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Revision of the Fourth Anti-Money-Laundering Directive

12-04-2018

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council each ...

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council each put forward substantial modifications to the Commission proposal, including not amending the aforementioned Directive 2009/101/EC. These include: the obligation for Member States to provide data to the Commission on trusts and legal arrangements; specific professional secrecy obligations for staff working, or having worked for, competent authorities supervising credit and financial institutions; cooperation between competent authorities; or the obligation for Member States to provide Financial Intelligence Units (FIUs) with access to information – including through registries or central electronic data retrieval systems – which allows the identification of any natural or legal person owning real estate. The agreement reached in trilogue negotiations now needs to be approved by the Parliament in plenary, and thereafter by the Council. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Revision of the Anti-money-laundering Directive

11-04-2018

The current EU regulatory framework for financial crime –composed of Directive (EU) 2015/849, and Regulation (EU) 2015/847– faces the challenge of keeping pace with technological innovation in financial services, which can create new opportunities to conceal financing, as well as the potential exploitation by criminals of loopholes in the system. Following approval in committee in January, the report is due to be voted in plenary in April.

The current EU regulatory framework for financial crime –composed of Directive (EU) 2015/849, and Regulation (EU) 2015/847– faces the challenge of keeping pace with technological innovation in financial services, which can create new opportunities to conceal financing, as well as the potential exploitation by criminals of loopholes in the system. Following approval in committee in January, the report is due to be voted in plenary in April.

Impozitarea directă: impozitarea întreprinderilor și a persoanelor

01-02-2018

Domeniul impozitării directe nu este reglementat direct de legislația europeană. Cu toate acestea, o serie de directive și jurisprudența Curții de Justiție a Uniunii Europene (CJUE) stabilesc standarde armonizate pentru impozitarea întreprinderilor și a persoanelor fizice. În plus, au fost luate măsuri pentru prevenirea evaziunii fiscale și a dublei impuneri.

Domeniul impozitării directe nu este reglementat direct de legislația europeană. Cu toate acestea, o serie de directive și jurisprudența Curții de Justiție a Uniunii Europene (CJUE) stabilesc standarde armonizate pentru impozitarea întreprinderilor și a persoanelor fizice. În plus, au fost luate măsuri pentru prevenirea evaziunii fiscale și a dublei impuneri.

Uniunea bancară

01-01-2018

Uniunea bancară a fost creată în urma crizei financiare și are, în prezent, două componente, Mecanismul unic de supraveghere (MUS) și Mecanismul unic de rezoluție (MUR). MUS supraveghează băncile cele mai mari și mai importante din zona euro direct la nivel european, în timp ce obiectivul MUR este de a desfășura procedura de rezoluție pentru băncile cu dificultăți majore în mod adecvat și cu costuri minime pentru contribuabili și economia reală. În prezent, se discută despre un al treilea element ...

Uniunea bancară a fost creată în urma crizei financiare și are, în prezent, două componente, Mecanismul unic de supraveghere (MUS) și Mecanismul unic de rezoluție (MUR). MUS supraveghează băncile cele mai mari și mai importante din zona euro direct la nivel european, în timp ce obiectivul MUR este de a desfășura procedura de rezoluție pentru băncile cu dificultăți majore în mod adecvat și cu costuri minime pentru contribuabili și economia reală. În prezent, se discută despre un al treilea element, și anume un Sistem european de asigurare a depozitelor (EDIS).

Sovereign Concentration Charges: A New Regime for Banks’ Sovereign Exposures

09-11-2017

Achieving the aim of Europe’s banking union project, to break the vicious circle between banks and sovereigns, requires new policy initiatives. The most direct bank-sovereign linkages are national deposit insurance and concentrated domestic sovereign exposures. Thus, simultaneously with a European Deposit Insurance Scheme (EDIS) as proposed by the European Commission in 2015, the European Union should introduce regulatory disincentives against highly concentrated sovereign exposures of euro area ...

Achieving the aim of Europe’s banking union project, to break the vicious circle between banks and sovereigns, requires new policy initiatives. The most direct bank-sovereign linkages are national deposit insurance and concentrated domestic sovereign exposures. Thus, simultaneously with a European Deposit Insurance Scheme (EDIS) as proposed by the European Commission in 2015, the European Union should introduce regulatory disincentives against highly concentrated sovereign exposures of euro area banks. This paper makes a concrete proposal for a Sovereign Concentration Charges Regulation (SCCR), including calibration and careful transitional arrangements to avoid any disorderly market impact. The SCCR and EDIS together could realistically receive political approval in 2018 and be fully implemented within a decade.

Autor extern

N.Veron, Bruegel

Low and negative interest rates

23-09-2016

The current very low/negative interest rate environment is the subject of much debate. On one side, the central banks claim that it is not the cause of the problem but the solution, as it should boost investments and spur growth. On the other, a number of Member States claim that the low rates 'expropriate' savers, and financial intermediaries argue that they are putting their tried and tested business models at risk. This analysis introduces interest rates, looks at the causes behind their sustained ...

The current very low/negative interest rate environment is the subject of much debate. On one side, the central banks claim that it is not the cause of the problem but the solution, as it should boost investments and spur growth. On the other, a number of Member States claim that the low rates 'expropriate' savers, and financial intermediaries argue that they are putting their tried and tested business models at risk. This analysis introduces interest rates, looks at the causes behind their sustained decline and presents the current state of the debate.

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.

Limits in Terms of Eligible Collateral and Policy Risks of an Extension of the ECB’s Quantitative Easing Programme

10-02-2016

In December 2015 the European Central Bank (ECB) announced a further expansion of its asset purchase programme (EAPP). The expanded EAPP provides for a six months prolongation of the duration (initially foreseen for the period March 2015 - September 2016), an inclusion of certain securities issued by regional and local governments in the list of eligible assets and cutting the deposit facility rate by 10bp i.e. to - 0.30%.

In December 2015 the European Central Bank (ECB) announced a further expansion of its asset purchase programme (EAPP). The expanded EAPP provides for a six months prolongation of the duration (initially foreseen for the period March 2015 - September 2016), an inclusion of certain securities issued by regional and local governments in the list of eligible assets and cutting the deposit facility rate by 10bp i.e. to - 0.30%.

Overview and Structure of Financial Supervision and Regulation in the US

08-09-2015

The study distinguishes 'regulation' and 'supervision' in the US and provides a concise overview of the structure of US financial supervision. The US legal system limits financial supervision to financial institutions/ products that investors cannot comprehend on the basis of published financial reports, namely banks. But US supervision has historically overlooked the parent institutions of supervised firms. Moreover, the different legal set-up limits direct comparison of US supervisory arrangements ...

The study distinguishes 'regulation' and 'supervision' in the US and provides a concise overview of the structure of US financial supervision. The US legal system limits financial supervision to financial institutions/ products that investors cannot comprehend on the basis of published financial reports, namely banks. But US supervision has historically overlooked the parent institutions of supervised firms. Moreover, the different legal set-up limits direct comparison of US supervisory arrangements with EU objectives. The study, managed by Policy Department A, on request of the Committee on Economic and Monetary Affairs (ECON) aims at facilitating ECON's understanding of the complex US system of financial supervision.

Autor extern

Joseph R. MASON (Louisiana University, USA)

Making the European Banking Union Macro-Economically Resilient: Cost of Non-Europe Report

16-07-2015

This study seeks to assess the resilience of the banking union framework created in recent year and, in particular, the potential costs that would be induced by different banking shocks, under various scenarios regarding the implementation of the Banking Union's resolution pillar. Based on a non-linear dynamic model, the potential costs to the euro area economy of a medium-sized financial shock are estimated at a cumulated loss of 1 trillion euro in GDP (approximately -9.4% of the 2016 forecast GDP ...

This study seeks to assess the resilience of the banking union framework created in recent year and, in particular, the potential costs that would be induced by different banking shocks, under various scenarios regarding the implementation of the Banking Union's resolution pillar. Based on a non-linear dynamic model, the potential costs to the euro area economy of a medium-sized financial shock are estimated at a cumulated loss of 1 trillion euro in GDP (approximately -9.4% of the 2016 forecast GDP), job losses amounting to 1.71 million and an increase in public debt of 51.4 billion euro in 2016.  The most effective remedial would be to increase the banking sectors' equity ratio to 9% or more and to lower dividends, on the basis of the simulations in the model. This would make the economy more shock-resistant in the medium term. At the same time, the cost of implementing this increased equity ratio would be offset by the reduction in losses caused by a financial shock. In addition, an augmented Single Resolution Fund with more timely implementation would reduce the cost of a new crash, but would be insufficient to prevent turmoil in the euro area economy.

Autor extern

Gael Giraud , Ph.D. in applied mathematics, senior research fellow in economics at the CNRS (Centre national de la recherche scientifique), member of the Financial Regulation Laboratory (Labex ReFi) and the heSam Université consortium (director of the Chair in ‘Energy and Prosperity’). Thore Kockerols, Ph.D. student under contract with Labex ReFi, supported by the heSam Université consortium, under reference ANR-10-LABX-0095, and member of the Centre d’économie de la Sorbonne.

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