Tag Archives: European Commission

EC VP speech highlights risks arising from Brexit

In a recent speech, Vice-President of the EC, Valdis Dombrovskis, warned of the consequences arising from the fact that the transition period agreed at a European level was part of the overall future withdrawal agreement.  Therefore, if finalisation of the withdrawal agreement was compromised due to issues such as the Irish border and governance of […]

European Commission publishes plans to accelerate delivery of Capital Markets Union

The Commission has published a new package of proposals that it wishes to see adopted by mid-2019. The proposals will ‘put in place all building blocks of the Capital Markets Union’, and comprise: legislative proposals on facilitating cross-border distribution of investment funds, to boost the cross-border market for investment funds; a legislative proposal on covered […]

EIOPA publishes final set of advice to the Commission on Solvency 2 Delegated Regulation

The European Insurance and Occupational Pensions Authority (EIOPA), has published its second and final set of advice to the European Commission on the Solvency Capital Requirement (SCR) formula under the Solvency 2 Delegated Regulation. Highlights include: EIOPA recommends further simplifications and improvements to the calculation of capital requirements, including for fire risk and mass accidents […]

Commission updates Brexit pages

The European Commission has updated its website to provide information on how Brexit will affect banking and finance rules. Separate pages address: markets in financial instruments banking and payment services post-trade issues asset management credit rating agencies insurance and reinsurance and statutory audit Each page looks at the impact of withdrawal on authorisations, contracts and […]

EU Blockchain Observatory and Forum launched

The European Commission has announced the launch of an EU Blockchain Observatory and Forum. This aims to: highlight key developments in blockchain technology; promote European participants; and reinforce European engagement with key stakeholders. It is mandated to gather information, monitor and analyse trends, address challenges and explore blockchains’ socioeconomic potential, by facilitating cross border cooperation […]

European Commission publishes proposals regarding capital requirements for investment firms

The European Commission is proposing an overhaul of the prudential requirements for investment firms by bringing in a two track system. The largest, more systemically important firms will be subject to the same rules and requirements as banks; the other firms will be relieved from these more onerous requirements. The changes will be introduced by […]

EC publishes proposal to delay IDD application date

The European Commission has today published a legislative proposal to push back the application date of IDD until 1 October 2018, at the request of the European Parliament and Member States. Member states will still be required to transpose IDD into national legislation by the current implementation date of 23 February 2018. The European Parliament […]

EIOPA delivers first set of advice to the European Commission on Solvency 2 Delegated Regulation

The European Commission requested EIOPA to provide technical advice as part of its review of the Solvency Capital Requirement. Following a public consultation, EIOPA has provided advice on the following areas: Simplified calculations; Reducing reliance on external credit ratings; Exposures guaranteed and exposures to regional governments and local authorities; Risk-mitigation techniques; Undertaking specific parameters; Look-through […]

European Parliament calls for delay of IDD application until 1 October 2018

The European Parliament has published decisions, which raise no objections to the IDD delegated acts on: product oversight and governance requirements for insurance undertakings and insurance distributors; and information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. The Parliament considers that the deadline for transposition of IDD should remain 23 February 2018, […]

European Commission report on consumers’ decision making in insurance services

The European Commission has published a final report of a study on consumers’ decision-making in insurance services: A behavioural economics perspective. The study sought to explore and understand consumers’ decision-making in the non-life insurance market when purchasing domestically and cross-border, to test remedies aimed at helping consumers make better decisions, and to collect complementary data on […]

Commission consults on central bank account registry access

The European Commission has opened a public consultation on broadening law enforcement access to centralised bank account registries, with a view to increasing the speed and effectiveness with which authorities can trace criminal assets and investigate corruption. Targeted at consumers, law enforcement agencies and almost all within the banking sector, the consultation seeks to collect opinions […]

EU-US agreement on insurance and reinsurance

The European Commission has published a statement and a factsheet detailing the agreement reached between the EU and the US on prudential insurance and reinsurance measures. The agreement addresses three areas of prudential insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors. US and EU insurers operating in the other’s markets will […]

Commission consults on post-trade services and the CMU

In 2001, the European Commission identified certain barriers relating to post-trade services, and although major changes have taken place in the capital markets such as  EMIR, CSDR and SFTR), no review had been undertaken. The Commission has now published a consultation paper on post-trade services in the CMU in order to understand stakeholders’ views on […]

ESAs advise the Commission on PRIIPs with environmental or social objectives

The European Supervisory Authorities (ESAs) have submitted their technical advice to the European Commission (the Commission) to set minimum requirements, which manufacturers of PRIIPs with environmental or social (EOS PRIIPs) objectives should comply with to ensure their products meet the retail investors’ needs. The ESAs addressed  four areas: (i) specific environmental or social objectives, (ii) disclosure of specific investment […]

EC publishes draft Delegated Regulation on insurance-based investement product requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products. The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of insurance-based investment products. The Delegated Regulation, which is based on previous technical advice […]

Commission consults on non-performing loan market

The European Commission is consulting on a secondary market for non-performing loans. It seeks views on how to improve the market and specifically on loan servicing activities by third parties, and the transfer of loans away from the originating bank. It asks for feedback by 20 October.

EIOPA consults on first set of advice on Solvency II review

 EIOPA has launched a project in a response to the call for advice by the EC and has published a consultation paper on the first set of advice. EIOPA’s focus is on the review of Commission Delegated Regulation (EU) 2015/35 and in particular the Solvency Capital Requirement (SCR) standard formula. The main goals of the review […]

WFE encouraged by Commission consultation on FinTech

The World Federation of Exchanges said it was encouraged by the Commission’s consultation on FinTech as it believed that it was important to get policy right in this area to avoid the rush to regulate. These comments came following the WFE’s response to the Commission’s consultation document “FinTech:  a more competitive and innovative European financial sector”, which was published […]

EIOPA publishes 2016 annual report

EIOPA has published its annual report which reviews its mandate and programme of work during 2016. Highlights of what EIOPA considers to be its top achievements in 2016 include: Developments of the KID for PRIIPs. EIOPA’s readiness for Solvency II reporting. EIOPA Insurance Stress Test 2016. Launch of an EU-wide thematic review of market conduct among […]

EIOPA calls for evidence following European Commission’s 2nd request for technical advice on Solvency 2 Delegated Regulation

EIOPA is seeking responses on the treatment of unlisted equity and debt without an External Credit Assessment Institution rating in the standard formula. This request is further to the European Commission’s request for advice on the same. EIOPA will prepare draft advice to the Commission following any feedback received and plans to start a consultation in November 2017 […]

European Commission publishes FS action plan

The Commission has published its Financial Services Action Plan for a “deeper and fairer Single Market”. As ever, the priority is to enhance competition and improve consumer choice, regardless of where and how consumers shop for financial services and products. The plan notes that only 7% of consumers buy financial services from other Member States […]

European Commission releases public consultation on FinTech as part of Consumer Financial Services Action Plan

In a statement released today, the European Commission has presented an Action Plan that sets out ways to provide European consumers with greater choice and better access to financial services across the EU. At its heart is a focus on technology, given that innovative online services will drive progress towards a more integrated market for financial services. This […]

European Commission speaks on Fintech

European Commission Vice President Valdis Dombrovskis spoke at a Fintech and Digital Innovation Conference. He noted the need to keep up with change and for regulators to fully understand new technologies and regulate proportionately without creating market barriers. He said the Commission would shortly be publishing its action plan, which would address measures it would take […]

Commission to delay PRIIPs

The European Commission has proposed to delay the implementation date of the PRIIPs Regulation by one year to 1 January 2018. The proposal follows the European Parliament’s rejection of the RTS to be made under the Regulation. The Commission said it thinks the Regulation is clear enough by itself but has agreed it would be […]