14

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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.

Single market information tool (SMIT)

30-09-2020

Competition and consumer protection in the single market are often undermined by price discrimination based on residency. While many market players do not cooperate with the Commission, for instance not disclosing their pricing structure, Member States often do not have the means or the tools to collect and deliver the required information to the Commission. The SMIT proposal would provide the Commission with powers such as to request business-related information (e.g. cost structure or product volumes ...

Competition and consumer protection in the single market are often undermined by price discrimination based on residency. While many market players do not cooperate with the Commission, for instance not disclosing their pricing structure, Member States often do not have the means or the tools to collect and deliver the required information to the Commission. The SMIT proposal would provide the Commission with powers such as to request business-related information (e.g. cost structure or product volumes sold), and to address market failures in a more efficient way. The SMIT, however, has raised some criticism in the Council and EP, inter alia, because of the Commission’s choice of the legal basis for the proposal. Parliament’s Legal Service stated in an opinion that the correct legal basis for the Commission proposal is Article 337 TFEU: a legal basis which gives no legislative role for the EP. On 12 July 2018, the IMCO committee adopted a report which would amend the proposal’s legal basis. The JURI committee subsequently adopted an opinion stating that the Commission proposal goes beyond the powers available under the proposed revised legal basis. The report was initially due to be voted in plenary in October 2018, but was taken off the agenda. As the parliamentary term has concluded, the report has now lapsed. The European Commission withdrew this legislative proposal on 29 September 2020. The procedure has thus ended.

Quality Differences in Consumer Products In the EU Legislation

30-11-2018

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the PETI Committee, deals with so called dual quality products, that is goods (food products, detergents, cosmetics, toiletries and products intended for babies, etc.) marketed on the Single Market under the same brand or trademark but with differences in content, composition or quality in individual EU Member States. The issue of dual quality products is one of ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the PETI Committee, deals with so called dual quality products, that is goods (food products, detergents, cosmetics, toiletries and products intended for babies, etc.) marketed on the Single Market under the same brand or trademark but with differences in content, composition or quality in individual EU Member States. The issue of dual quality products is one of the recent issues that the EU has only begun to focus on in recent years. Initially, it was rather an individual initiative of the individual MEPs, subsequently the European Parliament as a whole and the European Commission began to deal with it. The European Commission issued several legal standards that initially interpreted the existing legal regulation, later directly identified dual quality as an unfair commercial practice.

Külső szerző

doc. JUDr. Blanka VÍTOVÁ, Vice-dean for Science and Research, Palacký University Olomouc (Czech Republic)

Delegated Measures in the Banking Field : draft RTS on economic downturn in IRB modelling, Level 2 in CRD V/CRR II proposals, and CRD IV/CRR update 2018

18-06-2018

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - ...

ECON’s 39th scrutiny slot on 18 June 2018 (17.15 to 18.15) is a follow-up of the ECON scrutiny session on 28 February 2017, and on 26 March 2018. It focuses on forthcoming "Level 2" acts in the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) 575/2013 (CRR) that, together, constitute the core of the EU banking regulation, and in particular on - the Level 2 measures to be adopted in the near future under the CRD IV/CRR (update of the overview), and - in particular, on the ongoing second EBA consultation on RTS on estimation and identification of an economic downturn in IRB modelling, and - a brief factual outlook to the delegated acts (DAs) and Regulatory Technical Standards (RTS) as proposed by the Commission in the CRD V and CRR II proposals. CRD and CRR contain empowerments for the Commission to adopt ‘level 2’ measures (e.g. delegated acts and regulatory technical standards).

Consumer Protection Cooperation

15-02-2018

The Commission estimates that the detriment to consumers caused by non-compliance with basic EU consumer rules in certain cross-border online markets and also by inefficient cross-border enforcement amounts to €770 million per year. To remedy this, in May 2016 the Commission presented a legislative proposal to review the existing rules on consumer protection cooperation between enforcement authorities as part of its e-commerce package. The aim was to clarify the rules, give more powers to national ...

The Commission estimates that the detriment to consumers caused by non-compliance with basic EU consumer rules in certain cross-border online markets and also by inefficient cross-border enforcement amounts to €770 million per year. To remedy this, in May 2016 the Commission presented a legislative proposal to review the existing rules on consumer protection cooperation between enforcement authorities as part of its e-commerce package. The aim was to clarify the rules, give more powers to national enforcement authorities and improve their coordination, primarily to enable them to address unlawful online practices. Parliament and Council reached agreement on the proposal in June 2017, and formally adopted it in November. The new regulation covers ongoing infringements and those that have already ended, and lays down procedures for cooperation in cases of widespread infringements of consumer rights that affect consumers in multiple Member States. It entered into force on 16 January 2018 and applies from 17 January 2020. Fifth edition, based on an original briefing by Jana Valant. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Revised framework for investment firms

13-12-2017

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it ...

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it now intends to further revise the existing framework for investment firms. Research shows that there are several challenges influencing the current system, especially a plethora of investment firms with different prudential requirements, leading to legislative complexity and decreasing legislative clarity. Parliament and the European Economic and Social Committee have, on several occasions, called for improvements to the existing framework. The European Commission itself has expressed a willingness to revise the CRR/CRD framework and it is expected that it will publish a legislative proposal (with its impact assessment) on a revised framework for investment firms on 20 December 2017.

Single Market Information Tool

05-10-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, submitted on 2 May 2017 and referred to Parliament’s Committee on Internal Market and Consumer Protection. The creation of a deeper and fairer single market is one of the ten main priorities of the Juncker Commission. To this end, the Commission proposed a new single market strategy in 2015. One of the key areas of the single market strategy ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, submitted on 2 May 2017 and referred to Parliament’s Committee on Internal Market and Consumer Protection. The creation of a deeper and fairer single market is one of the ten main priorities of the Juncker Commission. To this end, the Commission proposed a new single market strategy in 2015. One of the key areas of the single market strategy’s targeted actions is dedicated to a smart enforcement strategy and the culture of compliance and is entitled ‘Ensuring practical delivery’. Within this area, the strategy announced, among other actions, ‘a regulatory initiative on a market information tool for the Single Market, enabling the Commission to collect information from selected market players’ (Single Market Strategy, p.16). It is this 'Single Market Information Tool' (SMIT) that is the subject of the Commission proposal. Two other initiatives were proposed by the Commission alongside the SMIT on 2 May 2017 as part of the compliance package: a regulation establishing a single digital gateway and an action plan on the reinforcement of the SOLVIT tool .

Banking reform package

31-08-2017

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the ...

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the financial regulatory framework remains a major area of the European Commission's work. The IA covers five proposals (see table 1, below) included in the 2017 Joint Declaration on the EU's legislative priorities, for which the EU institutions want to ensure substantial progress. The proposals aim at: aligning EU rules with internationally agreed standards, drawn up by the Basel Committee on Banking Supervision, and amending the current EU bank resolution framework.

Prospectuses for investors

31-07-2017

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces ...

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces changes to how the prospectus is drawn up. On 3 June 2016, the Dutch EU Council Presidency published its proposal for a general approach on the Commission proposal and on 15 September 2016, the European Parliament adopted its amendments to the Commission proposal. The compromise agreement between the two institutions was adopted by the European Parliament on 5 April 2017, and then by the Council on 16 May. The final act was published in the Official Journal on 30 June 2017, and applies in full from 21 July 2019.

Prospectuses for investors

29-03-2017

Prospectuses are legally required documents presenting the information necessary to enable investors to make an informed assessment of the situation of an issuer and of the rights attached to the securities issued. The EU's co-legislators have reached an agreement on the draft regulation to replace the current directive. This compromise is scheduled for a vote at the April I plenary session.

Prospectuses are legally required documents presenting the information necessary to enable investors to make an informed assessment of the situation of an issuer and of the rights attached to the securities issued. The EU's co-legislators have reached an agreement on the draft regulation to replace the current directive. This compromise is scheduled for a vote at the April I plenary session.

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