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Prudential requirements and supervision of investment firms

23-11-2018

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission has proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission has proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for investment firms, making it more effective and more closely calibrated to the size and nature of the various investment firms and their risks. Parliament's Committee on Economic and Monetary Affairs (ECON) agreed its report and negotiating mandate on 24 September 2018. Work in Council is ongoing.

Competition issues in the area of Financial Technology (FinTech)

09-07-2018

The increasing number of FinTech services provided by newcomer start-ups, traditional financial institutions and big tech companies can bring new competition challenges to the playing field. Some factors can result in anticompetitive behaviours, namely the network effects derived from the use of online platforms, the access to customer data, standardisation, interoperability and the use of algorithms. Combined with a service-by-service analysis, the study provides both, descriptive analysis and normative ...

The increasing number of FinTech services provided by newcomer start-ups, traditional financial institutions and big tech companies can bring new competition challenges to the playing field. Some factors can result in anticompetitive behaviours, namely the network effects derived from the use of online platforms, the access to customer data, standardisation, interoperability and the use of algorithms. Combined with a service-by-service analysis, the study provides both, descriptive analysis and normative tools to anticipate and manage anticompetitive behaviours as they occur. This document was provided by Policy Department A at the request of the ECON Committee.

Autorzy zewnętrzni

Alberto FRAILE CARMONA, Iclaves S.L.; Agustín GONZÁLEZ-QUEL LOMBARDO, Iclaves S.L.; Rafael RIVERA PASTOR, Iclaves S.L.; Carlota TARÍN QUIRÓS, Iclaves S.L.; Juan Pablo VILLAR GARCÍA, Iclaves S.L.; David RAMOS MUÑOZ, Universidad Carlos III; Luis CASTEJÓN MARTÍN, Universidad Politécnica de Madrid

Mis-selling of Financial Products: Subordinated Debt and Self-placement

13-06-2018

This paper forms part of a series of five studies on mis-selling of financial products in the EU. The focus of this document is mis-selling of subordinated debt and other junior liabilities and weaknesses of MiFID. This report concludes that the mis-selling, essentially through self-placement, was due to violations of MiFID rules rather than weaknesses of the legislative scheme. The report includes proposals to strengthen the legislation and to provide compensation for retail investors. This document ...

This paper forms part of a series of five studies on mis-selling of financial products in the EU. The focus of this document is mis-selling of subordinated debt and other junior liabilities and weaknesses of MiFID. This report concludes that the mis-selling, essentially through self-placement, was due to violations of MiFID rules rather than weaknesses of the legislative scheme. The report includes proposals to strengthen the legislation and to provide compensation for retail investors. This document was provided by Policy Department A at the request of the ECON Committee.

Mis-selling of Financial Products: Marketing, Sale and Distribution

13-06-2018

This study forms part of a series of five studies on mis-selling of financial products in the EU. The study reviews the EU legislative and regulatory framework for the marketing, sale and distribution of financial products to assess whether post-crisis EU regulatory reforms have met their objectives and, if not, what are the gaps and weaknesses in the current EU regulatory approach. The EU follows a sectoral approach to regulating the marketing and sale of financial products, which results in segmentation ...

This study forms part of a series of five studies on mis-selling of financial products in the EU. The study reviews the EU legislative and regulatory framework for the marketing, sale and distribution of financial products to assess whether post-crisis EU regulatory reforms have met their objectives and, if not, what are the gaps and weaknesses in the current EU regulatory approach. The EU follows a sectoral approach to regulating the marketing and sale of financial products, which results in segmentation and arbitrage risks. The paper argues that the European Supervisory Authorities should adopt more harmonised regulatory and technical standards to reduce these risks and ensure more effective enforcement by Member State authorities. This document was provided by Policy Department A at the request of the ECON Committee.

Zmiany rozporzadzen EuVECA i EuSEF

05-09-2017

Europejskie fundusze venture capital (EuVECA) i europejskie fundusze na rzecz przedsiębiorczości społecznej (EuSEF) to programy zbiorowego inwestowania, które od lipca 2013 r. są zharmonizowane na szczeblu Unii Europejskiej. Harmonizację regulują dwa rozporządzenia: (UE) nr 345/2013 (EuVECA) i (UE) nr 346/2013 (EuSEF). Podczas wrześniowej sesji plenarnej Parlament ma głosować nad propozycją zmiany tych rozporządzeń.

Europejskie fundusze venture capital (EuVECA) i europejskie fundusze na rzecz przedsiębiorczości społecznej (EuSEF) to programy zbiorowego inwestowania, które od lipca 2013 r. są zharmonizowane na szczeblu Unii Europejskiej. Harmonizację regulują dwa rozporządzenia: (UE) nr 345/2013 (EuVECA) i (UE) nr 346/2013 (EuSEF). Podczas wrześniowej sesji plenarnej Parlament ma głosować nad propozycją zmiany tych rozporządzeń.

EU support for social entrepreneurs

16-03-2017

Social enterprises combine social goals with entrepreneurial activity. They represent a business model focused on having a positive social or environmental impact rather than simply making profit for shareholders. Social enterprises make a valuable contribution to the economy and society, operating mainly in local communities and covering areas such as education, healthcare, social services, work integration and environmental protection. They are also an increasingly popular choice for outsourcing ...

Social enterprises combine social goals with entrepreneurial activity. They represent a business model focused on having a positive social or environmental impact rather than simply making profit for shareholders. Social enterprises make a valuable contribution to the economy and society, operating mainly in local communities and covering areas such as education, healthcare, social services, work integration and environmental protection. They are also an increasingly popular choice for outsourcing certain public services of general economic interest. Social enterprises encounter challenges in their operations, mostly related to regulatory obstacles and difficulties in accessing funding. At EU level the momentum gained by the Social Business Initiative of 2011 is currently being supplemented by regulatory changes such as the review of the regulation on the European Social Entrepreneurship Funds, improving access to public procurement and developing methodologies for measuring social impact. The EU is also making efforts to improve funding opportunities, for instance via the Social Impact Accelerator and the 'microfinance and social entrepreneurship' axis of the Employment and Social Innovation programme. Additional funding is made available under the European Structural and Investment Funds, as well as programmes tailored to small and medium-sized enterprises. Expansion of the social economy, however, requires further development of a supportive regulatory environment, a tailored financial ecosystem, and also increased visibility and recognition.

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.  

Competitiveness of Enterprises and SMEs (COSME)

09-06-2016

COSME is a programme of the European Union which supports enterprises (in facilitating access to finance, supporting internationalisation, creating an environment favourable to competitiveness, encouraging entrepreneurship) in order to help them grow and create jobs.

COSME is a programme of the European Union which supports enterprises (in facilitating access to finance, supporting internationalisation, creating an environment favourable to competitiveness, encouraging entrepreneurship) in order to help them grow and create jobs.

SME support in EU regions

01-10-2015

The European Union supports businesses and entrepreneurship through a wide range of programmes. Specific focus is afforded to small and medium sized enterprises (SMEs), as they form the largest share of EU businesses and provide the majority of jobs and turnover. SMEs are also important for EU regional competitiveness, as they often operate on a local scale and play a crucial role in strong regional economies. In addition to financial assistance, the EU offers various types of business support, ...

The European Union supports businesses and entrepreneurship through a wide range of programmes. Specific focus is afforded to small and medium sized enterprises (SMEs), as they form the largest share of EU businesses and provide the majority of jobs and turnover. SMEs are also important for EU regional competitiveness, as they often operate on a local scale and play a crucial role in strong regional economies. In addition to financial assistance, the EU offers various types of business support, such as information, advice and training. The EU also supports SMEs through regulatory changes, such as eliminating obstacles in cross-border trade and streamlining administrative procedures. Providing access to finance is, however, a major EU SME policy priority, as small enterprises encounter the greatest difficulties to procure funding. European SMEs rely predominantly on bank loans, therefore the EU not only provides direct grants, but also tries to increase the credit available to SMEs. Additional steps are taken to develop innovative financing instruments, such as risk-sharing schemes and guarantees, in order to mobilise venture and equity investors, and to encourage expanded use of capital markets for financing SMEs. SMEs applying for EU funding can do so via several sources. Grants from the European Structural and Investment Funds, which finance cohesion policy, are accessed through calls for application published by national and regional authorities who manage the funds. Various financial instruments (such as loans and microcredits), provided by the European Investment Bank and European Investment Fund, are available through local financial intermediaries, who offer loans to SMEs on preferential terms. Lastly, SMEs can apply directly for funding by programmes managed by the European Commission, such as Horizon 2020, COSME (Competitiveness of Enterprises and Small and Medium-sized Enterprises) and others, in areas including environment, transport, research and innovation.

The Capital Markets Union package

30-09-2015

Despite the fact that the free movement of capital is one of the 'four freedoms', the integration of European capital markets is not complete and has even regressed during the latest financial crisis. Furthermore, European businesses remain heavily reliant on banks (about 80% of their financing comes from banks) and much less on capital markets (whereas in the US, the ratio is the opposite).

Despite the fact that the free movement of capital is one of the 'four freedoms', the integration of European capital markets is not complete and has even regressed during the latest financial crisis. Furthermore, European businesses remain heavily reliant on banks (about 80% of their financing comes from banks) and much less on capital markets (whereas in the US, the ratio is the opposite).

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