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

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116