Regulation 2015/2365 - Transparency of securities financing transactions and of reuse - Main contents
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official title
Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2015/2365 |
| Original proposal | COM(2014)40  |
| CELEX number i | 32015R2365 |
| Document | 25-11-2015; Date of adoption |
|---|---|
| Publication in Official Journal | 23-12-2015; OJ L 337 p. 1-34 |
| Effect | 12-01-2016; Application See Art 33.2 12-01-2016; Entry into force Date pub. +20 See Art 33.1 13-07-2016; Application Partial application See Art 33.2(d) 13-01-2017; Application Partial application See Art 33.2(b) 13-07-2017; Application Partial application See Art 33.2(c) 11-04-2020; Application Partial application See Art 33.2(a)(i) And 32019R0356 11-07-2020; Application Partial application See Art 33.2(a)(ii) And 32019R0356 11-10-2020; Application Partial application See Art 33.2(a)(iii) And 32019R0356 11-01-2021; Application Partial application See Art 33.2(a)(iv) And 32019R0356 |
| Deadline | 13-10-2016; Review See Art 29.3 13-01-2017; See Art 25.4 13-01-2017; See Art 4.10 13-01-2017; See Art 5.8 13-07-2017; See Art 22.7 13-10-2017; Review See Art 29.3 And 52017DC0604 |
| End of validity | 31-12-9999 |
23.12.2015 |
EN |
Official Journal of the European Union |
L 337/1 |
REGULATION (EU) 2015/2365 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 25 November 2015
on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Having regard to the opinion of the Committee of Regions (3)
Acting in accordance with the ordinary legislative procedure (4),
Whereas:
(1) |
The global financial crisis that emerged in 2007-2008 has revealed excessive speculative activities, important regulatory gaps, ineffective supervision, opaque markets and overly complex products in the financial system. The Union has adopted a range of measures in order to render the banking system more solid and more stable, including strengthening capital requirements, rules on improved governance and supervision and resolution regimes, and to ensure that the financial system fulfils its role in directing capital towards the financing of the real economy. Progress made on the establishment of the banking union is also decisive in this context. However, the crisis has also highlighted the need to improve transparency and monitoring not only in the traditional banking sector but also in areas where bank-like credit intermediation known as ‘shadow banking’, takes place, the scale of which is alarming, having already been estimated to amount to close to half of the regulated banking system. Any shortcomings with regard to those activities, which are similar to those carried out by credit institutions, have the potential to affect the rest of the financial sector. |
(2) |
In the context of its work to curb shadow banking, the Financial Stability Board (FSB) and the European Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council (5) have identified the risks posed by securities financing transactions (SFTs). SFTs allow the build-up of leverage, pro-cyclicality and interconnectedness in the financial markets. In particular, a lack of transparency in the use of SFTs has prevented regulators and supervisors as well as investors from correctly assessing and monitoring the respective bank-like risks and level of interconnectedness in the financial system in the period preceding and during the financial crisis. Against this background, on 29 August 2013, the FSB adopted the policy framework entitled ‘Strengthening Oversight and Regulation of Shadow Banking’ (‘FSB Policy Framework’) for addressing shadow banking risks in securities lending and repos, which was endorsed in September 2013 by the G20 Leaders. |
(3) |
On 14 October 2014, the FSB published a regulatory framework for haircuts on non-centrally cleared SFTs. In the absence of clearing, such operations raise major risks if they are not properly collateralised. While enhancing transparency in the reuse of client assets would be a first step towards facilitating counterparties’ capacity to analyse and prevent risks, the FSB is due to complete its work, by 2016, on a set of recommendations on haircuts on non-centrally cleared SFTs to prevent excessive leveraging and mitigate concentration risk and default risk. |
(4) |
On 19 March 2012, the Commission published a Green Paper on Shadow Banking. Based on the extensive feedback received and taking into account international developments, the Commission issued, on 4 September 2013, a... |
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