29

resultado(s)

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Ámbito político
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Loan servicers and buyers and recovery of collateral

29-11-2018

The two IAs accompanying the proposal are similar in the knowledge base underpinning the work and the quality of data and sources. However, there seem to be qualitative differences in the way research, analysis and consultation activities were presented. In this respect, the IA on secondary markets has more room for improvement than the one on the out-of-court enforcement procedure The latter complies more fully with the Better Regulation Guidelines, for example in terms of analysis of effectiveness ...

The two IAs accompanying the proposal are similar in the knowledge base underpinning the work and the quality of data and sources. However, there seem to be qualitative differences in the way research, analysis and consultation activities were presented. In this respect, the IA on secondary markets has more room for improvement than the one on the out-of-court enforcement procedure The latter complies more fully with the Better Regulation Guidelines, for example in terms of analysis of effectiveness and efficiency, quantification, attention to social impacts and impacts on SMEs.

EU consumer protection rules

10-07-2018

The IA is aimed at underpinning new legislation in the field of consumer protection, as called for in various European Parliament resolutions. It represents a considerable body of work, based on extensive evaluation and consultation. Methodological weaknesses include the narrow range of options to calibrate the evaluation findings. Secondly, there are some presentation issues, which do not facilitate consideration of the Commission’s choices. For instance, the large space devoted to consultation ...

The IA is aimed at underpinning new legislation in the field of consumer protection, as called for in various European Parliament resolutions. It represents a considerable body of work, based on extensive evaluation and consultation. Methodological weaknesses include the narrow range of options to calibrate the evaluation findings. Secondly, there are some presentation issues, which do not facilitate consideration of the Commission’s choices. For instance, the large space devoted to consultation comes at the expense of useful and more sound information.

Strengthening the market surveillance of products

27-03-2018

An initial appraisal of the impact assessment suggests that methodological strengths outweigh the weaknesses in this overall convincing analysis. This impact assessment is underpinned by a substantial body of work and clearly shows expertise. Nonetheless, the impact assessment could have provided more information on the links with two pending legislative procedures. Its presentation could have further facilitated consideration of the choices made by the Commission.

An initial appraisal of the impact assessment suggests that methodological strengths outweigh the weaknesses in this overall convincing analysis. This impact assessment is underpinned by a substantial body of work and clearly shows expertise. Nonetheless, the impact assessment could have provided more information on the links with two pending legislative procedures. Its presentation could have further facilitated consideration of the choices made by the Commission.

European Market Infrastructure Regulation

10-01-2018

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its proposal above, submitted on 13 June 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). This proposal amends the European Market Infrastructure Regulation (EMIR), which is already in the process of being amended by two proposals currently under consideration in Parliament. The first proposal focused on the recovery and ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its proposal above, submitted on 13 June 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). This proposal amends the European Market Infrastructure Regulation (EMIR), which is already in the process of being amended by two proposals currently under consideration in Parliament. The first proposal focused on the recovery and resolution of central counterparties (CCPs). The second proposal proposed targeted amendments aiming to meet EMIR objectives in a more effective and efficient way. The current initiative under consideration focuses on the authorisation of CCPs and on the recognition of third-country CCPs. The impact assessment clearly identifies the problems that require EU action, as well as their drivers and consequences. The objectives of the initiative appear to be coherent with the analysis, and are relevant and measurable. The IA analyses a limited number of alternatives to the status quo in depth: two for each of the objectives, which deal respectively with EU and third-country central counterparties. These options are phrased in rather general terms and are left open to further development. The analysis is based on relevant sources and the Commission's expert knowledge in the field. However, the IA appears to have been prepared in a rather limited time-span and could have benefited from further work.

European Market Infrastructure Regulation-Regulatory Fitness and Performance (REFIT) proposal

15-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the recognition of third-country central counterparties, will be analysed in a forthcoming initial appraisal. This proposal is part of the Commission's REFIT programme, which stands for Regulatory Fitness and Performance. One of the stated aims of this programme is to make EU law 'simpler, lighter, more efficient and less costly' (Better Regulation Guidelines of 2015, p. 91). EMIR, adopted in 2012, forms part of the European regulatory response to the financial crisis. It specifically addresses the problems observed in the functioning of the over-the-counter (OTC) derivatives market from the 2007-2008 financial crisis onwards.

Banking reform package

31-08-2017

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the ...

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the financial regulatory framework remains a major area of the European Commission's work. The IA covers five proposals (see table 1, below) included in the 2017 Joint Declaration on the EU's legislative priorities, for which the EU institutions want to ensure substantial progress. The proposals aim at: aligning EU rules with internationally agreed standards, drawn up by the Basel Committee on Banking Supervision, and amending the current EU bank resolution framework.

Preventive restructuring, second chance and efficient restructuring, insolvency and discharge procedures

24-05-2017

This Commission impact assessment is based on a wealth of information drawing from both research and consultation. Research quoted spans the last decade and encompasses international organisation, academic and think tank work. The consultation performed by the Commission has been essential to prioritising the issues to be further harmonised and in choosing the detailed sub-options. Among the strengths of the IA, there is a genuine attempt to comply as much as possible with the Commission Better Regulation ...

This Commission impact assessment is based on a wealth of information drawing from both research and consultation. Research quoted spans the last decade and encompasses international organisation, academic and think tank work. The consultation performed by the Commission has been essential to prioritising the issues to be further harmonised and in choosing the detailed sub-options. Among the strengths of the IA, there is a genuine attempt to comply as much as possible with the Commission Better Regulation Guidelines and transparency in providing information. This is particularly evident in the broad range of options presented and in the presentation of the territorial impacts of the initiative. In this regard, for instance, the IA provides a useful legal analysis of the most important issues for most Member States. Nevertheless, economic impacts appear to be analysed more in depth than social and employment outcomes. Among the additional weaknesses, the numerous objectives identified are not time-bound and may be difficult to measure. Finally, although the IA states that Member States should not incur significant monitoring costs, the requirements in the IA appear to be shorter and less detailed than the ones in the Commission proposal.

Recovery and resolution of central counterparties

22-03-2017

This impact assessment builds a convincing case for action. It is mainly based on expert judgement by the Commission's departments and is backed up by relevant references, public consultation and coordination with international work-streams. The Commission states that the proposal, published in November 2016, is fully in line with the latest policy discussions and orientation by the Financial Stability Board and the G20, quoting a document from August 2016. Notwithstanding this, the Impact assessment ...

This impact assessment builds a convincing case for action. It is mainly based on expert judgement by the Commission's departments and is backed up by relevant references, public consultation and coordination with international work-streams. The Commission states that the proposal, published in November 2016, is fully in line with the latest policy discussions and orientation by the Financial Stability Board and the G20, quoting a document from August 2016. Notwithstanding this, the Impact assessment itself does not appear to have been fully updated since the summer of 2015. Therefore, some potentially important developments do not seem to be properly reflected in the IA. These include the recognition of non-EU central counterparties, the publication of new material, and the scenarios opened in the clearing world by the UK referendum of 23 June 2016.

European venture capital and social entrepreneurship funds

07-12-2016

This initial appraisal concludes that the Commission's impact assessment is based on sound knowledge and on relevant data relating to the investment funds industry. However, the evidence regarding specifically the two fund frameworks under review - European venture capital funds and European social entrepreneurship funds - is, by the IA's own admission, limited. The IA and the review attached to it do not cover all the points listed in the review clauses of the two regulations, for instance the geographical ...

This initial appraisal concludes that the Commission's impact assessment is based on sound knowledge and on relevant data relating to the investment funds industry. However, the evidence regarding specifically the two fund frameworks under review - European venture capital funds and European social entrepreneurship funds - is, by the IA's own admission, limited. The IA and the review attached to it do not cover all the points listed in the review clauses of the two regulations, for instance the geographical and sectoral distribution of investments undertaken specifically by EuVECA and EuSEF funds. At first sight, it appears that different conclusions could be drawn using the same data provided in the IA, for instance regarding the low take-up and lower than expected performance of the funds. The range of options analysed in depth seems rather narrow. Finally, the purpose of the existing regulations is to enhance the growth of small and medium-size enterprises and of social businesses. The IA states that it is too early to judge whether these objectives have been achieved and excludes this issue from the scope of the analysis. Even so, an initial analysis of the public consultations undertaken shows that, despite the absence of more concrete evidence, a greater effort could have been made to integrate the voice of non-financial businesses, including SMEs and social enterprises, within the IA.  

Prevention of the use of the financial system for the purposes of money laundering or terrorist financing

03-11-2016

This initial appraisal concludes that, while this impact assessment is generally based on useful information and data, the fact that it was apparently prepared under severe time constraints has affected the overall quality of the analysis, which as a result does not entirely meet the quality standards set out in the Better Regulation Guidelines. The structure of the IA itself, organised in two parts, but amending one piece of legislation, does not provide a fully coherent picture of the issues at ...

This initial appraisal concludes that, while this impact assessment is generally based on useful information and data, the fact that it was apparently prepared under severe time constraints has affected the overall quality of the analysis, which as a result does not entirely meet the quality standards set out in the Better Regulation Guidelines. The structure of the IA itself, organised in two parts, but amending one piece of legislation, does not provide a fully coherent picture of the issues at stake and does not necessarily facilitate the co-legislators' understanding of the reasoning. Quality weaknesses appear to apply particularly to the second part of the IA, which was added as a direct consequence of the Panama Papers revelations. The problems in this case are not clearly defined, the analysis and research are rather weak and the economic and social impacts are largely unaddressed. Moreover, the reader often has to make assumptions and deductions in order to try to understand the content of the IA. The first part of the IA, on the other hand, provides some useful information and evidence, with a better problem definition, incorporating the views of stakeholders. Some weaknesses concern the definition of the options and some of the conclusions drawn, where additional elements might have been useful.

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