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Replacement benchmarks for financial benchmarks in cessation

01-07-2021

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does ...

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does not provide for mechanisms to organise the orderly discontinuation of systemically important benchmarks in the EU. That is why the Commission has proposed to amend the said regulation. The co-legislators significantly amended the Commission’s proposal. Their amendments deal, among other things, with the replacement of a benchmark by EU, or by national law, set additional obligations for supervised entities using a benchmark, regulate the Commission’s powers to adopt delegated acts and establish additional obligations for the Commission with regards to its proposed consultation. The European Parliament adopted the compromise agreement in plenary on 19 January 2021. On 2 February 2021, the Council adopted the act. The final act was published in the Official Journal of the EU on 12 February 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Discharge for 2019 budget – European Commission, executive agencies and EDFs

21-04-2021

During the April plenary session, the European Parliament is expected to decide on granting discharge for the 2019 financial year to the different institutions and bodies of the European Union (EU). The first item on the agenda of the debate and vote on discharge 2019 is the report covering the European Commission (including six executive agencies) which is in charge of the management of the biggest share of the EU budget. Separate discharge is granted to the Commission concerning the management ...

During the April plenary session, the European Parliament is expected to decide on granting discharge for the 2019 financial year to the different institutions and bodies of the European Union (EU). The first item on the agenda of the debate and vote on discharge 2019 is the report covering the European Commission (including six executive agencies) which is in charge of the management of the biggest share of the EU budget. Separate discharge is granted to the Commission concerning the management of the European Development Funds (EDFs) which are not part of the general budget of the EU as they are established by an intergovernmental agreement. Parliament's Committee on Budgetary Control (CONT) recommends that Parliament should grant the Commission and all six executive agencies discharge for 2019. It also recommends granting discharge in respect of the implementation of the operations of the EDFs in 2019.

Single Resolution Board: Accountability arrangements (9th parliamentary term)

14-04-2021

This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, ...

This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, please see here.

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.

What are the wider supervisory implications of the Wirecard case?

05-11-2020

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in ...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in Europe.

Autor extern

Katja LANGENBUCHER, Christian LEUZ, Jan Pieter KRAHNEN, Loriana PELIZZON

Review of the Benchmark Regulation

06-10-2020

The European Commission's proposal to amend the existing Benchmark Regulation (BMR) aims to address the expected cessation of the widely used LIBOR critical benchmark, as the BMR does not provide mechanisms to manage the consequences of the cessation of such critical benchmarks. The BMR would be amended also to ensure that European Union banks and companies can continue using hedging tools against the volatility of currencies that are not freely convertible into their base currency after the expiry ...

The European Commission's proposal to amend the existing Benchmark Regulation (BMR) aims to address the expected cessation of the widely used LIBOR critical benchmark, as the BMR does not provide mechanisms to manage the consequences of the cessation of such critical benchmarks. The BMR would be amended also to ensure that European Union banks and companies can continue using hedging tools against the volatility of currencies that are not freely convertible into their base currency after the expiry of the transitional period at the end of 2021. The initiative is part of measures contributing to a capital markets union and an economy that works for people. The initial appraisal – which provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the proposal – finds that the IA is underpinned by sound and recent data and extensive stakeholder consultations. The problem definition, objectives and policy options are clearly linked.

Review of the Benchmark Regulation

01-10-2020

On 27 July 2017, the UK Financial Conduct Authority (FCA) announced its resolution to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. As supervisor of the LIBOR, the FCA wanted to allow for a smooth transition to alternative reference rates of this widely used benchmark. On 24 July 2020, the European Commission adopted a proposal to amend the Benchmarks, Regulation. The most important part of this proposal is to regulate the replacement rate of a benchmark in cessation (in ...

On 27 July 2017, the UK Financial Conduct Authority (FCA) announced its resolution to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. As supervisor of the LIBOR, the FCA wanted to allow for a smooth transition to alternative reference rates of this widely used benchmark. On 24 July 2020, the European Commission adopted a proposal to amend the Benchmarks, Regulation. The most important part of this proposal is to regulate the replacement rate of a benchmark in cessation (in this case: LIBOR) and to avoid a legal vacuum. This amendment would empower the European Commission to designate, by an implementing act, a statutory replacement rate to replace the reference to the benchmark in cessation, if this cessation may result in significant disruption of financial markets in the Union.

Country-specific recommendations: An overview - September 2020

22-09-2020

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

EU budget and recovery fund: Is it a done deal? [What Think Tanks are thinking]

29-07-2020

After nearly five days of tough negotiations, the European Council agreed on the EU’s next seven-year budget, the Multiannual Financial Framework (MFF), worth more than one trillion euros from 2021 to 2027, and crucially, on an additional 750-billion euro fund to help countries recover from the economic downturn caused by the coronavirus pandemic. Many politicians and analysts have hailed the agreement on the recovery fund in particular as an ‘historic moment’. For the first time, some EU debt will ...

After nearly five days of tough negotiations, the European Council agreed on the EU’s next seven-year budget, the Multiannual Financial Framework (MFF), worth more than one trillion euros from 2021 to 2027, and crucially, on an additional 750-billion euro fund to help countries recover from the economic downturn caused by the coronavirus pandemic. Many politicians and analysts have hailed the agreement on the recovery fund in particular as an ‘historic moment’. For the first time, some EU debt will be mutualised and the EU will tap financial markets on a significant scale to secure funds, which will be disbursed in the form of grants and loans. The European Parliament - which must approve these spending plans - welcomed the fund but criticised the lack of parliamentary scrutiny in its implementation as well as some of the cuts leaders made in spending on innovation and the climate as compared to the European Commission’s MFF proposals and the Parliament’s own demands, and regretted the weakened link between budget spending and the rule of law. This note offers links to first reactions from international think tanks on the budget deal. Earlier publications on financing the EU can be found in a previous item in this series, published by EPRS on 8 June 2020.

Control of the financial activities of the European Investment Bank – Annual report 2018

06-07-2020

During its July plenary session, the European Parliament is set to discuss the Committee on Budgetary Control’s report on the control of the European Investment Bank's financial activities for 2018. Among other things, the report highlights the role of the Bank in financing the European Green Deal, the Just Transition Fund, and its future shift towards becoming 'the EU Climate Bank'. The report also stresses the need for more effectiveness and synergies when it comes to the European Fund for Strategic ...

During its July plenary session, the European Parliament is set to discuss the Committee on Budgetary Control’s report on the control of the European Investment Bank's financial activities for 2018. Among other things, the report highlights the role of the Bank in financing the European Green Deal, the Just Transition Fund, and its future shift towards becoming 'the EU Climate Bank'. The report also stresses the need for more effectiveness and synergies when it comes to the European Fund for Strategic Investments, and highlights the need for more transparency and accountability of all the Bank's operations, stronger external scrutiny and reinforced mechanisms to fight fraud and corruption.

Evenimente viitoare

25-10-2021
European Gender Equality Week - October 25-28, 2021
Alt eveniment -
FEMM AFET DROI SEDE DEVE BUDG CONT ECON EMPL ITRE TRAN AGRI PECH CULT JURI PETI
25-10-2021
Ninth meeting of the Joint Parliamentary Scrutiny Group on Europol, 25-26 October
Alt eveniment -
LIBE
26-10-2021
Investment Policy and Investment Protection Reform
Audiere -
INTA

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