Featured Product

    EC Sets Out Legislative Priorities for Financial Sector for 2021

    December 18, 2020

    EC has published the indicative legislative priorities for the financial sector in EU, for 2021. Recently, the EC President Ursula von der Leyen, the European Parliament President David Sassoli, and the Chancellor Angela Merkel, on behalf of the Presidency of the Council, have signed the joint declaration on 2021 legislative priorities for all sectors, including the priorities for the financial sector in EU. The three presidents also signed the very first joint conclusions on strategic goals and priorities for 2020-2024. Based on the declaration of joint legislative priorities for 2021, EU will prioritize certain initiatives related to risks in the area of sustainable finance, prudential regulation of banks and insurers, completion of Banking Union, deepening of Capital Markets Union, and enhancement of digital operational resilience.

    The legislative priorities for 2021 are in line with the EC work program for the coming year. The following are a some of the key initiatives that were included in the list of legislative priorities, with the aim of completing as many of them as possible by the end of 2021:

    • In the area of sustainable finance, EU will work on establishing the framework for achieving climate neutrality, establishing an EU green bond standard, addressing sustainable corporate governance, and conducting review of the Non-Financial Reporting Directive.
    • Key legislative initiatives related to the Capital Markets and Banking Union include review of the Capital Requirements legislation; proposal for a regulation to establish a European Deposit Insurance Scheme; proposal for a Directive on credit servicers, credit purchasers, and the recovery of collateral; revision of rules for insurance and reinsurance companies (Solvency II); and proposal for a regulation on the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation. 
    • In context of recovery from the COVID-19 pandemic, work will include proposal for adjustments to the securitization framework and proposal for laying down a general framework for securitization and creating a specific framework for simple, transparent, and standardized securitization.
    • Key technology-related initiatives that directly and indirectly impact the financial sector include proposal for a regulation on digital operational resilience for the financial sector (DORA), proposal for a regulation on a pilot regime for market infrastructures based on distributed ledger technology, proposal for a regulation on markets in crypto-assets, proposal for a directive establishing the European Cybersecurity Industrial, Technology and Research Competence Centre and the Network of National Coordination Centers, review of the directive on security of network and information systems, and follow-up to the white paper on artificial intelligence, including on safety, liability, fundamental rights, and data.

     

    Related Links 

    Keywords: Europe, EU, Banking, Insurance, Securities, CRR, Solvency II, Securitization Framework, Operational Resilience, Cyber Risk, Credit Risk, Benchmark Regulation, Basel, Work Priorities, EC

    Featured Experts
    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488