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Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

18-02-2019

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework: EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its report in May 2018, and the Council agreed its position in November. Trilogue negotiations are now under way.

Guarantee Fund for External Actions

13-12-2018

The Guarantee Fund for External Actions (GFEA) backs loans and loan guarantees granted to non-EU countries, or to finance projects in non-EU countries. Its objectives are to help protect the EU budget against the risks associated with such loans. The main objective of the actions backed by the GFEA is to support the increase of growth and jobs, and to improve the business environment in developing countries by strengthening the involvement of the private sector. The GFEA also contributes to the European ...

The Guarantee Fund for External Actions (GFEA) backs loans and loan guarantees granted to non-EU countries, or to finance projects in non-EU countries. Its objectives are to help protect the EU budget against the risks associated with such loans. The main objective of the actions backed by the GFEA is to support the increase of growth and jobs, and to improve the business environment in developing countries by strengthening the involvement of the private sector. The GFEA also contributes to the European External Investment Plan, which addresses the root causes of migration, the ongoing refugee crisis and security-related issues.

Guarantee Fund for External Action and the EIB's external lending mandate

31-01-2018

In September 2016, the European Commission proposed amendments to the regulation on the Guarantee Fund for External Actions (GFEA) and the decision granting an EU guarantee to the European Investment Bank (EIB) against losses under financing operations supporting investment projects outside the EU (external lending mandate, ELM). The agreement on the proposals, reached after eight months of trilogue negotiations, needs a confirmation vote during the February I plenary.

In September 2016, the European Commission proposed amendments to the regulation on the Guarantee Fund for External Actions (GFEA) and the decision granting an EU guarantee to the European Investment Bank (EIB) against losses under financing operations supporting investment projects outside the EU (external lending mandate, ELM). The agreement on the proposals, reached after eight months of trilogue negotiations, needs a confirmation vote during the February I plenary.

The Commission Insolvency Proposal and its Impact on the Protection of Creditors

10-06-2017

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the JURI Committee compares the preventive insolvency restructuring regimes of various Member States and sets forth the scope of the Commission proposal for a draft Directive of 22 November 2016, the transposition of such proposal and policy recommendations in connection therewith.

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the JURI Committee compares the preventive insolvency restructuring regimes of various Member States and sets forth the scope of the Commission proposal for a draft Directive of 22 November 2016, the transposition of such proposal and policy recommendations in connection therewith.

Synthetic securitisation: A closer look

22-06-2016

In September 2015, the European Commission adopted two legislative proposals: one that aims to develop an EU-wide framework for simple, transparent and standardised (STS) securitisations, and another that aims to make the capital treatment of securitisations for banks and investment firms more risk-sensitive by amending the Capital Requirements Regulation (CRR). While the European Commission did not include synthetic securitisations in the STS scheme, it left open the possibility for some of them ...

In September 2015, the European Commission adopted two legislative proposals: one that aims to develop an EU-wide framework for simple, transparent and standardised (STS) securitisations, and another that aims to make the capital treatment of securitisations for banks and investment firms more risk-sensitive by amending the Capital Requirements Regulation (CRR). While the European Commission did not include synthetic securitisations in the STS scheme, it left open the possibility for some of them to be included at a later stage. Similarly, while synthetic securitisations in general do not benefit from a different prudential treatment under the CRR, the Commission proposed that a specific category of synthetic transactions should – under specific conditions – benefit from an equivalent regime. The European Banking Authority (EBA), the Council of the EU and the European Central Bank (ECB) have all given their views on the matter and the debate has yet to conclude, as the two proposals are under discussion in the European Parliament's Committee on Economic and Monetary Affairs. The question of synthetic securitisations benefiting from a specific regime carries opportunities (by broadening the market for originators and freeing up capital to finance the real economy, notably SMEs) as well as risks, depending on the synthetic securitisation used and the final framing of the regime. Hence, this briefing gives a general introduction to the subject and outlines the positions of the Commission, the Council, the EBA and the ECB.

How Relevant Are the New Elements in the 2016 Stress Test Design?

08-06-2016

This note focuses on the elements of novelty that characterise the 2016 stress test, based on the methodological notes released by the European Banking Authority, and discusses in closer detail the following key aspects: • the request for specific forecasts concerning “conduct risk”; • the greater attention towards risks originated by foreign exchange exposures; • the lack of a “pass/fail” threshold that partitions tested banks into “safe” and “unsafe” ones; • and the change in the sample size ...

This note focuses on the elements of novelty that characterise the 2016 stress test, based on the methodological notes released by the European Banking Authority, and discusses in closer detail the following key aspects: • the request for specific forecasts concerning “conduct risk”; • the greater attention towards risks originated by foreign exchange exposures; • the lack of a “pass/fail” threshold that partitions tested banks into “safe” and “unsafe” ones; • and the change in the sample size of banks required to take the test.

Awtur estern

Andrea Resti

Testing the resilience of Banking Union: Cost of Non-Europe Report

25-04-2016

This ‘Cost of Non-Europe Report’ examines the robustness of the Banking Union framework under various stress scenarios and identifies the cost of the lack of further European action in this field. The study suggests that the potential gains from a deepened Economic and Monetary Union would be substantial, should a new financial and/or sovereign crisis materialise. It comes to the conclusion that the currently proposed regulatory framework for Banking Union is not sufficient in terms of reserves and ...

This ‘Cost of Non-Europe Report’ examines the robustness of the Banking Union framework under various stress scenarios and identifies the cost of the lack of further European action in this field. The study suggests that the potential gains from a deepened Economic and Monetary Union would be substantial, should a new financial and/or sovereign crisis materialise. It comes to the conclusion that the currently proposed regulatory framework for Banking Union is not sufficient in terms of reserves and resources to fully mitigate the systemic impact of a new crisis. The report notably shows that, even if the Banking Union architecture foreseen for 2023 were already in place today, bailouts would still be needed at the expense of the European taxpayer, in order to withstand shocks, of a size comparable to that of 2007-2009. The costs at the euro-area level of a medium-sized financial shock are estimated to amount to a cumulated loss of 1 trillion euro in GDP (about -9.4% of GDP), job losses of 1.91 million and an increase of 51.4 billion euro in government debt. Assuming that such a shock occurs every ten years on average, the annualised costs would potentially amount to around 100 billion euro in output loss and 0.19 million job losses per annum. Actions at EU level could significantly reduce the likelihood of financial shocks materialising and of their impact on the real economy. This ‘Cost of Non-Europe’ report points to shortcomings in the current Banking Union architecture and identifies policy options to address them.

Recapitalisations: BRRD Provisions and State Aid Rules

13-04-2016

This document gives an overview of the Bank Recovery and Resolution Directive and State Aid rules applicable for recapitalisation of banks.

This document gives an overview of the Bank Recovery and Resolution Directive and State Aid rules applicable for recapitalisation of banks.

Virtual currencies: Challenges following their introduction

22-03-2016

Virtual currencies began creating controversy soon after their launch. The nature of virtual currencies is difficult to apprehend, the underlying technology is complicated, their operations are conducted in a decentralised way, and they are almost unregulated. No-one can predict if a particular virtual currency may become a direct competitor for existing currencies in the distant future, or if it might just collapse overnight. What is certain, however, is the high level of volatility demonstrated ...

Virtual currencies began creating controversy soon after their launch. The nature of virtual currencies is difficult to apprehend, the underlying technology is complicated, their operations are conducted in a decentralised way, and they are almost unregulated. No-one can predict if a particular virtual currency may become a direct competitor for existing currencies in the distant future, or if it might just collapse overnight. What is certain, however, is the high level of volatility demonstrated by today's market leader, Bitcoin. This raises questions concerning the possible impact of virtual currencies on a number of sensitive fields. It appears that there is little, if any, influence expected on monetary policy, or on the stability of the financial system. However, some danger might arise for payment systems, including reputational damage for systems which are not directly exposed to virtual currencies. The most problematic field is consumer protection, as there are no safety nets, such as deposit guarantee funds, available to alleviate losses. Extending prudential supervision to virtual currencies might be difficult, if not impossible, so most regulators are now pondering how to regulate the points of contact between virtual currencies and fiat money, i.e. where one is exchanged for the other. The Paris terrorist attacks in late 2015 have revived interest in virtual currencies, as there is a growing fear that they could be used with criminal intent. The European legal framework will be adapted to take the terrorist threat into account.

European Deposit Insurance Scheme: Completing the Banking Union

14-03-2016

As part of its ambition to complete the Banking Union, the European Commission proposes the introduction of a European Deposit Insurance Scheme (EDIS), in order to reduce the potential spill-over risk of local bank failures on the financial stability of the economic and monetary union as a whole. According to the proposal of 24 November 2015, the EDIS would be the third pillar of the Banking Union and be introduced gradually, in three separate phases between 2017 and 2024, complementing national ...

As part of its ambition to complete the Banking Union, the European Commission proposes the introduction of a European Deposit Insurance Scheme (EDIS), in order to reduce the potential spill-over risk of local bank failures on the financial stability of the economic and monetary union as a whole. According to the proposal of 24 November 2015, the EDIS would be the third pillar of the Banking Union and be introduced gradually, in three separate phases between 2017 and 2024, complementing national deposit guarantee schemes. It also has implications for the overall resolution framework for banks under the Single Resolution Mechanism (SRM) so the Commission proposes to amend the SRM Regulation (EU) No 806/2014, introducing a common deposit insurance system as of 2024. In parallel, the Commission published a communication proposing additional measures for risk sharing and risk reduction in the banking sector. These include ensuring adequate loss-absorbing resources for banks and measures to improve the comparability of risk-weighted assets.

Avvenimenti fil-ġejjieni

01-10-2019
Health threats from climate change: Scientific evidence for policy-making
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