Tag: Commission

Solvency II and the standard formula SCR: Commission & EIOPA review – next steps

The European Commission has identified Solvency II as “one area where significant improvements could be achieved“, for example, by “simplification” and better “technical consistency“. So, when it published its Call for Advice in July 2016, the Commission asked EIOPA to look at the “proportionate and simplified application of the requirements, and removal […]

Council of the European Union publishes a “State of play” on the European Tobin Tax

The Council of the European Union has published a “State of play” on the Commission’s proposal for a Directive on enhanced cooperation on a financial transaction tax (FTT), between Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia and Spain. The State of play looks briefly at June’s ECOFIN meeting, before […]

Virtual currencies & the 4th Anti-money Laundering Directive: ECB Opinion on the Commission’s proposals

The European Commission published proposals to amend the 4th Anti-money Laundering Directive, to bring crypto-currency exchanges and wallet providers within scope, in early July 2016.  The European Banking Authority criticized those proposals in August, and the UK Treasury’s response of September suggests that it was also unimpressed. But the European […]

UK Treasury consults on implementation of 4th Anti-money Laundering Directive

The UK’s Treasury has published a “Consultation on the transposition of the Fourth Money Laundering Directive“. The Consultation also describes HM Treasury’s proposed approach to the implementation of articles 17 et al of the European Information Accompanying Transfer of Funds Regulation. The Consultation mentions, but doesn’t ask any questions about, the European Commission’s proposals to […]

UK Treasury responds to Commission proposal to amend the 4th Anti-money Laundering Directive

The UK’s Treasury has published a short paper about the European Commission’s proposal to amend the 4th Anti-money Laundering Directive. Here are the headlines:

Virtual currencies & the 4th Anti-money Laundering Directive: EBA criticizes Commission’s proposals

The European Banking Authority has published an Opinion, which criticizes the Commission’s approach to virtual currencies (VCs) and its proposed amendments to the 4th Anti-money Laundering Directive (4AMLD). In its 2014 “Opinion on virtual currencies“, the EBA described some of the many benefits and risks associated with VCs. It also argued (for example) that (a) regulated financial institutions should be discouraged from buying, holding and selling […]

EBA publishes Regulatory Technical Standards on separation of payment card schemes & processing entities: next steps

The European Banking Authority (EBA) has published its final draft Regulatory Technical Standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the European Interchange Fees Regulation. The draft RTS have also been submitted to the European Commission, Parliament and Council for possible adoption. In all probability, they will be in force before […]