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Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general ...

This paper updates and summarises earlier briefings on the Wirecard case, ahead of a public hearing on 23 March organised by the JURI and ECON Committees of the European Parliament. It also describes the most recent developments on the basis of information available in the public domain.

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

This briefing gives an update on recent events and developments in the Banking Union, based on publicly available information. The briefing summarises: 1) the main elements of two papers commissioned by ECON on the effectiveness of relaxing capital and liquidity buffers as crisis measures; 2) the most recent ECB Bank Lending Survey; 3) recent EBA publications (on anti-money laundering, sustainability, MREL-TLAC eligible instruments and the prudential treatment of legacy instruments); 4) the recent ...

Actions taken to create a capital markets union (CMU) should have as their objective improving the range of financing options offered to companies and citizens. The European Parliament's Committee on Economic and Monetary Affairs has adopted an own-initiative report on further development of the CMU, expected to be voted during the October I plenary session. It calls for specific measures to help finance businesses, promote long-term and cross-border investment, strengthen market architecture and ...

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.

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 ...

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section ...

Investment funds are products created to pool investors' capital and to invest it in a collective portfolio of securities. The characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. The market in the EU is smaller than in the United States, despite there being far more funds in the EU. This is why the European Commission put forward two legislative proposals: one for a regulation aligning ...

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting ...