2073

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Common rules and new framework for securitisation

20-10-2017

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations ...

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations and to allow investors to analyse associated risks. The proposal came as a package with a second proposal, to amend the Capital Requirements Regulation applicable to credit institutions and investment firms in respect of securitisation. During the October II plenary session, the European Parliament is due to vote on the compromise agreement struck with the Council in May 2017. This briefing further updates an earlier edition, of July 2016: PE 586.624. See also our updated briefing on the related proposal: PE 608.778.

Securitisation and capital requirements

20-10-2017

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 ...

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 framework for credit institutions and investment firms, therefore the Commission proposed to amend the Capital Requirements Regulation (EU) No 575/2013 accordingly. The proposed amendments would adjust risk retention profiles to reflect properly the specific features of STS securitisations. The most significant changes are: a new hierarchy of risk calculation methods and lower capital requirements for STS. The Council agreed on a general approach on both dossiers in early December 2015. Parliament’s ECON Committee adopted its report a year later, and the two institutions reached agreement on the text in trilogue in June 2017. This briefing further updates an earlier edition of July 2016: PE 573.935. See also our updated briefing on the related proposal: PE 608.777.

Reintegration of returning migrants

20-10-2017

Returning more and more migrants with irregular status to their countries of origin has become a key European Union aim in efforts to reduce illegal migration. Despite its high political priority, reiterated in European Commission President Jean-Claude Juncker's 2017 State of the Union address, the effective implementation of this objective is problematic, mainly due to resistance at the individual level, but also from the countries of origin. The 2016 partnership framework with third countries attempts ...

Returning more and more migrants with irregular status to their countries of origin has become a key European Union aim in efforts to reduce illegal migration. Despite its high political priority, reiterated in European Commission President Jean-Claude Juncker's 2017 State of the Union address, the effective implementation of this objective is problematic, mainly due to resistance at the individual level, but also from the countries of origin. The 2016 partnership framework with third countries attempts to enhance cooperation with partner countries on readmission, using a wide range of positive and negative policy incentives. To make the return option more attractive for migrants with irregular status, the EU's return policy promotes voluntary returns through reintegration assistance packages. No less than 90 specific assisted voluntary return and reintegration programmes (AVRR) have been established by EU Member States, co-financed by the European Union, and implemented mainly by the International Organization on Migration (IOM). Maximising sustainable returns, understood not only as absence of re emigration, but also as a returnee's positive impact on the development of their communities of origin, is a key challenge. The nature of return chosen, and the success of economic and social integration of migrants in host countries, are the main factors of successful reintegration at the pre-departure stage, together with social and psychological counselling in preparing the reintegration project. Following arrival, training and in-kind assistance to start up a business, accompanied by measures to re-establish social networks, are what works best. Close cooperation with local partners is necessary to include reintegration assistance within existing development initiatives, to avoid duplication, resentment against returnees, and to respond to local needs.

EU enlargement, Western Balkans and Turkey [What Think Tanks are thinking]

20-10-2017

In his State of the Union speech in September 2017, European Commission President Jean-Claude Juncker called for keeping a credible European Union membership perspective for Western Balkan countries, while ruling out the possibility of Turkey joining the EU in 'the foreseeable future' due to violations to the rule of law and fundamental rights. According to the Commission's assessment, the forecasts for economic growth in the Western Balkans are good, although progress on reform has been slow, the ...

In his State of the Union speech in September 2017, European Commission President Jean-Claude Juncker called for keeping a credible European Union membership perspective for Western Balkan countries, while ruling out the possibility of Turkey joining the EU in 'the foreseeable future' due to violations to the rule of law and fundamental rights. According to the Commission's assessment, the forecasts for economic growth in the Western Balkans are good, although progress on reform has been slow, the rule of law has been weak, and corruption is persistent. From the Western Balkans, only Croatia has joined the EU, in 2013. Accession talks continue with Montenegro and Serbia. The former Yugoslav Republic of Macedonia and Albania are official candidates. Bosnia and Herzegovina formally applied for EU membership in 2016, and remains a potential candidate country, along with Kosovo. Relations between Turkey, an official candidate country, and the EU have been strained for some time due to what many politicians and analysts perceive as President Recep Tayyip Erdogan's increasingly autocratic style. This note offers links to a series of recent studies and comments from major international think tanks and research institutes on EU enlargement, Western Balkans and Turkey. More reports on the EU enlargement process can be found in a previous edition of 'What Think Tanks are thinking' published in March 2017. More reports on Turkey are available in another edition from the series, also published in March.

The role of the Basel Committee on Banking Supervision (BCBS)

20-10-2017

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

Draft Regulatory Technical Standards (RTS) on valuation before and following resolution under Articles 36 and 74 of the Bank Recovery and Resolution Directive (BRRD)

19-10-2017

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 19 October 2017 on the two draft European Banking Authority (EBA) RTS on valuation under BRRD. The draft RTS are intended to promote consistent application of methdologies for valuations regarding the principles which independent valuers have to observe for their respective valuations.

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 19 October 2017 on the two draft European Banking Authority (EBA) RTS on valuation under BRRD. The draft RTS are intended to promote consistent application of methdologies for valuations regarding the principles which independent valuers have to observe for their respective valuations.

EU labour markets [What Think Tanks are thinking]

16-10-2017

Economic recovery has reduced the unemployment rate in the euro area and the wider European Union, but there are still significant challenges for EU labour markets. These include increasing inequalities, the effect of the digital revolution and globalisation on jobs, the impact of the posting of workers abroad within the EU, persistently high youth and long-term unemployment, and integration of migrants. The European Commission is pushing ahead with its European Pillar of Social Rights package to ...

Economic recovery has reduced the unemployment rate in the euro area and the wider European Union, but there are still significant challenges for EU labour markets. These include increasing inequalities, the effect of the digital revolution and globalisation on jobs, the impact of the posting of workers abroad within the EU, persistently high youth and long-term unemployment, and integration of migrants. The European Commission is pushing ahead with its European Pillar of Social Rights package to strengthen the social dimension of Economic and Monetary Union. This note offers links to recent commentaries and reports by major international think tanks and research institutes on the state and possible reforms of EU labour markets as well as social policies. More reports on social policies can be found in a previous edition of 'What Think Tanks are Thinking' published in May 2017.

Towards food security in Africa: Are international private-public initiatives paving the way?

16-10-2017

The rise in global hunger in recent years undermines the perspective of 'zero hunger by 2030' set out in the United Nations Agenda 2030. Africa is particularly affected, with more than a quarter of its population living in a situation of severe food insecurity, and its agriculture suffering from major hindrances to production. Launched in 2012, the New Alliance for Food Security and Nutrition (NAFSN) is one of the international initiatives that have both raised high expectations and opened up controversy ...

The rise in global hunger in recent years undermines the perspective of 'zero hunger by 2030' set out in the United Nations Agenda 2030. Africa is particularly affected, with more than a quarter of its population living in a situation of severe food insecurity, and its agriculture suffering from major hindrances to production. Launched in 2012, the New Alliance for Food Security and Nutrition (NAFSN) is one of the international initiatives that have both raised high expectations and opened up controversy. Bringing together governments from both the North and the South, multinational firms and international agencies, it aims to boost investment in African agriculture so as to increase food security. Improved commercial seeds, use of inorganic fertilisers, infrastructure development and land-administration reforms are among the key elements of the project, underpinned by the use of public-private partnerships. After its first years of implementation, NAFSN proponents praise its market-oriented reforms and investments in the African countries involved. By contrast, its critics say that while paying lip service to smallholders, it serves the interests of corporate farming with no proven impact on food security. In 2016, the European Parliament voiced its concerns, pointing at a number of negative repercussions mainly on small-holders, and calling for a deep revamp of the NAFSN and the European Union (EU) support for agro-ecology based on small-scale farming. This briefing is a follow-up of an EP Library Briefing from October 2013.

Russian ties with China in the face of Western sanctions

16-10-2017

Since the West imposed sanctions on Russia, in response to its annexation of Crimea and destabilisation of eastern Ukraine in 2014, the country has accelerated its 'turn to the East' and notably to like-minded China, in an attempt to offset its loss of access to Western financial markets and advanced technology. Three years on, the economic outcomes appear to have fallen largely short of Russia's high expectations. The most visible signs of the incremental Sino-Russian economic rapprochement have ...

Since the West imposed sanctions on Russia, in response to its annexation of Crimea and destabilisation of eastern Ukraine in 2014, the country has accelerated its 'turn to the East' and notably to like-minded China, in an attempt to offset its loss of access to Western financial markets and advanced technology. Three years on, the economic outcomes appear to have fallen largely short of Russia's high expectations. The most visible signs of the incremental Sino-Russian economic rapprochement have been long-term and large-scale deals orchestrated by the two countries' top leaderships in a number of state-controlled strategic sectors. Politically, these highly publicised agreements were meant to signal to the West that Russia under sanctions had ample other options. Economically, the jury is still out on whether they will be beneficial for Russia in the long run, since it has had to make major concessions to China. The asymmetry of their relationship has thus become further entrenched, although appearances may suggest otherwise. Moreover, the state-led deals have so far failed to generate major spill-over effects to other less state-dominated sectors. China and Russia pursue two competing concepts of regional integration for Eurasia – the China-initiated Silk Road Economic Belt and the Russian-led Eurasian Economic Union – which experts consider incompatible. It remains to be seen what form, if any, their envisaged coordination will take, and how this will reshape the economic order in the EU's neighbourhood. Closer Sino-Russian strategic alignment on global governance issues – despite its limits – is likely to diminish the space for governance concepts developed by Western liberal democracies and the core values associated with them.

Adapting the road haulage market to developments in the sector: road transport operators and access to the market

16-10-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, submitted on 31 May 2017 and referred to Parliament's Committee on Transport and Tourism (TRAN). The existing legislative framework regulating European cabotage operations (the national carriage of goods for hire or reward carried out by non-resident hauliers on a temporary basis in a host Member State) was adopted in 2009 (Regulations ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, submitted on 31 May 2017 and referred to Parliament's Committee on Transport and Tourism (TRAN). The existing legislative framework regulating European cabotage operations (the national carriage of goods for hire or reward carried out by non-resident hauliers on a temporary basis in a host Member State) was adopted in 2009 (Regulations 1071/2009 and 1072/2009) with the aim of supporting the completion of the internal EU market in road transport and, in particular, of boosting its efficiency and competitiveness. To this day, however, the national transport market remains fragmented as Member States restrict cabotage operations for non-resident hauliers. At the same time, the carriage of goods, especially by light commercial vehicles (LCVs), is on the rise and is expected to increase on account of technological development, the growth of the e-commerce sector, and the related increase in demand for delivery services. In preparation for the legislative proposal the Commission conducted a REFIT exercise that showed potential scope for cutting red tape and reducing compliance costs for transport operators and national authorities. The proposed regulation aims to improve the internal market for road transport and achieve a better balance (in terms of the administrative burden and the cost of compliance) between the various stakeholders (e.g. transport operators, national authorities, drivers and the customers of transport operators) by amending the existing regulation. For the Commission, the proposal is part of a broader legislative initiative regarding European road transport legislation in general and, more specifically, the proposal concerning social legislation for road transport. In this regard, it is also related to the reform of the free movement of labour, in particular the posting of workers. The proposed regulation is also in line with the European Parliament's call to the Commission, expressed in its resolution of 9 September 2015, to clarify or review Regulation 1072/2009 in order to take measures against illegal practices that lead to unfair competition and encourage social dumping.

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