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.
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.
In response to the financial crisis the EU-Commission strengthens CEBS-, CESR- and CEIOPS-Committees and provides to them additional funding. The Committees are to enhance closer cooperation between national supervisory authorities and to strengthen the stability of the financial system.
According to the EU Commission, all credit rating agencies in the EU should be registered and should fulfil certain requirements on their independence and transparency. Banks and other regulated financial service providers should be allowed to use ratings from such agencies only, when calculated the own funds they must retain.
The Capital Requirement Directive (“Basel II“), which is mainly based on negotiations held by the international Basel II Committee of the Bank for International Settlements, constitutes the core of banking regulation. The Commission's new proposals aim at improving the effectiveness of the existing Directive and at increasing the stability of financial markets. The Commission's proposal focusses on inter-bank credits, securitisation and the restructuring of supervision. With its Proposal the Commission expedites the process: It is no longer willing to await the results of the Basel II Committee. The amended Directive is scheduled for adoption for early June.
On 7 October 2008 the Council called for an increase of the coverage level for deposit guarantee schemes. Depositor confidence which was severely damaged through the bank crisis should be restored by such measures. The proposal submitted by the Commission first provides for an increase in the coverage level of EUR 20,000 to EUR 50,000 retroactively as of 15 October 2008 and then for an increase to EUR 100,000 effective as of 1 January 2010.
The EU Commission wishes to promote the circulation of electronic money by simplifying the legal requirements for the institutions concerned. The issuance of money is to be supervised according to its actual economic risk potential. Hence, the Directive treats institutions licensed to issue e-money different from credit institutions. Moreover, e-money institutions will be entitled to engage in further business activities.
The EU Commission has proposed an amended version of the existing directive for harmonised investment funds ("UCITS"). The proposal contains new rules simplifying cross-border marketing and mergers of investment funds. Moreover, investor information on UCITS shall be presented more concisely in the future.