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Prudential requirements and supervision of investment firms

15-01-2020

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for investment firms, making it more effective and more closely calibrated to the size and nature of the various investment firms and their risks. Parliament's Committee on Economic and Monetary Affairs (ECON) agreed its report and negotiating mandate on 24 September 2018. On 20 March 2019, provisional agreements were reached by Parliament and Council negotiators. Parliament adopted the texts at first reading on 16 April 2019. Following linguistic corrections, corrigenda were endorsed by Parliament in October, and the regulation and directive were adopted by the Council then signed into law on 27 November. Both will apply in full from 26 June 2021. Second edition of a briefing originally drafted by David Eatock. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Strengthening market surveillance of harmonised industrial products

29-07-2019

Harmonised products represent 69 % of the overall value of industrial products in the internal market. However, a significant part of these products does not comply with harmonised EU rules. This has negative effects on the health and safety of consumers, and on fair competition between businesses. To remedy the situation, in 2017 the Commission proposed to strengthen market surveillance rules for non-food products harmonised by EU legislation. Parliament and Council reached a provisional agreement ...

Harmonised products represent 69 % of the overall value of industrial products in the internal market. However, a significant part of these products does not comply with harmonised EU rules. This has negative effects on the health and safety of consumers, and on fair competition between businesses. To remedy the situation, in 2017 the Commission proposed to strengthen market surveillance rules for non-food products harmonised by EU legislation. Parliament and Council reached a provisional agreement on the proposal in February 2019. The new regulation was signed on 20 June and published in the Official Journal on 25 June 2019, applying in full from July 2021. It aims to increase EU-level coordination of market surveillance and clarify the procedures for the mutual assistance mechanism. Non-EU manufacturers of products that could cause an elevated level of risk to public interest will have to designate an importer, an authorised representative or a fulfilment service provider established in the EU. Fifth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Plenary round-up – Strasbourg, April II 2019

18-04-2019

Highlights of the April II plenary session (the last of the current legislature) included debates on the conclusions of the April 2019 European Council meeting on the withdrawal of the UK from the European Union, and the final debate in the series on the future of Europe with the Prime Minister of Latvia, Kisjanis Karins. Important debates also took place on the rule of law in Romania; failure to adopt an EU digital services tax; protecting the European elections against international cybersecurity ...

Highlights of the April II plenary session (the last of the current legislature) included debates on the conclusions of the April 2019 European Council meeting on the withdrawal of the UK from the European Union, and the final debate in the series on the future of Europe with the Prime Minister of Latvia, Kisjanis Karins. Important debates also took place on the rule of law in Romania; failure to adopt an EU digital services tax; protecting the European elections against international cybersecurity threats; and on the possible extradition of Julian Assange. Members debated a number of external relations situations: in Mozambique, Malawi and Zimbabwe after cyclone Idai; in Libya; in Sudan; and US recognition of the Golan Heights as Israeli territory. The legislative proposals adopted included those on collective investment funds, banking reform, prudential requirements, covered bonds, CO2 emission standards for heavy-duty vehicles, and promoting clean, energy-efficient vehicles. Members voted on a number of legislative proposals (see below), including a partial agreement on the Horizon Europe programme.

Financial Supervision and Regulation in the US - Dodd-Frank Reform

13-12-2018

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

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Prof Joseph R. Mason; Jeff D. Balcombe; W. Scott Dalrymple

The financing of bank resolution - who should provide the required liquidity?

14-11-2018

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition ...

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition of monetary financing and other Treaty and EU law requirements. The choice of the EU entity which should be entrusted with the specific mandate will largely depend on the characteristics the facility would take. The paper considers such characteristics and analyses which authority may best fit that role. The paper also suggests that a well-structured facility could have a positive broader macroprudential impact, and that a fine balance needs to be struck between the risk of moral hazard and the beneficial effect this facility may have on market confidence.

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Costanza A Russo Rosa M. Lastra, Queen Mary University of London

The supervisory approach to anti-money laundering: an analysis of the Joint Working Group’s reflection paper

14-11-2018

On August 31 2018, a Joint Working Group consisting of representatives of the European Central Bank, the European Commission and the European Supervisory Agencies published a document entitled ‘Reflection paper on possible elements of a Roadmap for seamless cooperation between Anti Money Laundering and Prudential Supervisors in the European Union’. The reflection paper straightforwardly calls for additional resources to be made available to the European Banking Authority to counter money laundering ...

On August 31 2018, a Joint Working Group consisting of representatives of the European Central Bank, the European Commission and the European Supervisory Agencies published a document entitled ‘Reflection paper on possible elements of a Roadmap for seamless cooperation between Anti Money Laundering and Prudential Supervisors in the European Union’. The reflection paper straightforwardly calls for additional resources to be made available to the European Banking Authority to counter money laundering. Suggestions for better cooperation and information sharing among anti-money laundering and prudential supervisors, however, risk being ineffective, as long as the underlying incentives to engage in international regulatory competition towards low enforcement of anti-money laundering standards are not addressed. To eliminate the potential for regulatory competition, anti-money laundering supervision needs to be raised to a European level.

Awtur estern

H.Huizinga

The effects and risks of ECB collateral framework changes

16-07-2018

During the crisis, the ECB modified its collateral framework to face increased liquidity needs of commercial banks. This has taken two forms: the minimum required rating for different classes of assets has been reduced and the haircut associated to these assets has evolved conditional on the default risks of these assets. The benefits in terms of cushioning a liquidity crisis and enhancing monetary policy transmission have most probably exceeded the costs in terms of riskier central bank balance ...

During the crisis, the ECB modified its collateral framework to face increased liquidity needs of commercial banks. This has taken two forms: the minimum required rating for different classes of assets has been reduced and the haircut associated to these assets has evolved conditional on the default risks of these assets. The benefits in terms of cushioning a liquidity crisis and enhancing monetary policy transmission have most probably exceeded the costs in terms of riskier central bank balance sheet and potential capital losses. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Awtur estern

Christophe BLOT, Jérôme CREEL, Paul HUBERT (Sciences Po – OFCE)

ECB non-standard-policies and collateral constraints

16-07-2018

Collateral constitutes an indispensable lubricant for the financial system. Government bonds constitute the most important source of collateral, for use in inter-bank and repo transactions. But, the vast bond buying program of the ECB in the context of the Public Sector Purchase Programme has not led to any collateral scarcity. Banks still hold very large amounts of sovereign bonds and they have ample other collateral should they want to borrow more from the ECB for ‘standard’ monetary policy operations ...

Collateral constitutes an indispensable lubricant for the financial system. Government bonds constitute the most important source of collateral, for use in inter-bank and repo transactions. But, the vast bond buying program of the ECB in the context of the Public Sector Purchase Programme has not led to any collateral scarcity. Banks still hold very large amounts of sovereign bonds and they have ample other collateral should they want to borrow more from the ECB for ‘standard’ monetary policy operations. Banks tend to use less liquid assets as collateral with the ECB, but this does not mean necessarily more risk for the ECB for which liquidity is not important. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Awtur estern

Daniel GROS, Willem Pieter de Groen (CEPS)

Motor vehicles: new approval and market surveillance rules

05-07-2018

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European ...

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European Commission proposed strengthening the type-approval system for motor vehicles. Its goal is to ensure effective enforcement of rules (including through market surveillance), to strengthen the quality and independence of technical tests and to introduce EU oversight on the type-approval process. After completion of the legislative procedure, the final act was signed on 30 May 2018. The regulation will apply from 1 September 2020.

Valuation reports in the context of banking resolution: What are the challenges?

05-07-2018

The paper discusses the problem of valuation in bank resolution. In an overview over the most relevant principles of valuation theory, the paper notes the difficulties inherent in valuing risks and illiquidity in holding non-traded assets. Subsequently, the paper briefly reviews the resolution of Banco Popular Español, and then discusses the need for clarification of the no-investor-worse-off principle, the relation between the price in a sale of business and the presumed outcome in an insolvency ...

The paper discusses the problem of valuation in bank resolution. In an overview over the most relevant principles of valuation theory, the paper notes the difficulties inherent in valuing risks and illiquidity in holding non-traded assets. Subsequently, the paper briefly reviews the resolution of Banco Popular Español, and then discusses the need for clarification of the no-investor-worse-off principle, the relation between the price in a sale of business and the presumed outcome in an insolvency procedure, and the difficulties attached to assessing the value of an illiquid asset that is held. The paper concludes with a discussion of the need for time, for valuation and in resolution, warns against a moratorium on withdrawals and payouts, and argues that time pressures would be much reduced if funding in resolution was provided for.

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27-10-2020
Hearing on Rebuilding fish stocks in the Mediterranean: next steps
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EPRS online Book Talk | Beyond Christendom - The politics of religion in Europe today
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Study presentation for PECH committee
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