The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). The update includes Q&As on costs and charges and product intervention.
Christine Lagarde, European Central Bank President since mid-October, was heard for the first time in her new office by the Economic and Monetary Affairs Committee. Questions on how the ECB is responding to the threat of climate change were a recurring subject on Monday, during the new Central Bank President’s first hearing at the Parliament. MEPs across the political spectrum wanted to know how the ECB can include action on climate change in its monetary policy and whether it would stop supporting unsustainable companies through its asset purchase programme.
On Wednesday 4 December 2019, the European Court of Auditors (ECA) will publish a special report on EU Fiscal Governance – the EU requirements for national budgetary frameworks. The auditors examined whether the EU requirements strengthened the national budgetary frameworks and whether the European Commission assessed how the Member States applied them. This included an examination of the role of national independent fiscal institutions (IFIs) and the European Fiscal Board. The auditors also carried out a survey across all IFIs and visited relevant stakeholders in eight Member States in the euro area: Greece, Spain, France, Italy, Latvia, Luxembourg, Portugal and the Netherlands.
The European Banking Authority (EBA) published today a set of roadmaps outlining its approach and timelines for delivering the mandates stemming from the Risk Reduction Measures Package adopted by the Council of the EU and the European Parliament on 20 May 2019. These mandates are mainly focused in the areas of governance and remuneration, large exposures, resolution as well as reporting and disclosure. Besides clarifying the sequencing of mandates and the rationale behind their prioritisation, the roadmaps aim at providing a preliminary understanding of the mandates combined with some policy guidance. Through this work, the EBA will contribute to making the European Single Rulebook more comprehensive, proportionate and apt to reflect developments in the banking sector.