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Financial services & capital markets > Investment services & financial markets infrastructure
Commissioner Barnier welcomes Parliament vote on venture capital and social entrepreneurship funds
12/03/2013
“These new EU initiatives will increase opportunities for innovative start-ups or social businesses to find capital”. Statement by Commissioner Barnier.
Interbank interest rate benchmarks: Statement by Commissioner Barnier
08/02/2013
“Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. (...) Any failures may cause losses for investors, distort the real economy and undermine market confidence. (...) The Commission is aiming to present its proposal on benchmarks in the second quarter of 2013 and I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as Euribor.” Statement by Commissioner Barnier.
Derivatives: Statement by Commissioner Barnier on the technical standards to implement the new rules
07/02/2013
“I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. (...) This means that the standards can now enter into force around mid-March”. Statement by Commissioner Barnier.
European Parliament’s vote on new rules to regulate credit rating agencies (CRAs): Statement by Commissioner Barnier
16/01/2013
Commissioner Barnier has welcomed the agreement on new rules on credit rating agencies (CRAs) reached today by the European Parliament. “This agreement will considerably improve the quality of ratings. Credit rating agencies will have to be more transparent when rating sovereign states and will have to follow stricter rules which will make them more accountable for mistakes in case of negligence or intent”, said the Commissioner.
Commission adopts implementing rules for the Directive on Alternative Investment Fund Managers (AIFMD)
19/12/2012
The Directive on Alternative Investment Fund Managers is one of the measures taken by the European Union in its commitment to fight financial crisis. It aims to create a general and efficient regulatory and monitoring framework for alternative investment fund managers in Europe.
Commission adopts technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR)
19/12/2012
Internal Market and Services Commissioner Michel Barnier said: “The adoption of these technical standards is the final step in achieving the mandatory clearing and reporting of OTC derivatives and in meeting our G20 commitments. This will improve transparency in the trading of derivatives”.
Tackling the culture of manipulation: What were the systemic failures? How widespread is the problem and what action is being taken?
24/09/2012
"Les indices de références s'utilisent au plan mondial, il est fondamental de coordonner nos travaux avec nos partenaires internationaux. La Commission travaille donc étroitement avec la BCE et d'autres banques centrales, le FSB et l'IOSCO afin d'envisager le plus rapidement possible des alternatives au système actuel qui répondent le mieux aux besoins de l'économie." Speech by Commissioner Michel Barnier.
Commission launches consultation on a future framework for investment funds
26/07/2012
The consultation builds on and is complementary to the European Securities and Markets Authority's (ESMA) guidelines on ETF (exchange-traded funds) and other UCITS issues of 25 July. The consultation raises a series of issues and policy options aimed at maintaining investor confidence in money market funds.
Libor scandal: Commission proposes EU-wide action to fight rate-fixing
25/07/2012
In the recent LIBOR scandal, serious concerns have been raised about false submissions of banks' estimated interbank lending rates. The European Commission has today acted to address this kind of market manipulation, by adopting amendments to the proposals for a Regulation and a Directive on insider dealing and market manipulation, including criminal sanctions, initially tabled on 20 October 2011.
Short selling: Commission adopts rules on the ban on uncovered sovereign credit default swaps and short sales of shares and sovereign debt
05/07/2012
The European Commission has today adopted a Delegated Act which sets out important technical rules needed to ensure the uniform application and enforcement of the Short Selling Regulation . In particular, the delegated act specifies the cases in which sovereign credit default swaps are considered covered, and therefore not banned in accordance with the Regulation.
Commission proposes legislation to improve consumer protection in financial services
03/07/2012
In the aftermath of the biggest financial crisis in recent memory, the financial sector must place consumers at its heart. Retail products must be safer, information standards must become clearer, and those selling products must always be subject to the highest standards. The European Commission has adopted today a legislative package solely dedicated to consumers, which includes a proposal for a regulation on key information documents for packaged retail investment products (PRIPS), a revision of the Insurance Mediation Directive (IMD), and a proposal to boost protection for those who buy investment funds (UCITS).
Short selling: Commission adopts technical standards
29/06/2012
The European Commission has today set out the detailed rules aimed at reducing the risk of settlement failures linked to naked short selling, as well as the means by which market participants should disclose significant short positions to the market.
Council and Parliament agree on Commission proposals on European venture capital funds and European social entrepreneurship funds
28/06/2012
"This agreement sends an important signal that taking concrete measures to aid growth in Europe is at the heart of our work". Commissioner Barnier welcomes trilogue agreement by Council and Parliament on European venture capital funds and European social entrepreneurship funds.
Protecting consumers of insurance products
19/06/2012
“The revision of the Directive on insurance mediation (IMD) is an important step in restoring consumer confidence in the financial sector” — Speech by Commissioner Barnier at the Conference of the European Federation of Insurance Intermediaries (BIPAR).
Asset management, the key to intelligent financial regulation
04/05/2012
"Asset managers are in the vanguard to make Europeans' savings work for businesses. And to help savers better manage the risks they face in the course of their lives." Speech by Commissioner Barnier to the European Fund and Asset Management Association.
Vote by the European Parliament of new European rules to regulate financial derivatives
29/03/2012
"I congratulate the European Parliament on its vote approving a regulation for more stability, transparency and efficiency in derivatives markets. Today's vote is a key step in our effort to establish a safer and sounder regulatory framework for European financial markets." Statement by Commissioner Barnier.
Making financial regulation serve society through civil society and consumer participation
27/03/2012
Commissioner Barnier sets out the concrete steps being taken in order to better involve civil society in the new financial regulation. This greater participation of all stakeholders will soon be given the opportunity to prove its effectiveness, since 2012 will be full of initiatives that will have a strong impact on consumers of financial services. Speech by Commissioner Barnier at the '' Finance and Society Conference 2012'' (Finance Watch) in Brussels.
Commission acts to increase the safety and efficiency of securities settlement in Europe
07/03/2012
Commission acts to increase the safety and efficiency of securities settlement in Europe The European Commission has proposed to set up a European common regulatory framework for the institutions responsible for securities settlement, called Central Securities Depositories (CSDs). The proposal will bring more safety and efficiency to securities settlement in Europe. It also seeks to shorten the time it takes for securities settlement and to minimise settlement fails.
Appointment of David Wright as the Secretary-General of IOSCO
13/02/2012
Statement by Commissioner Michel Barnier welcoming the appointment of David Wright as Secretary-General of the International Organization of Securities Commissions (IOSCO).
Agreement on new European rules to regulate financial derivatives (EMIR)
09/02/2012
"I congratulate the European Parliament and the Council on reaching today an important agreement on a regulation for more stability, transparency and efficiency in derivatives markets (…) The era of opacity and shady deals is over". Statement by Commissioner Barnier.
ECOFIN Council: agreement on derivatives
24/01/2012
Statement by Commissioner Barnier following the agreement at the ECOFIN Council on a revised mandate on derivatives (EMIR).
More responsible businesses can foster more growth in Europe
25/10/2011
The European Commission has presented a package of measures to support entrepreneurship and responsible business. First, the Social Business Initiative will help companies that address social objectives as their corporate aim to fulfil their unexploited potential. This initiative is complemented by a new strategy for corporate social responsibility. The Commission has also proposed to revise the 'Accounting' directives and the 'Transparency' directive. This will improve transparency and promote sustainable business among multinationals - in particular those in the forest and mining industries - and will simplify accounting rules for SMEs, allowing them to save up to €1.7 billion per year.
MiFID revision and market abuse: Commission tables new rules for more sound and trasparent financial markets
20/10/2011
The European Commission has tabled proposals to revise the Markets in Financial Instruments Directive (MiFID). These proposals consist of a Directive and a Regulation and aim to make financial markets more efficient and transparent, in particular by improving the oversight of less regulated markets and by addressing the issue of excessive price volatility in commodity derivatives markets. The Commission has also proposed a Regulation on market abuse and a Directive to ensure effective sanctions at European level for insider dealing and market manipulation.
Commissioner Michel Barnier welcomes trilogue agreement by Council and Parliament on new rules for short selling and Credit Default Swaps
18/10/2011
Last night's agreement by the European Parliament and the Council represents a significant step towards greater transparency, stability and responsibility in short selling transactions and sovereign Credit Default Swap (CDS) markets. It will now need to be formally endorsed by the European Parliament, Council and Commission.
Michel Barnier welcomes Council agreement on derivatives trading
04/10/2011
"I congratulate the EU finance ministers in finding a unanimous agreement yesterday on this major text that is to bring transparancy and regulation to the OTC derivatives market. We will now move to the final stage of adoption with the European Parliament. I hope to see this important milestone to be in force by the end of the year."
"Preserve ESMA's power on short selling and market abuse" - Interview
19/08/2011
According to Commissioner Barnier, national short-selling bans, coordinated by the newly created European Securities and Market Authority recently, demonstrated the need for an EU-wide regulation. Interview by Jim Brunsden, Bloomberg Brief.
Social Business Initiative: Promoting social investment funds
13/07/2011
Today, the Commission services launch a consultation on possible European measures to support social businesses through private investment funds.
Gestion d'actifs: Plus de responsabilités pour plus d'opportunités 
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13/04/2011
Table ronde du European Fund and Asset Management Association (EFAMA).
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Commodity markets: The G20 must act
17/02/2011
"You know my general commitment to well regulated markets based on the principles of transparency and accountability. This commitment is even more pronounced in the case of those markets where abuse, opacity and price volatility may have serious social, political or human consequences". Speech by Commissioner Barnier at the EUROFI 2011 conference, Paris.
The Commission calls for action on commodities and raw materials
02/02/2011
Excessive volatility of prices on all major commodity markets occurs at a time when the competitiveness of European industry crucially depends on efficient and secure access to raw materials. Raw materials are vital for the EU’s economy and particularly crucial for the development of modern environmentally friendly technologies such as electric cars and photovoltaics.
Enhancing safety of European financial markets: common rules for Central Securities Depositories and securities settlement
13/01/2011
As part of its work in creating a more transparent and stable financial system, the European Commission Services have today launched a consultation on Central Securities Depositories (CSDs) and on the harmonisation of certain aspects of securities settlement in the European Union.
Commission launches consultation on review of EU investment funds rules
14/12/2010
The European Commission has launched a consultation today on the review of the EU rules for setting up and operating investment funds. These funds are known as Undertakings for Collective Investment in Transferable Securities (UCITS) and accounted for over €5 trillion in 2009
Financial reform: the European Commission sets out ways to strenghten sanctions for violation of EU rules and consults stakeholders on the review of MiFID
08/12/2010
The European Commission adopted today a Communication setting out possible ways to reinforce sanctioning regimes in the EU’s financial services sector. It also launched a consultation on the review of the Markets in Financial Instruments Directive (MiFID).
Commissioner Barnier welcomes EU agreement on tighter rules for the alternative investment fund sector
11/11/2010
Michel Barnier welcomed the plenary vote of the European Parliament on the Alternative Investment Fund Managers Directive. With the approval of both the governments of the EU Member States and the Members of the European Parliament, Europe is now set to introduce a new comprehensive and secure framework for the supervision and prudential oversight of hedge funds, private equity funds, real estate funds and a wide range of other types of institutional fund.
Remarks at "Securities Industry and Financial Markets Association" (SIFMA) Securities Industry and Financial Markets Association New York - October 28, 2010
08/11/2010
SPEECH/10/612 - Mr. President, Mr. Bentsen, Ladies and Gentlemen, A very good morning to all of you. I arrived from Europe late yesterday evening. I am very happy that my first meeting here in the United States takes place at SIFMA....
EU and US reaffirm their commitment to continue cooperation on financial reform
02/11/2010
On his second official visit to the US, Commissioner Barnier met with political representatives and key players in the financial sector. His engagement included meetings with Treasury Secretary Tim Geithner and with US Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler. He also delivered speeches at the Securities Industry and Financial Markets Association (SIMFA) and at the Atlantic Council.
Statement of Commissioner Barnier on the agreement reached on the AIFM Directive
26/10/2010
"Today, the European Parliament and the Member States have reached an agreement on the AIFM Directive which will introduce, for the first time, European regulation for the managers of alternative investment funds, including hedge funds and private equity".
Statement by Commissioner Michel Barnier on the conclusion of negotiations on the AIFM Directive
19/10/2010
Statement by Commissioner Michel Barnier on the conclusion of negotiations on the AIFM Directive (hedge funds and private equity) at the ECOFIN Council in Luxembourg, 19 October 2010.
Working together to strenghten the global financial system
28/09/2010
Joint statement by Commissioner Barnier and Gary Gensler, Chairman of the US Commodity Futures Trading Commission, on the financial reform agenda.
Review of the Markets in Financial Instruments Directive (MiFID)
20/09/2010
"Technical complexity or technological developments cannot be used as an excuse to derogate from the fundamental principles of transparency, responsibility and appropriate regulation." Speech by Commissioner Barnier at the public hearing on the "Review of the Markets in Financial Instruments Directive (MiFID)".
EU markets chief Barnier warns the City casino days are over - Interview
16/09/2010
"We need markets, and we need financial institutions that create value-added, but everyone has to be able to answer for what they are doing. People taking crazy risks linked to crazy rewards have to be brought back to their senses". Interview by Ambrose Evans-Pritchard, Telegraph.
"Trying to ban speculation is like trying to prevent rain from falling" - Interview
16/09/2010
Michel Barnier explains how the European Commission wants to make financial markets more transparent and reduce the risks of another crisis. Interview by Anne Bauer and Alexandre Counis, elEconomista.
Making financial markets safer and more transparent: new measures on derivatives, short selling and credit default swaps
15/09/2010
As part of its ongoing work in creating a sounder financial system, the European Commission has tabled a proposal for a regulation aimed at bringing more safety and more transparency to the over-the-counter derivatives markets. It has also adopted a proposal for a regulation on short-selling and credit default swaps (CDS).
Investor Compensation Schemes – Frequently asked Questions (MEMO/10/319)
12/07/2010
Commission proposes package to boost consumer protection and confidence in financial services (IP/10/918)
12/07/2010
New proposals to boost consumer protection and confidence in financial services
12/07/2010
Commissioner Barnier proposes new measures to improve protection for bank account holders, investors and insurance policy holders.
"I know that Belgium will face its responsibilities" - Interview
01/07/2010
Despite the country's uncertain political climate, Commissioner Barnier is confident of the Belgian EU Presidency. Under the heading of of financial regulation, Belgium desires to find a compromise on regulating hedge funds. Interview by Vincent Georis and Krystèle Tachdjian, L'Echo.
Commission acts to improve investor protection and efficiency in the EU investment fund market
01/07/2010
The European Commission has today completed a programme of improvements to the EU framework for investment funds. According to M. Barnier, the new rules "will improve investor protection, cut red tape and further strengthen the global competitiveness of Europe's investment funds".
Internal Market: Commission acts to ensure that 12 Member States implement EU rules on shareholders' rights in listed companies and public procurement redress (IP/10/815)
24/06/2010
Public consultation on Short Selling and Credit Default Swaps-Frequently asked questions (MEMO/10/255)
14/06/2010
Consultation on Derivatives and Market Infrastructures - frequently asked questions (MEMO/10/256)
14/06/2010
Derivatives and short selling: public consultations are now open
14/06/2010
In order to advance swiftly in completing the necessary reforms to ensure a safe and stable financial system in Europe, the European Commission has launched two consultations in the area of financial services.
EU considers restrictions to short-selling - Article
05/06/2010
In his first official visit to Stockholm, M. Barnier said that the Commission is going to propose restrictions on short-selling. He met the Finance Minister Anders Borg, the Minister of the Financial Markets, Mats Odell and the Governor of the Swedish Central Bank, Stefan Ingves. Article by Ola Hellblom, Dagens Industri, 05 June 2010, page 8.
Financial markets: Commission calls on Hungary to implement Markets in Financial Instruments Directive (MiFID) (IP/10/497)
05/05/2010
Hedge funds and private equity proposals – raison d'être and state of play [18 KB]
02/03/2010
Meeting with London-based hedge fund and private equity managers.
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