral to more centralised clearing and trading.

Diferitele segmente ale pieei instrumentelor derivate The various derivatives market segments differ in au caracteristici diferite n ceea ce privete riscul, their characteristics, namely in terms of risk, modul de funcionare i participanii pe pia. n operational arrangements and market participants. principiu, Comisa estimeaz c, pentru a evita In principle, the Commission believes that a exploatarea de ctre participanii pe pia a comprehensive policy on derivatives is necessary in diferenelor dintre reglementrile referitoare la order to avoid market participants exploiting instrumentele derivate, mai precis arbitrajul de differences in rules, i.e. regulatory arbitrage. reglementare, este necesar o politic global n acest However, where justified, the policy proposals will sector. Propunerile de politic vor ine ns seama pe duly take into account the specificities of the asset deplin, atunci cnd acest lucru este justificat, de class and contracts involved as well the specificities particularitile claselor de active i ale contractelor of the market participants, also striking the right implicate, precum i de particularitile participanilor balance between financial and non-financial pe pia, gsind de asemenea echilibrul just ntre institutions. At the same time the Commission will instituiile financiare i cele nefinanciare. n acelai take into account the specificities of certain timp Comisia va ine seama de particularitile commodity markets, e.g. electricity and gas anumitor piee de materii prime, de exemplu pieele markets, which are particular in their underlying de electricitate i gaz, care au o structur fizic de physical market structure. Considering the risk baz special. innd cont de caracteristicile de risc characteristics of the different market segments, for ale diverselor segmente de pia, eforturile Comisiei s- example, the Commission tackled credit default au concentrat, de exemplu, ntr-o prim faz asupra swaps first[3]. swap-urilor pe riscul de credit ( credit default swaps )[3]. 2.1. Cooperare internaional Piaa instrumentelor derivate este o pia global, iar arbitrajul de reglementare trebuie exclus. Pentru a asigura instituirea unui cadru de reglementare internaional solid i convergent, propunerile de mai jos sunt conforme obiectivului reuniunii G20 din 25 septembrie 2009, care cere ameliorarea pieelor 2.1. International cooperation The market for derivatives is global, and regulatory arbitrage must be excluded. To ensure a robust and convergent international regulatory outcome, the proposals below are in line with the objective outlined in the G20 meeting of 25 September 2009, calling for the improvement of OTC derivatives

extrabursiere ale instrumentelor financiare derivate[4]. Pentru a asigura implementarea consecvent a acestor politici la nivel mondial, Comisia intenioneaz s precizeze detaliile tehnice n cooperare cu partenerii si din G20, Consiliul pentru Stabilitate Financiar i, n special, cu SUA, care este n plin proces de elaborarea a unei noi abordri pentru pieele instrumentelor financiare derivate. 2.2. Instituii nefinanciare Sarcina sistemului financiar este de a canaliza fondurile de la deponeni spre proiecte de investiii i prin repartizarea mai larg a riscurilor. Prin urmare stabilitatea financiar este de o importan vital pentru instituiile nefinanciare. n msura n care firmele nefinanciare au cumprat protecie de la o firm financiar, transfernd astfel riscurile lor n sistemul financiar, n perioada de dinainte de criz ele au beneficiat n general de o subevaluare a riscului. Prin declinul sever al activitii economice, ele au devenit, la rndul lor, victime ale crizei financiare. Instituiile nefinanciare fac, aadar, parte din reeaua de interdependene creat de contractele pe instrumente derivate i, ca atare, ar beneficia de pe urma politicilor descrise mai jos viznd reducerea riscului de contraparte i creterea transparenei.

markets[4]. In order to ensure a coherent implementation of these policies across the globe, the Commission intends to further develop the technical details in cooperation with its G20 partners, the Financial Stability Board, and in particular with the US, which is also in the process of designing a new approach to derivatives markets. 2.2. Non-financial institutions The task of the financial system is to channel funds from savers to investment projects, also by allowing for wider risk sharing. Non-financial institutions therefore have a vital interest in financial stability. Inasmuch as non-financial firms have bought protection from a financial firm and in so doing have transferred their risks into the financial system, they have generally benefited from the underpricing of risk in the build-up phase of the crisis. Through the severe decline in economic activity, they have also fallen victim of the financial crisis. Thus, nonfinancial institutions are part of the web of mutual dependence created by derivatives contracts and, as such, they would benefit from the policies aiming at reducing counterparty credit risk and increasing transparency outlined below.

Comisia recunoate rolul esenial al instrumentelor The Commission recognises the vital role of financiare derivate n acoperirea riscurilor care rezult derivatives in hedging the risks that result from din activitatea normal a ntreprinderilor. n timp ce normal business operations. While most hedging majoritatea acoperirilor mpotriva riscurilor trebuie n should, in principle, be achieved through nonprincipiu s se realizeze prin instrumente derivate customised/standard derivatives, tailor-made nepersonalizate/standard, instrumentele financiare derivatives will still be necessary. Accordingly, the derivate personalizate vor fi nc necesare. n Commission does not want to limit the economic consecin, Comisia nu dorete s limiteze termenii terms of derivative contracts, neither to prohibit the economici ai contractelor pe instrumente derivate, nici use of customised contracts nor to make them s interzic utilizarea contractelor personalizate i nici excessively costly for non-financial institutions. ca acestea s devin excesiv de scumpe pentru However, the function of prices to allocate resources instituiile nefinanciare. Funcia preurilor de alocare a must be restored: derivatives should be resurselor trebuie ns restabilit: preul appropriately priced in relation to the systemic risk instrumentelor derivate trebuie stabilit n funcie de they entail, in order to avoid those risks being riscurile sistemice pe care le implic, pentru a evita ca ultimately passed on to taxpayers. Strengthening aceste riscuri s fie n cele din urm transferate financial stability in this way will make severe contribuabililor. Consolidnd stabilitatea financiar n economic crises less likely in the future and put acest mod, devine mai mic probabilitatea apariiei n Europe on a more sustainable growth path. viitor a unor crize financiare att de severe, iar Europa se nscrie pe o traiectorie de cretere mai sustenabil. Costul consolidrii infrastructurii pieei extrabursiere a instrumentelor derivate nu trebuie s fie suportat de ctre contribuabili, ci de ctre cei care beneficiaz n mod direct de pe urma utilizrii instrumentelor derivate. Cea mai mare parte a acestui cost va fi suportat de societile financiare, dar s-ar putea ca o The cost of strengthening the market infrastructure for OTC derivatives should not be carried by the taxpayer but by those who directly enjoy the economic benefit from using derivatives. The larger part of that cost will be borne by financial firms, but some of it can be expected to fall on non-financial

parte a acestuia s revin instituiilor nefinanciare. Costurile acestea ar trebui ns s scad progresiv: cu ct se utilizeaz mai mult infrastructurile pieei centrale, cu att va fi mai mic costul pe utilizator datorit efectului de reea. n plus, este foarte probabil ca sectorul societilor nefinanciare s devin principalul beneficiar al propunerii referitoare la transparen din seciunea 5.

institutions. However, it is expected that the costs will decrease over time: the more widely central market infrastructures are used, the lower the costs per user will become, as network effects come into play. Moreover, the non-financial corporate sector is likely to be the main beneficiary of the proposals on transparency made in section 5.

nainte de finalizarea propunerilor sale Comisia va The Commission will carry out impact assessments efectua evaluri ale impactului. Acestea vor ine before finalising its proposals. These will take into seama de toate elementele prezentate de ctre prile account all stakeholders' evidence about the costs interesate referitoare la costurile i beneficiile and benefits of the policy orientations set out below, orientrilor strategice descrise mai jos, pentru a fi in order to set them in proportion to the risks to proporionale cu riscurile contribuabililor, deoarece taxpayers, recognising that most non-financial majoritatea instituiilor nefinanciare nu prezint o institutions are not of systemic importance. importan sistemic. n vederea promovrii competitivitii i creterii industriei europene, Comisia va depune eforturi pentru a garanta c toate opiunile strategice viitoare vor permite instituiilor nefinanciare gestionarea riscurilor inerente activitilor lor. In order to promote competitiveness and growth of the European industry, the Commission will strive to ensure that any future policy option allows nonfinancial institutions to manage the risks inherent to their business.

Obiectivul general de garantare a unor piee mai The overall objectives of safer derivatives markets sigure a instrumentelor financiare derivate nu trebuie should nevertheless not be undermined by ns s fie compromis de existena lacunelor. loopholes. 3. Riscul de contraparte Criza a demonstrat, printre altele, c participanii pe pia nu stabilesc n mod corect riscul de contraparte. Acest risc se atenueaz prin compensare. Compensarea poate avea loc bilateral, ntre dou pri, sau pe o pia central, prin intermediul unei contrapri centrale (CPC), ceea ce implic i garanii corespunztoare. Prin urmare, propunerile de mai jos vizeaz consolidarea compensrii instrumentelor derivate att la nivel central, ct i la nivel bilateral. 3.1. Compensare central: securitate i soliditate 3. COUNTERPARTY CREDIT RISK The crisis has shown, inter alia, that market participants did not price counterparty credit risk correctly. Clearing is the way by which this risk is mitigated. Clearing can either occur bilaterally between the two counterparties or at central market level, by means of a central counterparty (CCP), thus involving appropriate collateralisation. The following proposals therefore aim to strengthen the clearing of derivatives both at central and bilateral level. 3.1. Central clearing: safety and soundness

Comisia a identificat compensarea CPC drept The Commission has identified CCP-clearing as the instrumentul principal de gestionare a riscului de main tool to manage counterparty risks and the G20 contraparte, opinie mprtit i de G20. n shares this view. Currently, CCPs provide services on momentul de fa CPC ofer servicii la nivel european a European basis but remain regulated at national ns sunt reglementate la nivel naional, deoarece nu level, as there is no Community legislation covering exist legislaie comunitar n acest sens[5]. Dei CCPs[5]. While the ESCB-CESR[6] recommendations recomandrile SEBC-CESR[6] au permis iniierea unui have started a process of converging national proces de convergen a abordrilor naionale, ele nu approaches, they are not binding. In view of the sunt obligatorii. Avnd n vedere importana sistemic CCPs systemic importance, the Commission intends a CPC, Comisia intenioneaz s propun acte to propose legislation governing their activities so as legislative care s reglementeze activitatea lor pentru to eliminate any discrepancies among national a elimina diferenele dintre legislaiile naionale i a legislations and ensure safety, soundness and asigura securitatea, soliditatea i guvernana proper governance. In its Communication of 3 July corespunztoare a acestora. n comunicarea sa din 3 2009, the Commission also noted that there are iulie 2009, Comisia a subliniat, de asemenea, faptul c strong reasons for CCP clearing being located in

exist motive ntemeiate, rezultnd din preocupri referitoare la reglementare, supraveghere i politic monetar, pentru a localiza compensarea CPC n Europa. n ziua de azi n Europa exist numeroase CPC, ns crearea unui cadru de reglementare i supraveghere clar va contribui n mod semnificativ la creterea numrului lor. CPC-urile ofer servicii pentru mai multe categorii de active, cum ar fi aciunile, obligaiunile sau instrumentele derivate (cotate la burs sau extrabursiere). Prin urmare, elaborarea unei legislaii care s reglementeze activitatea acestora referitoare doar la o singur clas de active nu ar fi judicioas. Viitoarea propunere legislativ referitoare la CPC-uri va acoperi aceeai gam de instrumente financiare ca i directiva MiFID, pentru a asigura coerena de-a lungul lanului valoric i a evita lacunele. Prin urmare, Comisia va propune o legislaie de reglementare a activitii CPC care s acopere urmtoarele aspecte principale: 1. Desfurarea activitii i guvernan (de exemplu msuri n materie de conflicte de interese, acces, transparena riscurilor i procedurilor, continuitatea activitii i nivelurile minime de expertiz). 2. Reguli care s garanteze c CPC-urile nu utilizeaz standarde de gestionare a riscului prea laxiste. n acest sens, ar putea s fie necesar ca Autoritatea european pentru valori mobiliare i piee (ESMA) s elaboreze norme tehnice de aplicare a regulilor din actul legislativ de baz pentru a garanta c participanii la CPC vor beneficia de cea mai mic cerin de capital posibil pentru riscul de contraparte la contractele compensate central, conform regimului n curs de finalizare al Comitetului de la Basel. Avnd n vedere rolul cheie pe care l joac n gestionarea riscurilor, CPC-urile trebuie s fie supuse unor cerine adecvate de capital. 3. Protecia juridic a garaniilor i poziiilor furnizate de clienii membrilor CPC pentru a ncuraja utilizarea compensrii centrale de ctre o gam ct mai larg de participani pe pia. Normele trebuie s asigure separarea activelor i transferabilitatea activelor i poziiilor clienilor.

Europe, relating to regulatory, supervisory and monetary policy concerns. Today many CCPs are located in the EU but the setting-up of a clear regulatory and supervisory framework will significantly contribute to this.

CCPs provide services for several asset classes, be it cash equities, fixed income or derivatives (listed or OTC). It would accordingly be incoherent to draft legislation governing their activities in one asset class only. Instead, the forthcoming legislative proposal on CCPs will cover the same range of financial instruments as MiFID, so as to achieve consistency across the value chain and avoid loopholes. The Commission will therefore propose legislation governing CCP activity covering the following key requirements:

1. Conduct of business and governance (e.g. measures to address conflicts of interest, access, transparency of risks and procedures, business continuity, and minimum standards of expertise). 2. Rules to ensure that CCPs do not employ low riskmanagement standards . This may require the European Securities Markets Authority (ESMA), in applying the rules provided in the basic legislative act, to develop technical standards, so as to ensure that CCP participants will benefit from the lowest possible regulatory capital charge for counterparty credit risk of centrally-cleared contracts, following the regime currently being finalised by the Basel Committee. In view of their key role in managing risks, CCPs should be subject to adequate capital requirements. 3. Legal protection to collateral and positions provided by clearing members' customers, so as to encourage a wide range of market participants to use central clearing. The rules should ensure segregation of assets and portability of client assets and positions.

4. Autorizaia acordat n temeiul acestei propuneri va 4. Authorisation granted, under this proposal will permite CPC-urilor s i presteze serviciile n toate allow CCPs to provide their services in all Member statele membre. Pentru a evita dubla verificare i a States. In order to avoid double scrutiny and to consolida ncrederea reciproc ntre autoriti, Comisia foster mutual trust between authorities, the este de prere c Autoritatea european pentru valori Commission believes the European Securities and mobiliare i piee (ESMA) trebuie s acorde CPC-urilor Markets Authority (ESMA) should give CCPs autorizaia de a funciona n UE. n vederea asigurrii authorisation to operate in the EU. With a view to unei supravegheri continue adecvate la nivel ensure adequate on-going supervision at European european, Comisia dorete mprirea level, the Commission will seek an appropriate

corespunztoare a responsabilitilor ntre ESMA i allocation of responsibilities between ESMA and autoritile naionale de supraveghere. Avnd n national supervisory authorities. This may include vedere natura specific i, n special, activitatea pan- the possibility to grant ESMA direct supervisory european a CPC-urilor, acest lucru ar putea implica i powers in view of the specific nature and in acordarea de competene directe de supraveghere particular the pan-European reach of CCPs. Autoritii europene pentru valori mobiliare i piee. Alternatively, recognizing the potential or contingent innd seama de responsabilitile poteniale sau liabilities that may be involved, it might be contingente care ar putea aprea, alternativa ar fi appropriate for on-going supervision to be entrusted ncredinarea, n cadrul ESMA, a supravegherii within ESMA to a college of supervisors from the continue unui colegiu de supraveghetori din statele Member States most directly affected. membre cele mai direct afectate. 5. ESMA trebuie, de asemenea, s ajute Comisia n 5. ESMA should also assist the Commission in elaborarea deciziilor de recunoatere a CPC-urilor din preparing decisions for recognising third country ri tere care sunt supuse unei supravegheri i CCPs that are subject to comparable, reglementri comparabile i la fel de cuprinztoare, comprehensive supervision and regulation, in order analiznd cererile de acces pe pia ale furnizorilor din to assess requests for market access from third ri tere pe baza preocuprilor legate de country providers on the basis of prudential prudenialitate. concerns. 3.2. Garaniile n compensarea bilateral Dac ntr-o lume ideal toate instrumentele financiare derivate ar fi compensate central, n realitate nu toate aceste instrumente sunt adaptate unei asemenea compensri. Unele produse pot fi prea personalizate, n timp ce altele s-ar putea s nu fie destul de lichide pentru a fi compensate central. Asemenea contracte vor continua s fie compensate bilateral, prile schimbnd garanii pentru a-i acoperi expunerea. Nivelul actual al garaniilor este ns foarte sczut i nu reflect riscul pe care tranzaciile cu instrumentele derivate compensate bilateral l prezint pentru sistemul financiar n momentul n care ating o anumit mas critic. Societile financiare trebuie s dein garanii mai mari pentru a-i acoperi riscul de credit. Comisia va propune o legislaie care s impun societilor financiare (de exemplu instituiilor de credit, firmelor de investiii, societilor de gestionare a investiiilor) furnizarea unei marje iniiale (n funcie de caracteristicile contraprii) i a unei marje de variaie (schimbarea valorii contractului). Aceste cerine ar reprezenta i un stimulent pentru utilizarea compensrii centrale deoarece ar reduce avantajul economic al furnizrii unei garanii mult prea mici comparativ cu cerinele stricte n materie de garanii ale CPC. 3.2. Collateralisation in bilateral clearing While in an ideal world all derivatives should be centrally cleared, in reality not all of them are suitable for this. Some products may be too customised, whereas other products may not be liquid enough for central clearing. Such contracts will continue to be cleared bilaterally with counterparties exchanging collateral to cover their exposure. However, current collateral levels are too low and do not reflect the risk that bilaterallycleared derivatives trades pose to the financial system when they reach a certain critical mass. Financial firms need to hold a larger amount of collateral to cover their credit exposure.

The Commission will propose legislation requiring financial firms (e.g. credit institutions, investment firms, investment management companies) to post initial margin (specific to counterparty characteristics) and variation margin (the change in the value of a contract). These requirements would also provide an incentive to use central clearing, as it would reduce the economic advantage of providing too little collateral compared with the strict collateral demands made by CCPs.

Cu excepia cazului de nendeplinire a obligaiilor, Except in the event of default, exchanging collateral schimbul de garanii nu afecteaz venitul net al unei does not impact on the net income of an entity. entiti. S-ar putea ns ca societile nefinanciare Non-financial corporate users of derivatives, care utilizeaz instrumente derivate s nu fie dispuse however, may not want to provide cash collateral s furnizeze garanii n numerar pentru marja de for variation margin, as it might constrain their variaie, deoarece acest lucru ar avea un efect negativ liquidity. This would expose their financial asupra lichiditilor lor. n acest caz, contrapartea counterparty to credit risk, which it will have to

financiar ar fi expus la riscul de credit, pe care va manage with its client. Variation-margin trebui s l gestioneze cu clientul su. Cerina de requirements, if needed for non-financial firms, marj de variaie, n cazul n care este necesar should be tailored in such a way that they do not pentru societile nefinanciare, trebuie conceput n undermine the corporate sector's ability to use aa fel nct s nu compromit capacitatea societilor derivatives for transferring risk, especially in the de a utiliza pentru transferul riscurilor instrumentele case of companies whose use of derivatives is below derivate, n special n cazul societilor n care a given threshold. On the other hand, awarding utilizarea instrumentelor derivate se situeaz sub un special treatment for non-financial firms could anumit prag. Pe de alt parte, acordarea unui create loopholes which would enable financial firms tratament special societilor nefinanciare ar putea to engage in regulatory arbitrage. Any possible crea lacune care ar permite societilor financiare exemptions should be designed in such a way that realizarea unui arbitraj de reglementare. Orice eliminates any potential for abuse. eventual exceptare trebuie conceput n aa fel nct s nu permit niciun abuz. 3.3. Cerinele de capital n compensarea bilateral n comunicarea sa din luna iulie Comisia a analizat posibilitatea supunerii contractelor care nu sunt compensate la nivel central unor cerine mai mari de capital. n urma reuniunii G20 de la Pittsburgh, acesta a devenit un principiu acceptat la nivel mondial. Cerinele mai mari de capital ar reflecta riscul mai mare pe care asemenea contracte l reprezint pentru sistemul financiar. Deoarece aceste cerine de capital se aplic dup schimbul bilateral de garanii i compensarea expunerilor, aceast abordare ar reprezenta un stimulent suplimentar pentru ca participanii pe pia s tranzacioneze o gam mai mare de produse prin compensare central. Comisia se va asigura aadar c normele vor face o distincie clar ntre riscul de contraparte mai sczut al contractelor compensate de o CPC i riscul de contraparte mai ridicat al contractelor compensate bilateral, . Principala msur care poate fi luat n acest sens este mrirea diferenei dintre cerinele de capital pentru contractele compensate central i cele compensate bilateral din directiva privind cerinele de capital[7]. Schimbrile trebuie s fie consecvente cu abordarea definit de Comitetul de supraveghere bancar de la Basel, forumul global n materie de norme internaionale de capital pentru bnci, pentru a nu denatura concurena i a limita posibilitile de utilizare a arbitrajului de reglementare. Comisia va coopera cu partenerii si pentru a asigura obinerea unui acord i va face tot posibilul pentru a propune n cursul anului 2010 modificarea directivei privind cerinele de capital conform principiilor enunate mai sus. 3.4. Obligativitatea compensrii centrale 3.3. Capital charges on bilateral clearing In its July Communication, the Commission explored the idea that non-centrally cleared contracts be subject to higher capital requirements. Following the G20 meeting in Pittsburgh, this has now become an internationally accepted principle. Higher capital requirements would reflect the higher risk that such contracts pose to the financial system. Since these capital charges apply after bilateral collateral exchange and netting of exposures, this approach would further strengthen the incentive for market participants to put a wider range of products onto central clearing. The Commission will therefore ensure that the rules properly distinguish between, on the one hand, the lower counterparty credit risk of contracts that are cleared on a CCP, and the higher counterparty credit risk of those where clearing is done bilaterally. The primary way by which this can be done is to widen the difference of the capital charges between centrally-cleared and bilaterally-cleared contracts contained in the Capital Requirements Directive (CRD)[7]. These changes should be consistent with the approach outlined by the Basel Committee on Banking Supervision, the global forum for international capital rules for banks, so as not to distort competition and to limit the potential for regulatory arbitrage. The Commission will work with its partners to ensure that an agreement is reached and will do its utmost to be able to propose amendments to the CRD, along the above lines, in 2010. 3.4. Mandating central clearing

n afar de cerinele de capital pentru produsele care On top of capital charges for non-centrally cleared nu sunt compensate central, Comisia intenioneaz s products, the Commission intends to propose

propun obligativitatea compensrii prin CPC a instrumentelor derivate standardizate, n conformitate cu declaraia G20. n vederea elaborrii propunerilor detaliate Comisa va coopera cu partenerii si din G20, n special cu SUA, pentru a gsi soluii ambiioase la problemele practice legate de aplicarea acestei cerine. Este vorba n special de determinarea contractelor care pot fi considerate standardizate n vederea compensrii centrale. n timp ce contractele standardizate trebuie s devin o regul, contractele nestandardizate trebuie, de asemenea, supuse unei supravegheri mai atente. 4. riscul operaional

making it mandatory to clear standardised derivatives through CCPs, in line with the G20 declaration. When developing its detailed proposals, the Commission will work with its partners in the G20, and notably the US, to achieve ambitious solutions to the practical issues related to making the requirement operational. This involves, in particular, defining which contracts can be regarded as standardised for central clearing. While standardised contracts should become the norm, non-standardised contracts should also be subject to more in-depth oversight by supervisors. 4. OPERATIONAL RISK

Riscul operaional se refer la pierderile rezultate din Operational risk relates to losses resulting from procese interne inadecvate sau disfuncionale sau din inadequate or failed internal processes, or from evenimente externe i include un risc juridic. Piaa a external events, and includes legal risk. The market depus eforturi n vederea reducerii riscului has been making efforts to reduce operational risk. operaional. De exemplu, practicile de pe pia au dus For example, market practice has generated la elaborarea unei documentaii juridice standard standard legal documentation for a considerable pentru o parte important a pieei instrumentelor part of the derivatives market. Moreover, market financiare derivate. Mai mult, participanii pe pia au participants have gradually moved to electronic trecut treptat la procesarea electronic a tranzaciilor. processing of trades. These ongoing efforts are Este foarte probabil ca aceste eforturi s fie likely to be boosted by the mandatory use of data accentuate prin utilizarea obligatorie a depozitelor de repositories and the widening use of central date i utilizarea tot mai larg a compensrii centrale. clearing. These efforts will result in more Rezultatul va fi o mai mare standardizare a standardisation of contracts in terms of electronic contractelor n ceea ce privete procesarea electronic processing and standard legal terms (without i clauzele juridice standard (fr ca acest fapt s affecting the economic terms of the contracts), afecteze termenii economici ai contractului), ceea ce which will also facilitate central clearing. va facilita compensarea central. Comisia consider ns c eforturile sectorului ndreptate spre reducerea riscurilor operaionale trebuie nmulite. n acest sens Comisia intenioneaz s evalueze dac este necesar revizuirea abordrii n materie de risc operaional din directiva privind cerinele de capital n vederea ncurajrii standardizrii contractelor i a procesrii electronice. n plus, se simte nevoia mai multor aciuni colective ale participanilor pe pia. Prin urmare, Comisia, bazndu-se pe succesul grupului de lucru pentru instrumente financiare derivate, va stabili obiective europene ambiioase, cu termene stricte, pentru standardizarea legal i operaional, asigurndu-se, n acelai timp, c eforturile globale iau n considerare particularitile europene astfel nct beneficiile acestora s se fac resimite n ntregime i n Europa. 5. Transparen Piaa extrabursier a instrumentelor financiare derivate a suferit n mod evident de lipsa de transparen a preurilor, tranzaciilor i poziiilor. Lipsa de transparen fa de autoritile de However, the Commission considers that ongoing industry efforts to reduce operational risks should be reinforced. Therefore the Commission intends to assess whether to re-shape the operational risk approach in the CRD in order to prompt standardisation of contracts and electronic processing. In addition, more collective action is needed by market participants. Therefore, the Commission will further build on the success of the Derivatives Working Group and set ambitious European targets, with strict deadlines, for legal- and processstandardisation, while ensuring that global efforts take due account of European specificities so as to deliver full benefits also in Europe. 5. TRANSPARENCY OTC derivatives markets have clearly suffered from a lack of transparency of prices, transactions and positions. The lack of transparency to regulators and the market has varied with time and across

reglementare i fa de pia a variat n timp i n funcie de produse, ns, la modul general, a mpiedicat supravegherea eficient de ctre aceste organisme a pieei instrumentelor derivate n materie de riscuri sistemice i abuzuri de pia. Pentru participanii pe pia a fcut dificile accesul la preuri fiabile, evaluarea riscului, estimarea poziiilor i verificarea executrii optime. 5.1. Depozitele de date referitoare la tranzacii

products, but has overall hindered regulators from efficiently supervising derivatives markets in terms of systemic risk and market abuse. For market participants, it has created difficulties in accessing reliable prices, assessing risks, valuing positions, and checking best execution.

5.1. Trade repositories

Organismele de reglementare a riscurilor sistemice i Systemic risk and financial regulators need to have a a sistemului financiar trebuie s aib o privire de complete overview of the derivatives market. It ansamblu complet asupra pieei instrumentelor should therefore become mandatory to report all financiare derivate. Prin urmare, trebuie s devin transactions to trade repositories. Information on obligatorie raportarea tuturor tranzaciilor ctre trades made on-exchange or cleared through a CCP depozitele de date. Informaiile privind tranzaciile can be provided to regulators directly by these realizate la bursele de valori sau compensate prin CPC entities. The Commission will propose legislation pot fi furnizate organismelor de reglementare direct governing trade repositories as well as new de ctre aceste entiti. Comisia va propune acte reporting obligations on market participants. legislative care s reglementeze depozitele de date, precum i noi obligaii de raportare pentru participanii pe pia. Depozitele de date vor avea un rol principal n noua structur de pia. Prin urmare, ele trebuie reglementate pentru a garanta funcionarea sigur, robust i eficient a acestora. Legislaia trebuie s asigure un cadru juridic comun pentru funcionarea depozitelor de date referitoare la tranzacii i trebuie s acopere, printre altele, cerinele de autorizare i de nregistrare, accesul i participarea la un depozit de date, comunicarea de informaii, calitatea i actualitatea informaiilor, accesul la informaii, protejarea acestora, securitatea juridic a contractelor nregistrate , guvernana i fiabilitatea operaional[8]. Repositories will play a central role in the new market structure. They should therefore be regulated in order to ensure that they are operated in a safe, sound and efficient manner. Legislation should provide a common legal framework for the operation of trade repositories and should cover, inter alia, authorisation/registration requirements, access and participation to a repository, disclosure of data, data quality and timeliness, access to data, safeguarding of data, legal certainty of registered contracts, governance and operational reliability[8].

Comisia consider c ESMA trebuie s fie responsabil The Commission believes that ESMA should be cu autorizarea i supravegherea depozitelor de date responsible for authorising and supervising trade referitoare la tranzacii deoarece aceste depozite i repositories, as repositories provide their services on ofer serviciile la nivel european sau chiar mondial. a European, if not global, basis. ESMA should also Tot ESMA trebuie s fie responsabil i cu autorizarea be responsible for authorising the operation of thirdfuncionrii n UE a depozitelor de date din ri tere country repositories in the EU on the basis of a n temeiul unei decizii a Comisiei privind echivalena Commission decision on the equivalence of the cadrelor de reglementare, innd seama de regulatory framework in question, based on preocuprile legate de prudenialitate. ESMA trebuie prudential concerns. On a reciprocal basis, ESMA s garanteze c, pe baz de reciprocitate, should ensure that European regulators have organismele europene de reglementare au acces unfettered access to complete global information. In nengrdit la informaii internaionale complete. n the absence of such access, the Commission would absena acestui acces, Comisia va ncuraja crearea i encourage the creation and operation of Europeanfuncionarea n Europa a depozitelor de date based trade repositories. Ultimately, therefore, referitoare la tranzacii. Prin urmare, ESMA va aciona ESMA will act as a gateway for disseminating n calitate de intermediar pentru difuzarea information on derivatives to national financial informaiilor referitoare la instrumentele derivate ctre services regulators as well as sectoral regulators[9]. organismele de reglementare, precum i ctre

organismele de reglementare sectoriale[9]. 5.2. Tranzacionarea pe piee organizate 5.2. Trading on organised markets Conform concluziilor G20, toate contractele The G20 agreed that "all standardized OTC extrabursiere standardizate pe instrumente financiare derivative contracts should be traded on exchanges derivate trebuie tranzacionate la burs sau, dup caz, or electronic trading platforms, where appropriate." pe platforme electronice de tranzacionare. n UE In the EU, this implies ensuring that eligible trades acest lucru presupune ca tranzaciile eligibile pentru a for exchange-trading take place on organised fi efectuate la burs s aib loc n locuri de trading venues, as defined by MiFID[10]. Almost all tranzacionare organizate, conform definiiei din derivatives exchanges use a central counterparty. MiFID[10]. Aproape toate bursele pentru instrumente Adding exchange-trading to central clearing would derivate utilizeaz o contraparte central. eliminate the bilateral nature of concluding trades, Completarea compensrii centrale cu tranzacionarea resulting in highly visible prices, volumes and open la burs ar elimina caracterul bilateral al ncheierii interest, and facilitate market access. tranzaciilor, ameliornd n mod clar vizibilitatea preurilor, volumelor i a poziiilor deschise i facilitnd accesul pe pia. 5.3. Transparena ante i post-tranzacionare Tranzacionarea n locuri organizate va trebui s fie nsoit de nsprirea dispoziiilor aplicabile acestor locuri, n special n ceea ce privete transparena tranzaciilor. Armonizarea cerinelor de transparen ante i post-tranzacionare referitoare la publicarea tranzaciilor, a preurilor asociate acestora i a volumelor pentru diferitele locuri de tranzacionare trebuie analizat cu atenie, inclusiv n cazul pieelor extrabursiere. Va fi esenial evitarea lacunelor n cadrul aplicabil locurilor de tranzacionare i garantarea faptului c instrumentele derivate sunt acoperite n ntregime. Aceste aspecte vor fi analizate cu ocazia revizuirii din 2010 a directivei MiFID. Obligaiile nsprite de transparen vor trebui s fie msurate pentru a atenua efectele colaterale excesive asupra lichiditii i costurile administrative disproporionate. n plus, liderii G20 au czut de acord la Pittsburgh s mbunteasc reglementarea, funcionarea i transparena pieelor financiare i de materii prime pentru a rezolva problema volatilitii excesive a preului materiilor prime. Regulamentele financiare vor fi modificate ca parte a efortului de a garanta c pieele instrumentelor derivate pe agricultur ale UE i menin funcia iniial de descoperire a preului i acoperire mpotriva riscului ca instrumente de gestionare a volatilitii preurilor[11]. Aceste msuri vor fi introduse n acelai timp cu cerinele de transparen pentru toate pieele instrumentelor financiare derivate (i probabil i pentru alte piee, diferite de pieele aciunilor), cu ocazia revizuirii directivei MiFID. n ceea ce privete pieele de electricitate i gaz ale UE, n 2010, ca parte a unui ansamblu complet de 5.3. Pre- and post-trade transparency Trading on organised venues will need to be accompanied by a strengthening of the provisions applicable to such venues, notably as regards transparency of trading. Harmonising pre- and posttrade transparency requirements for the publication of trades and associated prices and volumes across the various organised venues needs to be carefully considered, also in the case of OTC markets. It will be key to avoid loopholes in the framework of trading venues, and to ensure derivatives are fully covered. This will be addressed within the review of MiFID in 2010. The increased transparency obligations will need to be measured so as to mitigate any excessive negative side-effects on liquidity and disproportionate administrative costs. In addition, in Pittsburgh the G20 leaders have agreed "to improve the regulation, functioning, and transparency of financial and commodity markets to address excessive commodity price volatility." Financial regulation will be amended, as part of efforts to ensure that EU agriculture derivatives markets keep their initial purpose of price discovery and hedging as tools to cope with price volatility[11]. These measures will be introduced in parallel with transparency requirements for all derivative (and possibly also other non-equity) markets, namely as part of the MiFID review.

In EU electricity and gas markets, in 2010 the Commission will, as a component of a

msuri n favoarea integritii pieei, Comisia va face propuneri viznd asigurarea publicrii tranzaciilor en gros, inclusiv de pe piaa la vedere, pentru a mbunti procesul de descoperire a preurilor, accesul pe pia i ncrederea general a publicului[12]. 6. Integritatea i supravegherea pieei

comprehensive market integrity package, bring forth proposals to ensure the publication of wholesale trades also in spot markets, in order to improve price discovery, market access and overall public confidence[12]. 6. MARKET INTEGRITY AND OVERSIGHT

n conformitate cu concluziile G20, n UE au fost In line with the G20 conclusions, various measures lansate deja numeroase msuri viznd mbuntirea are already underway in the EU towards enhancing integritii pieei instrumentelor derivate. market integrity in derivatives markets. Revizuirea n 2010 a directivei privind abuzul de pia va extinde domeniul de aplicare al dispoziiilor relevante pentru a acoperi ntr-o manier complet i piaa instrumentelor financiare derivate. Autoritile europene de reglementare a pieelor valorilor mobiliare progreseaz n privina cerinei de a raporta tranzaciile de pe piaa extrabursier a instrumentelor derivate. n contextul eforturilor de aliniere a normelor aplicabile pieelor fizice i financiare ale energiei, se prevede elaborarea unei propuneri adaptate privind supravegherea la nivelul UE a pieelor la vedere de electricitate i gaz viznd asigurarea transparenei i integritii pieei. n mod similar, pn la sfritul anului 2010, Comisia trebuie s verifice dac piaa cotelor de emisie este suficient protejat de utilizrile abuzive ale informaiilor confideniale i de manipulrile pieei i, dup caz, s prezinte propuneri care s asigure protecia necesar[13]. n plus, n domeniul agriculturii se prevede introducerea unei raportri mai complete a tranzaciilor i poziiilor ctre organismele de reglementare a tranzaciilor cu instrumente derivate. The review of the Market Abuse Directive in 2010 will extend relevant provisions in order to cover derivatives markets in a comprehensive fashion. European securities regulators are advancing with requiring transaction reports in OTC derivatives. In the context of efforts to align the rules applicable to physical and financial energy markets, a tailor-made proposal for the EU level oversight of electricity and gas spot markets is foreseen ensuring transparency and market integrity. Similarly, the Commission is to examine by end-2010 whether the market for emission allowances is sufficiently protected from insider dealing and market manipulation and, if appropriate, bring forward proposals to ensure it[13]. Moreover, in the field of agriculture, more complete transaction and position reporting to financial regulators of derivatives trading activity is foreseen.

Revizuirea MiFID va permite finalizarea lucrrilor The MiFID review will also conclude the work on privind exceptrile anumitor categorii de societi exemptions for certain commercial firms dealing in comerciale care efectueaz tranzacii cu instrumentele commodity derivatives. MiFID provisions including financiare derivate pe materii prime. Dispoziiile MiFID authorisation and operational requirements, referitoare la autorizare i condiiile de exercitare a reporting and conduct of business rules do not apply activitii, raportare i norme de conduit nu se aplic to such firms. Findings from consultations[14], and acestor societi. La elaborarea concluziilor vor fi luate recent developments calling for financial markets n considerare rezultatele diverselor consultri[14] i regulation to cover all relevant participants, will be evenimentele recente care pledeaz n favoarea taken into account when reaching conclusions. reglementrii pieelor financiare pentru a acoperi toi participanii importani. n cele din urm, Comisia intenioneaz s propun norme care s dea organismelor de reglementare posibilitatea de a stabili limite ale poziiilor pentru a contracara micrile disproporionate ale preurilor sau concentrarea poziiilor speculative[15]. 7. Rezumat Finally, the Commission intends to propose rules to give regulators the possibility to set position limits to counter disproportionate price movements or concentrations of speculative positions[15]. 7. SUMMARY

Comisia este de prere c aceste aciuni vor duce la o The Commission believes that these actions will schimbare de paradigm. Punctul de vedere achieve a paradigm shift away from the traditional

tradiional, conform cruia instrumentele financiare derivate sunt instrumente financiare destinate unei utilizri profesionale, care necesit doar o reglementare lejer, va fi nlocuit cu o abordare n care preul riscurilor este stabilit n mod corespunztor. Abordarea general va limita apariia lacunelor i a arbitrajului de reglementare. Tabelul de mai jos rezum aciunile strategice concrete descrise anterior. Comisia va ncepe acum procesul de elaborare a legislaiei, n special prin lansarea analizelor de impact, pentru a putea prezenta n 2010 o propunere legislativ ambiioas de reglementare a instrumentelor financiare derivate. La finalizarea acestor propuneri Comisia va coopera ndeaproape cu toate prile interesate din UE, precum i cu partenerii si internaionali. Doar acionnd mpreun putem pune fundaiile unei piee a instrumentelor financiare derivate cu adevrat eficient, sigur i solid. Aciuni strategice viitoare pentru asigurarea unor piee eficiente, sigure i solide pentru instrumentele financiare derivate Obiectiv | Aciuni propuse | Termen |

view that derivatives are financial instruments for professional use, for which light-handed regulation was thought sufficient, towards an approach where risks are priced properly. The general approach will limit the potential for loopholes and regulatory arbitrage. The table below summarises the concrete policy actions outlined above. The Commission will now start the process of drafting legislation, notably by launching impact assessments, in order to come forward with ambitious legislation to regulate derivatives in 2010. When finalising these proposals, the Commission will work closely with all stakeholders in the EU as well as with its global partners. It is only by acting together that we lay the foundation for truly efficient, safe and sound derivatives markets. Future policy actions for ensuring efficient, safe and sound derivatives markets Objective | Proposed actions | Time line |

Reducerea riscului de contraparte intensificarea Reduce counterparty credit risk - strengthen clearing utilizrii compensrii | Propunerea unei legislaii | Propose legislation on CCP requirements, referitoare la compensarea CPC care s reglementeze: governing: safety requirements (e.g. conduct of normele de siguran (de ex. desfurarea activitii, business, governance, risk management, legal guvernana, gestionarea riscului, protecia juridic a protection of collateral and positions) garaniei i a poziiilor) Autorizarea/retragerea authorisation/withdrawal of authorisation and autorizaiei i supravegherea CPC Obligativitatea supervision of CCP mandating of CCP clearing of compensrii CPC pentru instrumentele financiare standardised derivatives Amend CRD in order to: derivate standardizate Modificarea directivei privind Mandate financial firms supplying initial and cerinele de capital viznd: Obligativitatea deinerii de variation margin; Substantially differentiate capital ctre firmele financiare a unei marje iniiale i a unei charges between CCP-cleared and non-CCP cleared marje de variaie; Diferenierea net n directiv a contracts in CRD; | Mid 2010 End-2010 | cerinelor de capital pentru contractele compensate CPC i cele compensate n afara CPC | Mijlocul anului 2010 Sfritul anului 2010 | Reducerea riscurilor operaionale - standardizare | Analizarea oportunitii unei revizuiri a abordrii n materie de risc operaional n directiva privind cerinele de capital n vederea ncurajrii standardizrii contractelor i a procesrii electronice. Colaborarea cu sectorul pentru creterea gradului de standardizare a regimurilor juridice i a proceselor. | Sfritul anului 2010 n curs | Creterea transparenei depozite de date referitoare la tranzacii | Propunerea unei legislaii referitoare la depozitele de date viznd: Reglementarea depozitelor de date referitoare la tranzacii Obligativitatea raportrii tranzaciilor extrabursiere cu instrumentele Reduce operational risks - standardisation | Assess whether to re-shape the operational risk approach in the CRD to prompt standardisation of contracts and electronic processing. Work with industry to increase standardisation of legal regimes and processes; | End 2010 On-going |

Increase transparency - trade repositories | Propose legislation on trade repositories: Regulate trade repositories Mandate reporting of OTC derivatives transactions to trade repositories; | Mid-2010 |

financiare derivate ctre depozitele de date. | Mijlocul anului 2010 | Creterea transparenei tranzacionare | Modificarea MiFID viznd introducerea obligativitii raportrii tranzaciilor i poziiilor n paralel cu CPC-urile i depozitele de date referitoare la tranzacii. Garantarea tranzacionrii contractelor standardizate n locuri organizate de tranzacionare, n conformitate cu MiFID mbuntirea, n dispoziiile directivei MiFID, a transparenei tranzaciilor i preurilor n locurile de tranzacionare i pe pieele extrabursiere, dup caz. Finalizarea revizuirii exceptrilor de la directiva MiFID a firmelor efectueaz tranzacii cu materii prime | Sfritul anului 2010 | Increase transparency trading | Amend MiFID to require transaction and position reporting to be developed in conjunction with CCPs and trade repositories; Ensure trading of standardised contracts on organised trading venues under MiFID; Enhanced trade and price transparency across venues and OTC markets, as appropriate, in MiFID; Conclude review of exemptions from MiFID for commodity firms. | End-2010 |

mbuntirea integritii pieei | Extinderea Improve market integrity | Extend MAD to OTC domeniului de aplicare al directivei privind abuzurile derivatives; Give regulators the power to set de pia la instrumentele derivate extrabursiere Noi position limits in MiFID. | End-2010 | dispoziii n directiva MiFID care s acorde autoritilor de reglementare competene suplimentare pentru a putea stabili limite ale poziiilor | Sfritul anului 2010 | [1] Comunicarea Comisiei Asigurarea unor piee eficiente, sigure i solide ale instrumentelor financiare derivate - COM(2009) 332 final, documentul de lucru al serviciilor Comisiei SEC (2009) 905 i documentul de consultare SEC (2009) 914 . [2] Rspunsurile primite la consultare, rezumatul punctelor de vedere ale prilor interesate, precum i un rezumat al conferinei i al prezentrilor pot fi gsite pe pagina de internet a Comisiei: http://ec.europa.eu/internal_market/consultations/20 09/derivatives_en.htm . [1] Commission Communication "Ensuring efficient, safe and sound derivatives markets" - COM(2009) 332, Staff Working Paper SEC(2009) 905, and Consultation document SEC(2009) 914. [2] The replies to the consultation, the summary of stakeholder views as well as a summary of the conference and presentations can be found on the Commission's webpage:http://ec.europa.eu/internal_market/consu ltations/2009/derivatives_en.htm

[3] Comunicatul de pres al Comisiei Major step [3] Commission Press Release "Major step towards towards financial stability: European market for credit financial stability: European market for credit default default swaps becomes safer (Un pas important spre swaps becomes safer", IP/09/1215, 31 July 2009. stabilitatea financiar: piaa european a swap-urilor pe riscul de credit devine mai sigur), IP/09/1215, 31 iulie 2009. [4] Pn cel trziu la sfritul anului 2012 toate contractele extrabursiere standardizate pe instrumente financiare derivate trebuie tranzacionate la burs sau, dup caz, pe platforme electronice de tranzacionare i compensate prin contrapri centrale. Contractele extrabursiere pe instrumente derivate trebuie raportate depozitelor de date. Contractele care nu sunt compensate la nivel central sunt supuse unor cerine mai mari de capital. Solicitm Consiliului pentru Stabilitate Financiar i membrilor si s evalueze n mod regulat implementarea i s determine dac aceste msuri se dovedesc suficiente pentru a mbunti transparena pe piaa instrumentelor financiare derivate, a atenua [4] "All standardized OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at the latest. OTC derivative contracts should be reported to trade repositories. Non-centrally cleared contracts should be subject to higher capital requirements. We ask the FSB and its relevant members to assess regularly implementation and whether it is sufficient to improve transparency in the derivatives markets, mitigate systemic risk, and protect against market abuse."

riscurile sistemice i pentru a asigura protecie mpotriva abuzurilor de pia. [5] Pn n prezent singurul act legislativ comunitar [5] So far, the only piece of Community legislation care se refer la securitatea i soliditatea covering the safety and soundness of CCPs is the contraprilor centrale este Directiva privind caracterul Settlement Finality Directive (SFD). While essential, definitiv al decontrii. Dei prezint o importan as it covers the effects of a default of a CCP deosebit, deoarece se refer la evitarea efectelor pe participant from spreading to other participants, the care problemele unui participant la o CPC le-ar putea SFD is a crisis management instrument, not a broad avea asupra celorlali participani, directiva nu este un instrument covering all aspects of CCPs' activities instrument general care s acopere toate aspectele and it is accordingly insufficient to ensure their activitii CPC-urilor, ci un instrument de gestionare a safety and soundness. crizei i, prin urmare, este insuficient pentru a garanta securitatea i soliditatea acestora. [6] Sistemul european al bncilor centrale i Comitetul [6] European System of Central Banks and autoritilor europene de reglementare a pieelor Committee of European Securities Regulators, valorilor mobiliare. respectively. [7] Directiva 2006/48/CE a Parlamentului European i a Consiliului din 14 iunie 2006 privind iniierea i exercitarea activitii instituiilor de credit (JO L 177, 30.6.2006, p. 1). [7] Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (OJ L 177, 30.6.2006, p. 1).

[8] O iniiativ viznd atingerea acestor obiective a [8] An initiative aiming for this goal has been fost lansat de Forumul organismelor de reglementare launched by the OTC Derivatives Regulators Forum. a instrumentelor derivate extrabursiere. [9] Pe unele piee de instrumente derivate pe materii prime (de exemplu pe electricitate i gaz) interdependenele dintre pieele la vedere i pieele instrumentelor derivate necesit o atenie deosebit. Funcia ESMA de intermediar va garanta c depozitele de date vor avea un organism de reglementare principal, lucru important din punct de vedere al eficienei. Astfel, se va asigura i un punct practic de acces la informaii pentru organismele de reglementare sectoriale. Deoarece principalul obiectiv urmrit prin introducerea obligativitii utilizrii depozitelor de date referitoare la tranzacii este stabilitatea financiar, s-ar putea ca supravegherea pieelor la vedere pe materii prime s fie structurat n mod diferit. [10] Piee reglementate, sisteme multilaterale de tranzacionare sau internalizatori sistematici. [9] In certain commodity derivatives markets (e.g. electricity and gas) there are particular needs to look at the interdependence between spot and derivatives markets. ESMA's ultimate function as a gateway will ensure that repositories have one main regulator, which is important for efficiency. This will also ensure that sectoral regulators will have a convenient access point to information they need. Since the prime purpose of mandating trade repositories is financial stability, oversight structures for commodity spot markets may be designed differently.

[10] Regulated Market, Multilateral Trading Facility, or Systematic Internaliser.

[11] Comisia intenioneaz s dezvolte aceste aspecte [11] The Commission intends to further address n viitoarea comunicare privind o mai bun these issues in the forthcoming Communication on a funcionare a lanului de aprovizionare cu produse better functioning food supply chain in Europe. alimentare n Europa. [12] n ianuarie 2009 Comitetul autoritilor europene de reglementare a pieelor valorilor mobiliare (CESR) i Grupul european de reglementare n domeniul energiei electrice i al gazelor (ERGEG), ca parte a eforturilor de mbuntire a accesului pe pia i a procesului de descoperire a preurilor, au recomandat Comisiei elaborarea de msuri specifice viznd [12] In January 2009, the Committee of European Securities Regulators (CESR) and the European Regulators' Group for Electricity and Gas (ERGEG) recommended to the Commission to develop specific trade transparency arrangements for electricity and gas trading as part of efforts to improve market access and price discovery.

transparena pentru tranzaciile cu electricitate i gaz. [13] Articolul 12 alineatul (1a) din Directiva 2003/87/CE, astfel cum a fost modificat. [14] A se vedea, de exemplu, avizul Comitetului european al inspectorilor bancari i al Comitetului autoritilor europene de reglementare a pieelor valorilor mobiliare (http://www.cesr.eu/index.php?docid=5306) i cel al grupului european de experi n pieele valorilor mobiliare(http://ec.europa.eu/internal_market/securiti es/docs/esme/commodity_derivatives_en.pdf) [15] Acest lucru este deosebit de important pentru pieele de materii prime. A se vedea, de exemplu, nota de subsol numrul 11. [13] Article 12(1a) of Directive 2003/87/EC as amended. [14] See for example, advice of the Committee of European Banking Supervisors and Committee of European Securities Regulators (http://www.cesr.eu/index.php?docid=5306) and the European Securities Markets Expert Group(http://ec.europa.eu/internal_market/securitie s/docs/esme/commodity_derivatives_en.pdf) [15] This is particularly relevant for commodity markets. See e.g. footnote 11.