Finance Guides

Economic governance package (2): Preventing and correcting macroeconomic imbalances by EUbusiness — last modified 29 September 2010, 13:40 CET

The global economic and financial crises, followed by the so-called debt crisis, exposed the need for reinforced economic governance in the Economic and Monetary Union (EMU). Economic policies need to be better coordinated, says the European Commission, and surveillance enhanced. The strategic elements of such a reinforced approach were outlined in the Commission's Communication of 12 May and a concrete toolbox was presented in a second Communication on 30 June. The Commission adopted today a package of legislative proposals transforming these policy initiatives into concrete legal instruments.

Economic governance package (1): Strengthening the Stability and Growth Pact by EUbusiness — last modified 29 September 2010, 13:33 CET

The European Commission has today adopted a legislative package containing the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms is sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States. The recently agreed "European semester" will integrate all revised and new surveillance processes into a comprehensive and effective economic policy framework.

Proposal for a Regulation on Short Selling and Credit Default Swaps - guide by EUbusiness — last modified 15 September 2010, 14:30 CET

The European Commission has adopted a proposal for a regulation on short selling and certain aspects of Credit Default Swaps (CDS). Its main objectives are to create a harmonised framework for coordinated action at European level, increase transparency and reduce risks. The new framework will mean regulators – national and European - have clear powers to act when necessary, whilst preventing market fragmentation and ensuring the smooth functioning of the internal market.

Solvency II Quantitative Impact Study (QIS5) - guide by EUbusiness — last modified 23 August 2010, 23:57 CET

The Solvency II Directive, adopted by the European Parliament and the Council in 2009 and to be implemented by 1 January 2013, has set the framework for the next generation of supervisory rules for insurance and reinsurance companies in the EU. As the rules of the Solvency II Directive are to be complemented by so-called “level 2” implementing measures, which will be adopted by the European Commission, sound and extensive empirical data for quantitative solvency requirements are needed. For this reason, the Commission has launched a fifth Quantitative Impact Study (QIS5) that will be run by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) from August to November 2010. The Commission strongly encourages insurance and reinsurance companies across the EU to participate in this exercise.

Revision of the Financial Conglomerates Directive - guide by EUbusiness — last modified 16 August 2010, 15:30 CET

In August 2010 the European Commission proposed to amend existing European rules on the supervision of financial conglomerates.

Contraband and counterfeit cigarettes - guide by EUbusiness — last modified 15 July 2010, 22:43 CET

The European Commission has announced a multi-year agreement with British American Tobacco (BAT) to work together in tackling the illicit trade in tobacco products. Under the legally binding agreement, BAT will work with the Commission, its anti-fraud office OLAF, and EU Member States' law enforcement authorities to help in the fight against contraband and counterfeit cigarettes. The Agreement includes substantial payments by BAT to the Commission and Member States, totalling USD 200 million (EUR 134 million) over the next 20 years. It should make a significant contribution to the EU’s efforts to fight the illicit tobacco trade, which robs the EU and Member States of billions of euros every year.

Deposit Guarantee Schemes - guide by EUbusiness — last modified 12 July 2010, 17:16 CET

The European Commission has proposed changes to existing European rules to further improve protection for bank account holders and retail investors. Since 1994, Directive (94/19/EC) ensures that all EU Member States have in place a safety net for bank account holders. If a bank is closed down, national Deposit Guarantee Schemes are to reimburse account holders of the bank up to a certain coverage level.

Insurance Guarantee Schemes (IGS) - guide by EUbusiness — last modified 12 July 2010, 17:16 CET

The European Commission has proposed changes to existing European rules to further improve protection for bank account holders and retail investors. Furthermore, the Commission has launched a public consultation on options to improve protection for insurance policy holders, including the possibility of setting up Insurance Guarantee Schemes in all Member States. Insurance Guarantee Schemes (IGS) provide last-resort protection to consumers when insurers are unable to fulfil their contract commitment.

Investor Compensation Schemes - guide by EUbusiness — last modified 12 July 2010, 17:06 CET

The European Commission has proposed changes to existing European rules to further improve protection for bank account holders and retail investors. Since 1997, the Investor Compensation Scheme Directive (97/9/EC) has protected investors who use investment services in Europe by providing compensation in cases where an investment firm is unable to return assets belonging to an investor.

European international investment policy - guide by EUbusiness — last modified 08 July 2010, 23:21 CET

The European Commission today took the first step towards a comprehensive European international investment policy with two initiatives. A policy paper lays out how the new EU competence on foreign direct investment can be used to boost competitiveness and trade resulting in growth and jobs. At the same time a draft regulation sets up transitional arrangements offering guarantees on existing or pending bilateral investment treaties concluded between EU and Non-EU countries. Under the Lisbon Treaty, investment policy will be developed and managed at the European level giving the EU a strengthened negotiating hand to deliver better investment protection for all European businesses.

Consultation on Derivatives and Market Infrastructures - guide by EUbusiness — last modified 15 June 2010, 23:52 CET

Frequently asked questions on a public consultation on Derivatives and Market Infrastructures launched by the European Commission on 15 June.

EU report shows ineffectiveness of simplified customs procedures by Ina Dimireva — last modified 07 June 2010, 23:22 CET

The European Court of Auditors has assessed whether the regulatory framework and control approach developed by the European Commission and put in place in the Member States effectively control simplified customs procedures for imports. According to a Special Report published by the Court today, simplified procedures are not yet effectively controlled in the majority of the audited Member States.

Improving EU supervision of Credit Rating Agencies - briefing by EUbusiness — last modified 02 June 2010, 20:07 CET

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has put forward amendments to the EU rules on Credit Rating Agencies (CRAs) and launched a public consultation on reforming corporate governance in financial institutions. Furthermore, in order to advance swiftly in completing the necessary reforms to ensure a safe and stable financial system in Europe, the Commission has adopted a more general Communication where it commits itself to table the remaining financial reform proposals in the next six to nine months from now. On CRAs, the Commission has two main objectives: ensuring efficient and centralised supervision at European level, and increased transparency on the entities requesting the ratings so that all agencies have access to the same information. These changes it says would improve supervision, increase competition in the CRA market and improve investor protection.

European Commission Green Paper on corporate governance in financial institutions and report on remunerations - briefing by EUbusiness — last modified 02 June 2010, 20:13 CET

As part of its work on preventing a future financial crisis and strengthening the financial system, the European Commission has put forward amendments to the EU rules on Credit Rating Agencies and launched a public consultation on reforming corporate governance in financial institutions. On corporate governance, the Commission has launched a public consultation on a number of issues including how to manage risk more effectively in financial institutions and how to empower shareholders. The deadline for responses is 1 September 2010.

Latest trends in SMEs access to finance and EU financial instruments - Briefing by Ina Dimireva — last modified 07 May 2010, 08:44 CET

Latest trends in SMEs access to finance and on the financial instruments under the Competitiveness and Innovation Framework Programme.

Joint customs operation "Matthew II" - briefing by EUbusiness — last modified 14 April 2010, 00:13 CET

A Joint Customs Operation code-named Matthew II has led to the seizure of more than 16 million cigarettes, 241 kilograms of tobacco products, 6 400 liters of alcohol, 20 tons of counterfeit perfumes, 53.418 other counterfeit items such as bags, coats, scarves, wallets, and 1.515,75 kilograms of cannabis. During the operational phase, additional seizures of more than 25 million cigarettes also took place in some EU ports.

Europe 2020: new economic strategy - briefing by EUbusiness — last modified 03 March 2010, 14:07 CET

The European Commission has launched the Europe 2020 Strategy to bring Europe out of the crisis and prepare the EU economy for the next decade. The Commission identifies three key drivers for growth, to be implemented through concrete actions at EU and national levels: smart growth (fostering knowledge, innovation, education and digital society), sustainable growth (making our production more resource efficient while boosting our competitiveness) and inclusive growth (raising participation in the labour market, the acquisition of skills and the fight against poverty). This battle for growth and jobs requires ownership at top political level and mobilisation from all actors across Europe. Five targets are set which define where the EU should be by 2020 and against which progress can be tracked.

Montenegro Investment Climate 2009 by Ina Dimireva — last modified 05 February 2010, 14:42 CET

Montenegro is establishing a liberal investment regime. Although the continuing transition has not yet eliminated all structural barriers, the Government recognizes the need to remove impediments, reform the business environment, and open the economy to foreign participation.

Bosnia and Herzegovina Investment Climate 2009 by Ina Dimireva — last modified 04 February 2010, 12:43 CET

Bosnia and Herzegovina (BiH) has made considerable efforts to open its economy to more foreign investment. Major initiatives include a liberal State Foreign Investment Policy Law, a value-added tax (VAT), and a uniform trade and customs policy.

Switzerland Investment Climate 2009 by Ina Dimireva — last modified 01 February 2010, 20:49 CET

Switzerland welcomes foreign investment and accords it national treatment. Foreign investment is not hampered by significant barriers.