Commission updates action plan: The Commission has updated its Work Programme for 2014. Highlights include:

  • Solvency 2 implementing measures during Q2 2014;
  • an assessment of the potential technical solutions for pension scheme arrangement transfers to Central Counterparties (CCPs) of non-cash collateral as variation margins, due now; and
  • a Commission Regulation supplementing existing legislation on the definition of FX derivative contracts, due in Q3 2014.

(Source: Commission Updates Action Plan)

Commission publishes crowdfunding Communication: The Commission has published a Communication on crowdfunding in the EU. Following its consultation on the various types and uses of crowdfunding, the Commission has decided it does not need to make legislation. However, it plans to carry out various studies to better understand the market, and take initiatives to encourage industry best practices and consumer understanding. (Source: Commission Publishes Crowdfunding Communication)