21

result(s)

Word(s)
Publication type
Policy area
Author
Keyword
Date

Level-2 measures on draft RTS under IFR (Interchange Fees Regulation)

20-06-2017

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 20 June 2017 on the draft European Banking Authority (EBA) RTS under Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR) . The empowerment for the adoption of the RTS – introduced following an amendment by the European Parliament – is the only empowerment for a level 2 measure under the IFR.

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 20 June 2017 on the draft European Banking Authority (EBA) RTS under Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR) . The empowerment for the adoption of the RTS – introduced following an amendment by the European Parliament – is the only empowerment for a level 2 measure under the IFR.

EBA Draft Regulatory Technical Standards on Strong Customer Authentication and Secure Communication

22-03-2017

Art. 98 PSD2 mandated the European Banking Authority (EBA) to prepare draft Regulatory Technical Standards on strong customer authentication and secure communication (RTS on SCA&SC) in close cooperation with the ECB. After extensive consultation, the EBA finalised the draft on 23 February 2017 in the light of the feedback received. The final draft RTS balances the possibility for new providers and new payment services, with the introduction of a framework that ensures common IT approaches which ensure ...

Art. 98 PSD2 mandated the European Banking Authority (EBA) to prepare draft Regulatory Technical Standards on strong customer authentication and secure communication (RTS on SCA&SC) in close cooperation with the ECB. After extensive consultation, the EBA finalised the draft on 23 February 2017 in the light of the feedback received. The final draft RTS balances the possibility for new providers and new payment services, with the introduction of a framework that ensures common IT approaches which ensure a high level of security, e.g. by proper authentication of the payer.

European System of Financial Supervision (ESFS)

01-03-2017

The European System of Financial Supervision (ESFS) was created as a decentralised, multi-layered system of micro- and macro-prudential authorities in order to ensure consistent and coherent financial supervision in the EU. This supervisory system is currently undergoing major changes further to the introduction of a Banking Union.

The European System of Financial Supervision (ESFS) was created as a decentralised, multi-layered system of micro- and macro-prudential authorities in order to ensure consistent and coherent financial supervision in the EU. This supervisory system is currently undergoing major changes further to the introduction of a Banking Union.

Financial services: Major legislative proposals

01-03-2017

In 1999 the Commission put forward the Financial Services Action Plan (FSAP), a set of 42 measures to create an effective single market in financial services. The measures harmonised the Member States’ rules on banking, securities trading, insurance and old age pensions, and other financial services. The FSAP is an integral part of the Lisbon Agenda, whose successor is the EU 2020 Strategy, which likewise encompasses the financial field.

In 1999 the Commission put forward the Financial Services Action Plan (FSAP), a set of 42 measures to create an effective single market in financial services. The measures harmonised the Member States’ rules on banking, securities trading, insurance and old age pensions, and other financial services. The FSAP is an integral part of the Lisbon Agenda, whose successor is the EU 2020 Strategy, which likewise encompasses the financial field.

Direct taxation: Personal and company taxation

01-03-2017

The field of direct taxation is not directly governed by European Union rules. Nevertheless, a number of directives and the case-law of the Court of Justice of the European Union (CJEU) are helping to establish harmonised standards for company taxation and the taxation of private individuals. Moreover, communications have been issued emphasising the importance of preventing tax evasion and double taxation. Tax rulings for large companies in certain Member States, which could potentially result in ...

The field of direct taxation is not directly governed by European Union rules. Nevertheless, a number of directives and the case-law of the Court of Justice of the European Union (CJEU) are helping to establish harmonised standards for company taxation and the taxation of private individuals. Moreover, communications have been issued emphasising the importance of preventing tax evasion and double taxation. Tax rulings for large companies in certain Member States, which could potentially result in distortions of competition, are also a subject of political debate.

Indirect taxation

01-03-2017

Indirect taxes include value added tax (VAT) and duties on alcohol, tobacco and energy. In contrast to value added tax, duties are specific taxes. The common VAT system, on the other hand, is generally applicable to the manufacture and sale of goods, as well as the provision of services, to be bought and sold for consumption within the EU. EU legislative activities are aimed at coordinating and harmonising VAT law and harmonising duties on alcohol and tobacco for the purpose of a proper functioning ...

Indirect taxes include value added tax (VAT) and duties on alcohol, tobacco and energy. In contrast to value added tax, duties are specific taxes. The common VAT system, on the other hand, is generally applicable to the manufacture and sale of goods, as well as the provision of services, to be bought and sold for consumption within the EU. EU legislative activities are aimed at coordinating and harmonising VAT law and harmonising duties on alcohol and tobacco for the purpose of a proper functioning of the internal market. In addition, various taxes have been set in the field of energy to protect the environment and public health.

Delegated and Implementing Measures in the Banking Field - Forthcoming Level 2 Acts under CRD IV and CRR

23-02-2017

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

Free movement of capital

01-12-2016

The free movement of capital is not only the youngest of all Treaty freedoms, but — because of its unique third-country dimension — also the broadest. Initially, the Treaties did not prescribe full liberalisation of capital movements; Member States only had to remove restrictions to the extent necessary for the functioning of the common market. However, economic and political circumstances globally and in Europe changed, and thus the European Council confirmed the progressive realisation of the Economic ...

The free movement of capital is not only the youngest of all Treaty freedoms, but — because of its unique third-country dimension — also the broadest. Initially, the Treaties did not prescribe full liberalisation of capital movements; Member States only had to remove restrictions to the extent necessary for the functioning of the common market. However, economic and political circumstances globally and in Europe changed, and thus the European Council confirmed the progressive realisation of the Economic and Monetary Union (EMU) in 1988. This included more coordination of national economic and monetary policies. Consequently, stage one of EMU introduced complete freedom for capital transactions, introduced first through a Council directive and later on enshrined in the Maastricht Treaty. Since then, the Treaty prohibits any restriction on capital movements and payments, both between Member States and between Member States and third countries. The principle was directly effective, i.e. it required no further legislation at either EU or Member States’ level.

Regulatory Technical Standards on Strong Customer Authentication and Secure Communication

15-11-2016

This briefing is drawn up to support ECON’s work on scrutiny of delegated acts, in particular the discussion taking place on 29 November 2016 on the draft Regulatory Technical Standards (RTS on Strong Customer Authentication and Secure Communication ‘SCA&SC’) under the revised Payment Services Directive (PSD2) 2015/2366 (Art.98).

This briefing is drawn up to support ECON’s work on scrutiny of delegated acts, in particular the discussion taking place on 29 November 2016 on the draft Regulatory Technical Standards (RTS on Strong Customer Authentication and Secure Communication ‘SCA&SC’) under the revised Payment Services Directive (PSD2) 2015/2366 (Art.98).

Information on IFRS (International Accounting Standards)

01-09-2016

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). The EU has to endorse IFRS 'as they are' in order to be fully compliant. Non-endorsement or carve-outs are possible, but EU firms have still to comply with the full IFRS if they want to benefit from IFRS’ global acceptance, e.g. in the US, permitting a European company to use IFRS only without the need to adapt the accounting to national generally ...

International Financial Reporting Standards (IFRS) are issued by an international private organisation, the International Accounting Standards Board (IASB). The EU has to endorse IFRS 'as they are' in order to be fully compliant. Non-endorsement or carve-outs are possible, but EU firms have still to comply with the full IFRS if they want to benefit from IFRS’ global acceptance, e.g. in the US, permitting a European company to use IFRS only without the need to adapt the accounting to national generally accepted accounting principles (national GAAP).One important draft standard under discussion is IFRS 9 prescribing how financial instruments are accounted for. It shall replace the current standard (IAS 39) which was criticised for not taking declining values of financial assets during the financial crisis adequately into account. This leaflet lists the publications which have been prepared for the discussion of IFRS.

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