Today the Platform on Sustainable Finance, an advisory body to the Commission, published its report on “A Compendium of Market Practices”. The report shows the first comprehensive evidence that the EU Taxonomy and the wider sustainable finance framework are being used by the market and have already had a positive impact on the ground. After six years since the adoption of the 2018 Action Plan, the report showcases concrete examples demonstrating the benefits stemming from the uptake of the sustainable finance toolkit by the market as an effective tool to navigate the transition to net zero. The Platform on Sustainable Finance will present the report during a webinar on Tuesday 6th February, 13:00 – 14:20.
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The European Commission has adopted a guidance document, addressing frequently asked questions on the interpretation and implementation of the Taxonomy Disclosures Delegated Act. The document is designed to help financial market participants prepare their first mandatory reporting exercise in 2024.
The implementation of the Markets in Crypto-assets (MiCA) Regulation is on track to apply as of 2024! The Commission has launched a 4-week consultation on the Have Your Say portal on four delegated regulations to be adopted by the Commission under Regulation (EU) 2023/1114 on markets in crypto-assets. These delegated regulations are the first of a series of delegated acts to complement and complete the EU regulatory framework on crypto-assets. The Commission would like to hear your views! The feedback period will end on 6 December 2023 (midnight Brussels time).
In order to evaluate and consider suggestions from stakeholders regarding activities in the EU Taxonomy, the Platform on Sustainable Finance together with the Commission is launching today the Stakeholder Request Mechanism. The mechanism allows stakeholders to submit suggestions, based on scientific and/or technical evidence, on new economic activities that could be added to the EU Taxonomy or on potential revisions of technical screening criteria of existing activities. The Platform on Sustainable Finance will analyse the requests submitted and provide the Commission with recommendations. The Stakeholder Request Mechanism will be accessible at any time, allowing respondents to submit their input whenever they want. On 15 December 2023, all requests will be processed by the Platform’s Technical Working Group. After 15 December, the tool will continue to run, and a second cut-off-date will be communicated as soon as possible. The Commission and the Platform will monitor the tool regularly.
An event on 10 October looking at what’s next for sustainability disclosures in the EU attracted a wide attendance from regulators and industry experts. Panellists, who included representatives of the co-legislators, supervisors and financial market participants, discussed the impact that this important piece of legislation has had. They also highlighted challenges in its implementation and shared ideas about how it could evolve. If you missed this interesting event and wish you hadn’t, click the ‘more’ button and watch the replay!
Registrations are open for the launch of the joint EU/OECD-INFE Financial Competence Framework for Children and Youth on the 2nd of October in Brussels. The event is open to young people, policy makers, educators, and academics, so join us – in person in Brussels, or online – to share your views on this framework and financial literacy generally.
On 13 September 2023, DG FISMA published an open call for tenders to award a single framework contract for the analysis of developments in EU capital flows in the global context. The general objective of this framework contract is to contribute to a comprehensive and up-to-date understanding of capital mobility and, if relevant, payments dynamics within the EU and globally. The specific objective of the framework contract is to provide background studies that the European Commission may use to support its preparation of annual reports on "The Movement of Capital and the Freedom of Payments", as well as the annual examination of the free movement of capital by the Council and the Parliament. Applications must be submitted electronically by 23 October 2023. For additional information, click on the ‘More’ button below.
Sustainability information is key to empowering investors to make informed decisions on their investments. This is why we’ve launched two three-month consultations – one targeted, one public – to get feedback on the Sustainable Finance Disclosure Regulation (SFDR), which has been in application since March 2021.
The Commission has today adopted a report on the functioning of the Money Market Funds (MMF) Regulation. Money market funds are investment funds that invest in short-term debt instruments such as securities issued by banks, businesses or governments. Consequently, they play a key role in the short-term financing of the economy. For their investors, they present an alternative to bank deposits. The report draws on a number of studies carried out by European and international bodies including the European Securities and Markets Authority (ESMA), the European Systemic Risk Board (ESRB) and the Financial Stability Board (FSB), as well as the results of a targeted consultation in 2022.
It’s been a busy day at the European Commission! First, two proposals that aim to bring payments and the wider financial sector into the digital age were adopted. The new rules will create new opportunities for EU consumers and businesses by modernising payment services through the revision of the current Payment Services Directive PSD2 and opening financial services data by establishing a Financial Data Access Framework. Second, a proposal setting out a legal framework to regulate the essential elements of a possible digital form of the euro, while ensuring that individuals and businesses can continue to access and pay with euro banknotes and coins across the Euro area.
Don’t miss the upcoming conference on European financial integration, organised jointly by the European Commission and the European Central Bank (ECB) on Wednesday, 7 June 2023. This annual conference has become an important meeting place for a high-level exchange of views between policy makers, regulators, industry leaders, representatives of civil society and academics. The 2023 conference will look at recent market and policy developments, as well as the prospects for further integration in EU capital markets and the banking sector. The event will feature a number of high-level speakers, including Commissioner McGuinness, the ECB’s Luis de Guindos, Nadia Calviño, Lorenzo Bini Smaghi and others.
Are you a financial company seeking to access non-public data to test innovative products and applications? Do you want to help the Commission develop a new project designed to make this kind of access to supervisory data possible? Then get in touch! Tell us what you think the most promising use cases are for which such datasets could be shared – and which datasets you would like to use for testing.
About 4,000 large companies will start reporting on their environmental performance under the EU Taxonomy from 1 January 2023. Are you one of them? And would you like to have a better idea of what to report and how? The Commission has got you covered with some frequently asked questions on criteria determining when an economic activity qualifies as sustainable and on reporting obligations.
The EU Delegation to the UK is organising a conference on 5 December on digital finance and the EU’s strategy for cryptoassets. A number of high-level speakers, including EU Commissioner for Financial services, Financial stability and Capital Markets Union Mairead McGuinness, will take part in the event. Regulators, entrepreneurs and academics will discuss what needs to be done to create an economic and regulatory ecosystem that will nurture innovation without compromising on consumer safety and financial stability. The conference will be live streamed on the delegation’s Facebook page, 'European Union in the UK'.
The European Commission is announcing a series of virtual events in the framework of the UN Climate Change Conference (COP27), which is taking place between 7-18 November in Sharm el-Sheikh, Egypt. Commissioner McGuinness will give an introductory speech at the International Platform on Sustainable Finance (IPSF) Annual Event, on “Finance Day” (Wednesday 9 November), showcasing IPSF members and observers’ efforts to coordinate and support the transition to net-zero. The same day, other events organised by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) will focus on recent developments in the area of environmental, social, and governance (ESG) disclosures, initiatives to improve the management and stress testing of climate-related financial risks in the financial sector, and taxonomies. Click on the link below to have a look at the programme, register and follow the sessions online.
The Commission has today adopted a legislative proposal to make instant payments in euro, available to all citizens and businesses holding a bank account in the EU and in EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU. It will make life easier for EU citizens, improve cash flow for businesses and bring savings for retailers.
Don’t miss the joint European Commission – ECB conference ‘Towards a legislative framework enabling a digital euro for citizens and businesses’, which will take place on Monday 7 November in Brussels. The event will be an opportunity to take part in discussions on regulatory and policy aspects of a digital euro, ahead of a legislative proposal by the European Commission announced for early 2023. High-level speakers will include EVP Valdis Dombrovskis, Commissioners Mairead McGuinness, Christine Lagarde, Paschal Donohoe, Paolo Gentiloni, Thierry Breton and many more. Check out the programme and register for the event by clicking below!
Don’t miss the upcoming conference ‘Towards a legislative framework enabling a digital euro for citizens and businesses’, which will take place on Monday 7 November in Brussels. It will be an opportunity to hear from EVP Valdis Dombrovskis, Commissioners Mairead McGuinness, Paolo Gentiloni and Thierry Breton, President of the Eurogroup Paschal Donohoe, MEP and ECON Chair Irene Tinagli, ECB Executive Board Member Fabio Panetta, and other high-level and industry speakers. The ECB has launched the investigation phase of a digital euro project as major jurisdictions are exploring options for central bank digital currencies, and the Commission has announced a legislative proposal on a digital euro for early 2023. In this context, the conference will be an opportunity to discuss key regulatory and policy aspects of a digital euro. Save the date – more details coming soon!
There’s still time to take part in our targeted consultation & call for evidence on ESG ratings & sustainability factors in credit ratings. The consultation/call for evidence form part of the Sustainable Finance strategy adopted in July 2021. Click below to have your say until 6 June.
Join us today for the launch of the fintech challenge for Ukraine. The event is a pan-European online ‘hackathon’ to develop technological solutions that will enable access to and provision of everyday services to Ukrainians and help the country's recovery. Don’t miss it!