Featured Product

    EC Consults on Digital Euro; ESMA CWG Seeks Experts on Green Finance

    April 05, 2022

    The European Commission (EC) published a call for evidence and consultation on the regulation on digital euro while the European Securities and Markets Authority (ESMA) is seeking candidates for its newly established Consultative Working Group (CWG) of the Coordination Network on Sustainability by May 04, 2022.

    The Consultative Working Group, which expects to have about 20 members, will provide technical input into ESMA’s work on sustainable finance. ESMA is particularly interested in applications from experts representing institutional and retail investors, investment managers, investment services providers, issuers, benchmarks administrators, credit and ESG ratings providers, auditors, third-party verifiers, data providers, financial innovation players, market infrastructures and non-governmental organizations, and think tanks or research units with expertise in the field of sustainable finance. The  Coordination Network on Sustainability develops ESMA’s views on cross-cutting issues and may point to areas requiring additional research by ESMA and to potential inconsistencies in EU legislation.

    The targeted consultation on digital euro is open until June 14, 2022 and seeks evidence on the following issues: 

    • User needs and expectations for a digital euro
    • The digital euro’s role in the retail payments and the digital economy
    • Making the digital euro available for retail use while continuing to safeguard the legal tender status of euro cash
    • The digital euro’s impact on the financial sector and the financial stability
    • Application of anti-money laundering (AML) and counter terrorist financing (CFT) rules
    • The privacy and data protection aspects
    • International payments with a digital euro

    EC aims to establish and regulate essential aspects of the digital euro as a new form of central bank money, which could be issued by the European Central Bank or the Eurosystem alongside banknotes and coins. The targeted consultation aims to collect information from industry specialists, payment service providers (including credit institutions, payment, and e-money institutions), payment infrastructure providers, developers of payment solutions, merchants, merchant associations, consumer associations, retail payments regulators, and supervisors, AML supervisors, Financial Intelligence Units, and other relevant authorities and experts. In a separate press release, the European Council announced its adoption of the conclusions on strategic autonomy of the European economic and financial sector. In the conclusions, the Council focuses on strengthening the international role of the euro, shielding and strengthening the resilience of financial-market infrastructure, developing an effective mechanism for managing sanctions, and avoiding risks arising from excessive reliance on third-country financial institutions and infrastructures.


    Related Links


    Keywords: Europe, EU, Banking, Insurance, Securities, Sustainable Finance, ESG, Digital Euro, AML CFT, Digital Currency, Regtech, ESMA, EC, European Council

    Featured Experts
    Related Articles

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938