Regulation & Supervision

  • Today, the Basel Committee on Banking Supervision (BCBS) reached an agreement on the finalisation of “Basel III”, an international regulatory framework that places particular emphasis on enhanced and harmonised capital and liquidity requirements for banks.

  • On November 22nd, the European Commission presented its autumn package of economic and social priorities for the EU, the euro area and the EU Member States, in the context of the European Semester. A few days later, the European Commission set out the rules governing electronic payment transactions that aim to modernise payment services in Europe. On November 30th, the European Parliament reached an agreement on creditor hierarchy, IFRS 9 and large risk exposures, in light of measures aiming to reduce risk in the financial sector.

  • On November 20th, the EU27 ministers chose Paris as the new location for the European Banking Authority (EBA) and Amsterdam for the European Medicines Agency (EMA). The General Affairs Council also approved new securitisation and cyber security rules on the same day.

  • The EU Ministers of Finance met on November 6th, 2017 to discuss the further development of the Banking Union. The next day, the finance ministers discussed improved VAT rules to promote e-commerce and online businesses. On November 13th, the Commission launched a public consultation on how asset managers and institutional investors can implement environmental, social and governance aspects, among other things, in their decision-making.

  • On October 24th, the European Commission adopted its Work Programme which sets out its key initiatives for 2018. The programme contains 66 priority pending proposals requiring swift adoption by the Parliament and Council, as well as 26 new proposals setting out initiatives to complete the work on Juncker’s 10 priorities and more long-term initiatives with a view to shaping the EU’s future for 2025 and beyond.

  • During its latest meeting on October 19 and 20th, the European Council focussed on the ongoing efforts regarding migration, digitalisation, external relations and the Brexit negotiations. The Council also established its work programme for the months and years to come through the Leaders' Agenda. 

  • During the latest meeting of the Economic and Financial Affairs Council (ECOFIN), the Council adopted proposals on climate change. Proposals on VAT reform, digital economy taxation, dispute resolution in double taxation and bank capital requirements are also being considered. Furthermore, the European Commission called for the completion of the European Banking Union by 2018 in a communication on 11 October 2017.

  • As from 3 January 2018, banks and investment firms that carry out transactions in financial instruments must make a detailed report of these transactions to the relevant authority, at the latest by the end of the following working day. One of the elements that must be reported is the identity of the ultimate client that ordered the transaction.

  • On 29 September 2017, the Estonian Presidency of the Council of the European Union, in cooperation with the President of the European Council and the European Commission, organized the first ever Digital Summit of the European Union in Tallinn. On the same day, the Single Resolution Board (SRB) held its second conference in Brussels under the theme “Building resolvability together”.

  • The European Commission is proposing reforms to the mandates of the European supervisory authorities to pave the way for stronger and more integrated European financial supervision. The Commission also outlined the challenges of digital taxation and possible solutions to support growth and ensure fair and effective taxation.