EC issued a communication that sets out the changes it intends to introduce to the EU policy making process to focus its limited resources on a smaller number of activities and deliver on its political priorities more efficiently. The communication on how to strengthen the principles of proportionality and subsidiarity in EU decision-making also seeks to address the recommendations of the Task Force on subsidiarity, proportionality, and doing less, more efficiently.
The July 2018 report of the Task Force on subsidiarity, proportionality, and doing less, more efficiently had made nine recommendations, which covered the policy preparation processes of EC, the role of national Parliaments in scrutinizing EC proposals, and the legislative procedure. The report had found that a new way of working is needed to make better laws based on a common understanding of subsidiarity and proportionality across the policy cycle. Subsidiarity and proportionality are core elements of the EC better regulation agenda, which underpins how EC prepares its policy proposals.
EC, in its communication, is setting out how the principles of subsidiarity and proportionality will guide its future work and how they can further strengthen the EU policy making. EC will, for example, integrate the "subsidiarity grid" proposed by the Task Force into all its impact assessments and explanatory memoranda; the grid is a tool to guide the analysis of subsidiarity and proportionality in a structured way. This will also make it easier for national Parliaments to respect the timelines for submitting their opinions on draft proposals and will examine how to better collect and report on local and regional authorities' views in its public consultations. The REFIT Platform, which assesses the regulatory burden of existing EU laws, should also be reshaped to increase the presence of local and regional authorities and should widen its focus to look at subsidiarity and proportionality, in addition to its current focus on regulatory burden. EC will also ensure that relevant delegated and implementing acts are addressed systematically in its evaluations.
- Press Release
- Communication on Subsidiarity and Proportionality
- Report of Task Force
- Task Force Overview
Keywords: Europe, EU, Banking, Insurance, Securities, Proportionality, Subsidiarity, Better Regulation, REFIT, EC
Previous ArticleOSFI Proposes Revisions to Leverage Ratio Disclosure Requirements
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
Financial policymakers and international standard-setters met virtually with private-sector executives to discuss international policy responses to COVID-19 pandemic.
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
EBA published thematic note presenting a preliminary assessment of the impact of COVID-19 outbreak on the banking sector in EU.
HKMA published a circular, addressed to authorized institutions, on the application of the Basel Committee guidance on certain COVID-related measures.
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
PRA published final policy (in PS13/20) setting out the approach and expectations for authorization and supervision of insurance special purpose vehicles (ISPVs or insurance SPVs).
BoE published version 2.0.1 of the Capital+ XBRL Utility, along with the related release notes.
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.