What changed

DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

P9_TA(2024)0357

on the proposal for a regulation of the European Parliament and of the Council amendingAmending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements

(COM(2023)0660 – C90389/2023 – 2023/0379(COD))

Committee on Economic and Monetary Affairs

PE757.977

European Parliament legislative resolution of 24 April 2024 on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements (COM(2023)0660 – C9-0389/2023 – 2023/0379(COD))

(Ordinary legislative procedure: first reading)

3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Amendment 1

P9_TC1-COD(2023)0379

AMENDMENTS BY THE EUROPEAN PARLIAMENT*

Position of the European Parliament adopted at first reading on 24 April 2024 with a view to the adoption of Regulation (EU) 2024/… of the European Parliament and of the Council amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements*

to the Commission proposal

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2023/0379 (COD)

Proposal for a

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

amending Regulation (EU) 2016/1011 as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements

(Text with EEA relevance)

Therefore, it is appropriate that by 31 December 2028 the Commission presents a report, on the basis of input from ESMA, assessing the availability of ESG benchmarks in European and global markets and their market up-take, analysing whether they would be considered significant benchmarks, and studying the costs and effects on market availability and the evolving nature of the sustainable indicators and the methods used to measure them. Furthermore, it should assess the need to regulate benchmarks making ESG-related claims, with the aim to maintain an adequate level of protection of users of those benchmarks as well as a high level of transparency, reduce the risk of greenwashing and ensure coherence with other EU legislation on sustainable disclosure requirements. That report should be accompanied by an impact assessment and, where appropriate, a legislative proposal.

(21) To ensure a seamless transition to the application of the rules introduced under this Regulation ▌administratorsadministrators previously supervised under Regulation (EU) 2019/2089 should keep existing registrations, authorisations, recognitions or endorsements for nine months after the entry into application of this amending Regulation. That period is intendedtointended to give competent authorities and ESMAsufficientESMA sufficient time to decide whether any of the previously supervised administrators should be designated in accordance with this amending Regulation. If designated, administrators previously authorised, registered, endorsed or recognised or administrators who voluntarily opt-in to this Regulation, should be allowed to retain their previous status without the need to re-apply. Administrators of significant benchmarks should, in any case, be allowed to retain their status as authorised, registered, endorsed or recognised benchmark administrators.

(22) In order to give competent authorities and ESMA the necessary time to gather information on potential significant benchmarks and to adapt existing infrastructure to the new framework proposed under this amending Regulation, the date of application of this Regulation should be deferred.

4 a. Administrators shall include the term “EU CTB” in the name of the EU Climate Transition Benchmarks and the term “EU PAB” in the name of the EU Paris Aligned Benchmarks.;

(10) Article 19d is replaced bytheby the following:

‘Article 19d

Requirements for administrators of significant benchmarks

(1) Within 60 working days following the notification referred to in Article 24(2), the administrator of a benchmark satisfying the criterion referred to in paragraph (1), point (a), of that Article, shall seek authorisation or registration with the competent authority of the Member State where it is significant in that Member State or with ESMA whrewhere the benchmark is significant within the Union. Where that administrator is located in a third country and unless the benchmark concerned is covered by an equivalence decision adopted pursuant to Article 30, that administrator shall, within 60 working days following the notification referred to in Article 24(2), apply with ESMA for either of the following:

(a) recognition ▌pursuant to the procedure set out in Article 32;

(15c) Article 33, paragraph 6 is amended as follows:

6. Where the competent authority of the endorsing administrator has well- foundedwell-founded reasons to consider that the conditions laid down under paragraph 1 of this Article are no longer fulfilled, it shall have the power to require the endorsing administrator to cease the endorsement and shall inform ESMA thereof. Article 28 shall apply in case of cessation of the endorsement.

(16) Article 34 is amended as follows,

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels,…,

For the European Parliament For the Council

The President The President

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he has received input from the following entities or persons in the preparation of the report, until the adoption thereof in committee:

The list above is drawn up under the exclusive responsibility of the rapporteur.

PROCEDURE – COMMITTEE RESPONSIBLE

FINAL VOTE BY ROLL CALL IN COMMITTEE RESPONSIBLE