Commission writes to Jonathan Hill: Jean-Claude Juncker, President-elect of the Commission, has written to Jonathan Hill setting out the expectations of how the Commission as a whole and the Financial Stability, Financial Services and Capital Markets Union portfolio in particular will perform. (Source:Commission Writes to Jonathan Hill)
Commission considers implementation challenges: Michel Barnier has spoken on the challenges of implementing market regulations consistently at a global level. He said it is particularly important that the EU and US are consistent and coherent in the way they implement their laws that deliver on G20 commitments. He noted the five key areas of challenge as:
- derivatives - he commented OTC derivatives training has become more secure and transparent;
- bank resolution - he said it is important not to subject banks to double requirements;
- securitisation - he said there should be common global standards for simple securitisations;
- international financial reporting standards - he was pessimistic on achieving coherence on these, despite many discussions and meetings; and
- the insurance sector, including reinsurance collateral.
Commission plans Level 2 programme: The Commission has published its programme for preparing and adopting Level 2 measures. Its plans for the rest of 2014 include measures on:
- conflicts of interest in insurance distribution;
- information to be supplied by prospective acquirers of an investment firm;
- equivalence assessments for Solvency 2 purposes (with many other Solvency 2 measures to follow in 2015);
- standard documents relating to payment accounts and fees;
- identification of Global Systemically Important Institutions; and
- technical standards for central securities depositories.
It will also undertake significant work on the Capital Requirements Directive and Regulation package, the second Markets in Financial Instruments package, and the revised Market Abuse package, much of it in 2015. (Source: Commission Plans Level 2 Programme)