On June 21, the new Communication forms the Commission’s contribution to the Euro Summit.
It takes stock of the progress made to deepen EMU since the publication of the Five Presidents’ Report: Completing Europe’s EMU on June 22, 2015. READ MORE
ESFS
ECON Reports on Proposed Omnibus Directive and Proposed Regulation Amending ESRB Regulation
On January 14, the European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published the following reports relating to the European Commission’s legislative proposals to reform the European System of Financial Supervision (“ESFS“):
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Report on the amended text of the proposed Regulation amending the Regulation that established the European Systemic Risk Board (“ESRB“) (1092/2010) (ESRB Regulation) (2017/0232 (COD)).
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Report on the amended text of the proposed Omnibus Directive (2017/0231 (COD)).
ECON voted to adopt these reports on January 10, 2018. It has not yet published the text of the adopted report on the proposed Omnibus Regulation (2017/0230 (COD)).
ECON Votes to Adopt Draft Report on Proposed Reforms to ESFS
On July 11, 2018, the European Parliament’s Committee on Economic and Monetary Affairs (“ECON“) published a press release announcing that it had voted to adopt a draft report relating to the European Commission’s legislative proposals to reform to the European System of Financial Supervision (“ESFS“). READ MORE
Commission Adopts Proposal to Incorporate ESAs into EEA Agreement
On June 2, 2016, the European Commission published a press release announcing that it had adopted a proposal for a Council decision on the position to be taken by the EU on the incorporation of the Regulations on the European Supervisory Authorities (ESAs), and some of the related Regulations and Directives, into the Agreement on the European Economic Area (EEA).
The acts to be incorporated into the EEA Agreement include the ESAs Regulations (EBA, EIOPA and ESMA Regulations), the European Systemic Risk Board Regulation, the Alternative Investment Fund Managers Directive and related Delegated Acts, the Short Selling Regulation and related delegated acts, the European Markets Infrastructure Regulation (‘EMIR’) and the Credit Ratings Agency Regulations.
This is an important step towards the extension of the European System of Financial Supervision (ESFS) to the EEA EFTA countries: Norway, Iceland and Liechtenstein. The Commission explained that incorporating these acts into the EEA Agreement would ensure strong and co-ordinated financial supervision throughout the EEA.