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On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

Retail investor package

Briefing 16-10-2023

On 24 May 2023, the European Commission put forward a package of two proposals to amend existing directives and a regulation with a view to fostering retail investor information transparency and ensuring that investment decisions are best for investors. The objective is to enhance trust and confidence, thereby increasing retail investor participation in financing the economy. The package is mostly concerned with clarity in communication and the prevention of misleading marketing. It also seeks to ...

In the aftermath of the 2008 financial crisis, which showed the need for more sophisticated and demanding capital requirements for banks, new regulations were agreed at international level – known as the Basel III Agreements. In the EU, they were implemented essentially by amending the Capital Requirements Directive (CRD) and adopting the Capital Requirements Regulation (CRR). On 27 October 2021, the Commission tabled two interconnected proposals to amend the CRR and the CRD, respectively. The objective ...

Two European Union (EU) directives regulate the EU collective investment funds industry: the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS Directive, which covers mutual funds, lays down uniform rules, allowing them to be offered cross-border, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers ...

This study analyses the need to adopt further EU financial regulation on decentralized finance after the implementation of the Markets in Crypto Asset Regulation and the revision of the Transfer of Funds Regulation, with a special view on crypto lending, crypto staking, crypto custody, the use of non-formal information, NFTs and sustainability. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

Le 24 septembre 2020, la Commission a présenté une proposition de directive modifiant un certain nombre de directives qui régissent actuellement la réglementation et la surveillance du système financier, en vue de faire face aux risques liés aux technologies de l’information et de la communication (TIC). La proposition fait partie du train de mesures sur la finance numérique, dont l’objectif premier est de promouvoir l’innovation et la concurrence dans le domaine de la finance numérique tout en atténuant ...

The IA provides a convincing justification for revising the CSD Regulation. The analysis, both qualitative and quantitative, is based on the targeted evaluation of the existing CSD Regulation, targeted stakeholder consultation and various data sources (ESMA). However, the IA would have benefited from a more detailed description of the problems, the policy options, and the stakeholder consultation, including the consultation results. Moreover, views of stakeholder groups on the policy options and ...

The IA is based on solid internal and external sources, in particular several ESMA review reports, and stakeholder consultations. However, the definitions of both the problems and the objectives lack consistency and coherence, as the lines between problems, their drivers and consequences are blurred and objectives seem to overlap (and shift). This weakens the IA's intervention logic. The policy options presented to tackle the problems are assessed against two baseline scenarios, which is unusual. ...

Le marché des obligations vertes, en plein essor dans l’Union européenne, n’a pas encore été harmonisé. Il n’existe pour le moment que des normes privées. En juillet 2021, la Commission a présenté une proposition de règlement sur les obligations vertes européennes . Celle-ci fait partie intégrante d’une orientation législative plus large de l’Union sur la finance durable, qui a engendré l’adoption du règlement sur la taxinomie et du règlement sur la publication d’informations en matière de durabilité ...

Le Parlement européen est appelé à voter sur un accord de trilogue relatif à la proposition de régime pilote pour les infrastructures de marché, qui vise à instaurer un dispositif permettant de négocier et de régler des transactions sur les instruments financiers qui prennent la forme de crypto-actifs. Ce régime obéit à une logique de «bac à sable réglementaire» qui permet de déroger temporairement à certaines exigences particulières. Cette démarche a vocation à encourager la conception de solutions ...