European Council Appoints New Commission With Effect from December 01
European Council appointed the new Commission for the period from December 01, 2019 to October 31, 2024. The Commission consists of one national from each member state, including the President and the High Representative of the Union for Foreign Affairs and Security Policy. According to Article 18(4) of the Treaty on the European Union, the new president of the Commission will be Ursula von der Leyen (Germany) and the High Representative of the Union for Foreign Affairs and Security Policy will be Josep Borrell (Spain), who will also be one of the Vice-Presidents of the Commission. The text of the Decision of the European Council (Article 1) lists the names of all appointees.
The Treaty on the European Union provides that the President, the High Representative of the Union for Foreign Affairs and Security Policy, and the other members of the Commission shall be subject as a body to a vote of consent by the European Parliament. On the basis of this consent, the Commission shall be appointed by the European Council, acting by a qualified majority. The decision follows the consent of the European Parliament to the new Commission as a body on November 27, 2019.
Related Links
Keywords: Europe, EU, Banking, Insurance, Securities, PMI, Joseph Borrell, EC President, Ursula Von Der Leyen, European Council
Previous Article
APRA Consults to Standardize Submission Date for Quarterly ReportingRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.
