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EU framework for FDI screening

17-04-2019

On 13 September 2017, the European Commission adopted a proposal for a regulation establishing a framework for screening foreign direct investment (FDI) inflows into the EU on grounds of security or public order. The proposal was a response to a rapidly evolving and increasingly complex investment landscape. It aimed to strike a balance between maintaining the EU's general openness to FDI inflows and ensuring that the EU's essential interests are not undermined. Recent FDI trends and policies of ...

On 13 September 2017, the European Commission adopted a proposal for a regulation establishing a framework for screening foreign direct investment (FDI) inflows into the EU on grounds of security or public order. The proposal was a response to a rapidly evolving and increasingly complex investment landscape. It aimed to strike a balance between maintaining the EU's general openness to FDI inflows and ensuring that the EU's essential interests are not undermined. Recent FDI trends and policies of emerging FDI providers had cast doubt on the effectiveness of the decentralised and fragmented system of FDI screening – in use in only some EU Member States – to adequately address the potential (cross-border) impact of FDI inflows on security or public order without EU coordinated cooperation among all EU Member States. The proposal's objective was neither to harmonise the formal FDI screening mechanisms then used by almost half of the Member States, nor to replace them with a single EU mechanism. Instead, it aimed to enhance cooperation and information-sharing on FDI screening between the Commission and Member States, and to increase legal certainty and transparency. The European Parliament's Committee on International Trade (INTA) and the Council adopted their positions in May and June 2018 respectively, and interinstitutional negotiations concluded in November 2018 with a provisional text. That was first endorsed by the Member States' Permanent Representatives (Coreper) and by INTA in December 2018. After the text's adoption by the European Parliament and the Council in February and March 2019 respectively, it entered into force on 10 April 2019, and will apply from 11 October 2020, 18 months later. Fourth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Virtual currencies and terrorist financing: assessing the risks and evaluating responses

04-06-2018

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the TERR Committee, explores the terrorist financing (TF) risks of virtual currencies (VCs), including cryptocurrencies such as Bitcoin. It describes the features of VCs that present TF risks, and reviews the open source literature on terrorist use of virtual currencies to understand the current state and likely future manifestation of the risk. It then reviews ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the TERR Committee, explores the terrorist financing (TF) risks of virtual currencies (VCs), including cryptocurrencies such as Bitcoin. It describes the features of VCs that present TF risks, and reviews the open source literature on terrorist use of virtual currencies to understand the current state and likely future manifestation of the risk. It then reviews the regulatory and law enforcement response in the EU and beyond, assessing the effectiveness of measures taken to date. Finally, it provides recommendations for EU policymakers and other relevant stakeholders for ensuring the TF risks of VCs are adequately mitigated.

Externe Autor

Tom KEATINGE, David CARLISLE, Florence KEEN

Action Plan on Building a Capital Markets Union: EU securitisation framework: Initial Appraisal of a European Commission Impact Assessment

09-11-2015

This briefing seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment (IA) accompanying two Commission proposals for Regulations referred to Parliament’s Committee on Economic and Monetary Affairs : Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation (COM (2015) 472); and Regulation amending Regulation (EU) No 575/2013 on prudential requirements ...

This briefing seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment (IA) accompanying two Commission proposals for Regulations referred to Parliament’s Committee on Economic and Monetary Affairs : Regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation (COM (2015) 472); and Regulation amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms (COM (2015) 473) Securitisation refers to the process of packaging and converting loans into securities that can be sold to investors. The Commission recognises that securitisation of US subprime mortgages was one of the causes of the last financial crisis, but believes that properly structured securitisation can play a positive role in the EU economy. These are the first two legislative proposals of the Action Plan on Building a Capital Markets Union, one of the Commission's key priorities, aimed at strengthening the links between savings and growth. The European Parliament resolution of 9 July 2015 on Building a Capital Markets Union expressed support for an initiative in this field, as part of a broad variety of avenues to be explored to improve SME financing.  

Verbriefungen: Eine Einführung. Hintergründe − Vorteile − Risiken

14-10-2015

Bei der Suche nach den Schuldigen in der Folge der jüngsten Finanzkrise wurden Verbriefungen als eine der Hauptursachen für die Krise gebrandmarkt. Dieser schlechte Ruf war einer der Gründe für den deutlichen Rückgang der Verbriefungsemissionen, der seit der Krise sowohl in Europa als auch in den USA stattfand. Tatsächlich jedoch ist die Situation vielschichtiger – obwohl Verbriefungen echte Risiken mit sich bringen, können sie für Emittenten, Anleger und die Wirtschaft im Allgemeinen auch vorteilhaft ...

Bei der Suche nach den Schuldigen in der Folge der jüngsten Finanzkrise wurden Verbriefungen als eine der Hauptursachen für die Krise gebrandmarkt. Dieser schlechte Ruf war einer der Gründe für den deutlichen Rückgang der Verbriefungsemissionen, der seit der Krise sowohl in Europa als auch in den USA stattfand. Tatsächlich jedoch ist die Situation vielschichtiger – obwohl Verbriefungen echte Risiken mit sich bringen, können sie für Emittenten, Anleger und die Wirtschaft im Allgemeinen auch vorteilhaft sein. Vor diesem Hintergrund und mit Blick auf das aktuell schwache Wirtschaftswachstum haben mehrere Interessenträger vorgeschlagen, im Rahmen der Schaffung der Kapitalmarktunion eine einfachere und transparentere Form der Verbriefung einzuführen, die der europäischen Wirtschaft zusätzliche Impulse geben könnte.

Financing for Development Post-2015: Improving the Contribution of Private Finance

09-04-2014

This overview of financing for developing countries finds that government spending is the largest domestic resource, domestic private investment is also growing, outflows of private financial resources are very large, real net financial private flows are overstated, and ODA is the largest flow to least developed countries. Global public finance cannot be directly substituted by private finance, as it pays for public goods, is more predictable and counter-cyclical, and can be targeted at the poorest ...

This overview of financing for developing countries finds that government spending is the largest domestic resource, domestic private investment is also growing, outflows of private financial resources are very large, real net financial private flows are overstated, and ODA is the largest flow to least developed countries. Global public finance cannot be directly substituted by private finance, as it pays for public goods, is more predictable and counter-cyclical, and can be targeted at the poorest countries. Global private finance mainly goes to higher income countries and has difficultly targeting MSMEs or paying for public services. Leveraging private finance has faced many problems including in proving additionality, intransparency and lack of ownership, and poor evidence of development impact. Instead, we should focus on how international public flows can reduce barriers to private sector investment through investing in essential services, and how the EU can alter policies including by reforming investment treaties, curbing illicit financial flows, supporting fair debt workout mechanisms and developing responsible financing standards.

Externe Autor

Jesse GRIFFITHS (Eurodad, Belgium), Matthew MARTIN 'Development Finance International, the UK), Javier PEREIRA (A&J Communication Development Consultants, Belgium) and Tim STRAWSON (Development Initiatives, the UK)

The g7+ group of fragile states

10-10-2013

The g7+ is an association of 18 fragile and conflict-affected states that have joined forces to share experiences and promote a new development framework based on five peace-building and state-building goals. The group brings together: Afghanistan, Burundi, Central African Republic (CAR), Chad, Comoros, Democratic Republic of Congo (DRC), Guinea, Guinea-Bissau, Haiti, Côte d’Ivoire, Liberia, Papua New Guinea, Sierra Leone, Solomon Islands, Somalia, South Sudan, Timor-Leste and Togo.

The g7+ is an association of 18 fragile and conflict-affected states that have joined forces to share experiences and promote a new development framework based on five peace-building and state-building goals. The group brings together: Afghanistan, Burundi, Central African Republic (CAR), Chad, Comoros, Democratic Republic of Congo (DRC), Guinea, Guinea-Bissau, Haiti, Côte d’Ivoire, Liberia, Papua New Guinea, Sierra Leone, Solomon Islands, Somalia, South Sudan, Timor-Leste and Togo.

Derivatives, Central Counterparties and Trade Repositories

04-02-2011

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third ...

This compilation of briefing papers deals with two crucial questions related to the European Commissions Proposal for a Regulation on OTC derivatives, central counterparties [CCPs] and trade repositories (also known as EMIR the European Market Infrastructure Regulation): 1. possible solutions to regulatory differences between the US Dodd Frank Act - i.e. the US legislation in this area - and the Commission's Proposal, in particular in ensuring equal conditions for market access for EU CCPs. and third country CCPs; 2. recommendations for criteria/reference points for the adoption of information and clearing thresholds for non-financial counterparties according to Article 7 of the Proposal, i.e. whether thresholds might be fixed according to the volume of general business and/or the balance sheet of the non-financial counterparty - taking into account the reference period and the period of validity.

Externe Autor

Kern ALEXANDER (Faculty of Law, University of Zurich & The Centre for Financial Analysis and Policy, University of Cambridge) ; Peter O. MÜLBERT (Fachbereich Rechts- und Wirtschaftswissenschaften, Universität Mainz) ; Achim KASSOW (Member of the Board of Managing Directors Commerzbank AG) and István FARKAS (Economist, Independent Advisor, Budapest, Hungary)

Which Future Model for Europe ?

15-02-2010

The growing integration of European financial markets and the financial crisis of 2007-2009 have raised important questions concerning the institutional design of European financial supervision (1.1). Over fifty large financial institutions have significant cross-border operations in EU states, while wholesale capital markets are increasingly inter-connected across EU states through electronic exchanges and other complex trading systems. Over the last ten years, EU financial legislation has grown ...

The growing integration of European financial markets and the financial crisis of 2007-2009 have raised important questions concerning the institutional design of European financial supervision (1.1). Over fifty large financial institutions have significant cross-border operations in EU states, while wholesale capital markets are increasingly inter-connected across EU states through electronic exchanges and other complex trading systems. Over the last ten years, EU financial legislation has grown dramatically in its scope of coverage and application to many areas of market practice. The implementation and enforcement of this legislation has been left ultimately to the discretion and authority of Member State supervisors based on the principle of home country control and mutual recognition (1.3). Although this legal and supervisory framework facilitated cross-border trade and investment across EU states, the adoption of the euro and the institutional consolidation of the Lamfalussy process has led to calls for further consolidation of supervisory practices at the EU level. Moreover, the recent financial crisis has demonstrated the importance of having a robust macro-prudential supervisory framework and micro-prudential supervisory regime with the objective of controlling systemic risk. The European Commission has proposed a significant institutional restructuring of EU financial supervision that involves the creation of a European Systemic Risk Board to monitor macro-prudential risks and three EU supervisory agencies to adopt a regulatory code and to oversee Member States micro-prudential supervision (2.0-2.3). The Commission proposals, if approved by Parliament, will lead to significant institutional consolidation at the EU level (2.2-2.5). This will bring important changes to the existing EU framework of financial supervision that is based on home country control and mutual recognition. It also has important implications for international supervisory and regulator

Externe Autor

Kern Alexander (University of Cambridge, UK)

Ex-Ante Evaluation of the Proposed Alternative Investment Managers Directive

02-12-2009

This Short Impact Assessment by Europe Economics builds on the Impact Assessment carried out by the European Commission to provide a quantitative assessment of the costs and benefits associated with the so-called “AIFM Directive”. It considers the rationale for intervention in the AIFM sector, as well as alternative approaches for regulation.

This Short Impact Assessment by Europe Economics builds on the Impact Assessment carried out by the European Commission to provide a quantitative assessment of the costs and benefits associated with the so-called “AIFM Directive”. It considers the rationale for intervention in the AIFM sector, as well as alternative approaches for regulation.

Externe Autor

Andrew LILICO, Iona MCCALL and Maurizio CONTI (Europe Economics)

Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership

21-08-2008

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