Featured Product

    Ursula von der Leyen Presents Structure of Next European Commission

    September 10, 2019

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission. In addition, EC published, in the Official Journal of European Union, the Council Decision (EU) 2019/1393 that adopts the list of the other persons whom the Council proposes for appointment as members of EC, by common accord with President-elect Ursula von der Leyen. The new EC for 2019-2024 will reflect the priorities and ambitions set out in the Political Guidelines. The new College of Commissioners will have eight Vice-Presidents wherein Executive Vice-President Valdis Dombrovskis (Latvia) will be the Commissioner for financial services, supported by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Additionally, EC published the mission letter by Ursula von der Leyen to Valdis Dombrovskis, highlighting the role of Executive Vice-President, which includes preserving and improving financial stability, protecting savers and investors, and ensuring the flow of capital to where it is needed.

    As stated in the mission letter, the key tasks with respect to financial services, financial stability, and the Capital Markets Union include the following:

    • Completing the Banking Union, notably by finalizing the common backstop to the Single Resolution Fund and agreeing on a European Deposit Insurance Scheme.
    • Speeding up the work toward a Capital Markets Union to diversify sources of finance for companies and tackle the barriers to the flow of capital. This includes exploring ways to make cross-border investments easier, improving the supervisory system, and better harmonizing insolvency and tax proceedings.
    • Developing a green financing strategy to facilitate transition to a climate-neutral economy.
    • Putting forward a fintech strategy to support new digital technologies in the financial system.
    • Ensuring a common approach with member states on crypto-currencies to understand how to make the most of the opportunities they create and address the new risks they may pose.

    The Council Decision (EU) 2019/1393 shall be forwarded to the European Parliament. As a next step, the European Parliament has to give its consent to the entire College of Commissioners, including the High Representative of the Union for Foreign Affairs and Security Policy/Vice-President of EC. This is preceded by hearings of the Commissioners-designate in the relevant Parliamentary committees, in line with the Rules of Procedure of the Parliament.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Banking Union, Capital Markets Union, Fintech, Financial Stability, Ursula Von Der Leyen, EC President, European Council, European Parliament, EC

    Featured Experts
    Related Articles
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    FASB Simplifies Accounting for Certain Financial Instruments

    FASB issued a new Accounting Standards Update (2020-06) to improve financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5642