Featured Product

    EC to Improve Role of Subsidiarity and Proportionality in Policymaking

    October 23, 2018

    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.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Proportionality, Subsidiarity, Better Regulation, REFIT, EC

    Related Articles
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    PRA to Extend Temporary High Balance Coverage Amid COVID Crisis

    PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.

    August 04, 2020 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure and Reporting of MREL and TLAC

    EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.

    August 03, 2020 WebPage Regulatory News
    News

    EBA Releases Erratum for Phase 2 Package on Reporting Framework 2.10

    EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.

    August 03, 2020 WebPage Regulatory News
    News

    EC Sets Out Updated Technical Information for Solvency II Calculations

    EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.

    August 03, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5635