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In 2020, the Commission launched a review of the Solvency II Directive, the EU's legal prudential regulatory framework for (re-)insurance companies, which entered into force in 2016. As one output of the review, the Commission made a proposal in September 2021 for a new directive establishing a framework for recovery and resolution of insurance companies – the 'IRRD proposal'. The IRRD proposal would establish harmonised recovery and resolution tools and procedures, with enhanced cross-border cooperation ...

The study developed herein aims to address the concerns raised as to the field of retail investments. It aims at analysing market practices and the applicable legislative landscape in order to identify room for improvement and, ultimately, propose potential solutions to foster retail investor protection and participation in financial markets. 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 ...

Many consequences of climate change are already hard to reverse, and extreme weather events will become more frequent in the future. That shows a need to discuss which climate impacts are difficult or impossible to adapt to, and a need to address losses and damages. All regions will be affected by climate change, but the extent of loss and damage will vary between locations. Although the concept of Loss and Damage (L&D) is not new, it is still quite vague and not well defined in climate policy. It ...

Institutional Protection Schemes in German Banking

Análise aprofundada 27-04-2022

This paper discusses the Institutional Protection Schemes of the German Savings Banks Finance Group and the National Association of Cooperative Banks. Both schemes have been recognised as Deposit Guarantee Schemes. Although both schemes never had to pay out to depositors, supervisors have expressed worries about several weaknesses of the IPS of the Savings Banks Finance Group, such as unclear responsibilities of the ‘owners’ and the IPS, complex decision-making processes, risk of insufficient pro-active ...

A responsible TPLF regulatory framework should aim at lowering costs, simplifying unnecessary procedures, increasing the predictability of costs, and delivering efficient services at costs that are proportionate to the amounts in dispute. We explored additional effective safeguards and a number of policy options regarding the contractual, ethical and procedural aspects of TPLF. We then estimated the European added value (EAV) for two alternatives, namely a moderate and a strong regulatory approach ...

This briefing gives an overview of measures proposed by the Financial Stability Board, the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors to address the COVID-19 pandemic related financial consequences.

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

Banking Union: What next?

Análise aprofundada 18-07-2019

This briefing summarises the key areas of possible regulatory initiatives with a view to further completing the Banking Union: (1) EDIS, (2) Further harmonisation of banking law (“single rule book’), (3) Home/host issues, (4) Resolution financing, (5) Further harmonisation of insolvency law, (6) safe assets and regulatory treatment of sovereign exposures and (7) AML supervision. These issues are further explained in additional thematic briefings.

Robotics is a wide and multi-faceted domain, which crosses boundaries between many economics sectors and legal disciplines. The perception of a need for some kind of Europe-wide legal framework to accompany the development of robotic and artificial intelligence (AI) technologies is growing. A harmonised EU regulatory framework concerning specifically liability and insurance regarding robotics and AI could provide greater legal certainty and promote trust. It could also stimulate greater research ...

This study – commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the JURI Committee – analyses existing European and national legislation on the regulation of drones for civil use, discussing how they are defined and classified, whether certification and registration is required, how liability is apportioned between the subjects involved, and if compulsory insurance is provided for. Finally, on the basis of a risk-management ...