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Caixabank and Others
Approximation of laws
Mortgage loans: the transparency of ‘floor’ clauses may be reviewed in the context of a collective action concerning the entire banking system of a country
Caixabank and Others
Approximation of laws
Mortgage loans: the transparency of ‘floor’ clauses may be reviewed in the context of a collective action concerning the entire banking system of a country
European Commission Press release Brussels, 04 Jul 2024 Today, nine months after the initiation of an ex officio anti-subsidy investigation, the European Commission has imposed provisional countervailing duties on imports of battery electric vehicles (BEVs) from China.
European Commission Speech Lisbon, 05 Jul 2024 Didier Reynders' speech at the Jacques Delors Agora: "Europe's next generation" in Lisbon on 04 July 2024.
European Commission Press release Brussels, 05 Jul 2024 The European Investment Fund (EIF) and three leading lenders in the Baltic states – LHV Pank, SEB Bank and Swedbank – have joined forces in an effort to trigger more than €720 million in new financing for local businesses and households in the region.
European Commission Speech Brussels, 03 Jul 2024 Distinguished Guests,
I am so pleased to welcome you to this event on an issue that has been the compass of my mandate and even my whole political career: tackl...
ESAs Board of Appeal renews its President's term and elects a Vice-President
14 June 2024
Board of Appeal
During the Board of Appeal Annual Meeting on 13 June 2024, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) renewed the President and elected the Vice-President of the Board of Appeal, for a term of 2.5 years.
Michele Siri, Professor of Insurance and Financial Markets Law, University of Genoa, Italy, was renewed as Board of Appeal’s President and Margarida Lima Rego, Associate Professor and Vice-Dean at NOVA School of Law, NOVA University, Portugal, was appointed as Board of Appeal’s Vice-President.
The President and Vice-President are designated among the Board of Appeal’s members. The President’s role is to direct the business and the administration of the Board of Appeal, while the Vice-President will perform the functions of the President in the event of the incapacity of the President or other exceptional reasons.
The Board of Appeal is composed of six members and six alternates, appointed by the ESAs. The members are individuals with a proven track record of professional experience in the fields of banking, insurance, occupational pensions and securities markets or other financial services, and with the necessary legal expertise to provide expert legal advice in relation to the activities of the Authorities.
The Board of Appeal is a joint body of the ESAs, introduced to protect effectively the rights of parties affected by decisions adopted by the ESAs. It is an independent and impartial body, responsible for deciding on appeals against certain ESA decisions.
More information on the Board of Appeal is available here.
ESMA withdraws the CRA registration of EuroRating
19 June 2024
Credit Rating Agencies
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn the credit rating agency (CRA) registration of EuroRating Sp. z o.o.
The withdrawal decision follows the official notification to ESMA by EuroRating Sp. z o.o. on 15 April 2024 of its intention to renounce their registration under the conditions set out in Article 20(1)(a) of the CRA Regulation (CRAR).
The list of registered or certified CRAs has been updated.
Further information:
Sarah Edwards
Senior Communications Officerpress@esma.europa.eu
ESAs propose improvements to the sustainable finance disclosure regulation
18 June 2024
Joint Committee
Sustainable finance
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR.
The ESAs focus on ways to introduce simple and clear categories for financial products. The simplifications consist of two voluntary product categories, “sustainable” and “transition”, that financial market participants should use to ensure consumers understand the purpose of the products. The rules for the categories should have a clear objective and criteria to reduce greenwashing risks.
The ESAs recommend that the European Commission consider the introduction of a sustainability indicator that would grade financial products such as investment funds, life insurance and pension products.
In addition, the Opinion also covers the following areas:
appropriate disclosures for products outside the two categories to reduce greenwashing,
improvements to the definition of sustainable investments,
simplification to the way disclosures are presented to investors,
other technical suggestions including on which products should fall under the scope of SFDR and on how to improve disclosures regarding the negative impact of investments on people and the environment, and
the need for consumer testing before putting forward any policy proposals to review the SFDR, such as to introduce a categorisation system and/or an indicator.
Background
The ESAs deliver this Opinion on their own initiative. The Opinion is published in the context of a comprehensive review of the SFDR framework by the European Commission, which includes the SFDR regulation and Delegated Regulation. Going forward, the ESAs are ready to support the European Commission in future policy considerations on any review of the SFDR framework.
Further information:
Dan Nacu-Manole
Communications Officerpress@esma.europa.eu
18/06/2024
JC 2024 06
Joint ESAs Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR)