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Markets in crypto-assets (MiCA)

Kort overzicht 12-04-2023

The European Parliament is due to vote in April on adopting a regulation on markets in crypto-assets (MiCA), following a provisional agreement on the proposal in trilogue negotiations. The regulation would establish harmonised rules for crypto-assets at EU level, thereby providing legal certainty for those crypto-assets not covered by existing EU legislation. By enhancing consumer and investor protection and financial stability, the regulation seeks to promote innovation and the use of crypto-assets ...

European long-term investment funds (ELTIFs) invest on a long-term basis in infrastructure projects, real estate, and small and medium-sized enterprises, among other things. While the legislative framework – the ELTIF Regulation – for these funds was adopted six years ago, their market remains small. For this reason, the Commission has proposed amending the ELTIF Regulation to make it more appealing to investors. The key mulled changes involve differentiating between ELTIFs marketed to professional ...

There are major concerns in the EU in relation to the investor-state dispute settlement (ISDS) provisions associated with investor protection agreements. ISDS relies on a legal framework of arbitration that is separate from domestic courts. This analysis provides an overview of ISDS cases involving current EU Member States. The main finding is that, on average, nearly 16 % of claimed amounts translate into (known) compensation in cases involving current EU Member State respondents. Nearly a third ...

While Luxembourg is one of the smallest EU Member States in terms of size and population, it is a major European and global financial hub, which plays a key role for investment flows across the EU and provides banking and insurance services to businesses and households. At the same time, Luxembourg has been criticised for its corporate tax framework, which businesses or high net-worth individuals may be employing for abusive tax purposes. In particular, following on from the 'Luxleaks' files, which ...

Modernisation of the Energy Charter Treaty

Kort overzicht 22-04-2022

The European Commission is currently negotiating a revision of the 1994 Energy Charter Treaty (ECT). This revision would, inter alia, reform the ECT's investor–state dispute resolution mechanisms and explicitly allow countries to take regulatory actions affecting existing investments, for reasons such as environmental protection or climate action. The overarching objective is to ensure that the ECT is modernised in a way that would avoid the EU and its Member States deciding to withdraw from the ...

The European Parliament is due to vote on a trilogue agreement on the proposal for a pilot regime for market infrastructure, which will establish a scheme to trade and settle transactions of financial instruments in crypto-asset form. The regime follows the ‘sandbox’ approach that allows for temporary derogations from some specific requirements. This way, the development of solutions for the trading and settlement of transactions in crypto-assets should be encouraged, while preserving a high level ...

Le financement mixte et les garanties ont suscité un grand intérêt en tant qu’outils permettant de faire progresser les objectifs de développement en mobilisant des fonds supplémentaires pour le développement en utilisant des fonds publics limités pour remplir une fonction de réduction des risques. Dans le cadre de l’IVCDCI — Europe dans le monde, le FEDD + fournit un cadre pour les opérations de financement mixte et de garantie dans le cadre de l’action extérieure de l’UE. Entre autres, le FEDD ...

The markets in crypto assets (MiCA) proposal intends to adapt to the latest technological trends in the FinTech sector. The briefing analyses the strengths and weaknesses of the impact assessment (IA) accompanying the MiCA and DLT proposals. The IA is quite technical and difficult to read for a non-expert. The policy options were compared against the criteria of effectiveness, efficiency and coherence, but not against proportionality, which is required by the better regulation guidelines. The preferred ...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in ...

While multiple causes underpin accounting scandals such as Wirecard, they often point at deficiencies in the audit profession and its oversight. Currently, the system of national public audit oversight boards (POBSAs) is fragmented and overly complex, characterized by limited responsiveness to red flags, and apparent lack of communication among the POBSAs, and with other supervisors. This suggests supervisory coordination and clear action triggers are imperative. Importantly, pervasively low transparency ...