Otsing
Banking union
Parliament is expected to vote on provisional agreements on amendments to the Capital Requirements Directive (CRD) and to the Capital Requirements Regulation (CRR) during the April II plenary session. The CRD and CRR provide the prudential framework in the EU banking single rulebook. The Commission tabled a package of two interconnected proposals to amend the CRR and the CRD in 2021. The objective is two-fold: (i) implement final Basel Agreement arrangements; and (ii) enhance harmonisation of banking ...
Proposal amending the Solvency II Directive
Directive 2009/138/EC – also known as Solvency II – sets out the prudential regulatory framework for the insurance sector in the EU. The framework aims to establish the single market for insurance services further, while strengthening policyholders' protection. On 22 September 2021, the European Commission tabled a proposal for a directive that would amend Solvency II in essentially three ways: i) lowering regulatory obligations on small and low-risk profile insurance companies, ii) taking into account ...
Amendments to MiFID II and MiFIR: The EU's markets in financial instruments
The Markets in Financial Instruments Directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR) are the principal texts regulating investment services and financial markets activities in the EU. Following a European Commission proposal to amend the MiFID and the MiFIR. a provisional trilogue agreement was reached on 29 June 2023, and the final act was published in March 2024. The new rules establish an EU-wide consolidated tape for EU financial markets, as well as making changes ...
Belgium's National Recovery and Resilience Plan: Latest state of play
The EU's Recovery and Resilience Facility (RRF) is the core component of Next Generation EU, a temporary recovery instrument that allows the European Commission to raise funds to help the economic and social recovery after the COVID-19 pandemic. By promoting the sustainable and inclusive recovery that ensures the green and digital transitions make progress, the RRF is consistent with the Commission's priorities. Belgium's initial maximum contribution to finance its national recovery and resilience ...
Insurance recovery and resolution directive
In 2020, the Commission launched a review of the Solvency II Directive, the EU's legal prudential regulatory framework for (re-)insurance companies, which entered into force in 2016. As one output of the review, the Commission made a proposal in September 2021 for a new directive establishing a framework for recovery and resolution of insurance companies – the 'IRRD proposal'. The IRRD proposal would establish harmonised recovery and resolution tools and procedures, with enhanced cross-border cooperation ...
Excessive and concentrated exposures to third-country central counterparties
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 ...
Capital markets union: Overview and state of play
The capital markets union (CMU) is an EU political project aimed at 'de-fragmenting' the markets for corporate financing. The primary objective is to ensure that firms with comparable characteristics obtain comparable financing conditions – especially as regards costs and volumes – regardless of the Member State in which they are located. The objective to de-fragment capital markets is influenced by the context of European monetary union and the single market for goods and services; fragmented financial ...
Banking union: Overview and state of play
The banking union is a regulatory framework that establishes a single prudential rulebook for banks, and – for banks the failure of which it is considered would have a significant impact – a single supervisor and a Single Resolution Fund. Created as a policy response to the 2007-2008 banking crisis, banking union is essential for European monetary union and the level playing field in the EU single market for goods and services. The lessons learned during the banking crisis were a key foundation for ...
Consumer Credit Directive
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. While the CCD has undergone several revisions over the past decade, growing digitalisation, insufficient harmonisation and issues affecting consumer protection, among other things, prompted the Commission to propose a new directive. ...
Bank crisis management and deposit insurance
On 18 April 2023, the European Commission tabled a package of proposals to amend the bank crisis management and deposit insurance (CMDI) framework. The objective of the reform is to calibrate the latter so as to further deepen harmonisation and reduce the use of taxpayer funding. More specifically, the proposal for a CMDI reform would amend the early intervention procedure and the decision to resolve a failing bank in the public interest. It would also encourage the use of funding from national deposit ...