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Prospectuses for investors – Simplifying equity-raising during the pandemic

01-07-2021

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 ...

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, the Commission proposed to amend Regulation (EU) 2017/1129. These amendments aim at creating a temporary (18 month) regime for a short-form prospectus and to simplify the procedure for issuers (so that they can rapidly raise capital), as well as to release pressure on financial intermediaries. The Commission proposal was reviewed by the co-legislators who, among other things, increased the range of those who can benefit from the regime, added elements that must appear in the recovery prospectus and increased the minimum information in the prospectus. They further amended Directive 2004/109/EC (the 'Transparency Directive'), thus providing Member States with the option to postpone, by one year, the requirement for listed companies.

Amending securitisation requirements for the impact of coronavirus

01-07-2021

Preserving the ability of banks to continue lending to companies, especially small and medium-sized enterprises, is key when it comes to softening the economic impact of the pandemic and easing recovery. The Commission believes that securitisation can contribute to this. It also considers that in order to increase the potential of securitisation the EU regulatory framework (Regulations (EU) 2017/2402 and (EU) 575/2013) must be updated, to cater for (i) on-balance-sheet synthetic securitisation and ...

Preserving the ability of banks to continue lending to companies, especially small and medium-sized enterprises, is key when it comes to softening the economic impact of the pandemic and easing recovery. The Commission believes that securitisation can contribute to this. It also considers that in order to increase the potential of securitisation the EU regulatory framework (Regulations (EU) 2017/2402 and (EU) 575/2013) must be updated, to cater for (i) on-balance-sheet synthetic securitisation and (ii) the securitisation of non-performing exposures (NPEs). The co-legislators amended the Commission proposal, with amendments concerning, among other things, the requirements concerning the credit protection agreement, the third party verification agent and the synthetic excess spread, the macroprudential oversight of the securitisation market, the obligations of the EBA, the reporting on prudential requirements and financial information, grandfathering for securitisation positions and NPE securitisations. The final act was signed on 31 March 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

The ECB’s Monetary Policy Response to the COVID-19 Crisis

18-06-2021

(Updated 18 June 2021) The COVID-19 pandemic was an unprecedented shock to the euro area economy. The ECB's Governing Council took a series of measures that collectively provided a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing, which is reguarly updated since March 2020, summarises these monetary policy measures.

(Updated 18 June 2021) The COVID-19 pandemic was an unprecedented shock to the euro area economy. The ECB's Governing Council took a series of measures that collectively provided a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing, which is reguarly updated since March 2020, summarises these monetary policy measures.

The SURE: Implementation

28-05-2021

Council Regulation 2020/672 established SURE, the European instrument for temporary support to mitigate unemployment risks in an emergency, which has been in force since 20 May 2020. This note provides an overview in tabular format of the SURE implementing decisions as adopted by Council, of Commission issuances under SURE and of disbursements. It will be regularly updated.

Council Regulation 2020/672 established SURE, the European instrument for temporary support to mitigate unemployment risks in an emergency, which has been in force since 20 May 2020. This note provides an overview in tabular format of the SURE implementing decisions as adopted by Council, of Commission issuances under SURE and of disbursements. It will be regularly updated.

The coronavirus pandemic in Latin America

28-04-2021

Latin America is among the world's regions worst affected by Covid-19, and its economies, employment and even human rights are already suffering seriously, and are expected to continue to do so. Governments and international organisations, including the EU, are making efforts to mitigate the consequences, but the results remain uncertain. This is an update of an 'At a glance' note from October 2020.

Latin America is among the world's regions worst affected by Covid-19, and its economies, employment and even human rights are already suffering seriously, and are expected to continue to do so. Governments and international organisations, including the EU, are making efforts to mitigate the consequences, but the results remain uncertain. This is an update of an 'At a glance' note from October 2020.

Rapid steps towards a digital green certificate

22-04-2021

In March 2021, the European Commission put forward a legislative proposal on a 'digital green certificate' that aims to facilitate free movement within the EU. The certificate would be available for Union citizens and their family members to indicate that they have either received a Covid-19 vaccine, had a recent negative test result, or have recovered from Covid-19. The proposal is complemented by another legislative proposal, which ensures that same rules apply to third-country nationals in the ...

In March 2021, the European Commission put forward a legislative proposal on a 'digital green certificate' that aims to facilitate free movement within the EU. The certificate would be available for Union citizens and their family members to indicate that they have either received a Covid-19 vaccine, had a recent negative test result, or have recovered from Covid-19. The proposal is complemented by another legislative proposal, which ensures that same rules apply to third-country nationals in the EU. With a view to the introduction of the certificate by summer 2021, the European Parliament decided to discuss the proposal under the urgent procedure. The Council has already agreed a mandate for negotiations. Parliament is expected to adopt its position during its April 2021 session so that interinstitutional negotiations can start as soon as possible thereafter in order to have the framework in place by summer 2021.

EU4Health programme

22-04-2021

On 28 May 2020, the European Commission adopted a proposal for a regulation on a new health programme (EU4Health) for 2021 to 2027. Announced as part of the Next Generation EU (NGEU) recovery instrument, according to the Commission, the EU4Health programme is intended to boost the EU's preparedness for major cross-border health threats and improve health systems' resilience. EU4Health would be a stand-alone, dedicated funding programme with an originally proposed budget of €10.4 billion (in current ...

On 28 May 2020, the European Commission adopted a proposal for a regulation on a new health programme (EU4Health) for 2021 to 2027. Announced as part of the Next Generation EU (NGEU) recovery instrument, according to the Commission, the EU4Health programme is intended to boost the EU's preparedness for major cross-border health threats and improve health systems' resilience. EU4Health would be a stand-alone, dedicated funding programme with an originally proposed budget of €10.4 billion (in current prices). However, during the negotiations on the 2021-2027 multiannual financial framework (MFF) and NGEU, the budget for EU4Health was revised downwards, with the July 2020 European Council conclusions allocating the programme €1.7 billion. On 14 December 2020, Parliament and Council reached a provisional agreement on the programme, including a budget of €5.1 billion. Stakeholders had broadly welcomed the proposal, but generally regretted the European Council's reduction of the financial envelope allocated to it. The co-legislators' December agreement on an increased budget was thus positively received. After adoption by the Parliament and Council in March 2021, based on the text agreed in trilogue, the final act was signed by the presidents of the co-legislators on 24 March 2021. Regulation (EU) 2021/522 entered into force on 27 March 2021 and applies retroactively from 1 January 2021. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Union Civil Protection Mechanism 2021-2027

21-04-2021

In June 2020, the European Commission presented a proposal to reinforce the Union Civil Protection Mechanism (UCPM), the main instrument to coordinate the EU's response to disasters. At its April 2021 plenary session, Parliament is expected to debate and vote on the compromise text resulting from interinstitutional negotiations.

In June 2020, the European Commission presented a proposal to reinforce the Union Civil Protection Mechanism (UCPM), the main instrument to coordinate the EU's response to disasters. At its April 2021 plenary session, Parliament is expected to debate and vote on the compromise text resulting from interinstitutional negotiations.

Policy Departments’ Monthly Highlights - April 2021

21-04-2021

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Building up resilience to cross-border health threats: Moving towards a European health union

20-04-2021

On 11 November 2020, the European Commission put forward a proposal for a regulation on serious cross-border threats to health. In the light of lessons learned from the Covid-19 crisis, it aims to strengthen the EU's health security by revising Decision No 1082/2013/EU (the 'Cross-Border Health Threats Decision'). The proposal was presented in a package that also includes proposals to strengthen the European Centre for Disease Prevention and Control (ECDC) and the European Medicines Agency (EMA), ...

On 11 November 2020, the European Commission put forward a proposal for a regulation on serious cross-border threats to health. In the light of lessons learned from the Covid-19 crisis, it aims to strengthen the EU's health security by revising Decision No 1082/2013/EU (the 'Cross-Border Health Threats Decision'). The proposal was presented in a package that also includes proposals to strengthen the European Centre for Disease Prevention and Control (ECDC) and the European Medicines Agency (EMA), as first steps towards a European health union. Stakeholders widely welcome the proposal and the package. Some say it could be improved further, suggesting concrete elements, while others think it should go beyond crisis preparedness. Still others consider it a springboard to a bigger role for the European Union (EU) in health. Parliament has repeatedly called for stronger cooperation on health, for a new regulation to replace the Cross-Border Health Threats Decision, and for revised mandates of both the ECDC and the EMA. Parliament's Committee on the Environment, Public Health and Food Safety is responsible for the file and the rapporteur's draft report is expected to be presented in committee on 22 April 2021. In Council, work is ongoing in the working party on pharmaceuticals and medical devices. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

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