MEPs adopted by a large majority (486 votes in favour, 42 against and 69 abstentions) at first reading on Wednesday 27 March, their position on the resolution and recovery framework for central counterparties (CCPs).
Currently, some CCPs have credit institution status and are subject to the banking regulatory and prudential framework, while others are considered as market infrastructures and do not have to apply the same rules as their competitors.
In general, the Commission's legislative proposal, presented at the end of November 2016 (see EUROPE 11677/8), proposes that from now on all CCPs authorised in the EU should be subject to a single regime of redress and resolution.
The vote did not change the content of the joint report by Jakob von Weizsäcker (S&D, Germany) and Kay Swinburne (ECR, UK) adopted on 24 January 2018 (see EUROPE 11946/10). In particular, it favours recovery plans that provide that a significant amount of losses will be absorbed by member institutions before any instrument is used to allocate losses among clients.
Before the vote, Kay Swinburne regretted that the EU Council had not made this issue a priority. The text is effectively blocked in the EU Council (see EUROPE 11891/24). Among other things, it is the decision-making process proposed by the Commission that is not unanimously accepted in the Member States. (Original version in French by Marion Fontana)