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EU support for the implementation of Slovenia's modified national recovery and resilience plan (NRRP) amounts to €2 685.3 million, and includes €1 612.9 million in grants and €1 072.4 million in loans. This amount is by €203.3 million higher than that initially approved and takes into account a June 2022 update of the maximum financial contribution form the Recovery and Resilience Facility (RRF), additional loans requested by Slovenia, and non-repayable allocation for REPowerEU made available in ...

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 ...

In absolute figures, Italy's national recovery and resilience plan (NRRP) is the largest national plan under the ground-breaking Next Generation EU (NGEU) instrument. In December 2023, a revision brought about various changes to the plan: it is now endowed with EU resources worth €194.4 billion in grants and loans, representing 26.1 % of the Recovery and Resilience Facility (RRF), or 10.8 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of EU 27 GDP in 2019). A slight ...

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 ...

In July 2021, the European Commission tabled a proposal to establish a new EU authority to counter money laundering and the financing of terrorism (AMLA). This was part of a legislative package aimed at implementing the 2020 action plan for a comprehensive Union policy on preventing money laundering and the financing of terrorism. The AMLA would be the centre of an integrated system, composed of the authority itself and national authorities with an AML/CFT supervisory mandate. It would also support ...

Under the Recovery and Resilience Facility (RRF), the EU response to the crisis triggered by the pandemic, Bulgaria was initially allocated €6 267.3 million in grants. In line with the RRF Regulation, on 30 June 2022, the European Commission recalculated the maximum grant amounts for all Member States; this resulted in a just over 9 % cut for Bulgaria, lowering the total to €5 688.8 million. To take this into account, as well as factor in the impact of inflation, Bulgaria submitted a modified national ...

Under the Recovery and Resilience Facility (RRF), Lithuania's national recovery and resilience plan (NRRP) had an initial value of €2 224 million. In June 2022, Lithuania's grant allocation was revised downwards to €2 100 million (- 5.6 %). In October 2023, however, Lithuania submitted a request to amend its NRRP, which includes an additional grant allocation of €193.7 million for a new REPowerEU chapter and a loan request worth €1 551.7 million. Lithuania also requested to transfer a portion of ...

When businesses start operating across borders, they are faced with a new and unfamiliar corporate tax system in each EU Member State. As a result, businesses with cross-border activities have to spend time and resources on understanding and complying with complex local corporate tax rules. This represents a significant administrative burden, in particular for small companies. To lower tax compliance costs, the European Commission tabled on 12 September 2023 a proposal for a Council directive to ...

On 11 July 2023, the Council approved Slovakia's amended national recovery and resilience plan (NRRP, Plán obnovy) and allocated €6 408.5 million in grants for its implementation (Slovakia did not request loans). The allocation is €79.4 million higher than that initially approved (6 July 2021). The difference results from a 2022 update of the maximum financial contribution from the Recovery and Resilience Facility (RRF), which reflects changes in real gross domestic product (GDP) over time, and the ...

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 ...