Trasparency of debtors' assets
EC green paper on the effective enforcement of judgments in the EU (6 March 2008)
The purpose of this Green Paper is to launch a broad consultation among interested parties on how to improve the transparency of debtors’ assets in the European Union. The Green Paper describes the problems of the current situation and possible solutions.
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EU competition law
Damages actions for breach of the EC antitrust rules
EC white paper (2 April 2008)
The white paper considers and puts forward proposals for policy choices and specific measures that would ensure, more than is the case today, that all victims of infringements of EC competition law have access to effective redress mechanisms so that they can be fully compensated for the harm they suffered.
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Financial Supervision
• In January 2009 the Commission took action to strengthen the powers of these committees and proposed a financial instrument giving them a secure financial basis for their work.
• In February 2009 a report by a high-level group chaired by J. de Larosière recommended transforming the three Committees into European Authorities.
• On 27 May 2009 the Commission adopted a Communication describing its plans for putting into effect the recommendations of the de Larosière report. This will be followed by legislative proposals in the autumn.
• ECOFIN agrees on new financial supervisory structure, December, 2 december 09. Details >>
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Accounting
In the fields of accounting, the European Commission's work is directed towards: improving the quality, comparability and transparency of the financial information provided by companies and ensuring the compatibility between the Accounting Directives and International Financial Reporting Standards.
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Supervision
Supervisory arrangement
EC proposal for a directive amending the Crd
The EC proposal is aimed to create colleges of supervisors (CoS) for the supervision of cross-border banking groups (article 131a) and puts them in charge of (i) ensuring an effective information sharing; (ii) agreeing on voluntary entrustment of tasks and delegation of responsibilities; (iii) determining examination programmes for the Supervisory Review Process (SREP); (iv) removing unnecessary duplication of supervisory requirements; (v) applying prudential requirements in a consistently way within all the entities of the group and (vi) coordinating with Cross-border Stability Group (CBSB) in case of crisis.
Large exposure
EC proposal for a directive amending the Crd
The aim of the large exposures regime is to prevent an institution from incurring disproportionately large losses as a result of the failure of an individual client (or a group of connected clients) due to the occurrence of unforeseen events.
Market disclosure (Pillar 3)
In response to recent events in the credit markets, discussion in ECOFIN (the EU Council of Finance Ministries) and discussions between the financial industry and the European Commission, the industry set up a Working Group (WG) to examine the securitisation disclosure...
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Deposit guarantee schemes
EU Commission's proposal on the revision of the directive
The European Commission has put forward a revision of EU rules on deposit guarantee schemes.
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 30 June 2009.
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