Asiakirjat - Think Tank - Euroopan parlamentti

Lyhyesti - EU-UK regulatory cooperation in financial services - 10-03-2025

Sun, 09 Mar 2025 23:00:00 GMT

Since the adoption of the Memorandum of Understanding on regulatory cooperation, the European Union and the United Kingdom have organised three meetings for dialogue and cooperation on financial services regulation. The meetings focus on macroeconomic developments, banking and anti-money laundering, capital markets, and digital and sustainable finance.

Lähde : © Euroopan unioni, 2025 - EP

Tutkimus - The current Implementation of the Sustainability-related Financial Disclosures Regulation (SFDR) - With an assessment on how the legislative framework is working for retail investors - 03-07-2024

Wed, 03 Jul 2024 22:00:00 GMT

The Sustainability-Related Financial Disclosures Regulation (SFDR) is the centrepiece of the sustainable finance strategy for funds and other financial products. However, its provisions are too complex, do not work as intended, and interact insufficiently with provisions shaping corporate reporting, indexes, or client preferences. A revised SFRD should include more recognisable product labels or categories, enable and foster transition investments, smoothly interact with corporate reporting, and expand the scope of disclosure obligations. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Lähde : © Euroopan unioni, 2024 - EP

Selvitys - Bigtech finance, the EU’s growth model and global challenges - 14-02-2024

Tue, 13 Feb 2024 23:00:00 GMT

‘Bigtech finance’ – i.e. the provision of financial services by large digital conglomerates - has considerable implications for the EU’s growth model and raises multiple regulatory concerns about financial stability; competition and market concentration; data protection; cybersecurity and operational resilience. Bigtechs also have potential geostrategic implications because the largest digital platforms are headquartered outside the EU. To address these global challenges, this study makes recommendations aimed at strengthening the regulation of Bigtech finance internationally and in the EU. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

Lähde : © Euroopan unioni, 2024 - EP

Briefing - Revision of Directive (EU) 2015/2366 on Payment Services - 17-07-2023

Sun, 16 Jul 2023 22:00:00 GMT

Payment services enable digital payments through direct debits, credit transfers or payments with cards or similar devices. Within the EU, these are regulated through the revised Payment Services Directive (PSD2), which sets rules for payment services, their providers and consumer protection. Announced in September 2021 under the digital finance strategy and the retail payments strategy, the Commission published two proposals on the revision of PSD2 on 28 June 2023 as part of the financial data access and payments package. This implementation appraisal first outlines PSD2 before reviewing and summarising evaluations and assessments of its implementation already conducted by EU institutions and their advisory bodies. Overall, PSD2 is found to have contributed to the development of the European payments market and to have improved customer protection and the efficiency, transparency and choice of payment instruments. However, shortcomings pertaining to regulatory deficiencies regarding new players and services in the payments market, divergences in implementation across Member States and unclear alignment with other EU legislation remain. The proposal to revise PSD2 comprises a proposal for a directive on payment services and electronic money services (PSD3) and a proposal for a regulation on payment services in the internal market (PSR). These proposals include both payment services and electronic money services, which were previously regulated separately. With the forthcoming revision, the Commission aims to harmonise the implementation of rules on payment services across Member States, align the legislation with market and technological developments, strengthen customer protection and improve the level playing field between bank and non-bank payment service providers.

Lähde : © Euroopan unioni, 2023 - EP

Tutkimus - Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence - 08-02-2023

Tue, 07 Feb 2023 23:00:00 GMT

Brexit poses unique challenges for policymakers in the EU as the most important financial centre in Europe is now outside its regulatory framework. We expect significant divergence over the medium- to long-term, given recent legislative and regulatory initiatives in the UK, but also developments of the regulatory framework in the EU. However, there seem to be limited concerns of an easing of the tax evasion and Anti-Money Laundering framework in the UK. We expect a limited use of the EU equivalence regime for the UK.

Lähde : © Euroopan unioni, 2023 - EP

Briefing - Improving distance marketing of consumer financial products - 10-11-2022

Wed, 09 Nov 2022 23:00:00 GMT

The present impact assessment (IA) accompanies the proposal amending the 2011 Consumer Rights Directive and repealing the 2002 Distance Marketing of Consumer Financial Services Directive. It is informed by the findings of the Commission's ex-post evaluation of the directive and the evaluation support study, which preceded the IA, in line with the Better Regulation Guidelines' 'evaluate first' principle. The IA's strong points include a well-substantiated problem definition and an evidence base that appears to be recent and relevant. Furthermore, the range of options appears satisfactory, and they represent realistic alternatives. However, the IA's objectives comply only partially with the definition of SMART (specific, measurable, achievable, relevant and time-bound), as they are neither measureable nor achievable, owing to the absence of concrete deliverables and the inclusion of difficult-to-measure concepts. Furthermore, the IA does not compare the options in terms of their proportionality. The fact that IA support study carried out by an external consortium of consultants, the open public consultation summary report, and the contributions received and their annexes were not publicly available at the time of writing undermines the report's transparency. Lastly, the lack of operational objectives in the IA and the fact that the monitoring and evaluation provisions are not taken over in the proposal can undermine the measurement of the initiative's success.

Lähde : © Euroopan unioni, 2022 - EP

Lyhyesti - Digital operational resilience act (DORA) - 07-11-2022

Sun, 06 Nov 2022 23:00:00 GMT

The Single Rulebook – encompassing all EU legislation governing financial institutions – barely touches on operational risks relating to information and communications technologies (ICT). In September 2020, the Commission tabled a proposal for a regulation on the digital operational resilience of the financial sector (DORA), to introduce and harmonise key digital operational requirements across the EU, so as to make ICT operations resilient in the face of severe operational disruption and cyber-attacks.

Lähde : © Euroopan unioni, 2022 - EP

Lyhyesti - Amending digital operational requirements in financial services legislation - 07-11-2022

Sun, 06 Nov 2022 23:00:00 GMT

On 24 September 2020, the Commission submitted a proposal for a directive amending a number of existing directives governing the regulation and supervision of the financial system, with a view to tackling risks related to information and communications technologies (ICT). The proposal is part of the digital finance package whose overarching objective is to promote innovation and competition in digital finance while mitigating the risks.

Lähde : © Euroopan unioni, 2022 - EP

Lyhyesti - Solvency II Prudential treatment of equity exposures - 19-09-2022

Sun, 18 Sep 2022 22:00:00 GMT

Insurance companies are important investors in EU capital markets. Most of their investments are in debt instruments, while equity investments can contribute to higher returns for policyholders and overall EU economic growth. This study analyses the treatment of equity investments by insurance companies in (proposed) EU legislation; it is considered that this legislation will have limited impact on equity investments. To enhance equity investment significantly drivers other than prudential ones would have to be targeted.

Lähde : © Euroopan unioni, 2022 - EP

Lyhyesti - Pilot regime on distributed ledger technology market infrastructure - 21-03-2022

Sun, 20 Mar 2022 23:00:00 GMT

�Ϸ��վ is due to vote on a trilogue agreement on the proposal for a pilot regime for market infrastructure, which will establish a scheme to trade and settle transactions of financial instruments in crypto-asset form. The regime follows the ‘sandbox’ approach that allows for temporary derogations from some specific requirements. This way, the development of solutions for the trading and settlement of transactions in crypto-assets should be encouraged, while preserving a high level of financial stability, transparency and market integrity and avoiding regulatory arbitrage and loopholes.

Lähde : © Euroopan unioni, 2022 - EP

Briefing - PRIIPs: Revised DA/RTS on improved disclosure rules for retail investment products - 22-10-2021

Mon, 25 Oct 2021 22:00:00 GMT

This briefing has been prepared to support ECON’s work on scrutiny of the Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2017/653 on Key Information Documents (KIDs) as foreseen by Regulation (EU) No 1286/2014 on Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) . The Delegated Regulation was adopted by the Commission on 7 September 2021 together with two quick fix amendments of the PRIIPs Regulation and the Directive 2009/65/EC on Undertakings for Collective Investments in Transferable Securities (UCITS Directive).

Lähde : © Euroopan unioni, 2021 - EP

Selvitys - Did the pandemic lead to structural changes in the banking sector? - 11-10-2021

Mon, 11 Oct 2021 22:00:00 GMT

We discuss the main structural changes triggered by Covid19 in banking. Direct consequences include: the impact of the lockdown on remote shopping and telework, lower cash usage and a further shift towards innovative payment methods, the downturn suffered by the economy and bank borrowers. Indirect consequences (partly reinforcing pre-existing trends) include: the further development of payment services provided by non-bank competitors, an acceleration in bank digitalisation, a rise in cyber-attacks, a drop in the value of real estate collateral.

Lähde : © Euroopan unioni, 2021 - EP

Tutkimus - Artificial Inteligence market and capital flows - AI and the financial sector at crossroads - 28-05-2021

Thu, 27 May 2021 22:00:00 GMT

This paper studies the transformation that Artificial Intelligence (AI) is bringing to the financial sector and how this sector can contribute to developments of AI applications. The study addresses the contribution of AI to a more efficient, open, and inclusive financial sector and the challenges of the AI transformation, and it provides recommendations for policies and regulations of AI and financial services.

Lähde : © Euroopan unioni, 2021 - EP

Briefing - Vulnerable consumers - 21-05-2021

Thu, 20 May 2021 22:00:00 GMT

Compared to the average consumer, who is considered to be able to make rational choices to find the best deals and benefit from competitive markets, vulnerable consumers are not considered to be able to do so for a variety of reasons. There are two main approaches to identifying vulnerable consumers. One emphasises those individual characteristics of the consumer that increase the (theoretical) risk of becoming vulnerable, such as low socio-economic status, low education level, not being able to speak a particular language, or a minority status. The other suggests that all consumers can become vulnerable due to the interplay between their individual characteristics, the circumstances and the economic market. According to this view, consumers can move in and out of vulnerability, depending on their individual state. The European Commission's 2018 consumer survey found that 43 % of EU citizens believed themselves to be vulnerable as consumers. The image of vulnerable consumers in European Union (EU) law is narrower than that found in the academic literature. They are defined in the Unfair Commercial Practices Directive, which requires additional protection for consumers who are 'particularly vulnerable due to their mental or physical infirmity, age or credulity'. This definition has been subject to much criticism, as it does not take the different variables that can make consumers vulnerable into account. Provisions protecting vulnerable consumers can be found in other horizontal consumer legislation, as well as legislation on specific sectors, for instance in the field of energy, finance and food legislation. The development of e commerce and artificial intelligence have also been raising concerns about consumer vulnerability. For instance, the European consumer organisation BEUC is asking for a rethink of the concepts of 'average' and 'vulnerable' consumers, as some practices online, which combine collection of data with manipulating consumers, are making all consumers vulnerable and therefore require all consumers to be equally protected. �Ϸ��վ has long advocated a wider concept in defining vulnerable consumers, and stronger protection for them, including in the energy, finance and digital sectors.

Lähde : © Euroopan unioni, 2021 - EP

Briefing - Updating the Crypto Assets Regulation and establishing a pilot regime for distributed ledger technology - 03-03-2021

Tue, 02 Mar 2021 23:00:00 GMT

The markets in crypto assets (MiCA) proposal intends to adapt to the latest technological trends in the FinTech sector. The briefing analyses the strengths and weaknesses of the impact assessment (IA) accompanying the MiCA and DLT proposals. The IA is quite technical and difficult to read for a non-expert. The policy options were compared against the criteria of effectiveness, efficiency and coherence, but not against proportionality, which is required by the better regulation guidelines. The preferred option is a mix of various options, and one of the preferred options is transferred into another, new legislative proposal, i.e., on the DLT. The IA foresees cost reduction for business due to the use of DLT, which saves costs compared to the traditional trading activities, with new entrants facing one-off costs similar to multilateral trading facilities (MTFs).

Lähde : © Euroopan unioni, 2021 - EP

Briefing - Strengthening digital operational resilience in the financial sector - 11-12-2020

Thu, 10 Dec 2020 23:00:00 GMT

This briefing provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying Commission proposals to strengthen digital operational resilience in the EU, which are part of the digital finance package. The IA would have benefited from a more balanced set of options, and it would have been useful to further clarify the arguments supporting the choice between options 2 and 3. The assessment of social impacts is very limited, and the competitiveness aspect raised could also have been discussed at greater length. The IA estimates that the initiative would benefit SMEs in terms of reduced administrative burden and improved capacity to operate in a cross-border context. In addition to the qualitative assessment, the IA provides quantified estimates, openly recognising some data limitations.

Lähde : © Euroopan unioni, 2020 - EP

Briefing - Banking Union: ESMA report on Wirecard - 01-12-2020

Mon, 30 Nov 2020 23:00:00 GMT

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

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Briefing - Thematic Digest on the Wirecard case - 06-11-2020

Mon, 09 Nov 2020 23:00:00 GMT

This document presents the summaries of three external papers commissioned by EGOV upon request of the Economic and Monetary Committee (ECON). ECON has requested external experts to provide expertise on the wider supervisory implications of the Wirecard case. The summaries were drafted by EGOV in own responsibility.

Lähde : © Euroopan unioni, 2020 - EP

Lyhyesti - Study in focus: Regulatory Sandboxes and Innovation Hubs for FinTech - 15-10-2020

Wed, 14 Oct 2020 22:00:00 GMT

The original full study analyses the design and operation of regulatory sandboxes and innovation hubs as part of jurisdictions’ regulatory response to financial innovation, focusing on the models adopted in the EU and the EFTA countries. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Lähde : © Euroopan unioni, 2020 - EP

Briefing - Guidance by the EU supervisory and resolution authorities on Brexit - 08-10-2020

Wed, 07 Oct 2020 22:00:00 GMT

This briefing gives an overview of the repercussions of the United Kingdom’s withdrawal from the EU on financial services, followed by the most recent guidance from the ECB Banking Supervisor, the Single Resolution Board and the three European Supervisory Authorities: the European Banking Authority, the European Securities and Markets Authority; and the European Insurance and Occupational Pensions Authority. The work of the European Systemic Risk Board on Brexit is also highlighted.

Lähde : © Euroopan unioni, 2020 - EP

Lyhyesti - Regulating crowdfunding - 02-10-2020

Thu, 01 Oct 2020 22:00:00 GMT

As a step towards Capital Markets Union, the European Commission presented a proposal for a regulation on crowdfunding service providers in March 2018, to facilitate the cross-border offer of such financial services across the EU. It was accompanied by a proposal for a directive, to exempt those providers from the scope of the Markets in Financial Instruments Directive (MiFID II). The co-legislators reached a political agreement in December 2019, significantly modifying the Commission proposals. �Ϸ��վ is expected to vote on the Council's positions at second reading during its October I plenary session.

Lähde : © Euroopan unioni, 2020 - EP

Lyhyesti - Regulating digital finance - 30-09-2020

Wed, 30 Sep 2020 09:33:48 GMT

The use of new technologies to enable and enhance the activities of the financial sector has the potential to provide significant benefits, including efficiency gains, cost reductions, improved data management and transparency. At the same time, it entails risks in fields such as financial stability, financial crime and consumer protection. These risks may further increase due to the fragmented regulatory landscape in the EU, and uneven global developments in regulating the sector. There is therefore a need for the EU to create a comprehensive and stable regulatory framework in this area. �Ϸ��վ is expected to debate a legislative-initiative report with recommendations to the European Commission to act in this area during its October I plenary session.

Lähde : © Euroopan unioni, 2020 - EP

Tutkimus - Digital finance: Emerging risks in crypto-assets – Regulatory and supervisory challenges in the area of financial services, institutions and markets - 17-09-2020

Wed, 16 Sep 2020 22:00:00 GMT

The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction that the adoption of an EU legislative initiative on a framework for crypto-assets, on cyber-resilience and on a data strategy would bring.

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Briefing - Banking Union: Wirecard - 29-06-2020

Sun, 28 Jun 2020 22:00:00 GMT

The briefing provides a short overview (based on public information) to the insolvency of Wirecard AG, a group that provided electronic payment processing and that includes a less-significant banking entity (which is not part of the insolvency proceedings). The case is not directly linked to the corona crisis, but it brings to the fore relevant issues related to supervision of payment-related services and the role of auditors.

Lähde : © Euroopan unioni, 2020 - EP

Selvitys - Recommendations on the economic policy of the euro area under the European Semester - January 2020 - 24-01-2020

Wed, 16 Jan 2019 23:00:00 GMT

This note looks at the recommendations on the economic policies of the euro area adopted by the Council in 2019, upon proposal of the Commission. Its scope is to assess their follow up, making use of proxies such as on how Eurogroup has integrated euro area recommendations concerns in their “thematic discussions” and its work programmes, as well as Commission’s assessment. It also looks at the Commission proposal for the 2020 euro area recommendation. In addition, the note provides an institutional perspective of the euro area recommendations, in particular the process setting the 2019 euro area recommendations and the timeline for adoption of the 2020 euro area recommendation and includes broad comparisons to earlier recommendations, to illustrate how policy concerns have evolved over time. This note is regularly updated.

Lähde : © Euroopan unioni, 2020 - EP