EC Communication on Completing the Better Regulation Agenda 2017
EC adopted the 2018 work program and presented its plans for completing the work on the ten political priorities of President Juncker before the end of its mandate, along with a set of forward-looking initiatives for the future of Europe. EC will also review progress and set out the next steps to complete the Better Regulation Agenda, which is one of the ten political priorities of President Juncker.
The 26 initiatives in the 2018 work program include targeted legislative actions for priority policy areas and a number of forward-looking actions. The legislative actions include delivery of the Circular Economy Action Plan, completion of the Digital Single Market, the Capital Markets Union, the Economic and Monetary Union, and the Banking Union. The completion plan for the Better Regulation Agenda includes more extensive engagement with the public, systematic evaluation, high-quality impact assessments, and a strengthened regulatory fitness (REFIT) approach. The approach is designed to force policy-makers and stakeholders to argue on the basis of evidence and expected impact. Additionally, it is supported by a new focus on enforcement to ensure swift and effective compliance with adopted laws.
Related Links
Keywords: Europe, EU, Banking, Insurance, Securities, Work Program 2018, REFIT, Better Regulation, EC
Previous Article
SARB Issues Directive for Classification of Impairments under IFRS 9Related Articles
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.
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).
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.
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.
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.
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.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards