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Seguro de vehículos automóviles

13-10-2021

En 2018, la Comisión propuso modificar la Directiva sobre el seguro de vehículos automóviles, un instrumento legislativo importante que sustenta el funcionamiento del mercado único. La propuesta de la Comisión se centró en cuatro ámbitos: insolvencia del asegurador, antecedentes siniestrales, riesgos debidos a la conducción de vehículos sin seguro e importes mínimos de cobertura. Tras el acuerdo alcanzado con el Consejo en el diálogo tripartito, se espera que el Parlamento debata y vote el texto ...

En 2018, la Comisión propuso modificar la Directiva sobre el seguro de vehículos automóviles, un instrumento legislativo importante que sustenta el funcionamiento del mercado único. La propuesta de la Comisión se centró en cuatro ámbitos: insolvencia del asegurador, antecedentes siniestrales, riesgos debidos a la conducción de vehículos sin seguro e importes mínimos de cobertura. Tras el acuerdo alcanzado con el Consejo en el diálogo tripartito, se espera que el Parlamento debata y vote el texto transaccional en el Pleno el 21 de octubre de 2021.

Consumer Credit Directive

05-10-2021

Consumer credit is a type of loan allowing consumers to purchase consumer goods and services for which they do not have the funds. It is regulated at national and EU level. The Consumer Credit Directive (CCD), in force since 2008, is the relevant EU-level legislation. The CCD has undergone several revisions over the past decade, yet growing digitalisation, insufficient harmonisation and issues affecting consumer protection, among other things, have prompted the Commission to publish a proposal for ...

Consumer credit is a type of loan allowing consumers to purchase consumer goods and services for which they do not have the funds. It is regulated at national and EU level. The Consumer Credit Directive (CCD), in force since 2008, is the relevant EU-level legislation. The CCD has undergone several revisions over the past decade, yet growing digitalisation, insufficient harmonisation and issues affecting consumer protection, among other things, have prompted the Commission to publish a proposal for a new directive. This proposal brings crowdfunding into the scope of the CCD, expands and clarifies the definitions, and adds new articles relative to, among other things, new obligations for creditors, tying and bundling practices, ancillary services, advisory services, unsolicited credit sale, conduct of business obligations for creditors and requirements for their staff. The proposal is part of the Commission's New Consumer Agenda aimed at updating the overall strategic framework of EU consumer policy. The proposal is currently examined by the co-legislators. Within the European Parliament, the file has been assigned to the IMCO committee. At the moment, no date has been announced for the publication of a draft report. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

National budgets and the European Union budget since 2007

16-07-2021

National budgets are a competence of the national governments of the Member States. However, EU countries adopting the euro have to meet specific conditions designed to ensure economic convergence, known as the convergence criteria or Maastricht criteria (agreed by the Member States in the Maastricht Treaty of 1992). They include conditions on sound and sustainable public finances, along with the macroeconomic indicators - price stability, durability of convergence, and exchange rate stability.

National budgets are a competence of the national governments of the Member States. However, EU countries adopting the euro have to meet specific conditions designed to ensure economic convergence, known as the convergence criteria or Maastricht criteria (agreed by the Member States in the Maastricht Treaty of 1992). They include conditions on sound and sustainable public finances, along with the macroeconomic indicators - price stability, durability of convergence, and exchange rate stability.

Understanding initial coin offerings: A new means of raising funds based on blockchain

13-07-2021

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general ...

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general tendency for issuers to exploit regulatory loopholes can carry significant risk for investors, may make ICOs vulnerable to money laundering and terrorist financing, and could even create financial stability concerns. ICOs have been met with a wide range of initial regulatory responses: from an outright ban in the case of China and South Korea, to more supportive approaches in other jurisdictions, with Singapore in Asia and Switzerland in Europe leading the way. As for the European Union (EU) and the United States, the relevant regulatory agencies initially published warning notices, reinforced by statements that securities laws could apply and registration be necessary. The EU went a step further and is currently seeking to partially regulate ICOs, with a proposal for a regulation on markets in crypto-assets (MiCA regulation). Meanwhile, some Member States are currently implementing regulatory sandboxes, to provide an impetus for innovation without imposing the immediate burden of regulation.

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.

Replacement benchmarks for financial benchmarks in cessation

01-07-2021

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does ...

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does not provide for mechanisms to organise the orderly discontinuation of systemically important benchmarks in the EU. That is why the Commission has proposed to amend the said regulation. The co-legislators significantly amended the Commission’s proposal. Their amendments deal, among other things, with the replacement of a benchmark by EU, or by national law, set additional obligations for supervised entities using a benchmark, regulate the Commission’s powers to adopt delegated acts and establish additional obligations for the Commission with regards to its proposed consultation. The European Parliament adopted the compromise agreement in plenary on 19 January 2021. On 2 February 2021, the Council adopted the act. The final act was published in the Official Journal of the EU on 12 February 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

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.

Conjunto de medidas de titulización — Enmiendas relacionadas con el coronavirus

22-03-2021

Par a atenua r la s consecuencia s económica s de la pandemi a de COVID-19 , la Comisió n Europe a h a adoptado varias medidas, también en el ámbito de los mercados financieros. Una de ellas consiste en actualizar el marco regulad or de la UE por lo q ue se refi ere a la titulizac ión sintét ica den tro de balan ce y la titulizac ión de exposiciones dudosas, a fin de que la titulización pueda contribuir en mayor medida a la recuperación económica de la UE. Está previsto que, durante el período parcial ...

Par a atenua r la s consecuencia s económica s de la pandemi a de COVID-19 , la Comisió n Europe a h a adoptado varias medidas, también en el ámbito de los mercados financieros. Una de ellas consiste en actualizar el marco regulad or de la UE por lo q ue se refi ere a la titulizac ión sintét ica den tro de balan ce y la titulizac ión de exposiciones dudosas, a fin de que la titulización pueda contribuir en mayor medida a la recuperación económica de la UE. Está previsto que, durante el período parcial de sesiones de marzo II, el Parlamento Europeo vote los acuerdos provisionales resultantes de las negociaciones interinstitucionales sobre las dos propuestas de la Comisión que componen el conjunto de medidas.

Introduction to the fiscal framework of the EU: The Maastricht Treaty, the Treaty on Stability, Coordination and Governance, and the Stability and Growth Pact

08-02-2021

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic ...

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic governance, seeking in particular to establish how effective the surveillance provisions have been in achieving their objectives. This paper aims to provide an introduction to the Union's economic governance, starting from a brief overview of the economic literature, and concluding with a look at possible developments that might follow from the review, not least examining the various calls for its amendment that have been put on the table. While the Commission's review has been put to one side while the immediate issues of the coronavirus pandemic are addressed, the economic consequences of the pandemic are themselves changing the context for the review.

Paquete de recuperación de los mercados de capitales: MiFID y folleto de la UE sobre la recuperación

04-02-2021

En julio de 2020 la Comisión Europea adoptó un paquete legislativo sobre la recuperación de los mercados de capitales como parte de su estrategia global para hacer frente a las repercusiones económicas de la pandemia de SARS-CoV-2. El paquete incluye modificaciones específicas del Reglamento sobre el folleto y de la Directiva relativa a los mercados de instrumentos financieros II (MiFID II), destinadas a reducir las cargas administrativas a las que se enfrentan los inversores experimentados en sus ...

En julio de 2020 la Comisión Europea adoptó un paquete legislativo sobre la recuperación de los mercados de capitales como parte de su estrategia global para hacer frente a las repercusiones económicas de la pandemia de SARS-CoV-2. El paquete incluye modificaciones específicas del Reglamento sobre el folleto y de la Directiva relativa a los mercados de instrumentos financieros II (MiFID II), destinadas a reducir las cargas administrativas a las que se enfrentan los inversores experimentados en sus relaciones entre empresas y a aumentar la competitividad de los mercados de derivados sobre materias primas de la UE. El Parlamento tiene previsto someter a votación durante el período parcial de sesiones de febrero los acuerdos provisionales sobre las dos propuestas resultantes de las negociaciones interinstitucionales.

Próximos actos

25-10-2021
European Gender Equality Week - October 25-28, 2021
Otro acto -
FEMM AFET DROI SEDE DEVE BUDG CONT ECON EMPL ITRE TRAN AGRI PECH CULT JURI PETI
25-10-2021
Capacity for proper expenditure controls of the increased budget of the MFF and NGEU
Audiencia -
CONT
25-10-2021
Ninth meeting of the Joint Parliamentary Scrutiny Group on Europol, 25-26 October
Otro acto -
LIBE

Socios