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The legislative review of the European Commission proposal amending, amongst other things, the regulations establishing the European Supervisory Authorities (so called “ESAs review proposal”) continues in the Council and in the European Parliament. The Commission’s proposal has given rise to several contentious issues, in particular some Member States have raised concerns about the undue and excessive transfer of competences to the ESAs from the national competent authorities. Today, Member State representatives met to continue discussions…
On 12 September 2018, the European Commission published an amended proposal on the amendment of the three regulations founding the European Supervisory Authorities (ESAs). The amendments proposed aim to centralise the tasks relating to the prevention and combatting of money-laundering and terrorist financing (AML/CTF) into the European Banking Authority (EBA). The amended proposal extends the supervisory powers of the EBA related to AML/CFT from the banking sector to the financial sector as a whole, thereby…
On 24 May, the European Commission released a set of legislative proposals on financing sustainable growth (so called Sustainable Finance Package). These measures are the first steps towards implementing some of the recommendations of the EU’s High-Level Expert Group on sustainable finance published in January 2018 and are part of the European Commission Action Plan on Financing Sustainable Growth of March 2018. The proposals aim to improve the contribution of finance to sustainable and inclusive…
The European Commission has launched a 4 week public consultation on the REFIT review of Regulation (EC) No 924/2009 on cross-border payments in the Community (SEPA Migration Regulation). The review is one of the first initiatives of the Commission’s Action Plan on Consumer Financial Services to be put into motion.  The inception impact assessment explains that the SEPA Migration Regulation has successfully equalised and therefore lowered charges for cross–border transactions in euros. However, it does…
Last week Member State representatives met to continue discussions on the proposal for a Regulation on central counterparty (CCP) recovery and resolution. The Presidency compromise text, published on 28 April 2017, served as a basis of discussion. In this compromise text, the Presidency has sought to reflect Member States discussion thus far, as well as to align the text more closely to the Financial Stability Board guidance on CCP resolution and resolution planning which…
Commission Vice President Dombrovskis has responded to concerns raised by MEPs on the European Parliament’s Economic and Monetary Affairs (ECON) Committee and the European Securities and Markets Authority (ESMA) regarding systematic internalisers (SIs) operating broker crossing networks. Following calls from the legislators and supervisors in December 2016 and February 2017, respectively, the Commission conducted a preliminary investigation into the matter and has consulted both the exchanges – from which the complaint originated – and investment…
The European Commission has published its long-awaited Action Plan on Retail Financial Services. Notably the Action Plan has been rebranded as the “Consumer Financial Services Action Plan” and is less FinTech (financial technology) focussed than anticipated. Presumably, this work has been subsumed by the FinTech Task Force (FTTF), an internal Commission task force established in November 2016 tasked with developing a European strategy to address potential challenges posed by FinTech. The Action Plan is comprised…
On  March 8, 2017 the European Parliament’s Economic and Monetary Affairs (ECON) Committee held a hearing on third-country equivalence in EU financial services regulation. The exchange of views with the European Commission and the Chairmen of the European Supervisory Authorities (ESAs) follows the publication of a Commission staff working document on the same topic at the end of February. Olivier Guersent, Director General of DG FISMA, reiterated that this paper was simply a stock-taking, factual…