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.
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
Previous ArticleFDIC Proposes Revisions to Regulations on Interest Rate Restrictions
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers.