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Third country equivalence in EU banking and financial regulation

27-08-2019

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section ...

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section 4). This briefing is an updated version of a briefing published in April 2018.

Law enforcement access to financial data

11-04-2018

Access to financial data by law enforcement authorities is seen as critical for preventing crime. This briefing looks at the specific provisions contained in EU instruments that have facilitated this access, and examines the exchange of financial data at EU level but also with non-EU countries. It shows that such access has significantly broadened in the last decades. The private sector, which collects most of these data, has been increasingly regulated; as a result, the sources of information available ...

Access to financial data by law enforcement authorities is seen as critical for preventing crime. This briefing looks at the specific provisions contained in EU instruments that have facilitated this access, and examines the exchange of financial data at EU level but also with non-EU countries. It shows that such access has significantly broadened in the last decades. The private sector, which collects most of these data, has been increasingly regulated; as a result, the sources of information available to the competent authorities have multiplied. The exchange of these data at EU level has been furthermore considerably simplified. However, law enforcement authorities still see significant challenges to accessing and exchanging financial information. The Commission plans to address these challenges through a number of initiatives that it announced in its 2018 work programme. On the other hand, such broadened access does not occur without debates and controversies, in particular in relation to efficiency at the operational level, adequate scrutiny and fundamental rights compliance.

Common rules and new framework for securitisation

25-01-2018

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations ...

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations and to allow investors to analyse associated risks. The proposal came as a package with a second proposal, to amend the Capital Requirements Regulation applicable to credit institutions and investment firms in respect of securitisation. During the October II plenary session, the European Parliament is due to vote on the compromise agreement struck with the Council in May 2017. This briefing further updates an earlier edition, of July 2016: PE 586.624. See also our updated briefing on the related proposal: PE 608.778.

Review of the European supervisory authorities (ESAs)

20-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance and pension markets: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). These ESAs also contribute to the development and application of a single rulebook for financial regulation in the European Economic Area. In 2015, in view of further integration of the financial sector, the EU launched the Capital Markets Union, stressing the need to strengthen both regulatory and supervisory convergence. The latter was particularly highlighted in the Five Presidents' 2015 report on completing Europe's economic and monetary union and in a reflection paper of May 2017. In this context, the Commission's 2017 work programme announced the review of the European System of Financial Supervisors (ESFS), which comprises the ESAs and the European Systemic Risk Board. Accordingly, the review of the current ESA regulations addresses the micro-prudential aspects of the continuing financial integration, together with the extension of ESA responsibilities through a number of recent pieces of sectoral legislation, also covered in the IA (IA, pp. 8-9, 25). Finally, the prospect of Brexit – which will entail a relocation of the EBA – further increases the need for the EU27 to strengthen EU-wide convergence of supervisory practices, in order to protect consumers and investors and to promote financial stability. While the ESA regulations are considered to have worked well in general, a first review in 2014 found several shortcomings (IA, p. 9). The IA notes that for specific cross-border activities in particular, the balance between ESA and national supervision is problematic. Also, the considerable divergence between national supervisory practices across the EU makes the current system inconsistent, since the day-to-day supervision of small financial actors remains a national competence, as does the implementation of the cited sectoral regulations involving ESA activities (IA, pp. 20, 142).

Third-Country Equivalence in EU Banking Legislation

12-07-2017

This briefings prepared by the Economic Governance Support Unit focuses on the concept of equivalence in EU banking legislation and notably on the difference between “passporting” rights and “third-country equivalence” rights. It gives an overview of existing equivalence clauses in some key EU banking and financial legislation and of equivalence decisions adopted by the European Commission to date. The briefing may be updated pending new developments.

This briefings prepared by the Economic Governance Support Unit focuses on the concept of equivalence in EU banking legislation and notably on the difference between “passporting” rights and “third-country equivalence” rights. It gives an overview of existing equivalence clauses in some key EU banking and financial legislation and of equivalence decisions adopted by the European Commission to date. The briefing may be updated pending new developments.

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