13

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Single market information tool (SMIT)

06-05-2019

Competition and consumer protection in the single market are often undermined by price discrimination based on residency. While many market players do not cooperate with the Commission, for instance not disclosing their pricing structure, Member States often do not have the means or the tools to collect and deliver the required information to the Commission. The SMIT proposal would provide the Commission with powers such as to request business-related information (e.g. cost structure or product volumes ...

Competition and consumer protection in the single market are often undermined by price discrimination based on residency. While many market players do not cooperate with the Commission, for instance not disclosing their pricing structure, Member States often do not have the means or the tools to collect and deliver the required information to the Commission. The SMIT proposal would provide the Commission with powers such as to request business-related information (e.g. cost structure or product volumes sold), and to address market failures in a more efficient way. The SMIT, however, has raised some criticism in the Council and EP, inter alia, because of the Commission’s choice of the legal basis for the proposal. Parliament’s Legal Service stated in an opinion that the correct legal basis for the Commission proposal is Article 337 TFEU: a legal basis which gives no legislative role for the EP. On 12 July 2018, the IMCO committee adopted a report which would amend the proposal’s legal basis. The JURI committee subsequently adopted an opinion stating that the Commission proposal goes beyond the powers available under the proposed revised legal basis. The report was initially due to be voted in plenary in October 2018, but was taken off the agenda. As the parliamentary term has concluded, the report has now lapsed. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Quality Differences in Consumer Products In the EU Legislation

30-11-2018

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the PETI Committee, deals with so called dual quality products, that is goods (food products, detergents, cosmetics, toiletries and products intended for babies, etc.) marketed on the Single Market under the same brand or trademark but with differences in content, composition or quality in individual EU Member States. The issue of dual quality products is one of ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the PETI Committee, deals with so called dual quality products, that is goods (food products, detergents, cosmetics, toiletries and products intended for babies, etc.) marketed on the Single Market under the same brand or trademark but with differences in content, composition or quality in individual EU Member States. The issue of dual quality products is one of the recent issues that the EU has only begun to focus on in recent years. Initially, it was rather an individual initiative of the individual MEPs, subsequently the European Parliament as a whole and the European Commission began to deal with it. The European Commission issued several legal standards that initially interpreted the existing legal regulation, later directly identified dual quality as an unfair commercial practice.

Externý autor

doc. JUDr. Blanka VÍTOVÁ, Vice-dean for Science and Research, Palacký University Olomouc (Czech Republic)

Delegated Measures in the Banking Field : draft RTS on economic downturn in IRB modelling, Level 2 in CRD V/CRR II proposals, and CRD IV/CRR update 2018

18-06-2018

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - ...

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - in particular, on the ongoing second EBA consultation on RTS on estimation and identification of an economic downturn in IRB modelling, and - a brief factual outlook to the delegated acts (DAs) and Regulatory Technical Standards (RTS) as proposed by the Commission in the CRD V and CRR II proposals. CRD and CRR contain empowerments for the Commission to adopt ‘level 2’ measures (e.g. delegated acts and regulatory technical standards).

Consumer Protection Cooperation

15-02-2018

The Commission estimates that the detriment to consumers caused by non-compliance with basic EU consumer rules in certain cross-border online markets and also by inefficient cross-border enforcement amounts to €770 million per year. To remedy this, in May 2016 the Commission presented a legislative proposal to review the existing rules on consumer protection cooperation between enforcement authorities as part of its e-commerce package. The aim was to clarify the rules, give more powers to national ...

The Commission estimates that the detriment to consumers caused by non-compliance with basic EU consumer rules in certain cross-border online markets and also by inefficient cross-border enforcement amounts to €770 million per year. To remedy this, in May 2016 the Commission presented a legislative proposal to review the existing rules on consumer protection cooperation between enforcement authorities as part of its e-commerce package. The aim was to clarify the rules, give more powers to national enforcement authorities and improve their coordination, primarily to enable them to address unlawful online practices. Parliament and Council reached agreement on the proposal in June 2017, and formally adopted it in November. The new regulation covers ongoing infringements and those that have already ended, and lays down procedures for cooperation in cases of widespread infringements of consumer rights that affect consumers in multiple Member States. It entered into force on 16 January 2018 and applies from 17 January 2020. Fifth edition, based on an original briefing by Jana Valant. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Revised framework for investment firms

13-12-2017

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it ...

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it now intends to further revise the existing framework for investment firms. Research shows that there are several challenges influencing the current system, especially a plethora of investment firms with different prudential requirements, leading to legislative complexity and decreasing legislative clarity. Parliament and the European Economic and Social Committee have, on several occasions, called for improvements to the existing framework. The European Commission itself has expressed a willingness to revise the CRR/CRD framework and it is expected that it will publish a legislative proposal (with its impact assessment) on a revised framework for investment firms on 20 December 2017.

Single Market Information Tool

05-10-2017

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 2 May 2017 and referred to Parliament’s Committee on Internal Market and Consumer Protection. The creation of a deeper and fairer single market is one of the ten main priorities of the Juncker Commission. To this end, the Commission proposed a new single market strategy in 2015. One of the key areas of the single market strategy ...

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 2 May 2017 and referred to Parliament’s Committee on Internal Market and Consumer Protection. The creation of a deeper and fairer single market is one of the ten main priorities of the Juncker Commission. To this end, the Commission proposed a new single market strategy in 2015. One of the key areas of the single market strategy’s targeted actions is dedicated to a smart enforcement strategy and the culture of compliance and is entitled ‘Ensuring practical delivery’. Within this area, the strategy announced, among other actions, ‘a regulatory initiative on a market information tool for the Single Market, enabling the Commission to collect information from selected market players’ (Single Market Strategy, p.16). It is this 'Single Market Information Tool' (SMIT) that is the subject of the Commission proposal. Two other initiatives were proposed by the Commission alongside the SMIT on 2 May 2017 as part of the compliance package: a regulation establishing a single digital gateway and an action plan on the reinforcement of the SOLVIT tool .

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.

Prospectuses for investors

29-03-2017

Prospectuses are legally required documents presenting the information necessary to enable investors to make an informed assessment of the situation of an issuer and of the rights attached to the securities issued. The EU's co-legislators have reached an agreement on the draft regulation to replace the current directive. This compromise is scheduled for a vote at the April I plenary session.

Prospectuses are legally required documents presenting the information necessary to enable investors to make an informed assessment of the situation of an issuer and of the rights attached to the securities issued. The EU's co-legislators have reached an agreement on the draft regulation to replace the current directive. This compromise is scheduled for a vote at the April I plenary session.

Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories

20-03-2017

Regulation 648/2012 intends to make derivative markets more stable, transparent and efficient. It implements G20 commitments on over-the-counter derivatives and on the mitigation of risks on financial markets. It establishes several important principles and rules applicable to derivative contracts, such as a clearing obligation or a reporting obligation, but also rules applicable to subjects active in the financial markets, such as central counterparties or trade repositories. The implementation ...

Regulation 648/2012 intends to make derivative markets more stable, transparent and efficient. It implements G20 commitments on over-the-counter derivatives and on the mitigation of risks on financial markets. It establishes several important principles and rules applicable to derivative contracts, such as a clearing obligation or a reporting obligation, but also rules applicable to subjects active in the financial markets, such as central counterparties or trade repositories. The implementation reports of the European Commission, as well as reports of the European Securities and Markets Authority and of the European Systemic Risk Board, show that the regulation in its current state needs several changes and amendments. These reports note the existing challenges linked with procyclicality, frontloading, management of systemic risk or the position of central counterparties and of the European Securities and Markets Authority. Furthermore, the unclear language of the regulation, missing and unclear definitions (e.g. 'client' or 'assets') and the issues linked with transparency should be considered when it comes to be amended. The European Parliament has called on the Commission on several occasions to update the financial legislation and improve the compliance with commitments on OTC derivatives reform set by the G20. Similarly, the European Economic and Social Committee has noted the need to update the existing legislation. Last, but not least, the European Commission itself has expressed the willingness to come forward with a new legislative proposal that will update the existing system of OTC derivatives, central counterparties and trade repositories. It is expected that the Commission will submit this proposal in June 2017.

Delegated and Implementing Measures in the Banking Field - Forthcoming Level 2 Acts under CRD IV and CRR

23-02-2017

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

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