52

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Securitisation package – Coronavirus amendments

22-03-2021

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional ...

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional agreements resulting from interinstitutional negotiations on the two Commission proposals making up the package.

Green and sustainable finance

04-02-2021

The dramatic consequences of climate change and environmental degradation have brought the need for a more sustainable economy to the top of the agenda. Transforming the EU economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. Given that the public sector alone cannot cover this financial need, solutions have been sought to bring the private sector on board. Green finance involves collecting funds for addressing climate and environmental ...

The dramatic consequences of climate change and environmental degradation have brought the need for a more sustainable economy to the top of the agenda. Transforming the EU economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. Given that the public sector alone cannot cover this financial need, solutions have been sought to bring the private sector on board. Green finance involves collecting funds for addressing climate and environmental issues (green financing), on the one hand, and improving the management of financial risk related to climate and the environment (greening finance), on the other. Sustainable finance is an evolution of green finance, as it takes into consideration environmental, social and governance (ESG) issues and risks, with the aim of increasing long-term investments in sustainable economic activities and projects. The European Union is a global leader in the above domain. In its 2018 action plan on financing sustainable growth, the European Commission set out the EU strategy to connect finance with sustainability. The first deliverables have been three key regulations seeking to create a classification system to determine whether an economic activity is environmentally sustainable (the 'taxonomy'); to make disclosures relating to sustainable investments and sustainability risks clearer; and to establish low-carbon benchmarks. The Taxonomy Regulation is particularly important for driving the consistent development of future legislation, as advocated, in particular, by the European Parliament. The Commission will release a renewed sustainable finance strategy in 2021, and a legislative proposal on the green bond standard. The interest in green and sustainable finance is rising very fast among investors worldwide, and several voluntary private initiatives have tried to create some market standards. Policymakers have also been very active in launching numerous regulatory and non-regulatory initiatives at global or local level. To avoid market fragmentation, there is a demand for greater harmonisation among the different measures. There is also a need to increase the standardisation and disclosure of non-financial information published by companies and used to evaluate the risks. Doing so will help to increase data availability, to make data more comparable, and to bring more transparency and clarity to investors. Given that climate change and environmental degradation are global challenges, international cooperation is in the common interest; the European Union is actively promoting this through the International Platform on Sustainable Finance.

Banking Union: Postponed Basel III reforms

22-01-2021

This briefing summarises the Basel Committee’s decision to postpone the implementation of the outstanding Basel III standards, their main content, and their estimated impact on banks’ capital needs.

This briefing summarises the Basel Committee’s decision to postpone the implementation of the outstanding Basel III standards, their main content, and their estimated impact on banks’ capital needs.

The Financial Stability Board (FSB). An overview of the work for 2020

20-11-2020

The briefing provides an overview of the latest work by the Financial Stability Board (FSB). It first addresses the FSB as an institution, its mandate, members and governance arrangements, and second, outlines its current work. This paper builds and updates an earlier version.

The briefing provides an overview of the latest work by the Financial Stability Board (FSB). It first addresses the FSB as an institution, its mandate, members and governance arrangements, and second, outlines its current work. This paper builds and updates an earlier version.

Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board

16-11-2020

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place in ECON on 19 November 2020. This will be the second hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in the macroprudential policy field and the impact of the corona crisis. The briefing provides a (i) summary of the ESRB Annual Report, (ii) addresses the ESRB and national macroprudential ...

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place in ECON on 19 November 2020. This will be the second hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in the macroprudential policy field and the impact of the corona crisis. The briefing provides a (i) summary of the ESRB Annual Report, (ii) addresses the ESRB and national macroprudential authorities’ response to the COVID pandemic outbreak, (iii) including recent ESRB Recommendations to the European Commission and national authorities; (iv) latest ESRB systemic risk assessment and (v) other macroprudential policy concerns.

What are the wider supervisory implications of the Wirecard case?

28-10-2020

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech ...

Beginning with a discussion of the Wirecard case, this study highlights several lessons for the regulation and supervision of Fintech companies. Innovation in the financial industry brings both efficiency gains and new risks. To balance these two elements, regulators need a deep understanding of Fintech’s technologies and business models. Because Fintechs can be very complex companies, there is a need for an approach combining the oversight of both entities and activities. The global scope of Fintech’s activities also calls for convergence and coordination of rules and supervisory practices at the European level and beyond.

Ulkopuolinen laatija

Giorgio BARBA NAVARETTI, Giacomo CALZOLARI, Alberto Franco POZZOLO

Institutional set up of macroprudential policy in the European Union

18-09-2020

This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.

This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.

Macroprudential policy toolkit for the banking sector

17-09-2020

This briefing provides an overview of European Union’s macroprudential policy toolkit that could be applied to the banking sector. Not all the tools described in this briefing are available for all national macroprudential authorities in the European Union (EU), due to different national legislations. Even though most of the instruments are targeted at the banking sector, national specificities in some cases permit the use of the same instrument to other financial institutions.

This briefing provides an overview of European Union’s macroprudential policy toolkit that could be applied to the banking sector. Not all the tools described in this briefing are available for all national macroprudential authorities in the European Union (EU), due to different national legislations. Even though most of the instruments are targeted at the banking sector, national specificities in some cases permit the use of the same instrument to other financial institutions.

A roadmap to completing the Banking Union

19-06-2020

Completing the Banking Union has been a long term endeavour, on the back of the less successful negotiations on its third leg - the common deposit guarantee scheme. The current crisis caused by the outbreak of COVID-19 will evidently put the current setup of Banking Union to test, but may also create a new impetus and political will for it’s completion. This briefing, based on two earlier EGOV briefings (here and here), (1) sets out the main milestones of such process so far, (2) outlines where work ...

Completing the Banking Union has been a long term endeavour, on the back of the less successful negotiations on its third leg - the common deposit guarantee scheme. The current crisis caused by the outbreak of COVID-19 will evidently put the current setup of Banking Union to test, but may also create a new impetus and political will for it’s completion. This briefing, based on two earlier EGOV briefings (here and here), (1) sets out the main milestones of such process so far, (2) outlines where work was before the coronavirus outbreak and (3) points to areas where progress is still missing and should continue once the urgency of the current crisis is mitigated. It will be regularly updated on the basis of available public information.

Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board

05-06-2020

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 8 June 2020. This will be the first hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in macroprudential policy field and the impact of the corona crisis. The briefing addresses the ESRB and national macroprudential authorities’ response to the pandemic outbreak, including recent ...

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 8 June 2020. This will be the first hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in macroprudential policy field and the impact of the corona crisis. The briefing addresses the ESRB and national macroprudential authorities’ response to the pandemic outbreak, including recent ESRB Recommendation to ESMA; latest ESRB systemic risk assessment and other macroprudential policy concerns.

Tulevat tapahtumat

19-05-2021
EPRS online policy roundtable: The European elections, two years on [...]
Muu tapahtuma -
EPRS
25-05-2021
How can technology help in reducing fraud and making tax compliance simpler?
Kuulemistilaisuus -
FISC
25-05-2021
AIDA - EMPL Public Hearing on AI and the labour market
Kuulemistilaisuus -
AIDA EMPL

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