EDIS

European Commission 2019 Work Program: Financial Services Aspects

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On October 23, the European Commission published a communication outlining its work program for 2019. There are a number of priority-pending financial services legislative proposals which the Commission wants the European Parliament and the Council of the EU to take swift action on. The proposals include:

  • Sustainable finance
  • Cross-border investment funds
  • Crowdfunding services
  • The pan-European pension product (“PEPP“)
  • Banking
  • Recovery and resolution on central counterparties (“CPPs“)
  • The European deposit insurance schemes (“EDIS“)
  • Anti-money laundering

The full communication can be found here. The Annexes were published separately, alongside a Q&As document and a factsheet.

ECB Offers Opinion on Proposed Regulation to Establish a European Deposit Insurance Scheme

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On April 20, 2016, the European Central Bank (ECB) published an opinion on a proposal for a regulation amending Regulation (EU) No. 8.6/2014 in order to establish a European Deposit Insurance Scheme (EDIS).

The ECB notes that an EDIS is a necessary third pillar to complete the Banking Union, having established a Single Supervisory Mechanism and the Single Resolution Mechanism and overall welcomes the system proposed. However, the opinion notes risks in terms of scope and governance of the scheme.

The opinion appends a technical working document containing drafting proposals as proposed amendments to the text released by the European Commission.