Featured Product

    Ursula von der Leyen Presents Structure of Next European Commission

    September 10, 2019

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission. In addition, EC published, in the Official Journal of European Union, the Council Decision (EU) 2019/1393 that adopts the list of the other persons whom the Council proposes for appointment as members of EC, by common accord with President-elect Ursula von der Leyen. The new EC for 2019-2024 will reflect the priorities and ambitions set out in the Political Guidelines. The new College of Commissioners will have eight Vice-Presidents wherein Executive Vice-President Valdis Dombrovskis (Latvia) will be the Commissioner for financial services, supported by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Additionally, EC published the mission letter by Ursula von der Leyen to Valdis Dombrovskis, highlighting the role of Executive Vice-President, which includes preserving and improving financial stability, protecting savers and investors, and ensuring the flow of capital to where it is needed.

    As stated in the mission letter, the key tasks with respect to financial services, financial stability, and the Capital Markets Union include the following:

    • Completing the Banking Union, notably by finalizing the common backstop to the Single Resolution Fund and agreeing on a European Deposit Insurance Scheme.
    • Speeding up the work toward a Capital Markets Union to diversify sources of finance for companies and tackle the barriers to the flow of capital. This includes exploring ways to make cross-border investments easier, improving the supervisory system, and better harmonizing insolvency and tax proceedings.
    • Developing a green financing strategy to facilitate transition to a climate-neutral economy.
    • Putting forward a fintech strategy to support new digital technologies in the financial system.
    • Ensuring a common approach with member states on crypto-currencies to understand how to make the most of the opportunities they create and address the new risks they may pose.

    The Council Decision (EU) 2019/1393 shall be forwarded to the European Parliament. As a next step, the European Parliament has to give its consent to the entire College of Commissioners, including the High Representative of the Union for Foreign Affairs and Security Policy/Vice-President of EC. This is preceded by hearings of the Commissioners-designate in the relevant Parliamentary committees, in line with the Rules of Procedure of the Parliament.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Banking Union, Capital Markets Union, Fintech, Financial Stability, Ursula Von Der Leyen, EC President, European Council, European Parliament, EC

    Featured Experts
    Related Articles
    News

    EIOPA Report Analyzes Use and Impact of Long-Term Guarantee Measures

    EIOPA submitted—to the European Parliament, the Council of the European Union, and EC—its 2020, fifth, and last annual report on long-term guarantee measures and measures on equity risk.

    December 03, 2020 WebPage Regulatory News
    News

    BIS, SNB, and SIX Announce Successful Completion of CBDC POC

    The BIS Innovation Hub Swiss Centre, SNB, and the financial infrastructure operator SIX announced the successful completion of a joint proof-of-concept (PoC) experiment as part of the Project Helvetia.

    December 03, 2020 WebPage Regulatory News
    News

    EBA Sets Out Treatment of Certain Banking Book Positions Under FRTB

    EBA published the final draft regulatory technical standards for calculation of own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.

    December 03, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Integrating Climate Change into SII Standard Formula

    EIOPA published discussion paper on a methodology for the potential inclusion of climate change in the Solvency II (sometimes also written as SII) standard formula when calculating natural catastrophe underwriting risk.

    December 02, 2020 WebPage Regulatory News
    News

    EU Issues Corrigenda to Investment Firms Directive and Regulation

    EU published, in the Official Journal of the European Union, corrigenda to the Directive and the Regulation on the prudential requirements and supervision of investment firms.

    December 02, 2020 WebPage Regulatory News
    News

    MAS Proposes Changes to Rules Arising from Banking Amendment Act

    MAS proposed amendments to certain regulations, notices, and guidelines arising from the Banking (Amendment) Act 2020.

    December 02, 2020 WebPage Regulatory News
    News

    PRA to Elaborate on Approach to Transposition of CRD5 by Mid-December

    PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.

    November 30, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Aspects of Insurance Act, Solvency Standards & IFRS17

    RBNZ launched consultations on the scope of the Insurance Prudential Supervision Act (IPSA) 2010 and on the associated Insurance Solvency Standards.

    November 30, 2020 WebPage Regulatory News
    News

    SRB Sets Out Work Program for 2021-2023

    SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.

    November 30, 2020 WebPage Regulatory News
    News

    EIOPA Consults on KPIs on Sustainability for Non-Financial Reporting

    EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.

    November 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6191