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Prudential requirements and supervision of investment firms

15-01-2020

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for investment firms, making it more effective and more closely calibrated to the size and nature of the various investment firms and their risks. Parliament's Committee on Economic and Monetary Affairs (ECON) agreed its report and negotiating mandate on 24 September 2018. On 20 March 2019, provisional agreements were reached by Parliament and Council negotiators. Parliament adopted the texts at first reading on 16 April 2019. Following linguistic corrections, corrigenda were endorsed by Parliament in October, and the regulation and directive were adopted by the Council then signed into law on 27 November. Both will apply in full from 26 June 2021. Second edition of a briefing originally drafted by David Eatock. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Sustainable finance and disclosures: Bringing clarity to investors

15-01-2020

On 24 May 2018, the Commission published three proposals for regulations reflecting the EU's efforts to connect finance with its own sustainable development agenda. The proposals include measures to: create an EU sustainable finance taxonomy; make disclosures relating to sustainable investments and sustainability risks clearer; and establish low-carbon benchmarks. In particular, the proposal for a regulation on disclosures aims to integrate environmental, social and governance considerations into ...

On 24 May 2018, the Commission published three proposals for regulations reflecting the EU's efforts to connect finance with its own sustainable development agenda. The proposals include measures to: create an EU sustainable finance taxonomy; make disclosures relating to sustainable investments and sustainability risks clearer; and establish low-carbon benchmarks. In particular, the proposal for a regulation on disclosures aims to integrate environmental, social and governance considerations into the decision-making process of investors and asset managers. It also aims to increase the transparency duties of financial intermediaries towards final-investors, with regard to sustainability risks and sustainable investment targets. This should reduce investors' research costs as regards sustainable investments and enable easier comparison between sustainable financial products in the EU. Following agreement with the Council in trilogue, Parliament voted to adopt the agreed text at first reading on 18 April 2019. Because of the tight timeline for finalisation before the end of the parliamentary term, linguistic corrections to the voted text were needed. Under the corrigendum procedure, the ECON committee and subsequently the plenary endorsed the corrected text in October 2019, allowing the Council to adopt it at first reading. Signed on 27 November, the regulation entered into force on 29 December, and will become applicable as of March 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

10-01-2020

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework. Under the proposals, EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. Following trilogue negotiations, Parliament voted on the resulting agreement at its plenary session of 18 April 2019. The final act was signed on 23 October 2019 and entered into force on 1 January 2020. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

EU framework for FDI screening

17-04-2019

On 13 September 2017, the European Commission adopted a proposal for a regulation establishing a framework for screening foreign direct investment (FDI) inflows into the EU on grounds of security or public order. The proposal was a response to a rapidly evolving and increasingly complex investment landscape. It aimed to strike a balance between maintaining the EU's general openness to FDI inflows and ensuring that the EU's essential interests are not undermined. Recent FDI trends and policies of ...

On 13 September 2017, the European Commission adopted a proposal for a regulation establishing a framework for screening foreign direct investment (FDI) inflows into the EU on grounds of security or public order. The proposal was a response to a rapidly evolving and increasingly complex investment landscape. It aimed to strike a balance between maintaining the EU's general openness to FDI inflows and ensuring that the EU's essential interests are not undermined. Recent FDI trends and policies of emerging FDI providers had cast doubt on the effectiveness of the decentralised and fragmented system of FDI screening – in use in only some EU Member States – to adequately address the potential (cross-border) impact of FDI inflows on security or public order without EU coordinated cooperation among all EU Member States. The proposal's objective was neither to harmonise the formal FDI screening mechanisms then used by almost half of the Member States, nor to replace them with a single EU mechanism. Instead, it aimed to enhance cooperation and information-sharing on FDI screening between the Commission and Member States, and to increase legal certainty and transparency. The European Parliament's Committee on International Trade (INTA) and the Council adopted their positions in May and June 2018 respectively, and interinstitutional negotiations concluded in November 2018 with a provisional text. That was first endorsed by the Member States' Permanent Representatives (Coreper) and by INTA in December 2018. After the text's adoption by the European Parliament and the Council in February and March 2019 respectively, it entered into force on 10 April 2019, and will apply from 11 October 2020, 18 months later. Fourth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

What if a simple DNA test could predict your future?

22-03-2019

What if new-born babies were given a DNA report card that predicted their intelligence, their odds of getting a PhD, their chances of becoming a chain smoker or suffering depression, a heart attack or cancer? Thanks to ongoing genetic studies, a large amount of genetic data is available today involving millions of people. The wealth of information available to researchers allows them to create a polygenic risk score based on the DNA test of a person. This can be used to predict a person's chances ...

What if new-born babies were given a DNA report card that predicted their intelligence, their odds of getting a PhD, their chances of becoming a chain smoker or suffering depression, a heart attack or cancer? Thanks to ongoing genetic studies, a large amount of genetic data is available today involving millions of people. The wealth of information available to researchers allows them to create a polygenic risk score based on the DNA test of a person. This can be used to predict a person's chances of getting a disease, his or her traits and behaviour, and many other things about their future. Are these predictions flawless? Who would benefit from them? What are their implications for a person's life in general?