4. When, taking into account the situation of the securities markets in the host Member State, the activities of a CSD that has established a branch have become of substantial importance for the functioning of the securities markets and the protection of the investors in that host Member State, the home and host competent and relevant authorities shall establish cooperation arrangements for the supervision of the activities of that CSD in the host Member State.

13. Underlines the important role – albeit limited – played by the Securities Markets Programme (SMP) until September 2012 in addressing the malfunctioning of certain eurozone sovereign debt securities market segments;

32. Calls on the ECB to introduce as part of the Security Markets Programme a discount rate mechanism that can be adjusted if a given security is further downgraded by most credit rating agencies, with a view to ensuring that the ECB does not end up with too many risky assets; believes, further, that the ECB should consider the possibility of extending the policy of requiring at least two credit ratings before accepting a security as collateral from only ABS to all other types of collateral for which only one rating is currently requ ...[+++]ired, and calls on the ECB to develop its own risk-assessment framework;

32. Calls on the ECB to introduce as part of the Security Markets Programme a discount rate mechanism that can be adjusted if a given security is further downgraded by most credit rating agencies, with a view to ensuring that the ECB does not end up with too many risky assets; believes, further, that the ECB should consider the possibility of extending the policy of requiring at least two credit ratings before accepting a security as collateral from only ABS to all other types of collateral for which only one rating is currently requ ...[+++]ired, and calls on the ECB to develop its own risk-assessment framework;

On the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the procedure referred to in Article 24(2), stating whether the legal and supervisory framework of a third country ensures that a regulated market authorised in that third country complies with legally binding requirements which are, for the purpose of the application of the exemption under point (e), equivalent to the requirements resulting from Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) , from Title III of Directive 20 ...[+++]04/39/EC and from Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market , and which are subject to effective supervision and enforcement in that third country.

In particular, a gradual opening of the municipal lending market in candidate countries would also be prepared in time for enlargement.