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The European Parliament is due to vote on a trilogue agreement on the proposal for a pilot regime for market infrastructure, which will establish a scheme to trade and settle transactions of financial instruments in crypto-asset form. The regime follows the ‘sandbox’ approach that allows for temporary derogations from some specific requirements. This way, the development of solutions for the trading and settlement of transactions in crypto-assets should be encouraged, while preserving a high level ...

Study in focus: Robo-advisors

At a Glance 12-07-2021

This document summarises the key findings of the orginal study which analyses if and to what extent the current EU legal framework provides effective investor protection for customers of robo-advisors. It puts emphasis on structural conflicts of interests, the difficulties presented by the supervision of algorithms, and potential threats to the stability of the financial system. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request ...

Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. We look at theoretical contributions and empirical data and suggest possible policy options. We recommend that rules be unambiguous and apply to all institutions ...

Paschal Donohoe has been invited to his first Economic Dialogue in the ECON Committee since his election as President of the Eurogroup in July 2020. The previous dialogue with Mário Centeno took place on 21 April 2020. The exchange of views with Members of the ECON Committee will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase ...

This briefing, prepared for a scrutiny session of the ECON Committee, provides background on the International Financial Reporting Standard (IFRS) 17 Insurance Contracts which will have a major impact on the accounting of insurance companies. IFRS 17 was issued by the IASB in 2017; the Parliament adopted a resolution on 3 October 2018. As some remaining issues were raised at EU level, the IASB has issued amendments to IFRS 17 on 25 June 2020. The next step for endorsement was the EFRAG's consultation ...

Regulating crowdfunding

At a Glance 02-10-2020

As a step towards Capital Markets Union, the European Commission presented a proposal for a regulation on crowdfunding service providers in March 2018, to facilitate the cross-border offer of such financial services across the EU. It was accompanied by a proposal for a directive, to exempt those providers from the scope of the Markets in Financial Instruments Directive (MiFID II). The co-legislators reached a political agreement in December 2019, significantly modifying the Commission proposals. ...

This document presents the main features of the European Stability Mechanism (ESM), including governance, capital structure and funding sources, main lending instruments, as well as its oversight and accountability framework. It also reviews recent proposals and contributions on the possible evolution of the ESM. This note is regularly updated.

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 ...

Making it easier for small and medium-sized enterprises (SMEs) to access financing through public markets lies at the heart of the capital markets union – the plan to mobilise capital in Europe. Among the various reasons for going ahead with this union is the fact that existing requirements and listing costs in both regulated and multilateral trading venues continue to be disproportionate to the size and level of sophistication of SMEs. To further respond to this situation, the Commission has proposed ...

On 8 January 2019, Banca Carige’s temporary administrators issued a press statement setting out some initiatives they have taken to secure the future of the bank. This briefing contains background information on the case of Banca Carige and links the initiatives taken to respective legal requirements stemming from the Bank Recovery and Resolution Directive (BRRD) and the rules for State Aid (SA).