Jonathan Hill responds to ECON: Jonathan Hill, Commissioner-Designate, has responded to questions from the European Parliament's Economic and Monetary Affairs Committee (ECON). ECON posed a range of questions, including asking Mr Hill's views on:

  • the main barriers to capital markets union and how to remove them. Mr Hill said he would focus on better developing the private placement regime and high-quality securitisation;
  • how to deal with digital currencies. Mr Hill said he understood this issue would be discussed in Trilogue discussions over the fourth Money Laundering Directive, which are scheduled for October. He would consider bringing virtual currency exchange platforms within the scope of "obliged entities" under the Directive;
  • high-frequency trading: Mr Hill said he supports the measures in the second Markets in Financial Instruments Directive (MiFID 2) to address the risks of this trading;
  • how to guarantee the integrity of the single market: ECON specifically asked Mr Hill to confirm he would neither propose nor support double majority voting for euro and non-euro areas. He agreed a split would not be desirable but explained why he thought it was unavoidable when it happened in EBA; and
  • how to make the most of co-operation with third countries: Mr Hill said global co-ordination is essential, and that current bilateral agreements need review to make them more efficient, result-driven and transparent. He believes the EU should not adopt an extra-territorial approach and therefore that equivalence is appropriate.

(Source: Jonathan Hill Responds to ECON)

Commission publishes CSDR FAQ: The Commission has published a Frequently Asked Questions document for the Central Securities Depositories Regulation (CSDR), which came into force on 17 September. The FAQs cover issues on timing of implementation, scope of the requirements and third country CSDs. (Source: CSDR FAQ

Commission adopts G-SIFI identification standard: The Commission has adopted the Delegated Regulation containing the standards on identifying global systemically important institutions (G-SIFIs). (Source: G-SIFI Delegated Act