Featured Product

    EC to Improve Role of Subsidiarity and Proportionality in Policymaking

    October 23, 2018

    EC issued a communication that sets out the changes it intends to introduce to the EU policy making process to focus its limited resources on a smaller number of activities and deliver on its political priorities more efficiently. The communication on how to strengthen the principles of proportionality and subsidiarity in EU decision-making also seeks to address the recommendations of the Task Force on subsidiarity, proportionality, and doing less, more efficiently.

    The July 2018 report of the Task Force on subsidiarity, proportionality, and doing less, more efficiently had made nine recommendations, which covered the policy preparation processes of EC, the role of national Parliaments in scrutinizing EC proposals, and the legislative procedure. The report had found that a new way of working is needed to make better laws based on a common understanding of subsidiarity and proportionality across the policy cycle. Subsidiarity and proportionality are core elements of the EC better regulation agenda, which underpins how EC prepares its policy proposals.

    EC, in its communication, is setting out how the principles of subsidiarity and proportionality will guide its future work and how they can further strengthen the EU policy making. EC will, for example, integrate the "subsidiarity grid" proposed by the Task Force into all its impact assessments and explanatory memoranda; the grid is a tool to guide the analysis of subsidiarity and proportionality in a structured way. This will also make it easier for national Parliaments to respect the timelines for submitting their opinions on draft proposals and will examine how to better collect and report on local and regional authorities' views in its public consultations. The REFIT Platform, which assesses the regulatory burden of existing EU laws, should also be reshaped to increase the presence of local and regional authorities and should widen its focus to look at subsidiarity and proportionality, in addition to its current focus on regulatory burden. EC will also ensure that relevant delegated and implementing acts are addressed systematically in its evaluations.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Proportionality, Subsidiarity, Better Regulation, REFIT, EC

    Related Articles
    News

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News
    News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News
    News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News
    News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News
    News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News
    News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News
    News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News
    News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957