What changed between the draft committee report and the plenary report

Added:1.5.4. Compatibility with the Multiannual Financial Framework and possible synergies with other appropriate instruments

Added:1.5.5. Assessment of the different available financing options, including scope for redeployment

Added:1.6. Duration and financial impact of the proposal/initiative

Added:1.7. Management mode(s) planned

Added:2. MANAGEMENT MEASURES

Added:2.1. Monitoring and reporting rules

Added:2.2. Management and control system(s)

Added:2.2.1. Justification of the management mode(s), the funding implementation mechanism(s), the payment modalities and the control strategy proposed

Added:2.2.2. Information concerning the risks identified and the internal control system(s) set up to mitigate them

Added:2.2.3. Estimation and justification of the cost-effectiveness of the controls (ratio of "control costs ÷ value of the related funds managed"), and assessment of the expected levels of risk of error (at payment & at closure)

Added:2.3. Measures to prevent fraud and irregularities

Added:3. ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE

Added:3.1. Heading(s) of the multiannual financial framework and expenditure budget line(s) affected

Added:3.2. Estimated financial impact of the proposal on appropriations

Added:3.2.1. Summary of estimated impact on operational appropriations

Added:3.2.2. Estimated output funded with operational appropriations

Added:3.2.3. Summary of estimated impact on administrative appropriations

Added:3.2.4. Compatibility with the current multiannual financial framework

Added:3.2.5. Third-party contributions

Added:3.3. Estimated impact on revenue

Added:LEGISLATIVE FINANCIAL STATEMENT

Added:FRAMEWORK OF THE PROPOSAL/INITIATIVE

Added:1.1. Title of the proposal/initiative

Added:Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 Text with EEA relevance.

Added:1.2. Policy area(s) concerned

Added:Internal Market – Financial Services.

Added:1.3. The proposal/initiative relates to:

Added:a new action

Added:a new action following a pilot project/preparatory action

Added:the extension of an existing action

Added:a merger or redirection of one or more actions towards another/a new action

Added:1.4. Objective(s)

Added:1.4.1. General objective(s)

Added:Promote financial stability and strengthen the Capital Markets Union (CMU).

Added:1.4.2. Specific objective(s)

Added:This proposal has the following specific objectives to achieve the general objectives for the EU internal market for central clearing services:

Added:- Encourage clearing at EU CCPs and reduce excessive reliance on systemic non-EU CCP by building a more attractive and robust EU clearing market.

Added:- Ensure that the supervisory framework for EU CCPs is sufficient to manage the risks associated with the interconnectedness of the EU financial system and increasing clearing volumes, in particular in respect to cross-border risks, as these risks could be further amplified as EU clearing markets grow.

Added:Expected result(s) and impact

Added:Specify the effects which the proposal/initiative should have on the beneficiaries/groups targeted.

Added:The proposal aims to strengthen the EU clearing market by improving the attractiveness of EU CCPs, encouraging clearing in EU CCPs and enhancing the assessment and management of cross-border risks.

Added:1.4.3. Indicators of performance

Added:Specify the indicators for monitoring progress and achievements.

Added:For each specific objective the following performance indicators have been set.

Added:Improve the attractiveness of EU CCPs:

Added:– Measured by % of contracts cleared by EU clearing participants in EU and third-country CCPs.

Added:– Number of new EU CCP products approved.

Added:– Time taken on average (number of days) to approve new CCP products and validate model changes.

Added:– Number of non-objection procedures completed.

Added:Encourage clearing in EU CCPs:

Added:– Average amounts on active accounts at EU CCPs.

Added:– Transactions cleared in EU CCPs in different currencies (absolute value and compared to global markets).

Added:– Number of clearing members and clients in EU CCPs.

Added:– Volume of contracts cleared outside EU CCPs by EU actors or for EU-currency denominated contracts.

Added:Enhancing the assessment of cross-border risks:

Added:– Number of opinions issued by ESMA per year.

Added:– Number of cases where NCAs deviate from ESMA opinions.

Added:– Number of joint supervisory teams established and tasks performed.

Added:– Number of times ESMA coordinated information requests or asked.

Added:1.5. Grounds for the proposal/initiative