'Emerging firms are quickly making inroads into critical financial services, and often taking on more risk than traditional banks.' Technology sometimes moves at a dizzying pace. When it comes to innovation in financial activities, often referred to as FinTech, the world is seeing major advances. For banks, FinTech disrupts core financial services and pushes them to innovate to remain relevant. For consumers, it means potentially wider access to better services. Such changes also raise the stakes for regulators and supervisors—while most...

In light of Russia’s continuing war of aggression against Ukraine, and the reported atrocities committed by Russian armed forces in Ukraine, the Council decided today to impose a fifth package of economic and individual sanctions against Russia. The agreed package includes a series of measures intended to reinforce pressure on the Russian government and economy, and to limit the Kremlin’s resources for the aggression. These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other...

The Conference on the Future of Europe Plenary session on 8-9 April debated concrete proposals. The Chairs and spokespersons of nine Working Groups tabled consolidated draft proposals, grouped by theme, to the Conference Plenary. The proposals were mainly based on the recommendations of European Citizens' Panels, as well as national panels, and enriched by ideas from the Multilingual Digital Platform. These proposals were discussed by all Plenary Members. Vice-President for Democracy and Demography, Dubravka Šuica, said: “We are now in the...

The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Meggitt by Parker. The approval is conditional on full compliance with commitments offered by Parker. Executive Vice-President Margarethe Vestager, in charge of competition policy, said: “Manufacturers of civil and military aircraft depend on competitive supply chains for all aerospace components. Parker and Meggitt are leading global suppliers of wheels and brakes for a range of aircraft types, including military helicopters and drones. The remedy package offered...

In order to secure the EU's energy supply at affordable prices in the current geopolitical context and to phase out dependency on Russian gas, the European Commission has established with the Member States an EU Platform for the common purchase of gas, LNG and hydrogen. A first virtual meeting, chaired by Director General for Energy, Ditte Juul Jørgensen, was held yesterday, with representatives of the 27 Member States. As agreed by the Heads of State and Government in the European Council...

Speech by Verena Ross, ESMA Chair | Thank you for inviting me to the launch of the EU Digital Finance Platform. Before we draw this very productive and interesting event to a close, I’d like to share a few reflections with you. Today we have launched an important joint initiative between the EC, ESAs and national competent authorities. As proposed by the EU Digital Finance Strategy, the Digital Finance Platform will support financial innovation and embrace digital technologies, for the good...

Today, the Commission is presenting proposals to update and modernise the Industrial Emissions Directive, key legislation to help prevent and control pollution. Updated rules will help guide industrial investments necessary for Europe's transformation towards a zero-pollution, competitive, climate-neutral economy by 2050. They aim to spur innovation, reward frontrunners, and help level the playing field on the EU market. The revision will help provide long-term investment certainty, with first new obligations on industry expected in the second half of the...

As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, the OECD is seeking public comments on the Draft Model Rules for Domestic Legislation on Scope under Amount A of Pillar One. The purpose of the scope rules is to determine whether a Group will be in scope of Amount A. The rules are designed to ensure Amount A only applies to large and...