1. Strategic initiatives on which the Commission commits to deliver in 2010
Tackling the crisis
Communication on the establishment of a system of enhanced policy coordination based on broader and deeper surveillance (2nd quarter 2010)
The Communication will propose means to reinforce the euro area's capacity to promote stability and cohesiveness of the monetary union, building on the existing governance framework of the Stability and Growth Pact and Europe 2020. It will suggest ways to implement article 136 of the Lisbon Treaty in practice, to address fiscal and macroeconomic imbalances through more efficient surveillance.
Legislative proposal to improve transparency and stability in Derivatives markets (CCP) (2nd quarter 2010)
The main goal is to increase the safety of derivatives markets through increased transparency and decreased counterparty risk. The proposed legislation will mandate Central Counterparty Clearing (CCP) for standardised derivatives contracts and establish common safety, regulatory and operational standards for CCPs in order to reduce counterparty risk. It will also mandate market participants to record positions and all transactions not cleared by a CCP in trade repositories and establish regulation and supervision of trade repositories in order to increase transparency.
Legislative initiative on short selling / Credit Default Swaps (3rd quarter 2010)
The initiative will aim to prevent detrimental trading practices in derivatives and other financial instruments. The initiative complements the comprehensive approach to financial derivatives for credit default swaps.
Revision of the Directive on Deposit Guarantee Schemes (2nd quarter 2010)
The aim of the revision is to enhance consumer (depositor) protection by harmonising guarantee levels on bank deposits to € 100,000 and to ensure greater effectiveness of the Deposit Guarantee Schemes Directive.
Revision of the Market Abuse Directive (4th quarter 2010)
Enable competent administrative authorities to investigate and sanction market abuse. It will also cover the level and the nature of sanctions for market abuse.
Communication on effective and efficient crisis management framework (4th quarter 2010)
The Communication will set out the Commission's proposals in order to equip authorities with the tools necessary to effectively resolve cross-border bank crises, thereby reducing costs to the taxpayer. New tools should improve legal certainty and reduce the risk of legal challenge.
Revision of the Capital Requirements Directive (CRD IV) (4th quarter2010)
The Revision will cover leverage ratio, dynamic provisioning, liquidity, procyclicality/buffers, definition of capital, systemically important financial institutions and counterparty credit risks. The aim is to update the legislative framework in response to the crisis and to promote financial stability in the EU, e.g. force banks to put excess capital aside when market conditions are good and to build up a cushion of capital when market conditions worsen.
Communication on options for bank resolution funds (2nd quarter2010)
Non-legislative The Paper will set out options for the European Council on the establishment of bank resolution funds as a crisis management tool, in the light of the IMF's expected report in April.
2. Strategic and priority initiatives of the Commission for 2010 and beyond
Internal Market and Services
Legislative initiative on a framework for crisis management and resolution
This initiative is a follow up to 2010 Communication and it will aim to create a more effective and efficient crisis management framework.
Commission report on the review of securitisation retention
This report is requested under CRD review and concerns an evaluation whether an increase of the 5% securitisation retention should be proposed and whether the methods of calculating the retention requirement deliver their objective.
Revision of Credit Rating Agencies
The Revision of the Regulation will introduce centralised oversight of credit rating agencies operating in the EU with the aim to increase investor confidence.
Communication on Retail Market Monitoring
The objective is to identify possible market malfunctioning of the retail sector both from consumers' and suppliers' perspectives and ensure effective and co-ordinated multi-faceted policy responses.
Green Paper on corporate governance practices in financial institutions
The purpose of the Green Paper is to identify weaknesses in corporate governance practices in financial institutions and propose recommendations to remedy them in order to avoid repetition of corporate governance failings in banks and other financial institutions.
Revision of Financial Conglomerates Directive
The aim of the initiative is to update the framework for supplementary supervision.
Directive amending several financial services Directives, specifying the competences of European Supervisory Authorities ("Omnibus II" Directive)
Sectoral legislation on financial services needs to be adapted to the setting up of the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority. Omnibus II should include adaptations for the insurance and securities sectors.
Review of the Investor Compensation Schemes Directive, 1997/9/EC
The aim is to increase investor confidence and ensure more efficiency in case of fraud and failure.
Directive on Legal Certainty in Securities law
The aim is to simplify the legal environment for book-entry securities.
Legislation on end date for migration to SEPA (Single Euro Payments Area)
The initiative will support migration to SEPA by setting deadlines ('end-dates') for the migration to SEPA products (credit transfers and direct debits).
Measures on responsible lending and borrowing
This initiative will set out the Commission's views on issues involved in the provision of credit to retail customers, including such topics as the role played by credit intermediaries, the assessment of the suitability of credit products, information and advice provision and how best to ensure responsible borrowing
White Paper on protection of insurance policy holders / insurance guarantee funds
The aim of the White Paper is to maintain and enhance consumer confidence and to prepare the ground for a policy decision on possible future legal proposals.
Communication on best practices in Mortgages (avoiding foreclosure).
Non-legislative The Communication will provide examples and guidance for national public authorities on how solutions can be developed at a stage where it can still be ensured that citizens do not find themselves subject to foreclosure procedures.
Solvency-II implementing measures including remuneration provisions
The measures will introduce the calculation of the new Solvency II risk sensitive capital requirement as well as the level 2 technical measures, including rules on remuneration.
Review of Markets in Financial Instruments Directive (MiFID) and legislative proposals (including 'dark pools' issue)
The need for a review of the Directive originates in numerous in-built review clauses in the legislation. The aim is to enhance investor confidence and create a level playing-field which delivers market efficiency and transparency.
Directives on disclosure and selling practices for packaged retail investment products (PRIPs)
The aim of the Directives is to ensure that selling practices and information for consumers are adequate and allow real comparisons between financial products.
Directive amending the UCITS Directive (V) covering the responsibilities of depositaries Legislative
The aim is to increase level of investor protection and a level playing field for UCITS investors across Europe.
Review of Institutions for Occupational Retirement Pensions Directive
Legislative A review of this Directive is required in view of the importance of ensuring that appropriate structures are in place to fund retirement.
Revision of Insurance Mediation Directive Legislative
The aim of the revision is to improve harmonization, legal certainty, precision in definitions and at the same time avoidance of existing difficulties in the application of the current IMD at national level.