The European Commission has adopted a package of Regulatory Technical Standards (RTS) needed to implement important provisions of the Capital Requirements Regulation and Directive (CRR/CRD). The nine RTS adopted today define the ways in which competent authorities and market participants must handle disclosures linked to securitisation instruments, measure potential losses from derivative positions and counterparty failure, as well as specifying the types of instruments that can be used for paying bonuses.
“Today, we made progress on a number of elements (...) However, on the issue of ‘who pushes the button’, the Council decided not to change the balance of roles between the Council and Commission”. Statement by Commissioner Barnier following the Economic and Financial Affairs Council of 11.03.2014.
The European Parliament adopted in plenary today the “Omnibus II” Directive that completes the “Solvency II” Directive and finalises the new framework for insurance regulation and supervision in the EU. "This long-awaited and vital reform is on the brink of becoming reality" said Commissioner Barnier.
The European Parliament has today backed with a substantial majority the European Commission’s proposal to modernise Europe’s rules on e-invoicing in public procurement. The new rules will contribute to eliminating barriers to cross-border public procurement by ensuring interoperability between national e-invoicing systems which, ultimately, will result in a better functioning Single Market.
“Banking union depends on having its second pillar, the single resolution mechanism, in place”. Statement by Commissioner Barnier following the meeting of 10 March between ministers of finance and European Parliament representatives and introductory remarks at the ECOFIN Council of 11 March.
The European Commission has today adopted Regulatory Technical Standards on criteria to identify categories of staff whose professional activities have a material impact on an institution’s risk profile. These standards supplement the requirements of the Capital Requirements Directive (CRD IV) and will ensure that the CRD rules on remuneration are applied consistently across the EU.
“I welcome today’s agreement by Sweden, Lithuania, Latvia and Estonia on the creation of a regional division of the Unified Patent Court (UPC). I am very pleased to see those countries taking the lead on this important aspect of the future UPC”. Statement by Commissioner Barnier.