European Parliament Economic and Monetary Affairs: Documents

Question to the ECB - Transfer to France of an order from the Miliani Fabriano paper mill - PE 616.551v01-00 - Committee on Economic and Monetary Affairs 25-01-2018 05:56 PM CET Question for written answer Transfer to France of an order from the Miliani Fabriano paper mill Committee on Economic and Monetary Affairs Source : © European Union, 2018 - EP Briefing - Upgrading EU Company Law for digital solutions and cross-border operations - PE 611.014 - Committee on Economic and Monetary Affairs 09-01-2018 12:00 AM CET Currently, EU company law is partially codified in Directive (EU) 2017/1132 relating to certain aspects of company law. Harmonisation of EU company law is a prerequisite for deploying a fully-fledged digital single market enabling all operators, in particular SMEs, to draw on the potential of the digital economy and to eliminate unnecessary barriers, while safeguarding their rights and providing legal and cyber security. Despite the recent codification and recently amended other pieces of EU company law, problems linked with legal certainty, administrative burden, unnecessary costs for companies resulting in lack of transparency or ineffective protection of companies, still remain. These points were noted and underscored several times by the European Parliament. The European Commission is expected to publish a legislative proposal on an EU company law package on 16 January 2018, potentially addressing digitalisation, cross-border mergers, divisions and conversions, as well as rules on conflict of laws related to company law. Source : © European Union, 2018 - EP Briefing - Review of the European supervisory authorities (ESAs) - PE 615.634 - Committee on Economic and Monetary Affairs 20-12-2017 12:00 AM CET This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance and pension markets: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). These ESAs also contribute to the development and application of a single rulebook for financial regulation in the European Economic Area. In 2015, in view of further integration of the financial sector, the EU launched the Capital Markets Union, stressing the need to strengthen both regulatory and supervisory convergence. The latter was particularly highlighted in the Five Presidents' 2015 report on completing Europe's economic and monetary union and in a reflection paper of May 2017. In this context, the Commission's 2017 work programme announced the review of the European System of Financial Supervisors (ESFS), which comprises the ESAs and the European Systemic Risk Board. Accordingly, the review of the current ESA regulations addresses the micro-prudential aspects of the continuing financial integration, together with the extension of ESA responsibilities through a number of recent pieces of sectoral legislation, also covered in the IA (IA, pp. 8-9, 25). Finally, the prospect of Brexit – which will entail a relocation of the EBA – further increases the need for the EU27 to strengthen EU-wide convergence of supervisory practices, in order to protect consumers and investors and to promote financial stability. While the ESA regulations are considered to have worked well in general, a first review in 2014 found several shortcomings (IA, p. 9). The IA notes that for specific cross-border activities in particular, the balance between ESA and national supervision is problematic. Also, the considerable divergence between national supervisory practices across the EU makes the current system inconsistent, since the day-to-day supervision of small financial actors remains a national competence, as does the implementation of the cited sectoral regulations involving ESA activities (IA, pp. 20, 142). Source : © European Union, 2017 - EP QUESTIONS? STAY CONNECTED  Contact Us |   This email was sent on behalf of the European Parliament · Bât. Altiero Spinelli · 60 rue Wiertz / Wiertzstraat 60 · B-1047 - Bruxelles/Brussels  · Belgium · Phone: +32(0)2 28 42111