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Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

18-02-2019

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework: EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its report in May 2018, and the Council agreed its position in November. Trilogue negotiations are now under way.

Revision of EU financial rules

28-06-2018

In September 2016, the Commission tabled a proposal for a new Financial Regulation which would replace the current one (together with its Rules of Application), as well as amend 15 other sectoral instruments each containing financial rules. The Commission justifies its proposal by the need to simplify EU financial rules and make them more flexible. In April 2018, the BUDG and CONT committees approved the outcome of trilogue negotiations on the main part of the proposal for a new Financial Regulation ...

In September 2016, the Commission tabled a proposal for a new Financial Regulation which would replace the current one (together with its Rules of Application), as well as amend 15 other sectoral instruments each containing financial rules. The Commission justifies its proposal by the need to simplify EU financial rules and make them more flexible. In April 2018, the BUDG and CONT committees approved the outcome of trilogue negotiations on the main part of the proposal for a new Financial Regulation, and that is expected to be voted in plenary in July 2018. Prior to that, in December 2017, the co-legislators had already adopted part of the proposal relating to the reform of five sectoral regulations within the common agricultural policy. See separate EPRS ‘At a glance’ note on the agricultural part, 2016/0282B(COD). Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Aprobación de la gestión en la ejecución del presupuesto de 2016 - Instituciones de la Unión distintas de la Comisión Europea

11-04-2018

La Comisión de Control Presupuestario del Parlamento recomienda conceder la aprobación de la gestión para ocho de las secciones administrativas del presupuesto de la Unión de 2016 y aplazar la decisión hasta octubre de 2018 en uno de los casos (Consejo Europeo y Consejo). El Parlamento tiene previsto aprobar una decisión sobre este asunto durante el período parcial de sesiones de abril.

La Comisión de Control Presupuestario del Parlamento recomienda conceder la aprobación de la gestión para ocho de las secciones administrativas del presupuesto de la Unión de 2016 y aplazar la decisión hasta octubre de 2018 en uno de los casos (Consejo Europeo y Consejo). El Parlamento tiene previsto aprobar una decisión sobre este asunto durante el período parcial de sesiones de abril.

'Omnibus regulation' – Agricultural provisions

06-12-2017

The proposed 'omnibus regulation' to amend EU financial rules represents the first occasion that changes to the basic regulations of the Common Agricultural Policy (CAP) have been formally proposed since the 2013 reform. These changes represent policy choices involving a fine-tuning and simplification of the CAP. Parliament is due to vote on the proposal during the December plenary session.

The proposed 'omnibus regulation' to amend EU financial rules represents the first occasion that changes to the basic regulations of the Common Agricultural Policy (CAP) have been formally proposed since the 2013 reform. These changes represent policy choices involving a fine-tuning and simplification of the CAP. Parliament is due to vote on the proposal during the December plenary session.

Assigned Revenue in the Budget of the European Parliament

16-10-2017

While assigned revenue is effectively an exception to the principle of universality, it also takes account of the specific nature of such revenue and makes it possible to use it for its natural purpose. In certain cases, such as insurance payments serving to provide compensation for damages or to correct errors, the principle of universality is not applicable, or only with great difficulty. Moreover, assigned revenue is not always ‘true revenue’. In the two examples above, which in fact concern ...

While assigned revenue is effectively an exception to the principle of universality, it also takes account of the specific nature of such revenue and makes it possible to use it for its natural purpose. In certain cases, such as insurance payments serving to provide compensation for damages or to correct errors, the principle of universality is not applicable, or only with great difficulty. Moreover, assigned revenue is not always ‘true revenue’. In the two examples above, which in fact concern compensation for damage or correction of errors, pooling them according to the principle of budgetary universality would not make sense.

Financial Instruments: defining the rationale for triggering their use

16-10-2017

The use of financial instruments within the EU budget is becoming more and more common. The present study first revises key concepts in determining the use of those instruments, before providing an analysis of the functioning and consistency of the ex-ante assessments, which are required by regulation to help identify the rationale and scope for financial instruments. It offers recommendations to improve the ex-ante assessment process and on the use of these instruments across the EU.

The use of financial instruments within the EU budget is becoming more and more common. The present study first revises key concepts in determining the use of those instruments, before providing an analysis of the functioning and consistency of the ex-ante assessments, which are required by regulation to help identify the rationale and scope for financial instruments. It offers recommendations to improve the ex-ante assessment process and on the use of these instruments across the EU.

Autor externo

Jorge Núñez Ferrer, Senior Research Fellow, CEPS David Rinaldi, Associate Research Fellow, CEPS Apostolos Thomadakis, ECMI Researcher, CEPS Roberto Musmeci, Research Assistant, CEPS Martin Nesbit, Senior Fellow, IEEP Kamila Paquel, Senior Policy Analyst, IEEP Andrea Illes, Policy Analyst, IEEP Katharina Ehrhart, Researcher, LSE Enterprise

Cross-border payments in the European Union

06-10-2017

The European single market for payments is based on the idea of providing safer and more innovative payment services across the EU. To this end, the European institutions are working on establishing rules and tools to make payment services easier and to foster competition. The aim is to guarantee common standards in all Member States, efficient, faster and diversified types of payment, and consumer protection. The EU has already put several legislative tools in place, has established common criteria ...

The European single market for payments is based on the idea of providing safer and more innovative payment services across the EU. To this end, the European institutions are working on establishing rules and tools to make payment services easier and to foster competition. The aim is to guarantee common standards in all Member States, efficient, faster and diversified types of payment, and consumer protection. The EU has already put several legislative tools in place, has established common criteria and requirements, and provided alternatives (such as e-money) to 'traditional' payment channels. 'Payment services' mean those defined by the EU legislation in the field, and cover common tools and standards for cross-border payments (SEPA), and also e-money services. This Implementation Appraisal deals with cross-border payments and, more specifically, with Regulation (EC) No 924/2009 in the context of the planned European Commission review. Eight years after its entry into force, the Commission has announced its intention to extend its scope to non-euro currencies.

Assigned Revenue in the European Union Budget

15-09-2017

Assigned revenue is used to finance specific items of expenditure. It therefore constitutes an exception to the principle of universality.

Assigned revenue is used to finance specific items of expenditure. It therefore constitutes an exception to the principle of universality.

EU-Mapping 2017: Systematic overview on economic and financial legislation

14-07-2017

This study provides a graphic overview on core legislation in the area of economic and financial services. The presentation essentially covers the areas within the responsibility of the Economic and Monetary Affairs Committee (ECON); hence it starts with core ECON areas but also displays neighbouring areas of other Committees' competences which are closely connected to and impacting on ECON's work. It shows legislation in force, proposals and other relevant provisions on banking, securities markets ...

This study provides a graphic overview on core legislation in the area of economic and financial services. The presentation essentially covers the areas within the responsibility of the Economic and Monetary Affairs Committee (ECON); hence it starts with core ECON areas but also displays neighbouring areas of other Committees' competences which are closely connected to and impacting on ECON's work. It shows legislation in force, proposals and other relevant provisions on banking, securities markets and investment firms, market infrastructure, insurance and occupational pensions, payment services, consumer protection in financial services, the European System of Financial Supervision, European Monetary Union, euro bills and coins and statistics, competition, taxation, commerce and company law, accounting and auditing. Moreover, it notes selected provisions that might become relevant in the upcoming Article 50 TEU negotiations. This document was provided by Policy Department A on request of the ECON Committee.

Autor externo

Prof Katja LANGENBUCHER, Research Center SAFE and Goethe University Frankfurt Prof Tobias TRÖGER, Research Center SAFE and Goethe University Frankfurt Lara MILIONE, Research Center SAFE and Goethe University Frankfurt Andreas ROTH, Research Center SAFE and Goethe University Frankfurt

Precautionary recapitalisations under the Bank Recovery and Resolution Directive: conditionality and case practice

05-07-2017

This briefing focusses on the possibility provided by the Bank Recovery and Resolution Directive (BRRD) to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.

This briefing focusses on the possibility provided by the Bank Recovery and Resolution Directive (BRRD) to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.

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