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Parole chiave "fabbisogno finanziario"
44 Risultati(i)
Data di creazione : 15-12-2021The ECB’s disclosure of Pillar 2 capital requirements
Tipo di pubblicazione Analisi approfondita
Data02-04-2020
AutoreDE BIASE FEDERICO | MAGNUS Marcel
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | Banca centrale europea | controllo bancario | fabbisogno finanziario | liquidità monetaria | solvibilità finanziaria |
stabilità finanziaria | Unione bancaria dell'UE | vigilanza finanziaria
Riassunto In January 2020, the European Central Bank (ECB) published for the first time a list with the specific Pillar 2 capital
requirements for all banks under the ECB’s direct supervision, each individually mentioned by name. This briefing
gives background information on the relevance of that disclosure, complementes the list with additional information,
and analyses the data.
Analisi approfondita EN
Public hearing with Danièle Nouy, Chair of the Supervisory Board
Tipo di pubblicazione Briefing
Data16-11-2018
AutoreDESLANDES JEROME JEAN PHILIPPE | MAGNUS Marcel | PACHECO DIAS CRISTINA SOFIA | PERAKI MARIA
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave audizione pubblica | controllo bancario | fabbisogno finanziario | istituto di credito | lotta contro la criminalità |
organismo dell'UE | presidente dell'istituzione | riciclaggio di denaro | società d'investimento | statistica | Stato membro
UE | Unione bancaria dell'UE | zona euro
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB).
The following issues are addressed in this briefing: (i) feedback on the EP resolution on Banking Union; (ii) Anti Money
Laundering, including external paper commissioned for this hearing; (iii) Brexit; (iv) Cum Ex; (v) stress test results; (vi)
supervisory banking statistics; (vii) recent SSM publications, including the 2019 supervisory programme and the
thematic review on profitability and business models.
Briefing EN
Level-2 measures under the new Securitisation framework
Tipo di pubblicazione Briefing
Data29-08-2018
AutoreDE JONG Willemijn
Settore di interventoQuestioni finanziarie e bancarie | Recepimento e attuazione del diritto
Parole chiave attività bancaria | Autorità europea degli strumenti finanziari e dei mercati | credito | disponibilità monetarie | fabbisogno
finanziario | investimento | istituto di credito | mercato dei capitali | mercato finanziario | regolamentazione finanziaria |
regolamento (UE) | società d'investimento
Riassunto This briefing focuses on the state of play of the implementing measures under the new Securitisation Regulation (EU)
2017/2402 and the amending Regulation (EU) 2017/2401 on the treatment of regulatory capital requirements for credit
institutions that originate, sponsor or invest in securitisations. Items for discussion include the draft measures that have
been prepared by the European Supervisory Agencies, and those currently under preparation, including – for the
European Securities and Markets Authority (ESMA) – technical standards on information in the STS notification and
information to be provided in the application for the authorisation of a third party verifying STS compliance, and – for
the European Banking Authority (EBA) – on the homogeneity of asset classes and on risk retention.
Briefing EN
Regular Public hearing with Danièle Nouy, Chair of the ECB Supervisory Board
Tipo di pubblicazione Briefing
Data15-06-2018
AutoreDESLANDES JEROME JEAN PHILIPPE | MAGNUS Marcel
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave audizione pubblica | controllo bancario | fabbisogno finanziario | istituto di credito | lotta contro la criminalità |
organismo dell'UE | presidente dell'istituzione | recesso dall'UE | Regno Unito | riciclaggio di denaro | società
d'investimento | statistica | Stato membro UE | Unione bancaria dell'UE | zona euro
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB) in ECON, scheduled for 19 June 2018.
The following issues are addressed in this briefing: (i) Brexit; (ii) the policy debate as to whether and how the EU
supervisory approach to Anti-Money Laundering (AML) could be further strenghened; (iii) the latest release of the
ECB’s Supervisory Banking Statistics; (iv) summaries of recent ECB/SSM publications (v) as well as summaries of
external briefing papers provided for the ECON Committee which analyse the settings of the ongoing EBA/ECB stress
test.
Briefing EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 1Public hearing with Danièle Nouy, Chair of the Supervisory Board, presenting the SSM Annual Report
2017
Tipo di pubblicazione Briefing
Data 22-03-2018
Autore MAGNUS Marcel
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave attività bancaria | audizione pubblica | Banca centrale europea | crisi monetaria | fabbisogno finanziario | istituto di
credito | organismo dell'UE | presidente dell'istituzione | società d'investimento | statistica | Stato membro UE | zona
euro
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB) who will inter alia present the SSM Annual Report 2017. The EP received a copy of that report on
a confidential basis, under embargo until Monday, 26 March 2018, at 15:00 CET. In view of that restriction, this briefing
does not refer to that Annual Report in any way.
The following issues are addressed in this briefing: the self-liquidation of directly supervised ABLV, the ECB
Addendum on NPLs, the latest release of the ECB’s Supervisory Banking Statistics, and external briefing papers
provided for the ECON Committee which analyse the 2017 SREP results.
Briefing EN
Common rules and new framework for securitisation
Tipo di pubblicazione Briefing
Data 25-01-2018
Autore DELIVORIAS Angelos
Settore di intervento Adozione della legislazione da parte del PE e del Consiglio | Problemi economici e monetari | Questioni finanziarie e
bancarie
Parole chiave approvazione della legge | attività bancaria | Autorità bancaria europea | Autorità europea degli strumenti finanziari e
dei mercati | Autorità europea delle assicurazioni e delle pensioni aziendali e professionali | compagnia d'assicurazioni
| credito | fabbisogno finanziario | iniziative di regolamentazione | investimento | istituto finanziario | regolamento (UE) |
società d'investimento | stabilità finanziaria | valore mobiliare
Riassunto In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital
Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at
international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due
diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify
simple, transparent and standardised (STS) securitisations and to allow investors to analyse associated risks. The
proposal came as a package with a second proposal, to amend the Capital Requirements Regulation applicable to
credit institutions and investment firms in respect of securitisation. During the October II plenary session, the European
Parliament is due to vote on the compromise agreement struck with the Council in May 2017. This briefing further
updates an earlier edition, of July 2016: PE 586.624. See also our updated briefing on the related proposal: PE
608.778.
Briefing EN
Securitisation and capital requirements
Tipo di pubblicazione Briefing
Data 25-01-2018
Autore DELIVORIAS Angelos
Settore di intervento Adozione della legislazione da parte del PE e del Consiglio | Problemi economici e monetari | Questioni finanziarie e
bancarie
Parole chiave approvazione della legge | attività bancaria | crisi monetaria | disponibilità monetarie | fabbisogno finanziario | istituto di
credito | mercato finanziario | procedura legislativa ordinaria | ravvicinamento delle legislazioni | regolamentazione
finanziaria | regolamento (UE) | rischio finanziario | società d'investimento
Riassunto As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation
market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized
enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new
framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for
the overall prudential framework for credit institutions and investment firms, therefore the Commission proposed to
amend the Capital Requirements Regulation (EU) No 575/2013 accordingly. The proposed amendments would adjust
risk retention profiles to reflect properly the specific features of STS securitisations. The most significant changes are:
a new hierarchy of risk calculation methods and lower capital requirements for STS. The Council agreed on a general
approach on both dossiers in early December 2015. Parliament’s ECON Committee adopted its report a year later, and
the two institutions reached agreement on the text in trilogue in June 2017. This briefing further updates an earlier
edition of July 2016: PE 573.935. See also our updated briefing on the related proposal: PE 608.777.
Briefing EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 2Finalisation of Basel III post-crisis reforms
Tipo di pubblicazione In sintesi
Data 12-12-2017
Autore MAGNUS Marcel
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave aumento di capitale | banca | conseguenza economica | diritto bancario | fabbisogno finanziario | gestione del rischio |
norma tecnica | politica bancaria | rischio finanziario | solvibilità finanziaria | vigilanza finanziaria
Riassunto This note is mainly based on documents published by the Basel Committee on Banking Supervision (BCBS) on 7
December 2017 under the header Finalising Basel III post-crisis reforms, namely the High-level summary of Basel III
reforms and the full text of the reforms. EGOV has previously published a briefing specifically on the role of the BCBS.
In sintesi EN
Regular public hearing with Danièle Nouy, Chair of the Supervisory Board - ECON on 9 November 2017
Tipo di pubblicazioneBriefing
Data
07-11-2017
Autore
KORPAS ALEXIOS | MAGNUS Marcel
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiaveanalisi comparativa delle prestazioni | analisi finanziaria | Banca centrale europea | Comitato europeo per il rischio
sistemico | erogazione di prestito | fabbisogno finanziario | fondo pensionistico | istituto di credito | metodo di
valutazione | situazione finanziaria | Spagna | statistica | Stato membro UE | zona euro
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European
Parliament and the ECB.
The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco
Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by
the SSM, and recent external briefing papers provided for the ECON Committee.
Briefing EN
Servizi finanziari: normative principali
Tipo di pubblicazioneNote tematiche sull'UE
Data
01-11-2017
Autore
RAKIC Drazen
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiaveborsa valori | compagnia d'assicurazioni | controllo bancario | diritto bancario | fabbisogno finanziario | istituto di credito
| pagamento intra UE | servizi finanziari | transazione finanziaria
Riassunto La regolamentazione e la vigilanza dei servizi finanziari nell'UE sono state oggetto di grande attenzione durante la crisi
finanziaria globale. Nel periodo successivo alla crisi, l'UE ha intrapreso un'importante revisione della sua politica in
materia di servizi finanziari al fine di ripristinare la stabilità e la fiducia nel sistema finanziario. Negli ultimi anni sono
state proposte più di 40 nuove misure, grazie ad iniziative come l'Unione bancaria e l'Unione dei mercati dei capitali.
La riforma del settore finanziario è ancora in corso.
Note tematiche sull'UE BG, ES, DE, ET, EL, EN, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK
Requisiti prudenziali per gli enti creditizi e le imprese di investimento
Tipo di pubblicazione In sintesi
Data 23-10-2017
Autore DELIVORIAS Angelos
Settore di intervento Problemi economici e monetari
Parole chiave Autorità bancaria europea | banca | Comitato europeo per il rischio sistemico | competenza istituzionale | elaborazione
del diritto dell'UE | emissione di valori | fabbisogno finanziario | gestione del rischio | istituto di credito | norma tecnica |
rating del credito | regolamentazione finanziaria | società d'investimento | solvibilità finanziaria
Riassunto Il nuovo quadro per le cartolarizzazioni semplici, trasparenti e standardizzate (STS) si ripercuote sul quadro
prudenziale complessivo per gli enti creditizi e le imprese di investimento. La Commissione ha proposto di
conseguenza di modificare il vigente regolamento sui requisiti patrimoniali (CRR) e di adeguare i profili di
mantenimento del rischio al fine di riflettere adeguatamente le caratteristiche specifiche delle cartolarizzazioni STS. Il
Parlamento si appresta a votare la proposta durante la seduta plenaria di ottobre II.
In sintesi ES, DE, EN, FR, IT, PL
15-12-2021 Fonte : © Unione europea, 2021 - PE 3Regular public hearing with Danièle Nouy, Chair of the Single Supervisory Mechanism - ECON on 19
June 2017
Tipo di pubblicazione Briefing
Data16-06-2017
AutoreDUVILLET-MARGERIT ALIENOR ANNE CLAIRE | MAGNUS Marcel | MESNARD Benoit
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi comparativa delle prestazioni | analisi finanziaria | Autorità bancaria europea | Comitato europeo per il rischio
sistemico | fabbisogno finanziario | fondo pensionistico | macroeconomia | metodo di valutazione | regolamento (UE) |
situazione finanziaria | zona euro
Riassunto This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European
Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European
Parliament and the ECB.
The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco
Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the
Supervisory Banking Statistics for the fourth quarter of 2016, two guidance documents published by the SSM, and a
summary of an external briefing paper on banks’ structural changes.
Briefing EN
Company law
Tipo di pubblicazione Note tematiche sull'UE
Data 01-06-2017
Autore BUX Udo
Settore di intervento Diritto contrattuale, diritto commerciale e diritto societario
Parole chiave concentrazione economica | creazione di imprese | direzione aziendale | diritto delle società | fabbisogno finanziario |
impresa multinazionale | ravvicinamento delle legislazioni | società europea | statuto giuridico europeo
Riassunto There is no codified European company law as such and Member States continue to operate separate company acts,
which are amended from time to time to comply with EU directives and regulations. The ongoing efforts for establishing
a modern and efficient company law and corporate governance framework for European undertakings, investors and
employees aim to improve the business environment in the EU.
Note tematiche sull'UE DA, DE, ET, EL, EN, HR, LV, HU, NL, PL, PT, SV
Unione bancaria
Tipo di pubblicazioneNote tematiche sull'UE
Data
01-06-2017
Autore
MAGNUS Marcel
Settore di intervento
Questioni finanziarie e bancarie
Parole chiaveBanca centrale europea | controllo bancario | controllo parlamentare | coordinamento delle politiche UEM | crisi
monetaria | deposito bancario | fabbisogno finanziario | istituto finanziario | mercato finanziario | mercato unico | zona
euro
Riassunto L'Unione bancaria è stata istituita in risposta alla crisi finanziaria ed è costituita attualmente da due elementi, il
Meccanismo di vigilanza unico (MVU) e il Meccanismo di risoluzione unico (MRU). L'MVU vigila sulle banche più
grandi e più importanti della zona euro direttamente a livello europeo, mentre l'MRU mira alla risoluzione ordinata delle
banche in dissesto, a un costo minimo per i contribuenti e l'economia reale. Un terzo elemento, un sistema europeo di
assicurazione dei depositi (EDIS), è al momento in fase di discussione.
Note tematiche sull'UE BG, ES, CS, DA, DE, ET, EL, EN, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV
Presentation of the SSM 2016 Annual Report by Danièle Nouy, Chair of the Single Supervisory
Mechanism (SSM)
Tipo di pubblicazione Briefing
Data21-03-2017
AutoreDUVILLET-MARGERIT ALIENOR ANNE CLAIRE | MAGNUS Marcel
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi comparativa delle prestazioni | analisi finanziaria | Autorità bancaria europea | Comitato europeo per il rischio
sistemico | fabbisogno finanziario | fondo pensionistico | macroeconomia | metodo di valutazione | regolamento (UE) |
situazione finanziaria | zona euro
Riassunto This note is prepared in view of a regular public hearing as referred to in Regulation 1024/2013 and the
Interinstitutional Agreement between the EP and the European Central Bank. Ms Nouy will inter alia present the SSM
Annual report 2016. The EP received a copy of that report on a confidential basis, under embargo until Thursday, 23
March 2016, at 9:00 CET. This briefing therefore does not use or refer to any information provided in that Annual
report.
The following issues are addressed in this briefing: key priorities for direct supervision in 2017, the key risks road map
for 2017, the Supervisory Banking Statistics for the third quarter 2016, recent relevant publications by the SSM, and a
summary of external briefing papers on conduct risk.
Briefing EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 4Carving Out Legacy Assets: A Successful Tool for Bank Restructuring?
Tipo di pubblicazione Analisi approfondita
Data15-03-2017
Autore esterno Alexander Lehmann
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiave aiuto di Stato | Autorità bancaria europea | banca | controllo bancario | credito per investimenti | debito pubblico | diritto
bancario | fabbisogno finanziario | mercato finanziario | politica monetaria | protezione del consumatore | Stato membro
UE
Riassunto This briefing drafted under supervision of the Economic Governance Support Unit reviews the options for a separation
of non-performing and other problematic assets from the main business of a bank. This separation is essential for bank
rehabilitation, though secondary loan markets are illiquid, and plagued by problems in valuation and information
sharing. Independent asset management companies are therefore needed, in particular as a tool in resolution. The
legal framework for such institutions should now be prepared.
Analisi approfondita EN
Carving Out Legacy Assets: A Successful Tool for Bank Restructuring?
Tipo di pubblicazione Analisi approfondita
Data15-03-2017
Autore esterno Willem Pieter de Groen
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiave aiuto di Stato | Autorità bancaria europea | banca | controllo bancario | credito per investimenti | debito pubblico | diritto
bancario | fabbisogno finanziario | mercato finanziario | politica monetaria | protezione del consumatore | Stato membro
UE
Riassunto This paper was drafted under supervision of the Economic Governance Support Unit. European banks have
accumulated more than €1 trillion in non-performing loans (NPLs) on their balance sheets after the burst of the 2007-
2009 great financial crisis. The NPLs pose a potential threat to bank stability in euro-area countries such as Cyprus,
Greece, Italy, Portugal and Slovenia, where more than 15% of the loans are non-performing. This paper assesses the
effectiveness of the various resolution tools to deal with legacy assets such as NPLs under the resolution framework.
On the one hand, the on-balance sheet tools (no tools, sales of entire bank, and asset guarantees) and on the other
hand, the tools that carve out the assets from the banks’ balances (selling part of the bank, bridge bank and asset
separation) are assessed based on the experiences in the aftermath of the financial crisis. The figures for the 79 euro-
area banks that received capital support between 2007 and 2016 show that the differences in bank viability as well as
financial and economic stability are fairly similar across tools, except for the sale of the entire business and bridge
banks. Taking also the costs (losses and recapitalisation) into account, asset management companies in particular, as
well as bridge banks, guarantees and no specific resolution tools, seem under the current conditions to effectively deal
with legacy assets such as NPLs.
Analisi approfondita EN
Carving Out Legacy Assets: A Successful Tool for Bank Restructuring?
Tipo di pubblicazione Analisi approfondita
Data15-03-2017
Autore esterno Martin Hellwig
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiave aiuto di Stato | Autorità bancaria europea | banca | controllo bancario | credito per investimenti | debito pubblico | diritto
bancario | fabbisogno finanziario | mercato finanziario | politica monetaria | protezione del consumatore | Stato membro
UE | Svizzera
Riassunto This paper was drafted under supervision of the Economic Governance Support Unit. Beginning with the proposal by
Enria (2017), the paper discusses the scope for successful bank restructuring through a carveout of impaired assets
and a transfer of these assets to a government-sponsored asset management company. The paper argues that the
success of such an operation requires a use of public funds, either outright or through contingent commitments.
Clawback provisions are problematic because they create contingent liabilities that merely shift risks from the assets
side to the liabilities sides of banks’ balance sheets. The paper distinguishes between asset impairments coming from
considerations of prospective returns and asset impairments coming from frictions in the markets in which these assets
are traded. It also distinguishes between threats to bank solvency and threats to bank funding/liquidity. In each case,
the success of bank restructuring from asset carveouts depends on the extent to which threats to the bank’s solvency
is eliminated. If these threats concern bank funding and asset liquidations at depressed prices, public funds may
eventually not be needed. If threats to bank solvency come from nonperforming loans, taxpayer support may be
essential. The notion of “real economic value” as the price at which assets should be transferred is problematic and
leaves ample room for hidden subsidies. The success of restructuring of the individual bank may itself come at a risk to
financial stability as the preservation of existing capacities maintains competitive pressure and depresses bank
profitability. Additional risks may come from the burden on the government’s fiscal stance.
Analisi approfondita EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 5Carving Out Legacy Assets: A Successful Tool for Bank Restructuring?
Tipo di pubblicazioneStudio
Data
15-03-2017
Autore esterno Rym Ayadi, Giovanni Ferri and Rosa M. Lastra
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiaveaiuto di Stato | Autorità bancaria europea | banca | controllo bancario | credito per investimenti | debito pubblico | diritto
bancario | fabbisogno finanziario | mercato finanziario | politica monetaria | protezione del consumatore | Stato membro
UE
Riassunto This paper drafted under supervision of the Economic Governance Support Unit considers a number of issues related
to the restructuring of troubled banks in the EU. First, we provide an overview of how legacy assets have been dealt in
a number of countries (drawing in particular upon the experience in Japan, the USA, Sweden and Spain), which
support the case for a centralized solution in the presence of a generalized banking crisis. Second, we shed light on
the need to differentiate between systemic and non-systemic events by examining the relevant literature on the credit
channel. Third, we elaborate the theoretical argument on the need for a systematic centralised approach at the EU
level to deal with legacy assets in bank restructuring to maintain fair recovery rates. Finally, we provide a preliminary
assessment of the business models, risk, response to regulation and performance of 38 state aided banks via
recapitalisation measures and explicit restructuring requirements with an emphasis on APS-AMC arrangements using
available data between 2005 and 2015. The indicators show that these state aided banks are returning progressively
to soundness and struggling to regain performance levels of the pre-crisis period, which is a generalised problem of
the European banking sector.
Studio EN
National Options and Discretions (NODs) in EU Banking Regulation - Overview, SSM Action and Possible
Next Steps
Tipo di pubblicazione Briefing
Data 19-01-2017
Autore DUVILLET-MARGERIT ALIENOR ANNE CLAIRE
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | competenza degli Stati membri | competenza dell'UE | consultazione pubblica | controllo bancario | diritto
bancario | fabbisogno finanziario | garanzia degli investimenti | gestione del rischio | sistema bancario | solvibilità
finanziaria | zona euro
Riassunto This briefing gives an overview of existing National options and discretions (NODs) in EU banking regulation, takes
stock of the action undertaken by the Single Supervisory Mechanism so far to harmonize them - notably the publication
on 24 March 2016 of an ECB Regulation and an ECB guide on options and discretions - and points to possible next
steps. This briefing is regularly updated.
Briefing EN
EBA Stress Test 2016: Some Methodological Issues Raised in the Public Domain
Tipo di pubblicazione Briefing
Data03-11-2016
AutoreDUVILLET-MARGERIT ALIENOR ANNE CLAIRE | MAGNUS Marcel | MESNARD Benoit
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiave analisi comparativa delle prestazioni | analisi finanziaria | Autorità bancaria europea | Comitato europeo per il rischio
sistemico | fabbisogno finanziario | fondo pensionistico | macroeconomia | metodo di valutazione | situazione
finanziaria | zona euro
Riassunto This note is prepared in advance of the regular hearing with the Chair of the Single Supervisory Mechanism on 9
November 2016 in the competent Committee of the European Parliament. It deals specifically with some
methodological issues raised in the public domain in the context of the EBA 2016 stress test. A separate briefing on
more general aspects of this exercise (“Bank stress testing: stock taking and challenges”) has been published by
EGOV on 22 September 2016.
Briefing EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 6Securitisation and capital requirements
Tipo di pubblicazione Briefing
Data 13-07-2016
Autore STUCHLIK Andrej
Settore di intervento Adozione della legislazione da parte del PE e del Consiglio | Problemi economici e monetari | Questioni finanziarie e
bancarie
Parole chiave attività bancaria | crisi monetaria | disponibilità monetarie | fabbisogno finanziario | istituto di credito | mercato
finanziario | ravvicinamento delle legislazioni | regolamentazione finanziaria | regolamento (UE) | rischio finanziario |
società d'investimento
Riassunto As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation
market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized
enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new
framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for
the overall prudential framework for credit institutions and investment firms, therefore the Commission proposed to
amend the Capital Requirements Regulation (EU) No 575/2013 accordingly. The proposed amendments would adjust
risk retention profiles to reflect properly the specific features of STS securitisations. The most significant changes are:
a new hierarchy of risk calculation methods and lower capital requirements for STS. The Council agreed on a general
approach on both dossiers in early December 2015. The draft report was presented in Parliament’s ECON Committee
on 6 June 2016. This briefing updates an earlier edition of February 2016: PE 573.935. See also our updated briefing
on the related proposal: 2015/0226(COD).
Briefing EN
Risk Weighted Assets versus Total Assets: Does It Matter for MREL Requirements?
Tipo di pubblicazione In sintesi
Data 12-07-2016
Autore MESNARD Benoit
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie | Semestre europeo
Parole chiave controllo bancario | fabbisogno finanziario | istituto finanziario | mercato finanziario | politica bancaria | Unione bancaria
dell'UE
Riassunto This notes provides a short summary of four external papers commissioned by the ECON Committee to assess the
distributional consequences of using a risk-weighted metric or an unweighted one when setting requirement for own
funds and eligible liabilities. Those findings were presented to the ECON Committee on Monday 11 July 2016, in
advance of the hearing with Mrs König, Chair of the Single Resolution Board, on Wednesday 13 July 2016.
In sintesi EN
"Total Assets" versus "Risk Weighted Assets": Does it Matter for MREL Requirements?
Tipo di pubblicazione Analisi approfondita
Data04-07-2016
Autore esterno Rym Ayadi and Giovanni Ferri
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi finanziaria | banca | controllo bancario | fabbisogno finanziario | gestione del rischio | metodo di valutazione |
solvibilità finanziaria
Riassunto Using a comprehensive sample of European banks by business model, ownership structure and systemic footprint, we
calculate MREL requirements based on three hypotheses: i) 18% of RWA; ii) 6.75% of LRE; iii) EBA- RTS. The
maximum of i) and ii) TLAC prescription – reveals different requirements across business models/ownership structures
not in favour of traditional banking. Variations are reduced somewhat with EBA RTS and an 8% floor. Shocking banks
in respect of tail risk events suggests that currently envisaged MREL levels might be insufficient for a smooth
resolution for banks.
Analisi approfondita EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 7"Total Assets" versus "Risk Weighted Assets": Does it Matter for MREL Requirements?
Tipo di pubblicazione Analisi approfondita
Data04-07-2016
Autore esterno Martin Hellwig
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi finanziaria | banca | controllo bancario | diritto bancario | fabbisogno finanziario | gestione del rischio | metodo di
valutazione | solvibilità finanziaria
Riassunto The paper discusses the role of risk weighting in the determination of minimum requirements for eligible bail-in-able
liabilities of banks (MREL), i.e. liabilities that are not exempt from the bail-in tool in bank resolution and that can be
written down or converted into equity if losses on assets exceed the available equity and such bailing-in is required to
re-establish bank solvency so as to provide a basis for maintaining systemically important operations in resolution. The
paper begins with a general discussion of the reasons for introducing bank resolution as a special procedure outside of
insolvency law, of the reasons for having the bail-in tool and of the frictions that may stand in the way of successful and
frictionless resolution. This discussion emphasizes the importance of having sufficient bail-in-able liabilities available; in
contrast, for large institutions that have access to bond markets, the social costs of such requirements are small (unlike
the private costs to the banks themselves). However, neither risk weighted nor total assets provide proper guidance for
determining MREL. Risk-weighting suffers from a lack of a proper statistical basis and a certain manipulability.
Moreover, the risk weighting that is used for capital regulation is not well suited for determining MREL; whereas capital
regulation focuses on the probability of bad results, MREL is concerned with the extent of losses conditional on results
being bad. “Total assets” suffer from not truly representing total assets because various rules, e.g. for netting, allow
banks to keep certain assets and liabilities off their balance sheets.
Analisi approfondita EN
"Total Assets" versus "Risk Weighted Assets": Does it Matter for MREL Requirements?
Tipo di pubblicazione Analisi approfondita
Data 04-07-2016
Autore esterno Bennet Berger, Pia Hüttl and Silvia Merler
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi finanziaria | banca | controllo bancario | diritto bancario | fabbisogno finanziario | gestione del rischio | metodo di
valutazione | solvibilità finanziaria
Riassunto The Bank Recovery and Resolution Directive (BRRD) foresees a minimum requirement for eligible liabilities and own
funds (MREL) that banks need to comply with, to ensure the effectiveness of the bail-in tool. A discussion is currently
on-going on how MREL should be constructed in practice. In this paper, we look at alternative ways to compute the
requirements, showing how the choice of the benchmark metric (between Risk Weighted Assets, Total Assets or
Leverage Exposure) can change the allocation of requirements across banks. We also review MREL in light of the
global effort to ensure future resolvability of banks, highlighting some differences and inconsistencies with the FSB’s
Total Loss-Absorption Capacity (TLAC) measure.
Analisi approfondita EN
"Total Assets" versus "Risk Weighted Assets": Does it Matter for MREL Requirements?
Tipo di pubblicazione Analisi approfondita
Data04-07-2016
Autore esterno Willem Pieter de Groen
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave analisi finanziaria | banca | controllo bancario | diritto bancario | fabbisogno finanziario | gestione del rischio | metodo di
valutazione | solvibilità finanziaria
Riassunto The bail-in of creditors forms a critical element within the new European bank recovery and resolution mechanism. The
bail-in must ensure that indeed creditors instead of taxpayers absorb a bank`s losses under ordinary circumstances. In
order to allow an orderly bail-in to happen it is important that banks, among others, have sufficient loss-absorbing
capacity. This so-called ‘minimum requirement for own funds and eligible liabilities’ (MREL) is currently based on a
combination of indicators that are translated into a ratio as a percentage of total liabilities plus own funds. In this paper
distribution across banks for the total liabilities plus own funds and the two alternative indicators risk-weighted assets
and leverage exposure – are assessed. The results show, based on a sample of 90 euro-area banks subject to direct
supervision of the Single Resolution Board, that the difference between leverage exposure and total liabilities plus own
funds is limited across the four different variables applied to categorise banks, namely supervisory, size, business
models and ownership structures. In turn, the application of a risk-weighted and assets-based ratio substantially
changes the distribution, with relatively lower average requirements for systemically relevant, larger, more market-
oriented and publicly owned banks.
Analisi approfondita EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 8What to Do with Profits when Banks Are Undercapitalized: Maximum Distributable Amount, CoCo Bonds
and Volatile Markets
Tipo di pubblicazione Briefing
Data18-03-2016
AutoreMESNARD Benoit | NORMAN Magnus
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave banca | diritto bancario | emissione di valori | fabbisogno finanziario | gestione del rischio | governance economica (UE)
| obbligazione | reddito da investimento | sistema di finanziamento | solvibilità finanziaria | vigilanza finanziaria
Riassunto This note gives an overview of the recent discussions relating to the clarification of the methodology for calculating the
Maximum distributable Amount in banking supervision and the volatility on the market for banks contingent convertible
bonds ("CoCo bonds").
Briefing EN
European banks [What Think Tanks are thinking]
Tipo di pubblicazione In sintesi
Data 17-03-2016
Autore CESLUK-GRAJEWSKI Marcin
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave bibliografia | controllo bancario | diritto bancario | fabbisogno finanziario | gestione del rischio | sistema bancario |
solvibilità finanziaria | zona euro
Riassunto European banks have come under the spotlight once again, as the unusual volatility of their share prices has raised
question-marks about their health in a changing regulatory environment and about the sustainability of the euro area's
economic recovery more generally. Euro-area banks have had to adapt to new resolution rules, which fully took effect
this year as part of EU efforts to create a Banking Union, having previously had to meet stricter capital requirements.
Apart from having to operate in the context of a global economic slowdown, banks have also been affected by the
European Central Bank's negative interest rates policy. This note offers links to recent commentaries, studies and
reports from major international think tanks on problems faced by European banks and recent efforts to reform the
sector.
In sintesi EN
Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do
in the Case of Mis-Selling?
Tipo di pubblicazione Analisi approfondita
Data17-03-2016
Autore esterno Martin R. Götz and Tobias H. Tröger
Settore di interventoProblemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave aumento di capitale | banca | controllo bancario | diritto bancario | emissione di valori | fabbisogno finanziario | garanzia
degli investimenti | gestione del rischio | governance economica (UE) | sistema bancario | solvibilità finanziaria |
stabilità finanziaria
Riassunto An important prerequisite for the efficiency of bail-in as a regulatory tool is that debt holders are able to bear the cost of
a bail-in. Examining European banks’ subordinated debt we caution that households may be investors in bail-in able
bonds. Since households do not fulfil the aforementioned prerequisite, we argue that European bank supervisors need
to ensure that banks’ bail-in bonds are held by sophisticated investors. Existing EU market regulation insufficiently
addresses mis-selling of bail-in instruments.
Analisi approfondita EN
Fondi di investimento europei a lungo termine
Tipo di pubblicazione In sintesi
Data 02-03-2015
Autore DELIVORIAS Angelos
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave compagnia d'assicurazioni | comune | fabbisogno finanziario | finanziamento a lungo termine | investimento di capitali |
promozione degli investimenti | società d'investimento | strumento finanziario
Riassunto Aumentare il pool di capitali privati disponibili nell'UE per il finanziamento, principalmente in Europa, sia di attivi
materiali (infrastrutture o impianti industriali) sia immateriali (istruzione, ricerca e sviluppo), è fondamentale per
promuovere l'innovazione e la competitività. La Commissione propone di creare un nuovo tipo di veicolo di
investimento che investirebbe in classi di attivi, come le società non quotate e i progetti di infrastrutture. Tali "fondi
europei di investimento a lungo termine" (ELTIF) contribuirebbero pertanto al finanziamento dell'economia reale
dell'UE e a fornire agli investitori privati rendimenti costanti e regolari.
In sintesi ES, DE, EN, FR, IT, PL
15-12-2021 Fonte : © Unione europea, 2021 - PE 9Single-member private limited liability companies: Initial Appraisal of a European Commission Impact
Assessment
Tipo di pubblicazione Briefing
Data 18-02-2015
Autore MANIAKI-GRIVA Alexia
Settore di intervento Diritto internazionale privato e cooperazione giudiziaria in materia civile | Diritto internazionale pubblico | Valutazione
d''impatto ex ante
Parole chiave agenzia all'estero | amministrazione elettronica | diritto delle società | elaborazione del diritto dell'UE | fabbisogno
finanziario | piccole e medie imprese | principio di proporzionalità | principio di sussidiarietà | registrazione di società |
società a responsabilità limitata | studio d'impatto
Riassunto This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact
Assessment accompanying the Commission proposal for a Directive on single-member private limited liability
companies.
The context of the initiative is well presented. Efforts have been made to substantiate the problems identified and the
various options considered are clearly described. Research and consultation appears to have been wide-ranging,
although a breakdown of stakeholder views on each option would have been useful. The scope of the IA could have
been broader, however. In particular, a more quantified and targeted cost-benefit analysis, especially with regard to
costs for Member States and SMEs, and more data on how efficient different Member State measures have been in
ensuring the smooth functioning of similar systems, would have strengthened the arguments. More specific evidence
would also have been helpful with regard to the potential uptake of this initiative by the beneficiaries targeted.
Briefing EN
Re-Capitalisation of Banks Supervised by the SSM, Monetary Dialogue, December 2013
Tipo di pubblicazione Studio
Data 15-01-2014
Autore esterno Karl WHELAN (University College Dublin), Guntram B. WOLFF and Silvia MERLER with research assistance
performed by Giuseppe DALUSIO (Bruegel, Brussels), Daniel GROS (CEPS, Brussels) and Sylvester C.W.
EIJFFINGER (CentER and EBC, Tilburg University and CEPR) with research assistance performed by Louis RAES
(Tilburg University)
Settore di intervento Questioni finanziarie e bancarie
Parole chiave aiuto di Stato | aiuto finanziario | banca | Banca centrale europea | bilancio di società | competenza istituzionale (UE) |
controllo bancario | fabbisogno finanziario | impresa in difficoltà | politica di sostegno | sistema bancario | solvibilità
finanziaria
Riassunto The papers of this compilation, prepared for the December 2013 session of the Monetary Dialogue, comment on
various economic aspects regarding the balance sheets of EU banks supervised by the SSM, how can a sufficient re-
capitalisation of the European Banking system be ensured most effectively, which institutions ought to be involved at
the national and EU level and what's the role of these institutions in terms of funding.
Studio EN
CRD4: proposals for safer financial firms
Tipo di pubblicazione In sintesi
Data 11-04-2013
Autore NEEDHAM Christopher
Settore di intervento Problemi economici e monetari
Parole chiave controllo bancario | diritto bancario | fabbisogno finanziario | investimento | istituto finanziario | liquidità monetaria |
servizi finanziari | società d'investimento
Riassunto The CRD4 package (a draft Regulation and Directive to replace the existing Capital Requirements Directives) is a
series of measures to make banks and investment firms in the EU more resilient in crisis situations.
In sintesi EN
Regulating bankers' bonuses
Tipo di pubblicazione In sintesi
Data 28-02-2013
Autore DE JONG Willemijn
Settore di intervento Problemi economici e monetari
Parole chiave capitali speculativi | controllo bancario | diritto bancario | fabbisogno finanziario | premio salariale | transazione
finanziaria
Riassunto Bankers' bonuses have been under debate with the review of the Capital Requirements Directive (CRD IV). The
Directive, meant to regulate the amount of capital banks hold, already includes guidelines on the remuneration of
bankers, but the European Parliament has sought to introduce a fixed cap on bankers' variable pay proportionate to
their fixed pay.
In sintesi EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 10Assessment of the Cumulative Impact of Various Regulatory Initiatives on the European Banking Sector
Tipo di pubblicazione Studio
Data 15-07-2011
Autore esterno Michael SCHRÖDER (Centre for European Economic Research, ZEW GmbH), Jesper RIEDLER (Centre for European
Economic Research, ZEW GmbH), Lena JAROSZEK (Centre for European Economic Research, ZEW GmbH) and
Gunnar LANG (Centre for European Economic Research, ZEW GmbH)
Settore di intervento Questioni finanziarie e bancarie
Parole chiave borsa valori | controllo bancario | diritto bancario | emissione di valori | fabbisogno finanziario | garanzia di credito |
investimento | mercato a termine | servizi finanziari | strumento finanziario
Riassunto In this study we assess the most important current regulatory initiatives for the banking sector to the extent possible
and on the basis of existing literature. An extensive overview of relevant considerations regarding each measure is
followed by a holistic impact assessment. While a direct impact on the real economy through a change in credit supply
by banks is assessed to be small, it is difficult to judge the measures’ overall indirect influence on increasing stability.
For this purpose six distinct stability objectives are put forward and the measures’ expected impact on each is
assessed in detail. These objectives are: (1) reduction of procyclicality, (2) reduction of misguided incentives, (3)
creation of a level playing field, (4) internalisation of social costs, (5) increasing transparency and (6) increasing
consumer/investor confidence. According to the survey conducted for this study among German financial market
experts, the current state of effective regulation is deemed to be exceptionally insufficient with regard to the first three
stability objectives. This study implies that for those objectives the impact of the entirety of regulatory efforts is likely to
be most salient, but also most ambiguous. The assessment indicates where the design of effective regulation may be
particularly challenging and points out possible detrimental effects on financial stability.
Studio EN
CRD IV - Impact Assessment of the Different Measures within the Capital Requirements Directive IV
Tipo di pubblicazione Studio
Data 15-06-2011
Autore esterno Udo REIFNER (Institut für Finanzdienstleistungen e.V. (iff), Hamburg, Germany), Doris NEUBERGER (Roger RISSI,
lic. oec. publ., FRM) and Sebastien CLERC-RENAUD (Institut für Finanzdienstleistungen e.V. (iff), Hamburg,
Germany)
with research assistance of Daniel KRAUS, Oliver MÄSCHLE, Saskia LASER and Stephan HACKENBERG
Settore di intervento Questioni finanziarie e bancarie
Parole chiave controllo bancario | diritto bancario | fabbisogno finanziario | investimento | istituto finanziario | liquidità monetaria |
servizi finanziari | società d'investimento | studio d'impatto
Riassunto The three main pillars of the new regulatory framework for banks are: capital, leverage and liquidity requirements. The
assessment of the CRD IV measures shows that there is a sound chance of increasing stability of the banking sector
resulting in net benefits for the overall economy. Nevertheless, these findings are surrounded by a high degree of
uncertainty in connection with the actual behaviour of the involved market participants. Empirical evidence for the EU
shows that the links between the proposed restrictions and the portfolio choice of banks are weak. The quantitative
analyses indicate that in the short run financing costs of banks will increase by 0.06% per additional percentage point
of regulatory capital requirements. The impact of liquidity requirements will be in the range of 0.05% per percentage
point. The growth impact in the short run is estimated to be -0.18% for capital and -0.15% for liquidity requirements
(per percentage point). In the long run the impact will be close to zero. Capital regulation beyond 13% capital
requirements and above 5% additional liquidity are associated with excessive macroeconomic cost unlikely to be
recovered from gains from increased economic stability.
Studio EN
Stress tests on EU banks
Tipo di pubblicazione In sintesi
Data 05-05-2011
Autore STULL Graham
Settore di intervento Problemi economici e monetari
Parole chiave controllo bancario | credito al consumo | credito commerciale | crisi monetaria | fabbisogno finanziario | sistema
bancario
Riassunto After a 2010 round of EU-wide stress testing failed to reveal problems in the Irish banking sector, a new round is being
prepared in 2011, coordinated by the new European Banking Authority.
In sintesi EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 11The interaction between sovereign debt and risk weighting under the Capital Requirements Directive
(CRD) - as an incentive to limit government exposures
Tipo di pubblicazione Studio
Data 20-09-2010
Autore esterno Achim KASSOW, Member of the Board of Managing Directors Commerzbank AG; Barbara FROHN, Managing
Director, Global Head of Internal Validation and Member of the Public Policy group in Grupo Santander S.A.;
Marianne KAGER, Managing Director MK Ceba GesmbH
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave conseguenza economica | controllo bancario | debito pubblico | diritto bancario | fabbisogno finanziario | finanziamento
pubblico | istituto finanziario | obbligazione | regolamentazione finanziaria | servizi finanziari | società d'investimento |
Unione economica e monetaria
Riassunto This compilation of briefing papers is written by members of the Financial Services Expert Panel of ECON advising the
Committee on financial services policy questions. It includes three contributions on the interaction between sovereign
debt and risk weighting under the Capital Requirements Directive (CRD) as an incentive to limit government
exposures, as well as a summary of the papers.
Studio EN
The Nordic Crisis
Tipo di pubblicazione Studio
Data 16-11-2009
Autore esterno Jaakko Kiander (Labour Institute for Economic Research, and University of Helsinki), Lars Nyberg (Deputy Governor,
Riksbank, Swedish Central Bank) and Lars Jonung (Professor, Research Adviser, DG ECFIN, European Commission)
Settore di intervento Problemi economici e monetari | Questioni finanziarie e bancarie
Parole chiave crisi monetaria | Europa del Nord | fabbisogno finanziario | Finlandia | piano anticrisi | politica di finanziamento |
recessione economica | regolamento finanziario | sistema bancario | Svezia
Riassunto A workshop on the "Nordic Crisis - Lessons from the Nordic Countries in the Early 1990s for the Present Crisis" was
held in the European Parliament in Brussels on 30 November 2009. This document contains the programme and
presentations of that workshop.
Studio EN
Prudential Supervisory Arrangements and Financial Crises - A Critique of the European Commission’s
Impact Assessment on the Revision of the CRD
Tipo di pubblicazioneStudio
Data
15-07-2009
Autore esterno Europe Economics (London, UK)
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione d''impatto ex ante
Parole chiavecontrollo bancario | fabbisogno finanziario | politica creditizia | recessione economica | scambio d'informazioni | servizi
finanziari
Riassunto This document was commissioned by the European Parliament’s Committee on Economic and Monetary Affairs
(ECON). It is a quick critique, conducted over a four week period, of those sections of the European Commission’s
Impact Assessment (hereafter “the IA”) on the revisions to the Capital Requirements Directives that relate to home-
host issues and crisis management.
Studio EN
Workshop on CRD Revision in the Light of the Financial Crisis - Presentations, Briefing Notes and Impact
Assessment
Tipo di pubblicazioneStudio
Data
14-11-2008
Settore di intervento
Problemi economici e monetari | Questioni finanziarie e bancarie | Valutazione d''impatto ex ante
Parole chiavecontrollo bancario | controllo della liquidità | fabbisogno finanziario | istituto finanziario | mercato finanziario | piano
anticrisi | regolamentazione finanziaria | regolarizzazione del mercato | scambio d'informazioni | sistema bancario
Riassunto This workshop was held to obtain from a broad spectrum of experts both academic and from industry, views on the
Commission proposal to review the Capital Requirements Directive (CRD). The ECON committee also requested an
Impact Assessment on the Commission's Impact assessment on the proposed changes as well as a series of briefing
papers on different topics regarding the proposed changes in CRD. All of these are to be found within the compilation.
Studio EN
15-12-2021 Fonte : © Unione europea, 2021 - PE 12Workshop on the Financial Crisis
Tipo di pubblicazione Studio
Data 15-07-2008
Autore esterno Peter Lutz, Daniel Amadieu, John Hennessy, Rick Watson, Mathias Schmit, Jan Pieter Krahnen, Paul Mercier, Adrian
Blundell-Wignall, Svein Andresen, Avinash Persaud and Willem Verschoor
Settore di intervento Questioni finanziarie e bancarie
Parole chiave banca centrale | Banca centrale europea | controllo bancario | crisi monetaria | direzione d'azienda | fabbisogno
finanziario | istituto finanziario | mercato finanziario | regolamentazione finanziaria | società d'investimento
Studio EN
Consumer Protection Aspects of the UCITS Amending Directives of 17 July 1998
Tipo di pubblicazioneStudio
Data
01-01-2001
Autore esterno Udo Reifner (Institut für Finanzdienstleistungen, Hamburg, Germany)
Settore di intervento
Protezione dei consumatori | Questioni finanziarie e bancarie
Parole chiaveattività bancaria | fabbisogno finanziario | investimento | mercato dei capitali | mercato monetario | protezione del
consumatore | servizi finanziari | società d'investimento | valore mobiliare
Riassunto The so-called 'UCITS Directive' of 1998 went some way towards the creation a single market for unit trusts, based on
the principle of home-country control. The Commission has recently made proposals to allow a wider choice of
investments by funds and further open up the market; and these have given rise to considerable debate not least in the
European Parliament on such issues as 'tracker' and 'master feeder' funds. Professor Udo
Reifner outlines the main provisions of the proposed legislation, and analyses them from the perspective of investor
protection, which he believes should not be ignored in the search for market liberalisation. The amendments voted by
Parliament at first reading are appended in an Annexe.
Studio DE, EN, FR
15-12-2021 Fonte : © Unione europea, 2021 - PE 13Puoi anche leggere
