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
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
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.
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
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.
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
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.