Today, the European Parliament adopted an amendment to Article 22 of the Statute of the European System of Central Banks and of the European Central Bank, which confers to the ECB regulatory powers over clearing systems. In 2009, the G20 agreed to clear all standardised over-the-counter derivatives through a central counterparty. Brexit threatens to place […]
EU Lobby Register: European Parliament takes a big step towards lobby transparency
On Wednesday 27 June, the European Parliament’s Conference of Presidents of the political groups adopted a package for more lobby transparency. Members of the European Parliament can now sign a declaration committing to follow the “systematic practice” of meeting only registered lobbyists. MEPs can make these declarations and their meetings with lobbyists transparent in their […]
Success: EU develops its own black list of money laundering havens
The EU is now developing its own black list of money laundering par havens. Last Tuesday, the European Commission published its methodology to identifying high-risk third countries for money laundering and terrorist financing. Since the Fourth Money Laundering Directive, adopted in 2015, the Commission has had the task of adopting, through delegated acts, a […]
Briefing: European Parliament’s Bureau decides new rules for the General Expenditure Allowance on Monday 2 July 2018
Dear journalists, After months of discussions, the European Parliament’s Bureau will vote on a reform of the rules for the General Expenditure Allowance (GEA), the 4.416 EUR per month each of the 751 MEPs receive for office supplies, IT and similar cost. So far, keeping receipts is only a recommendation and controls are forbidden […]
Success: European Parliament calls for tough legislative changes after money laundering scandals
The European Parliament’s Economic and Monetary Affairs Committee voted this Tuesday on a comprehensive legislative package to reform European banking rules (CRD, CRR, BRRD). These include Green proposals to facilitate the fight against money laundering in the banking union and to ensure legal certainty in the event of the insolvency of institutions. Before the rules […]
Reform of European Banking rules: EU Parliament votes for noticeable simplifications for small institutions
Ladies and gentlemen, Dear followers of financial industry and financial markets, This Tuesday, the European Parliament’s Economic and Monetary Affairs Committee (ECON) voted on a comprehensive legislative package to reform European banking rules (CRD, CRR, BRRD). This includes numerous measures to reduce the bureaucratic burden for small institutions. This is in line with our […]