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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 ...

This position paper argues that the macroprudential policy framework should include the non-bank financial sector. As this sector is much more diverse than the banking sector, applying macroprudential instruments to non-banks is not the way forward. Instead, appropriate stress-testing that takes the interconnected nature of the sector into account in combination with proper microprudential regulation is more desirable. This approach is illustrated for the case of money market funds in the EU.

In February 2021, the Commission launched a consultation that sought to gather stakeholders’ experience with the current crisis management and deposit insurance framework as well as their views on the revision of the framework. The results of that consultation were published in a summary report. As the experience with the application of the current framework indicates that some adjustments may be warranted, this briefing summarises some of the underlying issues.

Preserving the ability of banks to continue lending to companies, especially small and medium-sized enterprises, is key when it comes to softening the economic impact of the pandemic and easing recovery. The Commission believes that securitisation can contribute to this. It also considers that in order to increase the potential of securitisation the EU regulatory framework (Regulations (EU) 2017/2402 and (EU) 575/2013) must be updated, to cater for (i) on-balance-sheet synthetic securitisation and ...

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional ...

The COVID-19 crisis is a significant and exogenous shock to the EU corporate sector, with implications for the operations and funding of many businesses. We compare key indicators for the global financial crisis (GFC) and the current situation, and assess implications for the policy response. We find that while many policy actions taken in response to the GFC remain valid, the nature of COVID-19 suggests a more tailored response is appropriate, with support focused on sectors most directly affected ...

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 ...

This briefing focuses on the state of play of the implementing measures under the new Securitisation Regulation (EU) 2017/2402 and the amending Regulation (EU) 2017/2401 on the treatment of regulatory capital requirements for credit institutions that originate, sponsor or invest in securitisations. Items for discussion include the draft measures that have been prepared by the European Supervisory Agencies, and those currently under preparation, including – for the European Securities and Markets ...

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential ...

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it ...