Articles from 29 April- 5 May 2022
General Financial Policy
Future of Europe: Conference Plenary ambitious proposals point to Treaty review : Conference Plenary adopts 325 proposals for wide-ranging reforms; Parliament’s delegation decided by broad majority to support the proposals; MEPs will, based on citizens’ demands, seek to formally initiate amending the Treaties;
Treaty review necessary to implement Conference proposals, Parliament declares : Ambitious and constructive outcome of Conference Plenary welcomed by MEPs; Parliament to prepare specific proposals to start revising EU founding documents; More integration in areas such as energy, defence, EU institutions, inclusive and resilient growth;
FT: Mario Draghi urges EU to deepen economic integration in response to war : Italy’s PM also calls on Brussels to abandon requirement for unanimity on foreign policy decisions
MEPs begin revising rules on EU elections, calling for pan-European constituency : Parliament has started the reform of the EU’s Electoral Act, seeking to turn the 27 separate elections and their diverging rules into a single European election.
Remarks by Paschal Donohoe following the video conference of the Eurogroup of 3 May 2022 : The meeting of the Eurogroup focussed exclusively on how we can make progress on Banking Union. In this meeting, I presented to my colleagues a detailed proposal for a stepwise and time-bound work plan on all of the outstanding elements to complete Banking Union. This was requested by our leaders.
LSE: Why can’t we admit that Macron won big? : Emmanuel Macron won the second round of the French presidential election over Marine Le Pen with 58.5% of the vote ahead of Le Pen’s 41.5%. Marco Bitschnau asks why coverage of the result has tended to downplay the scale of his victory.
Banking Union
SRB: Single Resolution Fund on track for €80 billion by end 2023 : Each year, we collect contributions to build up the Single Resolution Fund (SRF), an emergency crisis fund that supports bank resolution. Around 3,000 banks and other financial institutions, across the 21 EU countries that make up the Banking Union, will contribute to the SRF in 2022.
ECB's Elderson: Mind the gap, close the gap – the ECB’s views on the banking package reforms : The ECB published its opinion on the European Commission’s proposed revisions to the Capital Requirements Directive (CRD VI)[1]. Together with the proposed amendments to the Capital Requirements Regulation (CRR III), published in March 2022, the reforms comprise the EU’s latest “banking package”.
Capital Markets Union
ESAs consult on sustainability disclosures for Simple, Transparent and Standardised securitisations : The ESAs (EBA, EIOPA and ESMA) published a Consultation Paper seeking input on draft Regulatory Technical Standards (RTS) on the content, methodologies and presentation of information in respect of the sustainability indicators for Simple, Transparent and Standardised (STS) securitisations.
ESAs recommend changes to make the PRIIPs key information document more consumer-friendly : The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today their technical advice to the European Commission on the review of the PRIIPs Regulation.
ICMA has responded to ESMA’s consultation on trading venue perimeter : ICMA has clarified its member’s interpretation of the definition of multilateral system.
EBF Position paper – ESMA Consultation TV perimeter : The European Banking Federation (EBF) welcomes the opportunity to comment on ESMA’s draft “Opinion on Trading Venues’ Perimeter”.
AFME/FINBOURNE study shows need for longer deferrals for large fixed income trades : This shows that the majority of fixed income trades could be made transparent in near real-time, but also finds there is a clear need for a longer deferral period for the publication of larger or illiquid trades.
Better Finance: For a "Consolidated Tape" of Capital Market Trades that brings Value to Individual Investors : Available data and evidence show significant increases in the trading and investing activity of EU households, sparked by a new wave of young, previously inactive, non-professional investors.
Better Finance: Transparency and Best Execution for Retail Traders and Investors : Retail trading must be simple, transparent, cost-efficient, and done in the best possible conditions for individual, non-professional (“retail”) investors.
Environmental, Social, Governance (ESG)
GRI: Progress on corporate transparency in Europe : GRI remains committed to alignment as draft European Sustainability Reporting Standards unveiled
EPC: Conference on the Future of Europe: Greening Europe's cities : In the Conference on the Future of Europe, citizens have set out ambitious recommendations, including for our environment and climate. Creating more sustainable European cities must become a top-flight priority for EU policymakers.
FSB launches consultation on supervisory and regulatory approaches to climate-related risks : FSB published a report to assist supervisory and regulatory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and to promote consistent approaches across sectors and jurisdictions.
Protecting Customers
EIOPA publishes advice on Retail Investor Protection : The European Insurance and Occupational Pensions Authority (EIOPA) has published today its Final Report with its advice to the European Commission on retail investor protection in relation to the sale of Insurance-Based Investment Products (IBIPs).
ESMA makes recommendations to improve investor protection : In the advice ESMA puts forward proposals that will make it easier for investors toget the key information they need to take well-informed investment decisions, whilst alsoprotecting them from aggressive marketing techniques and detrimental practices.
Fin Tech Regulation
The Economist: Watchdogs take a swipe at Apple Pay : Why complaints about Apple’s walled garden are multiplying. THERE IS NOT yet an app to keep track of the growing number of antitrust complaints against Apple. But perhaps there should be.
Economic Policies Impacting EU Finance
Global minimum corporate tax rate: ECON MEPs approve Commission’s main ideas in committee vote : MEPs broadly approved the Commission proposal implementing into law the international agreement on a global minimum corporate tax rate of 15%.
Brexit
Federal Trust: What Does Macron’s Re-Election Mean for France, for Europe and for Brexit? : In this Federal Trust video our Chairman John Stevens and Director Brendan Donnelly analyse the recent French Presidential Elections. They conclude that France and Macron are in a powerful position to press for further European integration. This move towards further European integration will be an uncomfortable experience for the UK as a whole and for the City of London in particular.
LSE: EU citizenship and transnational political mobilisation after Brexit : Following the Brexit referendum, a number of organisations were set up to support the rights of EU citizens in the UK and British citizens in the EU. Catherine Craven, Michaela Benson and Nando Sigona reflect on the work of these organisations and ask what their legacy will be. View Article
UKandEU's Curtice: what does Great Britain make of the Northern Ireland protocol? : Brexit is widely regarded as done and dusted – though the latest Redfield and Wilton Strategies/UK in a Changing Europe poll today suggests voters in Great Britain are still more or less evenly divided between those who would (49%) and those who would not (51%) reverse Brexit. However, one issue that is certainly still to be fully resolved is the one on which Brexit negotiations have repeatedly stumbled – Northern Ireland.