European Council appointed the new Commission for the period from December 01, 2019 to October 31, 2024. The Commission consists of one national from each member state, including the President and the High Representative of the Union for Foreign Affairs and Security Policy. According to Article 18(4) of the Treaty on the European Union, the new president of the Commission will be Ursula von der Leyen (Germany) and the High Representative of the Union for Foreign Affairs and Security Policy will be Josep Borrell (Spain), who will also be one of the Vice-Presidents of the Commission. The text of the Decision of the European Council (Article 1) lists the names of all appointees.
The Treaty on the European Union provides that the President, the High Representative of the Union for Foreign Affairs and Security Policy, and the other members of the Commission shall be subject as a body to a vote of consent by the European Parliament. On the basis of this consent, the Commission shall be appointed by the European Council, acting by a qualified majority. The decision follows the consent of the European Parliament to the new Commission as a body on November 27, 2019.
Keywords: Europe, EU, Banking, Insurance, Securities, PMI, Joseph Borrell, EC President, Ursula Von Der Leyen, European Council
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APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
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