Featured Product

    EC and European Stability Mechanism Lay Down Principles of Cooperation

    April 27, 2018

    EC and the European Stability Mechanism (ESM) are expected to sign a Memorandum of Understanding on the working relationship between the two institutions. The document—which will be officially signed by Vice-President Valdis Dombrovskis and Commissioner Pierre Moscovici on behalf of EC and ESM Managing Director Klaus Regling this afternoon—reflects the close cooperation of the two institutions and the important role that ESM has played over the years in providing financial assistance to member states to overcome acute crises and regain financial stability.

    The Memorandum spells out the working methods between EC and ESM in the light of experience and in line with their respective roles and mandates. It does not change the rules and the legal framework under which they operate. The existing competences and responsibilities of both institutions, as enshrined in the EU law and the ESM Treaty, remain intact. The Memorandum of Understanding also sets out the principles of cooperation, working arrangements under ESM financial assistance programs and post-program surveillance, operational arrangements on exchanges of information and confidentiality, and matters regarding training programs and staff exchange.

    The two institutions share the common objectives of safeguarding the stability of the euro area and ensuring the efficient governance of financial assistance programs in member states. The agreement will provide useful guidance for continued collaboration in future programs. The ESM Managing Director will meet at least twice a year with the Members of the Commission responsible for Financial Stability and Economic and Financial Affairs to discuss the working arrangements set out in the Memorandum.

     

    Related Links

    Keywords: Europe, EU, Banking, Financial Stability, MoU, Financial Assistance, ESM, EC

    Related Articles
    News

    ESMA Releases Enforcement Priorities for 2019 Annual Financial Reports

    ESMA published a statement on the priorities that European enforcers will consider when examining the 2019 annual financial reports of listed companies.

    October 22, 2019 WebPage Regulatory News
    News

    EC Consults on Alternative Standardized Approach for Market Risk

    EC is consulting on a delegated regulation amending the Capital Requirements Regulation (CRR) with regard to the alternative standardized approach for market risk.

    October 21, 2019 WebPage Regulatory News
    News

    CPMI Report Examines Impact of Global Stablecoins

    This report by the G7 Working Group on Stablecoins finds that stablecoins, regardless of size, have implications ranging from anti-money laundering efforts across jurisdictions to operational resilience (including for cyber security), consumer or investor and data protection, and tax compliance.

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    US Agencies Request Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4006