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

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.

2014

The Commission wishes to introduce a number of amendments to the Prospectus and Solvency II Directive. The aim is to extend the powers of the EU supervisory authorities (ESMA and EIOPA) to develop technical standards, to substantiate their arbitration powers and to introduce transitional periods for the Solvency II Directive. In addition, the Commission’s power to adopt implementing measures, which are still based on the legal position of the Treaty of Nice, are to be adapted to the Lisbon Treaty.

2014

The Commission submits a Green Paper in order to discuss the future role and scope of an audit in the “general context of financial market regulatory reform”. Governance rules and an improved supervision are to contribute to more competition and increased stability in the financial system.

2014

In Spring 2011, the Commission will be publishing a “European resolution framework”. This framework is to allow credit institutions to fail whilst avoiding costs to taxpayers and without endangering financial stability. 

2014

The Commission is changing the rules regarding derivatives which are concluded and traded directly between counterparties (“over-the-counter“, OTC). It wishes that having OTC deals be cleared by central counterparties (CCPs) seated in the EU. Different regulations for financial service providers on the one hand and undertakings on the other hand, and a distinction between speculative OTC derivatives and those serving to hedge real corporate risks are to help improve the stability of the financial system.

2014

The Commission intends to restrict the maximum repayable amount of EU deposit guarantee schemes to € 100,000 in future. Deposit guarantee schemes are being obliged to mutually grant loans.

In the middle of the financial crisis the Council and the European Parliament decided to increase the minimum coverage level to Euro 50,000 and – by the end of 2010 – up to 100,000. Issues such as the EU-wide harmonisation of the financing of deposit guarantee schemes and the establishment of a European deposit guarantee scheme were postponed to 2010.

The latest plans face substantial opposition. Several national parliaments intend to file a subsidiarity complaint, a procedure newly introduced by the Lisbon Treaty, in order to force the Commission to reassess the Proposal.

2014

Since 2009, the Rating-CR regulates the registration and supervision of credit rating agencies at an EU-wide level. National supervisory authorities are key to this procedure. Now, the Commission wishes to change this: In September 2009, the Commission proposed to establish the European Securities and Markets Authority (ESMA) which is to be responsible for the supervision of credit rating agencies in future.

2014

The amendment of the Prospectus Directive is part of a simplification programme by the Commission to cut administrative burdens. Against this background, the Commission wants to make it easier to issue securities in the EU. Also, it aims at increasing legal certainty and lowering costs.

2014

Since the onset of the financial crisis the EU Financial Market Supervision, which is still very nationally-oriented, is up for discussion. Now, the Commission proposes the establishment of three European supervisory authorities (ESA) which are to ensure an improved prudential supervision of banks, insurances and investment firms.

2014

Since the onset of the financial crisis the EU Financial Market Supervision, which is still very nationally-oriented, is up for discussion. Now, the Commission proposes that the ESRB is to monitor the stability of the entire European financial system. Moreover, three European Supervisory Authorities are to ensure an improved prudential supervision of single financial institutions.

2014

Both the EU and the USA are currently debating how to design derivatives markets in a more transparent and panic-proof manner. Similar to the USA the EU Commission proposes to improve the collateralisation of derivatives transactions and to standardise the OTC trading through central counter party (CCP) clearing to be located in the EU.

2014

When Euro notes and coins were introduced on January 1st 2002, this created a single payments area for cash transactions. For cashless payments like credit transfers, direct debits and card payments a Single Euro Payments Area (SEPA) is currently being developed. In its communication the Commission presents the next measures that have to be taken by market participants in the period from 2009-2012 in order to ensure successful implementation of the SEPA-project. The Commission hints that by this amongst others it understands the full replacement of all established national payment schemes with SEPA-Schemes.

2014

Following the October 2008 amendments of the Capital Requirements Directive a new amendment has been proposed once again. This time the capital requirements for the trading book and for re-securitisations are raised and the remuneration models of banks are reviewed.

2014

The Commission criticizes the fact that – depending on their legal form and distribution channel – similar  retail investment products are subject to different rules. It wants to introduce the concept of “standard investment products”, to which identical selling rules and requirements on key investor information apply.

2014

The EU Commission is of the opinion that EU financial supervision needs to be adjusted. According to the Commission, particularly the system of national supervisory models is no longer capable of keeping pace with the challenges emerging from financial firms operating across borders. To this end, the Commission wishes to establish a European system of financial supervisors (ESFS) and a European systemic risk council (ESRC).

2014

The financial crisis has led to a controversial public debate about bonus payments to staff members of the financial industry. The EU-Commission is responding by submitting a Recommendation which has public appeal but is legally non-binding and which is to be regarded above all as a political signal. However, for the banking sector the Commission announced that it would be proposing in June 2009 amendments to the Directive on capital requirements for banks (“Basel II”), which should allow the inclusion of remuneration practices into capital requirements for financial service providers.

2014

In the end there seemed to be too much political pressure. Shortly before the EU-Elections the Commissioner for the Single Market McCreevy presented a proposal for the regulation of alternative investment funds (AIF), in particular of hedge funds and private equity funds.