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Sustainable finance and benchmarks: Low-carbon benchmarks and positive-carbon-impact benchmarks

20-01-2020

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products ...

In May 2018, the European Commission presented a package of measures on the financing of sustainable growth. The package includes three proposals aimed at establishing an EU taxonomy on sustainable economic activities, improving disclosure requirements and creating a new category of financial benchmarks to help investors measure the carbon footprint of their investments. Financial benchmarks have an important impact on investment flows. Many investors rely on them for creating investment products, measuring their performance and devising asset allocation strategies. The Commission proposes to create a new category of benchmarks comprising low-carbon and positive-carbon-impact benchmarks, by amending the Benchmark Regulation. As the regulation is directly applicable, amending it would restrict the possibility of divergent measures being taken by the competent authorities at national level. Parliament voted in plenary on 26 March 2019 to approve the compromise text agreed in trilogue negotiations. Following approval of a corrigendum by Parliament in October, the Council adopted the text on 8 November 2019. The final act was signed on 27 November 2019, published in the Official Journal on 9 December and entered into force the following day. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Implementing measures under the Benchmarks Regulation

11-07-2018

This briefing focuses on the implementing measures under Regulation (EU) No 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). Items for discussion at the monthly scrutiny session could include the forthcoming Regulatory Technical Standards under BMR, including rules on input data and the authorisation/registration of an administrator, as well as other outstanding issues, such as Regulated Data Benchmarks ...

This briefing focuses on the implementing measures under Regulation (EU) No 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). Items for discussion at the monthly scrutiny session could include the forthcoming Regulatory Technical Standards under BMR, including rules on input data and the authorisation/registration of an administrator, as well as other outstanding issues, such as Regulated Data Benchmarks.

Regular public hearing with Danièle Nouy, Chair of the Supervisory Board - ECON on 9 November 2017

07-11-2017

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent external ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent external briefing papers provided for the ECON Committee.

Smart Single Market regulation in the area of professional services

15-09-2017

• In the Communication on reform recommendations [COM(2017)8290 final], the European Commission has shown how the regulation of professional services is a significant policy issue for the Single Market. It also underlines the relevance of policy action in this area in the wider context of European labour markets and EU strategies and policies. • The policy objectives for the reform recommendations need to be articulated more clearly. This includes being clear that Member States need to balance the ...

• In the Communication on reform recommendations [COM(2017)8290 final], the European Commission has shown how the regulation of professional services is a significant policy issue for the Single Market. It also underlines the relevance of policy action in this area in the wider context of European labour markets and EU strategies and policies. • The policy objectives for the reform recommendations need to be articulated more clearly. This includes being clear that Member States need to balance the costs and benefits of regulatory reform. The reform process is not just about reducing the cost of regulation, it also recognises the benefits of regulation and seeks to encourage better regulation. • Experiences during the mutual evaluation suggest strongly that Member States need guidance from the Commission on how to undertake the process of balancing costs and benefits as they implement the reform recommendations. The European Commission needs to review why Member States faced problems with this process and apply lessons learnt in order to assist Member States with the implementation of the reform recommendations. • When legislating the European Parliament should ensure that the European Commission has the following tasks: publication of detailed monitoring and evaluation plans; annual repetition of the EU Survey of Regulated Occupations; and the creation of a central repository for sharing evidence and data. • When legislating, the European Parliament should ensure that Member States are recommended to follow the guidelines on regulation of professional services issued by the European Commission and to cooperate with each other and with the European Commission in the development and sharing of evidence.

Autorzy zewnętrzni

Sion Jones

Regular public hearing with Danièle Nouy, Chair of the Single Supervisory Mechanism - ECON on 19 June 2017

16-06-2017

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory Banking Statistics for the fourth quarter of 2016, two guidance documents published by the SSM, and a summary of an external briefing paper on banks’ structural changes.

Presentation of the SSM 2016 Annual Report by Danièle Nouy, Chair of the Single Supervisory Mechanism (SSM)

21-03-2017

This note is prepared in view of a regular public hearing as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the EP and the European Central Bank. Ms Nouy will inter alia present the SSM Annual report 2016. The EP received a copy of that report on a confidential basis, under embargo until Thursday, 23 March 2016, at 9:00 CET. This briefing therefore does not use or refer to any information provided in that Annual report. The following issues are addressed in this ...

This note is prepared in view of a regular public hearing as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the EP and the European Central Bank. Ms Nouy will inter alia present the SSM Annual report 2016. The EP received a copy of that report on a confidential basis, under embargo until Thursday, 23 March 2016, at 9:00 CET. This briefing therefore does not use or refer to any information provided in that Annual report. The following issues are addressed in this briefing: key priorities for direct supervision in 2017, the key risks road map for 2017, the Supervisory Banking Statistics for the third quarter 2016, recent relevant publications by the SSM, and a summary of external briefing papers on conduct risk.

EBA Stress Test 2016: Some Methodological Issues Raised in the Public Domain

03-11-2016

This note is prepared in advance of the regular hearing with the Chair of the Single Supervisory Mechanism on 9 November 2016 in the competent Committee of the European Parliament. It deals specifically with some methodological issues raised in the public domain in the context of the EBA 2016 stress test. A separate briefing on more general aspects of this exercise (“Bank stress testing: stock taking and challenges”) has been published by EGOV on 22 September 2016.

This note is prepared in advance of the regular hearing with the Chair of the Single Supervisory Mechanism on 9 November 2016 in the competent Committee of the European Parliament. It deals specifically with some methodological issues raised in the public domain in the context of the EBA 2016 stress test. A separate briefing on more general aspects of this exercise (“Bank stress testing: stock taking and challenges”) has been published by EGOV on 22 September 2016.

Benchmarks in financial instruments

25-04-2016

A benchmark is an index (statistical measure), calculated from a representative set of underlying data, which is used as a reference for financial instruments or contracts. Well-known benchmarks include the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The manipulation of those two benchmarks has sparked concerns about the integrity of benchmarks worldwide. The European Parliament is due to vote on the Commission's proposal for a regulation on indices used as ...

A benchmark is an index (statistical measure), calculated from a representative set of underlying data, which is used as a reference for financial instruments or contracts. Well-known benchmarks include the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The manipulation of those two benchmarks has sparked concerns about the integrity of benchmarks worldwide. The European Parliament is due to vote on the Commission's proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts.

Measuring Scientific Performance for Improved Policy Making

15-04-2014

In recent decades, developments in European research policy making have led to an enhancement of the role and function of evaluation to cope with the growing globalisation of research and the need to ensure effective research systems at the national level and in the European Research Area. These developments have led to a need for a more integrated way to understand research performance as well as its efficiency and effects, combined with a growing need for a European view. The desire for better ...

In recent decades, developments in European research policy making have led to an enhancement of the role and function of evaluation to cope with the growing globalisation of research and the need to ensure effective research systems at the national level and in the European Research Area. These developments have led to a need for a more integrated way to understand research performance as well as its efficiency and effects, combined with a growing need for a European view. The desire for better evidence for public management, a growing movement calling for open access to the results of publicly funded research and the vastly increased power of computing and communications coincide to support policy interest in steering and sharing research results and data about them. Current trends in the extended use of research information systems - at institutional, national and European level, set the context and create the opportunity for the development of a European research information infrastructure that could provide the basis for an improved research policy development in Europe.

Autorzy zewnętrzni

Bea Mahieu, Erik Arnold and Peter Kolarz

Performance-Based Full Policy Cycle for the Digital Single Market

09-10-2013

.A benchmarking exercise of a number of Digital Single Market policy initiatives recently proposed by the European Commission against the performance-based policy model shows that the current policy development and assessment process could be improved markedly by following the performance-based policy model set out in the present study. The key features of a performance-based full policy cycle are a clear articulation of policy objectives, the identification and use of quantitative indicators of ...

.A benchmarking exercise of a number of Digital Single Market policy initiatives recently proposed by the European Commission against the performance-based policy model shows that the current policy development and assessment process could be improved markedly by following the performance-based policy model set out in the present study. The key features of a performance-based full policy cycle are a clear articulation of policy objectives, the identification and use of quantitative indicators of expected short-term and longer-term policy impacts, the identification of synergies between policies, a much greater use of quantitative data in ex-ante impact assessments, the implementation of robust, data-based, independent expost assessments of the performance of policies relative to their expected impacts and a wide dissemination of lessons learned in such ex-post performance assessments.

Autorzy zewnętrzni

Patrice MULLER (Project Director), Gavan CONLON, Shaan DEVNANI and Claire BÉNARD (London Economics)

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