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Hearings of the Commissioners-designate: Paolo Gentiloni - Economy

26-09-2019

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication ...

This briefing is one in a set looking at the Commissioners-designate and their portfolios as put forward by Commission President-elect Ursula von der Leyen. Each candidate faces a three-hour public hearing, organised by one or more parliamentary committees. After that process, those committees will judge the candidates' suitability for the role based on 'their general competence, European commitment and personal independence', as well as their 'knowledge of their prospective portfolio and their communication skills'. At the end of the hearings process, Parliament votes on the proposed Commission as a bloc, and under the Treaties may only reject the entire College of Commissioners, rather than individual candidates. The Briefing provides an overview of key issues in the portfolio areas, as well as Parliament's activity in the last term in that field. It also includes a brief introduction to the candidate.

Single-limb collective action clauses: A short introduction

05-07-2019

Sovereign bonds, the most common form of sovereign debt, have specific characteristics. They are issued by national debt management offices on the primary market and subsequently traded on secondary markets. Loan agreements signed at the issuance of sovereign bonds on the primary market may include collective action clauses (CACs) aimed at making restructuring more orderly and predictable. CACs have been included in loan agreements and bond contracts since the 1990s. These clauses enable a 'supermajority ...

Sovereign bonds, the most common form of sovereign debt, have specific characteristics. They are issued by national debt management offices on the primary market and subsequently traded on secondary markets. Loan agreements signed at the issuance of sovereign bonds on the primary market may include collective action clauses (CACs) aimed at making restructuring more orderly and predictable. CACs have been included in loan agreements and bond contracts since the 1990s. These clauses enable a 'supermajority' of creditors to modify essential payment terms of the contract, thus overcoming the problem posed by holdout creditors. Indeed, while debt restructuring involves benefits for both debtor countries and their creditors, there are also incentives for both parties to delay the process. Certain creditors, for instance, are tempted to hold out, and are therefore referred to as holdout creditors. Their incentive for holding out is the chance that they might recover their investment either in full or in a higher amount than the debtor country has offered in the restructuring agreement. While a holdout can bring creditors great gains, it has significant negative consequences for debtor countries and, in the worst case, can jeopardise the restructuring process. CACs can have one or two 'limbs'. While the EU Member States that are in the euro area decided in 2011 to include two-limb CACs in sovereign debt issued after 2013, the Greek restructuring experience and recent New York court decisions relative to sovereign debt have shown that such CACs can protect sovereign debtors only up to a certain point. Therefore, in the context of the euro-area governance reform, the Eurogroup has proposed that euro-area leaders should work for the introduction of single-limb CACs by 2022, and included this commitment in the draft revised text of the European Stability Mechanism Treaty.

Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR)

28-06-2019

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance (REFIT) programme, to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. A provisional agreement was reached in trilogue on 5 February 2019. Parliament voted to approve that agreement on 18 April 2019 in plenary session and the Council subsequently adopted it on 14 May. The new regulation comes into force on 17 June 2019. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Politische Maßnahmen der EU im Interesse der Bürger: Wirtschaftspolitik

28-06-2019

Obgleich die Wirtschaftspolitik in der Europäischen Union (EU) in den Zuständigkeitsbereich der einzelnen Mitgliedstaaten fällt, stimmen diese ihre jeweilige Wirtschaftspolitik auf multilateraler Ebene miteinander ab. Durch die weltweite Finanzkrise und die europäische Staatsschuldenkrise wurde diese Form der Zusammenarbeit auf eine harte Probe gestellt. Dies war mit ein Grund für die im Vergleich zu den USA langsamere und nicht in allen Mitgliedstaaten gleichermaßen erreichte Erholung in der EU. ...

Obgleich die Wirtschaftspolitik in der Europäischen Union (EU) in den Zuständigkeitsbereich der einzelnen Mitgliedstaaten fällt, stimmen diese ihre jeweilige Wirtschaftspolitik auf multilateraler Ebene miteinander ab. Durch die weltweite Finanzkrise und die europäische Staatsschuldenkrise wurde diese Form der Zusammenarbeit auf eine harte Probe gestellt. Dies war mit ein Grund für die im Vergleich zu den USA langsamere und nicht in allen Mitgliedstaaten gleichermaßen erreichte Erholung in der EU. Darüber hinaus basierte die Erholung hauptsächlich auf einer akkommodierenden Fiskal- und Geldpolitik, die die unterschwelligen Anzeichen der fiskalisch bzw. finanziell instabilen Lage in einigen Ländern nur teilweise zu verbergen vermag. Um dieser Situation abzuhelfen, haben die Europäischen Organe 2011 einen zweistufigen Prozess eingeleitet: Es wurden Initiativen ergriffen, um den derzeitigen Rahmen für die wirtschaftspolitische Steuerung und Bankenaufsicht im Euro-Währungsgebiet zu stärken, während gleichzeitig eine Diskussion darüber aufgenommen wurde, wie sich die wirtschaftlichen Unterschiede zwischen den Mitgliedstaaten verringern und Anreize für Risikominderung und Risikoteilung schaffen lassen, wie der Governance-Prozess transparenter gestaltet und die demokratische Rechenschaftspflicht sichergestellt werden kann. Im letztgenannten Bereich wurden zwischen 2015 und 2017 mehrere Initiativen ergriffen, die keine Änderung der EU-Verträge erforderlich machten. Im Sommer 2017 wurden die Gespräche über die Vertiefung des politischen Rahmens für die Wirtschafts- und Währungsunion (WWU) intensiviert. Dieser Prozess, der im Bericht der fünf Präsidenten (der wichtigsten EU-Organe) befürwortet wurde und bis 2025 abgeschlossen sein soll, wird nun von den Mitgliedstaaten geprüft. Nach derzeitigem Sachstand gibt es zwei politische Hauptpräferenzen, wodurch die Mitgliedstaaten in zwei Gruppen geteilt werden: Länder, die den Schwerpunkt auf Maßnahmen zur Risikoteilung legen (wie Frankreich), und Länder, die sich stattdessen für weitere Initiativen zur Risikominderung einsetzen (wie Deutschland). Dieser mangelnde Konsens hat einen Durchbruch im Europäischen Rat bisher verhindert. Dies ist die aktualisierte Fassung eines Briefings, das vor der Wahl zum Europäischen Parlament 2019 veröffentlicht wurde.

Cross-border distribution of investment funds

11-04-2019

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission has adopted two legislative proposals: one for a regulation aligning ...

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission has adopted two legislative proposals: one for a regulation aligning national requirements for marketing funds and regulatory fees and harmonising the process and requirements for the verification of marketing material by national competent authorities, and the other for a directive harmonising the conditions under which investment funds may exit a national market and allowing European asset managers to engage in pre-marketing activities. Following trilogue negotiations, provisional agreements were reached on 5 February 2019. Parliament is expected to vote on those during the April II 2019 plenary session.

Gedeckte Schuldverschreibungen: Emission und Aufsicht, Risikopositionen

10-04-2019

Die Kommission hat eine Richtlinie und eine Verordnung vorgeschlagen, mit denen ein einheitlicher Rahmen für gedeckte Schuldverschreibungen geschaffen werden soll. Das Parlament stimmt im April über die in den interinstitutionellen Verhandlungen vereinbarten Texte ab.

Die Kommission hat eine Richtlinie und eine Verordnung vorgeschlagen, mit denen ein einheitlicher Rahmen für gedeckte Schuldverschreibungen geschaffen werden soll. Das Parlament stimmt im April über die in den interinstitutionellen Verhandlungen vereinbarten Texte ab.

The InvestEU programme: Continuing EFSI in the next MFF

09-04-2019

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU ...

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU programme, expected to run from 2021 onwards, has been designed to address this challenge. It will bring diverse EU financial instruments within a single structure, making EU funding for investment projects in Europe simpler and more efficient and flexible. It will build on the success achieved by the European Fund for Strategic Investments (EFSI) and consist of the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Negotiators for Parliament and Council have reached a partial agreement on the text of the proposal, excluding budgetary figures and other elements which will not be finalised until overall agreement on the new MFF. Parliament is due to vote on that agreement in April 2019.

Sanierung und Abwicklung zentraler Gegenparteien

20-03-2019

Die wichtige Rolle, die zentralen Gegenparteien auf den Finanzmärkten zukommt, und ihre Systemrelevanz haben nach der Finanzkrise zugenommen. Dadurch sind die Regulierungsbehörden jedoch darauf aufmerksam geworden, dass es keine harmonisierten Vorschriften für Situationen gibt, in denen von solchen Gegenparteien selbst – aufgrund betrieblicher Schwierigkeiten oder eines vollständigen Ausfalls – Systemrisiken ausgehen könnten. Daher hat die Kommission eine Verordnung vorgeschlagen, über die das Parlament ...

Die wichtige Rolle, die zentralen Gegenparteien auf den Finanzmärkten zukommt, und ihre Systemrelevanz haben nach der Finanzkrise zugenommen. Dadurch sind die Regulierungsbehörden jedoch darauf aufmerksam geworden, dass es keine harmonisierten Vorschriften für Situationen gibt, in denen von solchen Gegenparteien selbst – aufgrund betrieblicher Schwierigkeiten oder eines vollständigen Ausfalls – Systemrisiken ausgehen könnten. Daher hat die Kommission eine Verordnung vorgeschlagen, über die das Parlament während der Plenartagung März II abstimmen soll, um seine erste Lesung vor dem Ende der Wahlperiode abzuschließen.

Covered bonds – Issue and supervision, exposures

25-02-2019

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly ...

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly, despite benefiting from preferential treatment under the Capital Requirements Regulation (CRR), they share no common definition, which can lead to different securities benefiting from this treatment. To remedy this, the Commission has adopted proposals for, on the one hand, a directive, which would lay down investor protection rules and provide common definitions, and on the other, a regulation, which would amend the CRR with regard to covered bond exposures. In November 2018, Parliament and Council both adopted their respective negotiating positions. The file is currently the subject of trilogue negotiations. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

18-02-2019

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework: EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its report in May 2018, and the Council agreed its position in November. Trilogue negotiations are now under way.

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