European Parliamentary Research Service Blog
Angelos Delivorias
Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs) [EU Legislation in Progress]
The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom’s withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. Continue reading
Sovereign bond-backed securities: Risk diversification and reduction [EU Legislation in Progress]
As a part of the European regulatory responses to the financial and sovereign debt crises, the European Commission has proposed a regulation on sovereign bond-backed securities (SBBS), a new class of low-risk securities backed by a diversified pool of national government bonds. Continue reading
Cross-border distribution of investment funds [EU Legislation in Progress]
Investment funds are products created to pool investors’ capital and to invest it in a collective portfolio of securities. In the European Union, the characteristics of a range of different types of investment funds have been established in Union law, and most funds on the market are categorised as one of these types. Continue reading
Law applicable to the third-party effects of assignments of claims [EU Legislation in Progress]
The assignment of a claim refers to a situation where a creditor transfers the right to claim a debt to another person. This system is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. Continue reading
Establishing a basis for European crowdfunding service providers [EU Legislation in Progress][Policy podcast]
Crowdfunding, an open call to the wider public for raising money online, can help ensure that both individuals and companies get access to finance, especially in the seed and early growth stages of their projects or business. Continue reading
Covered bonds – Issue and supervision, exposures [EU Legislation in Progress]
Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Continue reading
The Future of Europe: Contours of the current debate
In the aftermath of the United Kingdom’s decision to leave the European Union (EU), following the referendum of June 2016, the EU launched a profound reflection on the Future of Europe, which continues in various fora and institutions. Continue reading
Economic and Budgetary Outlook for the European Union 2018
In 2017, the EU and euro-area economies continued their moderate growth (slightly over 2 %) in a context of global improvement (3.5 %) underpinned by a strong rebound in world trade, continuing growth in China and a return to growth in countries such as Brazil and Russia. Continue reading
Securitisation and capital requirements [EU Legislation in Progress]
As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Continue reading
Common rules and new framework for securitisation [EU Legislation in Progress]
In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. Continue reading
Amending VAT rules on distance sales [EU Legislation in Progress]
In its VAT digital single market package, published on 1 December 2016, the Commission proposes to extend payment possibilities through the MOSS to online supply of goods and cross-border services to final consumers. Continue reading
Value added tax: Administrative cooperation and combating fraud [EU Legislation in Progress]
This proposal is part of a package of EU legislation that aims to modernise the VAT regime for cross-border B2C e-commerce. This proposed regulation provides the basis for the underlying IT infrastructure and the necessary cooperation by Member States to ensure the success of the extension of the Mini-One-Stop-Shop (MOSS). Continue reading
Common consolidated corporate tax base (CCCTB) [EU Legislation in Progress]
The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication on 25 October 2016 of two new interconnected proposals: on a common corporate tax base (CCTB), and on a common consolidated corporate tax base (CCCTB). The 2011 CCCTB proposal (COM(2011) 121) was withdrawn on the same day. Continue reading
Common corporate tax base (CCTB) [EU Legislation in Progress]
The European Commission has decided to re-launch the common consolidated corporate tax base (CCCTB) project in a two-step approach, with the publication of two new interconnected proposals on a common corporate tax base (CCTB) and a common consolidated corporate tax base (CCCTB). Continue reading
Reviving risk capital: The proposal to amend EuVECA and EuSEF [EU Legislation in Progress]
In its 2016 review, the Commission noted that these funds remain small and concentrated in a few Member States and that, while the take-up of EuVECA could be considered successful, the EuSEF results have been disappointing. Continue reading
Revision of the Fourth Anti-Money-Laundering Directive [EU Legislation in Progress]
Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). Continue reading
Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR) [EU Legislation in Progress]
The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the ‘over-the-counter’ (OTC) derivatives market during the 2007-2008 financial crisis. Continue reading
European business statistics [EU Legislation in Progress]
Written by Angelos Delivarios (1st edition), In the context of the work of reviewing the fitness of current regulations (REFIT), the Commission has decided to amend Regulation (EC) No 184/2005 and repeal 10 legal acts in the field of business statistics. The aim is to reduce the administrative burden for businesses, especially SMEs, and to … Continue reading
Extension of the European statistical programme (ESP) to 2018-2020 [EU Legislation in Progress]
The ESP 2013-2017 is ‘the legal framework for the development, production and dissemination of European statistics’. The European Commission is of the view that the current statistical infrastructure is not flexible enough and that the European Statistical System partnership does not yet deliver sufficient cost savings because of lack of investment. Continue reading
European Fund for Strategic Investments – EFSI 2.0 [EU Legislation in Progress]
On 14 September 2016, the Commission proposed an extension of the duration of the European Fund for Strategic Investments (EFSI) until end-2020, and the introduction of technical enhancements for that fund and the European Investment Advisory Hub. Under the new regulation, (EFSI 2.0), steps are taken to increase support for small-scale projects; Parliament can send a (non-voting) expert to EFSI’s steering board, and EFSI’s scoreboard will be publicly available after a project is signed. Continue reading
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