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Single Supervisory Mechanism: 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 European Central Bank (ECB) Supervisory Board 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 Single Supervisory Mechanism (SSM). For an overview of public ...

This document provides an overview of public hearings and exchange of views with the Chair of the European Central Bank (ECB) Supervisory Board 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 Single Supervisory Mechanism (SSM). 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.

Strengthening digital operational resilience in the financial sector

11-12-2020

This briefing provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying Commission proposals to strengthen digital operational resilience in the EU, which are part of the digital finance package. The IA would have benefited from a more balanced set of options, and it would have been useful to further clarify the arguments supporting the choice between options 2 and 3. The assessment of social impacts is very limited, and the competitiveness ...

This briefing provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying Commission proposals to strengthen digital operational resilience in the EU, which are part of the digital finance package. The IA would have benefited from a more balanced set of options, and it would have been useful to further clarify the arguments supporting the choice between options 2 and 3. The assessment of social impacts is very limited, and the competitiveness aspect raised could also have been discussed at greater length. The IA estimates that the initiative would benefit SMEs in terms of reduced administrative burden and improved capacity to operate in a cross-border context. In addition to the qualitative assessment, the IA provides quantified estimates, openly recognising some data limitations.

Banking Union: ESMA report on Wirecard

01-12-2020

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 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.

Digital finance: Emerging risks in crypto-assets – Regulatory and supervisory challenges in the area of financial services, institutions and markets

17-09-2020

The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction that the adoption of an EU legislative initiative on a framework for crypto-assets, on cyber-resilience and on a data strategy would bring.

The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction that the adoption of an EU legislative initiative on a framework for crypto-assets, on cyber-resilience and on a data strategy would bring.

Single Supervisory Mechanism – Main Features, Oversight and Accountability

16-07-2019

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

Amending the bank resolution framework – BRRD and SRMR

28-06-2019

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into ...

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into EU law the Total Loss-Absorbing Capacity standard, set at international level to improve large financial institutions' capacity to absorb losses and recapitalise in case they are placed in resolution. The new legislative texts were published in the Official Journal on 7 June 2019, and come fully into force on 28 December 2020.

Cross-border euro transfers and currency conversions: A step forward in favour of the single market

29-04-2019

Cross-border payments are crucial for the integration of the EU economy, and play an important role in ensuring that citizens and enterprises from all EU Member States enjoy the same rights offered by the single market. Since the introduction of the euro, the EU has launched various initiatives to reduce the cost of cross-border transactions, among them a set of single euro payments area (SEPA) standards, regulations on cross-border payments, and the Payment Services Directives. Nevertheless, cross-border ...

Cross-border payments are crucial for the integration of the EU economy, and play an important role in ensuring that citizens and enterprises from all EU Member States enjoy the same rights offered by the single market. Since the introduction of the euro, the EU has launched various initiatives to reduce the cost of cross-border transactions, among them a set of single euro payments area (SEPA) standards, regulations on cross-border payments, and the Payment Services Directives. Nevertheless, cross-border euro payments made in non-euro-area Member States are still subject to high fees. Furthermore, when paying with a card or making an ATM withdrawal in a country using a currency other than the euro, it is almost impossible to know exactly how much it is going to cost. On 28 March 2018, the European Commission presented a proposal for a regulation amending Regulation (EC) No 924/2009 on cross-border payments. Working through the legislative process, Parliament and Council reached agreement on an amended text, published in the Official Journal on 19 March 2019. The new regulation will make cross-border payments in euros cheaper across the entire EU, while also bringing more transparency to currency-conversion practices. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Fintech (financial technology) and the European Union: State of play and outlook

12-02-2019

The financial technology (fintech) sector encompasses firms that use technology-based systems either to provide financial services and products directly, or to make the financial system more efficient. Fintech is a rapidly growing sector: in the first half of 2018, investment in fintech companies in Europe alone reached US$26 billion. The fintech sector brings rewards including innovation and job creation, but also challenges, such as data and consumer protection issues, and the risk of exacerbating ...

The financial technology (fintech) sector encompasses firms that use technology-based systems either to provide financial services and products directly, or to make the financial system more efficient. Fintech is a rapidly growing sector: in the first half of 2018, investment in fintech companies in Europe alone reached US$26 billion. The fintech sector brings rewards including innovation and job creation, but also challenges, such as data and consumer protection issues, and the risk of exacerbating financial volatility or cybercrime. To tackle these multi-disciplinary challenges, policy- and lawmakers in the European Union (EU) have adopted and announced several initiatives, for instance on intra-EU payment services, data protection, crowdfunding and regulatory sandboxes. This briefing outlines current and upcoming fintech-related laws at EU level. It follows on from a March 2017 EPRS briefing that focused, inter alia, on the evolution, scope and economic prospects of fintech.

Financing bank resolution: An alternative solution for arranging the liquidity required

21-11-2018

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money ...

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money). This paper proposes an ECB liquidity facility with an SRF-guarantee as an alternative solution for banks in resolution. The funds available should be broadly sufficient to address potential liquidity needs for resolution tools. The proposed solution primarily requires agreement on the ESM-backstop for the SRF, a firmer commitment for (possible) future contributions for the SRF as well as a change to the current emergency liquidity assistance or introduction of a new dedicated Transitional Liquidity Assistance by the Eurosystem.

Zunanji avtor

W.P. De Groen, CEPS

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