Publication Archive

This archive contains all documents published by cep over the last few years:

cepAdhoc: Incisive comment on current EU policy issues.

cepPolicyBrief: Concise 4-page reviews of EU proposals (Regulations, Directives, Green Papers, White Papers, Communications) – including a brief summary and economic and legal assessments.

cepInput: Impulse to current discussions of EU policies.

cepStudy: Comprehensive examination of EU policy proposals affecting the economy.

 

 

2014

The Regulation is to ensure complete traceability of transfers of funds in order to facilitate the "prevention, detection and investigation" of money laundering and terrorist financing. The Commission wants the Regulation to implement the recommendations of the Financial Action Transaction Force (FATF) of 2012. The FATF is an international body which develops measures to combat money laundering and terrorist financing.

2014

The Commission is seeking to prevent banking crises, strengthen financial stability and ensure that taxpayers do not shoulder the burden of future banking crises by establishing a recovery and resolution regime for banks and investment firms. Part 1 of the CEP Policy Brief deals with recovery and resolution plans and with further crisis prevention measures.

2014

The Commission is seeking to prevent banking crises, strengthen financial stability and ensure that taxpayers do not shoulder the burden of future banking crises by establishing a recovery and resolution regime for banks and investment firms.

2014

The Commission extends the scope of the current directive by including direct selling of insurances. In the future, intermediaries have to disclose to clients the commission or any other remuneration they receive upon selling an insurance. Only those intermediaries abstaining from commissions can call themselves “independent”.

2014

The Commission wishes to introduce uniform key information documents on investment products (PRIPS) in order to strengthen investor protection and to create a level playing field for investment product manufacturers. The key information documents must be provided to retail investors before the acquisition of an investment product (e.g. an investment fund) and must have a standardised structure.

2014

The Commission wishes to delegate key tasks of banking supervision from national banking au-thorities to the European Central Bank (ECB). The tasks of the European Banking Authority (EBA) and the voting rules in its supervisory council must be adjusted accordingly.

2014

The Commission wishes to delegate key tasks of banking supervision from national banking au-thorities to the European Central Bank (ECB). The tasks of the European Banking Authority (EBA) and the voting rules in its supervisory council must be adjusted accordingly.

2014

According to the Commission, the costs and risks of cross-border securities transactions are too high compared to national securities transactions, the access of market actors – among them trade venues, central counterparties and central securities depositories – is limited and the competition between central securities depositories insufficient. The Commission wishes to address these deficits by measures to increase the safety of securities transactions and to open national securities markets. 

2014

The Green Paper serves for the Commission as a basis for discussion. It wishes to find out what exactly shadow banking entities are, which activities they exercise and which benefits and risks are related to them as well as what a future regulation of shadow banking could look like. 

2012

The Commission aims to implement a fully integrated payment market in the EU. In its Green Paper, the Commission presents action plans for the market integration.

2014

The Commission wishes to boost competition on the audit market by the obligation to change auditors regularly (“rotation rule”). A prohibition of non-audit services (e.g. tax advice) is to strengthen the independence of auditors. 

2014

The Commission wishes to improve the transparency of financial market transactions, move derivatives trading to organised trading venues and strengthen supervision and competition. Moreover, it intends to strengthen investor protection. 

2014

The Commission wishes to improve the transparency of financial market transactions, move derivatives trading to organised trading venues and strengthen supervision and competition. Moreover, it intends to strengthen investor protection. 

2014

The wishes to limit the term of the contracts entered into by credit rating agencies and issuers as well as the participation volume in credit rating agencies in order to strengthen the independence of credit rating agencies. In future, structured finance instruments will be subjected to ratings by at least two credit rating agencies. Moreover, the Commission wishes to prescribe civil liability for credit rating agencies. 

2014

The Commission proposes to introduce EU-wide minimum rules regarding criminal sanctions for insider dealing and market manipulation. It wishes to harmonise the offences yet not the levels of penalties. To date, there are only administrative sanctions. The Commission’s aim is to increase the deterrent effect of national sanctions. 

2014

The tax is to apply to transactions with financial instruments, both in the organised markets and over-the-counter trading. It is to generate revenues for the public purse and to increase the stability of financial markets. The Commission expects EU-wide tax revenues of roughly 57 billion Euros a year. They are to flow wholly or partly into the EU budget through an own resources system of the European Union.

2014

Additional own funds buffers are to strengthen the banking sector’s resistance to losses and to smooth credit lending to economic cycles. The introduction of a binding leverage ratio and stricter liquidity requirements is to be examined. Infringements of rules are to be subjected to EU-wide sanctions. 

2014

Additional own funds buffers are to strengthen the banking sector’s resistance to losses and to smooth credit lending to economic cycles. The introduction of a binding leverage ratio and stricter liquidity requirements is to be examined. Infringements of rules are to be subjected to EU-wide sanctions.

2014

With its White Paper, the Commission instigates a discussion on how to provide policyholders with comprehensive protection that is harmonised at EU level for the event of insurance companies becoming insolvent. Similar to the bank deposit guarantee scheme, the Commission’s aim is to establish a European guarantee scheme for insurances covering both life and non-life insurances. 

2014

The Commission proposes a Directive serving to contribute to a “smoothly functioning internal market with a high level of consumer protection” for mortgage lending. Herein the Commission focuses on consumer protection and rules for the activities of credit intermediaries.