The EU will soon have in place a more robust framework to regulate and supervise banks. EU ambassadors today endorsed an agreement reached between the Romanian presidency and the Parliament on a set of revised rules aimed at reducing risks in the EU banking sector.
“The two amendments proposed by the Commission in March 2018 to the Regulation on cross-border payments will reduce the cost of intra-EU payments within the entire EU and unify the single retail payments market. This will benefit in particular citizens and businesses from the non-euro area Member States by letting them have access to cheaper intra-EU euro payments. Transactions made in EU currencies other than the euro are not impacted by the revised Regulation; however, Member States are free to extend the rules to other currencies.”
Steven Maijoor, the Chair of the European Securities and Markets Authority (ESMA), delivered a speech on Brexit – the regulatory challenges at the European Financial Forum 2019 in Dublin this morning. The speech focused on ESMA’s preparations for a no-deal Brexit across a number of areas including secondary markets, clearing and settlement and cooperation agreements while also looking to the future of the European Union’s market after Brexit.
The Commission welcomes the political agreement reached by the European Parliament and Member States on the proposal for a pan-European personal pension product (PEPP). Helping to channel more savings to long-term investments in the EU, this is an important milestone for the Capital Markets Union.
As defined under the Fourth and Fifth Anti-Money Laundering Directives, the EU has to establish a list of high-risk third countries, to make sure the EU financial system is equipped to prevent money laundering and terrorist financing risks coming from third countries. Therefore the aim is to protect the integrity of the EU financial system from financial flows involving countries with strategic deficiencies in their anti-money laundering and countering terrorist financing regimes.
The Commission has adopted its new list of 23 third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. The aim of this list is to protect the EU financial system by better preventing money laundering and terrorist financing risks. As a result of the listing, banks and other entities covered by EU anti-money laundering rules will be required to apply increased checks (due diligence) on financial operations involving customers and financial institutions from these high-risk third countries to better identify any suspicious money flows.
EU ambassadors today endorsed the agreement reached between the presidency and the European Parliament on 13 December on the proposed ‘pan-European pension product’ (PEPP), a new class of personal pension scheme. The draft regulation is aimed at providing greater choice for people who wish to save for their retirement, and at the same time boosting the market for personal pensions.