New Commissioners announced: The new Commission President-elect, Jean-Claude Juncker, has announced the new sectoral Commissioners. The UK gets a leading role, with Jonathan Hill being appointed head of the new Directorate-General for Financial Stability, Financial Services and Capital Markets Union portfolio. This will have responsibility for ensuring the Commission remains vigilant in implementing the new supervisory and resolution rules for banks, as well as generally taking over the Commission role in relation to financial services, markets and infrastructure. (Source: New Commissioners Announced)
Commission updates work programme: The Commission has published its lists of actions it expects to adopt before the end of the year and confirmed those already completed. Key outstanding deliverables include:
- the Delegated Act on the Liquidity Coverage Ratio under the Capital Requirements Regulation by the end of September;
- regulations on contributions to the single resolution mechanism, also by the end of September; and
- a report to the Council and Parliament on the potential economic consequences of country-by-country reporting under the fourth Capital Requirements Directive (CRD 4) by the end of December.