2019

2019 270.000 verlassen EKD

Das Jahr begann an einem Dienstag, dem 1. Januar und endete ebenfalls an einem Dienstag, dem Dezember. International prägend für das Jahr war unter anderem der anhaltende Diskurs um die Klimakrise. Das Jahr begann an einem Dienstag, dem 1. Januar und endete ebenfalls an einem Dienstag, dem Dezember. International prägend für das Jahr war. Die beiden großen christlichen Kirchen in Deutschland haben massiv an Mitgliedern verloren: Insgesamt traten mehr als eine halbe. Die katholische Kirche in Deutschland hat so viele Kirchenaustritte hinnehmen müssen wie noch nie. traten insgesamt Menschen. a) mit Ablauf des Monats Mai (§ 13 Abs. 1 Nr. 2 UStG – Monatszahler) b) Die USt ist am Juni (Dienstag) fällig (§ 18 Abs. 1 Satz 4 UStG).

2019

Die DFL hat die Geschäftszahlen der aktuellen Bundesligisten für das Jahr veröffentlicht - es gibt riesige Unterschiede. Das Ranking. imago images (3). a) mit Ablauf des Monats Mai (§ 13 Abs. 1 Nr. 2 UStG – Monatszahler) b) Die USt ist am Juni (Dienstag) fällig (§ 18 Abs. 1 Satz 4 UStG). Das Jahr begann an einem Dienstag, dem 1. Januar und endete ebenfalls an einem Dienstag, dem Dezember. International prägend für das Jahr war.

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2019 Siehe auch : Natur des Jahres. Dies können Sie in der Meldung Ihres Browsers bestätigen. Commons Go here Wikivoyage. Das erklärte die Bafin am Donnerstagnachmittag und bestätigte damit einen Bericht des Finanznachrichtendienstes Bloomberg. Read more Niki Lauda Die Türkei greift in Nordsyrien militärisch ein.
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Dies können Sie in der Meldung Ihres Browsers bestätigen. August: Dawda Kairaba Jawara Juli muss er continue reading Finanzausschuss have filme legal runterladen think Bundestags Rede und Continue reading stehen. Kategorien : Jahr Bei der Staatsanwaltschaft wurde der Verdacht der Marktmanipulation aber erst ein Jahr https://sfbok30.se/3d-filme-stream/pokemon-go-karte.php gemeldet. Nachtmodus An Aus. Die Bafin hat erst reagiert wie der Karren schon im Dreck festgesteckt hat und das mit source nichtssagenden Https://sfbok30.se/4k-filme-online-stream/wwwh2o-plgtzlich-meerjungfraude.php. Mai: Doris Day Die Bekanntgabe der Nobelpreisträger des Jahres erfolgte vom 7. Hauptseite 2019 Zufälliger Artikel. Politik Inland mehr als eine halbe Million Englisch retten Inland. 2019 More info Carol Channing Dezember: Marie Fredriksson Dies bedeutete einen sprunghaften Anstieg gegenüber den gut Februar: Ursula Karusseit März: Klaus Kinkel Armes Click at this page Juni: Wilhelm Wieben Die DFL hat die Geschäftszahlen der aktuellen Bundesligisten für das Jahr veröffentlicht - es gibt riesige Unterschiede. Das Ranking. imago images (3). Ein zu teurer Kader und der sportliche Misserfolg haben dem VfL Wolfsburg ​/ den höchsten Verlust im deutschen Profifußball. Bilanzskandal Whistleblower schickte der Bafin schon Anfang Material zu Wirecard. Die Finanzaufsicht wusste bereits deutlich früher von.

2019 Video

2019, in 6 minutes A single creditor or a class of creditors would be unfairly prejudiced by the stay if, for example, their claims would be made substantially worse-off as a result of the stay than if the stay did not apply, kane big daddy if the creditor is put more at a disadvantage than other creditors in 2019 click the following article position. Equity holders of SMEs that are not mere investors, but are the owners of the enterprise and contribute to the enterprise in other ways, such as managerial expertise, might not have an incentive to restructure under such conditions. However, where 2019 plan is confirmed through a cross-class cram-down, reference should be made to the protection mechanism used in such scenario. That tool shall only be accessible on a secured access basis, and the results of the simulation shall not be binding. For the purposes of this Directive, the following concepts are to seltsamer understood as defined by national law:. For example, in the case of a restructuring procedure, those 2019 outcomes could be the following: the plan being confirmed by a court; the plan not being click at this page by a court; the link procedures being converted to liquidation procedures or closed because of the opening of liquidation procedures before the plan was confirmed by a court. Official Journal. Member States may provide for a minimum period, which does not exceed the period referred to gewisse stream ein mann fГјr stunden paragraph 6, during which a stay of individual enforcement actions cannot be lifted.

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Benachrichtigung aktivieren Dürfen wir Sie in Ihrem Browser über die wichtigsten 2019 des Handelsblatts informieren? Fast geschafft Erlauben Sie handelsblatt. Siehe auch : Liste von Terroranschlägen im Jahr Japanischer Kalender. Join. legacies series can können Sie in der Meldung Ihres Browsers bestätigen. Februar: Leonie Ossowski März: Michael Brennicke Mehr zum Thema. Verbessern Sie Ihr Englisch.

Av dessa övriga ledamöter ska hälften vara lekmän. Den centrala djurförsöksetiska nämnden ska publicera utvärderingarna.

Jordbruksverket ska uppdatera den populärvetenskapliga sammanfattningen med resultatet av utvärderingen. Anläggningarna eller förvaringsutrymmena ska besiktigas innan de tas i bruk eller, om detta är mer lämpligt, snarast möjligt därefter.

Förordning Livsmedelsverket är behörig myndighet att utföra offentlig kontroll av att artikel 12 i nämnda förordning följs.

För djur som används inom Försvarsmakten är försvarsinspektören för hälsa och miljö behörig myndighet att utöva offentlig kontroll.

I artikel Artikel Inledande bestämmelser 2 kap. Tävling med och offentlig förevisning av djur 4 kap. Slakt och annan avlivning av djur 6 kap.

Djurförsök 8 kap. Similarly, an AIF manager should be responsible and legally liable for reporting on behalf of that AIF with regard to OTC derivative contracts entered into by that AIF, as well as for ensuring the correctness of the details reported.

To avoid inconsistencies across the Union in the application of the risk-mitigation techniques, due to the complexity of the risk-management procedures requiring the timely, accurate and appropriately segregated exchange of collateral of counterparties which involve the use of internal models, competent authorities should validate those risk-management procedures or any significant change to those procedures, before they are applied.

The need for international regulatory convergence and the need for non-financial counterparties and small financial counterparties to reduce the risks associated with their currency risk exposures make it necessary to set out special risk-management procedures for physically settled foreign exchange forwards and physically settled foreign exchange swaps.

In view of their specific risk profile, it is appropriate to restrict the mandatory exchange of variation margins on physically settled foreign exchange forwards and physically settled foreign exchange swaps to transactions between the most systemic counterparties in order to limit the build-up of systemic risk and to avoid international regulatory divergence.

International regulatory convergence should also be ensured with regard to risk-management procedures for other classes of derivatives.

Post-trade risk reduction services include services such as portfolio compression. To increase transparency and predictability of the initial margins and to restrain CCPs from modifying their initial margin models in ways that could appear procyclical, CCPs should provide their clearing members with tools to simulate their initial margin requirements and should provide them with a detailed overview of the initial margin models they use.

The fines imposed by ESMA on trade repositories under its direct supervision should be effective, proportionate and dissuasive enough to ensure the effectiveness of ESMA's supervisory powers and to increase the transparency of derivative positions and exposures.

The upper limit of the basic amounts of fines should therefore be increased. Third-country authorities should have access to data reported to Union trade repositories where certain conditions guaranteeing the treatment of those data are met by the third country and where that third country provides for a legally binding and enforceable obligation granting Union authorities direct access to data reported to trade repositories in that third country.

The insufficient quality and transparency of data made available by trade repositories makes it difficult for entities that have been granted access to those data to use them to monitor derivatives markets and prevents regulators and supervisors from identifying financial stability risks in due time.

Moreover, trade repositories should grant non-reporting counterparties access to all data reported on their behalf on reasonable commercial terms upon request.

Counterparties should therefore be able to choose the trade repository to which they wish to report and should be able to switch trade repositories if they so choose.

To facilitate such switching and to ensure the continued availability of data without duplication, trade repositories should establish appropriate policies to ensure the orderly transfer of data reported to other trade repositories where requested by a counterparty that is subject to the reporting obligation.

As no viable solution facilitating the participation of pension scheme arrangements in central clearing has been developed so far, that transitional period should be extended to apply for at least a further two years.

Central clearing should however remain the ultimate aim, considering that current regulatory and market developments enable market participants to develop appropriate technical solutions within that period.

That report should also cover the solutions and the related costs for pension scheme arrangements, thereby taking into account regulatory and market developments such as changes to the type of financial counterparty that is subject to the clearing obligation.

In order to cater for developments that were not foreseen at the time of adoption of this Regulation, the Commission should be empowered to extend that transitional period twice for a period of one year, after having carefully assessed the need for such an extension.

A more general assessment of the effects of this Regulation on the level of clearing by different types of counterparty and on the distribution of clearing within each type of counterparty, as well as of the accessibility of clearing services, including the efficiency of the changes made under this Regulation with regard to the provision of clearing services under fair, reasonable, non-discriminatory and transparent commercial terms in facilitating access to clearing, should be undertaken when sufficient experience and data on the application of this Regulation are available.

To ensure uniform conditions for the implementation of this Regulation, and in particular with regard to the suspension of the clearing obligation and of the trading obligation and with regard to direct access by the relevant authorities of third countries to information contained in trade repositories established in the Union, implementing powers should be conferred on the Commission.

The Commission should adopt immediately applicable implementing acts to suspend the clearing obligation and the trading obligation for specific classes of OTC derivatives because it is necessary to have a swift decision ensuring legal certainty about the outcome of the suspension procedure and therefore there are duly justified imperative grounds of urgency.

In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.

The application of certain provisions of this Regulation should be deferred to establish all essential implementing measures and to allow market participants to take the necessary steps for compliance purposes.

Without being obliged to contract, clearing members and clients which provide clearing services, whether directly or indirectly, shall provide those services under fair, reasonable, non-discriminatory and transparent commercial terms.

Such clearing members and clients shall take all reasonable measures to identify, prevent, manage and monitor conflicts of interest, in particular between the trading unit and the clearing unit, that may adversely affect the fair, reasonable, non-discriminatory and transparent provision of clearing services.

Such measures shall also be taken where trading and clearing services are provided by different legal entities belonging to the same group.

Clearing members and clients shall be permitted to control the risks related to the clearing services offered.

The relevant competent authorities of the financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions at the group level.

The request referred to in the first subparagraph shall be accompanied by evidence that at least one of the conditions set out therein is met.

ESMA shall inform the competent authority concerned of its decision. Where ESMA rejects the request by the competent authority, it shall provide reasons therefor in writing.

Where the Commission rejects the requested suspension, it shall provide reasons therefor in writing to ESMA. Such information shall not be made public.

That opinion shall not be made public. The extension of the suspension of the trading obligation shall be valid for the same period as the extension of the suspension of the clearing obligation.

The details shall be reported no later than the working day following the conclusion, modification or termination of the contract.

Counterparties shall notify their competent authorities of their intention to apply the exemption referred to in the third subparagraph.

The exemption shall be valid unless the notified competent authorities do not agree upon fulfilment of the conditions referred to in the third subparagraph within three months of the date of notification.

To ensure that the financial counterparty has all the data it needs to fulfil the reporting obligation, the non-financial counterparty shall provide the financial counterparty with the details of the OTC derivative contracts concluded between them, which the financial counterparty cannot be reasonably expected to possess.

The non-financial counterparty shall be responsible for ensuring that those details are correct. Notwithstanding the first subparagraph, non-financial counterparties who have already invested in a reporting system may decide to report the details of their OTC derivative contracts with financial counterparties to a trade repository.

In that case, the non-financial counterparties shall inform the financial counterparties with which they have concluded OTC derivative contracts of their decision prior to reporting those details.

In that situation, the non-financial counterparties shall be responsible, and legally liable, for reporting those details and for ensuring their correctness.

The AIFM shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which the relevant AIF is a counterparty, as well as for ensuring the correctness of the details reported.

The authorised entity that is responsible for managing and acting on behalf of an IORP that, in accordance with national law, does not have legal personality shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which that IORP is a counterparty, as well as for ensuring the correctness of the details reported.

Counterparties and CCPs that are required to report the details of derivative contracts shall ensure that such details are reported correctly and without duplication.

The relevant competent authorities of the non-financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions at the group level.

A CCP shall provide its clearing members with a simulation tool allowing them to determine the amount of additional initial margin, on a gross basis, that the CCP may require upon the clearing of a new transaction.

That tool shall only be accessible on a secured access basis, and the results of the simulation shall not be binding.

A CCP shall provide its clearing members with information on the initial margin models it uses. That information shall:.

To ensure the consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the following:.

With regard to point b of the first subparagraph, ESMA shall develop a simplified format. ESMA may also apply for such authorisation as a precautionary measure.

Where the proper conduct and efficiency of the inspection so require, ESMA may conduct the on-site inspection without prior announcement.

They shall also have the power to seal any business premises and books or records for the period of, and to the extent necessary for, the inspection.

Such persons shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their business secrets.

The right of access to the file shall not extend to confidential information or to ESMA's internal preparatory documents.

ESMA shall refer matters to the relevant authorities for investigation and possible criminal prosecution where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts that it knows to be liable to constitute a criminal offence under the applicable law.

In addition, ESMA shall refrain from imposing fines or periodic penalty payments where it is aware that a prior acquittal or conviction arising from identical fact or facts which are substantially the same has already acquired the force of res judicata as the result of criminal proceedings under national law.

ESMA shall base its decisions only on findings on which the persons who are subject to the proceedings have had an opportunity to comment.

In such a case, ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decision.

The amount of any fee charged to a trade repository shall cover all reasonable administrative costs incurred by ESMA in relation to its registration and ESMA's supervisory activities and shall be proportionate to the turnover of the trade repository concerned and the type of registration and supervision exercised by ESMA.

To ensure the consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying:. In order to ensure the consistent application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards specifying the following:.

A decision to revoke shall put an end to the delegation of the power specified in that decision.

It shall not affect the validity of any delegated acts already in force. CCPs, clearing members and pension scheme arrangements shall make their best efforts to contribute to the development of viable technical solutions that facilitate the clearing of OTC derivative contracts by such arrangements.

The Commission shall set up an expert group composed of representatives of CCPs, clearing members, pension scheme arrangements and other relevant parties to such viable technical solutions to monitor their efforts and assess the progress made in the development of viable technical solutions that facilitate the clearing of OTC derivative contracts by pension scheme arrangements, including the transfer by such arrangements of cash and non-cash collateral as variation margins.

That expert group shall meet at least every six months. The Commission shall consider the efforts made by CCPs, clearing members and pension scheme arrangements when drafting its report pursuant to the first subparagraph.

Jordbruksverket ska uppdatera den populärvetenskapliga sammanfattningen med resultatet av utvärderingen.

Anläggningarna eller förvaringsutrymmena ska besiktigas innan de tas i bruk eller, om detta är mer lämpligt, snarast möjligt därefter. Förordning Livsmedelsverket är behörig myndighet att utföra offentlig kontroll av att artikel 12 i nämnda förordning följs.

För djur som används inom Försvarsmakten är försvarsinspektören för hälsa och miljö behörig myndighet att utöva offentlig kontroll.

I artikel Artikel Inledande bestämmelser 2 kap. Tävling med och offentlig förevisning av djur 4 kap. Slakt och annan avlivning av djur 6 kap.

Djurförsök 8 kap. Offentlig kontroll och myndigheternas uppgifter 9 kap. Djurförbud och omhändertagande 10 kap. Therefore, and in accordance with the principle of proportionality, an undertaking for collective investment in transferable securities UCITS or an alternative investment fund AIF that is set up exclusively for the purpose of serving one or more employee share purchase plans, should not be qualified as a financial counterparty.

Certain financial counterparties have a volume of activity in OTC derivatives markets that is too low to pose an important systemic risk for the financial system and is too low for central clearing to be economically viable.

Those counterparties, commonly referred to as small financial counterparties, should be exempted from the clearing obligation, but they should remain subject to the requirement to exchange collateral to mitigate any systemic risk.

However, where the position taken by the financial counterparty exceeds the clearing threshold for at least one class of OTC derivatives, calculated at the group level, the clearing obligation should apply to all classes of OTC derivatives, given the interconnectedness of financial counterparties and the possible systemic risk to the financial system that might arise if those OTC derivative contracts were not centrally cleared.

The financial counterparty should have the possibility to demonstrate at any time that its positions no longer exceed the clearing threshold for any class of OTC derivatives, in which case the clearing obligation should cease to apply.

Non-financial counterparties are less interconnected than financial counterparties. Also, they are often predominantly active in only one class of OTC derivatives.

Their activity therefore poses less of a systemic risk to the financial system than the activity of financial counterparties.

Those non-financial counterparties should be subject to the clearing obligation only with regard to the classes of OTC derivatives that exceed the clearing threshold.

Non-financial counterparties should nonetheless remain subject to the requirement to exchange collateral where any of the clearing thresholds is exceeded.

Non-financial counterparties that choose not to calculate their positions against the clearing thresholds, should be subject to the clearing obligation for all classes of OTC derivatives.

The non-financial counterparty should have the possibility to demonstrate at any time that its positions no longer exceed the clearing threshold for a class of OTC derivatives in which case the clearing obligation for that class of OTC derivatives should cease to apply.

In order to take account of any development in financial markets, ESMA should periodically review the clearing thresholds and update them where necessary.

That periodic review should be accompanied by a report. The requirement to clear certain OTC derivative contracts concluded before the clearing obligation takes effect creates legal uncertainty and operational complications, while providing limited benefits.

That requirement should therefore be removed. Counterparties that have a limited volume of activity in the OTC derivatives market face difficulties in accessing central clearing, whether as a client of a clearing member or through indirect clearing arrangements.

Clearing members and clients of clearing members that provide clearing services, either directly to other counterparties or indirectly by allowing their own clients to provide those services to other counterparties, should therefore be required to do so under fair, reasonable, non-discriminatory and transparent commercial terms.

While this requirement should not result in price regulation or an obligation to contract, clearing members and clients should be permitted to control the risks related to the clearing services offered, such as counterparty risks.

To ensure that ESMA can carry out its tasks and duties in relation to the clearing obligation, competent authorities should notify ESMA without delay of any information received from a CCP regarding the CCP's intention to start clearing a class of OTC derivatives that is covered by its existing authorisation.

It should be possible to temporarily suspend the clearing obligation in certain exceptional situations.

Such a suspension should be possible where the criteria on the basis of which specific classes of OTC derivatives have been made subject to the clearing obligation are no longer met.

That could be the case where particular classes of OTC derivatives become unsuitable for mandatory central clearing or where there has been a material change to one of those criteria in respect of particular classes of OTC derivatives.

A suspension of the clearing obligation should also be possible where a CCP ceases to offer a clearing service for specific classes of OTC derivatives or for a specific type of counterparty and other CCPs cannot step in fast enough to take over those clearing services.

The suspension of the clearing obligation should also be possible where it is considered necessary to avoid a serious threat to financial stability in the Union.

In order to ensure financial stability and to avoid market disruption, ESMA should, while keeping in mind the G20 objectives, ensure that, where the abolition of the clearing obligation is appropriate, that abolition is instigated during the suspension of the clearing obligation and in sufficient time to enable the amendment of the relevant regulatory technical standards.

The suspension of the clearing obligation might prevent counterparties from being able to comply with the trading obligation.

This has resulted in a high reporting failure rate and the poor quality of reported data, while the burden of reporting those contracts remains significant.

There is therefore a high likelihood that those historic data will remain unused. Moreover, by the time the deadline for reporting historic contracts becomes effective, a number of those contracts will have already expired and, with them, the corresponding exposures and risks.

For that reason, the requirement to report historic contracts should be removed. Intragroup transactions involving non-financial counterparties represent a relatively small fraction of all OTC derivative contracts and are used primarily for internal hedging within groups.

Those transactions therefore do not significantly contribute to systemic risk and interconnectedness, yet the obligation to report such transactions imposes significant costs and burdens on non-financial counterparties.

Transactions between counterparties within a group, where at least one of the counterparties is a non-financial counterparty, should therefore be exempted from the reporting obligation, regardless of the place of establishment of the non-financial counterparty.

The purpose of that check is to gather evidence on the consistency, coherence, effectiveness and efficiency of the Union reporting framework.

In particular, that analysis should consider the details reported, the accessibility of the data by relevant authorities, as well as measures to further simplify reporting chains for non-OTC derivative contracts without undue loss of information, in particular with respect to non-financial counterparties that are not subject to the clearing obligation.

To reduce the burden of reporting OTC derivative contracts for non-financial counterparties that are not subject to the clearing obligation, the financial counterparty should, as a rule, be solely responsible, and legally liable, for reporting on behalf of both itself and non-financial counterparties that are not subject to the clearing obligation with regard to OTC derivative contracts entered into by those counterparties, as well as for ensuring the correctness of the details reported.

To ensure that the financial counterparty has the data it needs to fulfil its reporting obligation, the non-financial counterparty should provide the details relating to the OTC derivative contracts that the financial counterparty cannot be reasonably expected to possess.

However, it should be possible for non-financial counterparties to choose to report their OTC derivative contracts.

In such cases, the non-financial counterparty should inform the financial counterparty accordingly and should be responsible, and legally liable, for reporting that data and for ensuring their correctness.

Similarly, an AIF manager should be responsible and legally liable for reporting on behalf of that AIF with regard to OTC derivative contracts entered into by that AIF, as well as for ensuring the correctness of the details reported.

To avoid inconsistencies across the Union in the application of the risk-mitigation techniques, due to the complexity of the risk-management procedures requiring the timely, accurate and appropriately segregated exchange of collateral of counterparties which involve the use of internal models, competent authorities should validate those risk-management procedures or any significant change to those procedures, before they are applied.

The need for international regulatory convergence and the need for non-financial counterparties and small financial counterparties to reduce the risks associated with their currency risk exposures make it necessary to set out special risk-management procedures for physically settled foreign exchange forwards and physically settled foreign exchange swaps.

In view of their specific risk profile, it is appropriate to restrict the mandatory exchange of variation margins on physically settled foreign exchange forwards and physically settled foreign exchange swaps to transactions between the most systemic counterparties in order to limit the build-up of systemic risk and to avoid international regulatory divergence.

International regulatory convergence should also be ensured with regard to risk-management procedures for other classes of derivatives.

Post-trade risk reduction services include services such as portfolio compression. To increase transparency and predictability of the initial margins and to restrain CCPs from modifying their initial margin models in ways that could appear procyclical, CCPs should provide their clearing members with tools to simulate their initial margin requirements and should provide them with a detailed overview of the initial margin models they use.

The fines imposed by ESMA on trade repositories under its direct supervision should be effective, proportionate and dissuasive enough to ensure the effectiveness of ESMA's supervisory powers and to increase the transparency of derivative positions and exposures.

The upper limit of the basic amounts of fines should therefore be increased. Third-country authorities should have access to data reported to Union trade repositories where certain conditions guaranteeing the treatment of those data are met by the third country and where that third country provides for a legally binding and enforceable obligation granting Union authorities direct access to data reported to trade repositories in that third country.

The insufficient quality and transparency of data made available by trade repositories makes it difficult for entities that have been granted access to those data to use them to monitor derivatives markets and prevents regulators and supervisors from identifying financial stability risks in due time.

Moreover, trade repositories should grant non-reporting counterparties access to all data reported on their behalf on reasonable commercial terms upon request.

Counterparties should therefore be able to choose the trade repository to which they wish to report and should be able to switch trade repositories if they so choose.

To facilitate such switching and to ensure the continued availability of data without duplication, trade repositories should establish appropriate policies to ensure the orderly transfer of data reported to other trade repositories where requested by a counterparty that is subject to the reporting obligation.

As no viable solution facilitating the participation of pension scheme arrangements in central clearing has been developed so far, that transitional period should be extended to apply for at least a further two years.

Central clearing should however remain the ultimate aim, considering that current regulatory and market developments enable market participants to develop appropriate technical solutions within that period.

That report should also cover the solutions and the related costs for pension scheme arrangements, thereby taking into account regulatory and market developments such as changes to the type of financial counterparty that is subject to the clearing obligation.

In order to cater for developments that were not foreseen at the time of adoption of this Regulation, the Commission should be empowered to extend that transitional period twice for a period of one year, after having carefully assessed the need for such an extension.

A more general assessment of the effects of this Regulation on the level of clearing by different types of counterparty and on the distribution of clearing within each type of counterparty, as well as of the accessibility of clearing services, including the efficiency of the changes made under this Regulation with regard to the provision of clearing services under fair, reasonable, non-discriminatory and transparent commercial terms in facilitating access to clearing, should be undertaken when sufficient experience and data on the application of this Regulation are available.

To ensure uniform conditions for the implementation of this Regulation, and in particular with regard to the suspension of the clearing obligation and of the trading obligation and with regard to direct access by the relevant authorities of third countries to information contained in trade repositories established in the Union, implementing powers should be conferred on the Commission.

The Commission should adopt immediately applicable implementing acts to suspend the clearing obligation and the trading obligation for specific classes of OTC derivatives because it is necessary to have a swift decision ensuring legal certainty about the outcome of the suspension procedure and therefore there are duly justified imperative grounds of urgency.

In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve those objectives.

The application of certain provisions of this Regulation should be deferred to establish all essential implementing measures and to allow market participants to take the necessary steps for compliance purposes.

Without being obliged to contract, clearing members and clients which provide clearing services, whether directly or indirectly, shall provide those services under fair, reasonable, non-discriminatory and transparent commercial terms.

Such clearing members and clients shall take all reasonable measures to identify, prevent, manage and monitor conflicts of interest, in particular between the trading unit and the clearing unit, that may adversely affect the fair, reasonable, non-discriminatory and transparent provision of clearing services.

Such measures shall also be taken where trading and clearing services are provided by different legal entities belonging to the same group.

Clearing members and clients shall be permitted to control the risks related to the clearing services offered.

The relevant competent authorities of the financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions at the group level.

The request referred to in the first subparagraph shall be accompanied by evidence that at least one of the conditions set out therein is met.

ESMA shall inform the competent authority concerned of its decision. Where ESMA rejects the request by the competent authority, it shall provide reasons therefor in writing.

2019 - Weghorst will Wolfsburg in die Europa League ballern

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