EU-flash: Relocation of the EMA and EBA and the outcome of the General Affairs Council of 20 November

27/11/2017

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 securitization and cyber security rules on the same day.

Below you will find a summary of the work programme.

Agreement on the relocation of the European Medicines Agency (EMA) and the European Banking Authority (EBA)

On 20 November, after an entire voting procedure, the Council decided to move the European Medicines Agency (EMA) and the European Banking Authority (EBA) to Amsterdam and Paris, respectively.

The two EU agencies currently based in the UK, need to be relocated in the context of the UK’s withdrawal from the EU and must continue to function smoothly and without disruption beyond March 2019.

The Commission will now prepare the necessary legal work by making legislative proposals to amend the founding Regulations for the two Agencies.

Details.

Outcome of the General Affairs Council of 20 November

Capital markets union: the Council adopts securitisation rules

On 20 November, the General Affairs Council adopted two regulations aimed at facilitating the development of a securitisation market in Europe.

These new rules are part of the EU’s plan to develop a fully functioning capital markets union by the end of 2019 and were adopted without discussion. Developing a securitisation market will help create new investment possibilities and provide an additional source of finance, particularly for SME’s and start-ups.

For more information, click here.

New rules to enhance European Cybersecurity

The General Affairs Council also adopted conclusions calling for the strengthening of European cybersecurity and enhancing cyber resilience across the EU, in line with the tasking from the European Council in October 2017.

The conclusions stress the need for all EU countries to make the necessary resources and investment available to address cybersecurity. They welcome the intention of increasing EU efforts in cybersecurity research and development by setting up a network of cybersecurity competence centres across the Union.

The Council also backs the plan to set up a world-class European cybersecurity certification framework to increase trust in digital solutions. The conclusions highlight the important connection between trust in digital Europe and achieving cyber resilience across the EU. Significant attention is paid to the strength of cryptography used in products and services within the digital single market.

Other measures highlighted by the Council include providing the necessary law enforcement tools to tackle cybercrime, developing a coordinated EU-level response to large-scale cyber incidents and crises, and conducting pan-European cybersecurity exercises on a regular basis. Regarding the global and diplomatic aspects of cybersecurity, the Council recognises the importance of international cooperation and welcomes the creation of a clear framework for using the political, diplomatic and economic tools available to the EU as a response to malicious cyber activities.

Full details.

More on: