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On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

Listing act

Briefing 12-12-2023

The overwhelming majority of businesses in the European Union (EU) are small and medium-sized enterprises (SMEs). They employ almost two thirds of the workforce, create 85 % of all new jobs and generate about three fifths of EU value added. In the period from 2010 to 2020, only a small proportion of EU SMEs said that they raised external financing through capital markets (4 %), while a quarter used bank loans, and a fifth used business-to-business trade credits or internal funds. To make capital ...

This briefing provides a pre-legislative synthesis of the positions of national, regional and local governmental organisations on the European Commission's listing act proposals. The proposals are designed to support companies' access to public capital markets. This briefing forms part of an EPRS series offering a summary of the pre-legislative state of play and advance consultation on a range of key Commission priorities during its five-year term in office. It seeks to present the current state ...

On 27 October 2021, the Commission tabled a regulation amending the Capital Requirements Regulation (CRR) and the Banking Resolution and Recovery Directive (BRRD) with a view to resolving inconsistencies regarding the internal minimum requirements for own funds and eligible liabilities (iMREL). The iMREL are indirectly channelled through a number of intermediate parents up to the resolution entity of the group, in a process also known as a 'daisy chain'. In its negotiating position adopted in February ...

The assignment of a claim refers to a situation where a creditor (the assignor) transfers the right to claim a debt from the debtor to another person (the assignee) who then becomes a creditor vis-a-vis the debtor (replacing in this role the original creditor). This mechanism is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The ...

Solvency II

Проучване 06-09-2022

Insurance companies are important investors in EU capital markets. Most of their investments are in debt instruments, while equity investments can contribute to higher returns for policyholders and overall EU economic growth. This study analyses the treatment of equity investments by insurance companies in (proposed) EU legislation; it is considered that this legislation will have limited impact on equity investments. To enhance equity investment significantly drivers other than prudential ones would ...

The IA is based on solid internal and external sources, in particular several ESMA review reports, and stakeholder consultations. However, the definitions of both the problems and the objectives lack consistency and coherence, as the lines between problems, their drivers and consequences are blurred and objectives seem to overlap (and shift). This weakens the IA's intervention logic. The policy options presented to tackle the problems are assessed against two baseline scenarios, which is unusual. ...

Credit servicers directive

Накратко 13-10-2021

In March 2018, the European Commission adopted a proposal for a directive on credit servicers and credit purchasers as part of its overall strategy to tackle high volumes of non-performing loans (NPLs) accumulated on EU banks’ balance sheets. The proposal aims to foster the development of secondary markets for NPLs by removing undue obstacles to credit servicing and to the transfer of bank loans to third parties across the EU. The European Parliament is expected to vote during the October II plenary ...

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this ...

Plenary round-up – March II 2021

Накратко 26-03-2021

The highlight of the March II 2021 plenary session was the joint debate on the preparation of the European Council and Digital Green Certificates. A number of further joint debates were held on 2019 2020 enlargement progress reports on Albania, Kosovo, North Macedonia and Serbia, on the reform of EU own resources, on a capital markets recovery package: adjustments to the securitisation framework and on a European strategy for data. These debates were followed by votes. Other debates held following ...