Traduction de «Plan de gouverne compensé » (Français → Anglais) :

I therefore firmly believe that the time has now come to apply automatic penalty mechanisms over failures to follow the agreed common rules of management, so that these penalties do not become the subject of political horse-trading in the European Council, where government leaders make up for their many and varied political errors by remitting each others’ penalties.

(50) The power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union and the power to endorse regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 should be delegated to the Commission in respect of the details to be included in the notification to ESMA and in the register and the criteria for the decision of ESMA on the eligibility for the clearing obligation, on the information and clearing threshold, on the maximum time lag regarding the contract, on liquidity, on the minimum content of governance rules, on details of record keeping, on minimu ...[+++]m content of business continuity plan and the services guaranteed, on percentages and time horizon for margin requirements, on extreme market conditions, on highly liquid collateral and haircuts, on highly liquid financial instruments and concentration limits, on details for performance of tests, on details concerning the application of a trade repository for registration with ESMA, on fines and on details concerning the information that a trade repository should make available, as referred to in this Regulation.

(50) The Commission should be empowered to adopt delegated acts in accordance with Article 290 of the Treaty as well as regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010 in respect of the details to be included in the notification to ESMA and in the register and the criteria for the decision of ESMA on the eligibility for the clearing obligation, on the information and clearing threshold, on the maximum time lag regarding the contract, on liquidity, on the minimum content of governance rules, on details of record keeping, on minimum content of business continuity ...[+++]plan and the services guaranteed, on percentages and time horizon for margin requirements, on extreme market conditions, on highly liquid collateral and haircuts, on highly liquid financial instruments and concentration limits, on details for performance of tests, on details concerning the application of a trade repository for registration with ESMA, on fines and on details concerning the information that a trade repository should make available, as referred to in this Regulation.

The Commission's policy regarding clearing and settlement will therefore focuses on (a) the liberalisation and integration of existing Securities Clearing and Settlement Systems, (b) the application of competition policy, (c) the adoption of a common regulatory and supervisory framework including the question of definitions, and (d) the adoption of appropriate governance arrangements.

The Directive will therefore establish a regulatory framework and lay down a common set of high-level principles that will ensure greater legal certainty and guarantee a level regulatory playing field. Finally, the Directive will lay down appropriate governance rules for clearing and settlement entities, namely:

to implement appropriate governance arrangements so as to address national authorities' concerns regarding the way in which clearing and settlement infrastructures operate.