Other news - January 2014
The European Commission has proposed new rules to stop the biggest and most complex banks from engaging in the risky activity of proprietary trading. The new rules would also give supervisors the power to require those banks to separate certain potentially risky trading activities from their deposit-taking business. The Commission has also adopted accompanying measures aimed at increasing transparency of certain transactions in the shadow banking sector. “Today’s proposals are the final cogs in the wheel to complete the regulatory overhaul of the European banking system” said Commissioner Barnier. “The proposed measures will further strengthen financial stability and ensure taxpayers don’t end up paying for the mistakes of banks”.
On 16 and 17 January 2014, the European Commission, the European Economic and Social Committee (EESC) and the City of Strasbourg hosted a large European interactive event on social entrepreneurship and the social economy.
Deadline for SEPA migration: Commission introduces an additional transition period of six months (until 01.08.2014)
The Commission has adopted a proposal to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted so as to ensure minimal disruption for consumers and businesses. The proposal does not change the formal deadline for migration 1 February 2014.