The European Commission has taken an important step today towards ensuring the effectiveness of so-called 'bail-in' rules for banks and, more broadly, clarifying the overall EU resolution framework. Today's proposed Delegated Regulation specifies the criteria that authorities responsible for resolving banks will need to consider when setting the minimum requirements for own funds and eligible liabilities (MREL) – or easily 'bail-inable' instruments - for the purpose of loss absorption and recapitalisation of banks. The Delegated Regulation will further clarify a...

Starting Monday, new rules will permit anyone, not just the moneyed, to risk $2,000 a year or more investing in small companies in exchange for a stake in the business. Companies can raise up to $1 million a year this way. This change, years in the making, represents an enormous shift, one that essentially permits anyone to become a venture capitalist — with all the attendant risks of losing one’s shirt on a company that fails. Until now, only accredited...

A unique occurrence this week: Eric Schmidt and Tim Cook, CEOs of the world’s most valuable brands (Alphabet and Apple) will both attend Startup Fest Europe’s opening in Amsterdam. Promising startups Apart from the lineup of keynote speakers that includes Tim Cook (Apple), Eric Schmidt (Alphabet, Google’s parent company), Travis Kalanick (Uber) and Nathan Blecharczyk (Airbnb), the opening day on May 24th at the Beurs van Berlage will host Europe’s most promising startups and the world’s greatest Venture Capitalists. Global startup community During...

Less than one year into its existence, the European Fund for Strategic Investments is supporting 64 projects and triggers more than 100 billion euro of investment across the European Union. The European Commission's partner in the Investment Plan, the European Investment Bank, approved yesterday eight more projects for a financing volume of 9.3 billion euro. This takes the total of approved investment projects to 64 and already achieves almost a third of the targeted 315 billion euro investments over three...

On 17 May 2016, the Council formally adopted new rules to step up the security of network and information systems across the EU. The network and information security (NIS) directive will increase cooperation between member states on the vital issue of cybersecurity. It lays down security obligations for operators of essential services (in critical sectors such as energy, transport, health and finance) and for digital service providers (online marketplaces, search engines and cloud services). Each EU country will also be...

On 17 May 2016, the Council adopted new rules aimed at ensuring greater accuracy and integrity of benchmarks in financial instruments.  The regulation sets out to restore trust in indices used as financial benchmarks, following manipulation scandals in recent years. The aim is to enhance the robustness and reliability of benchmarks, thereby strengthening confidence in financial markets. Benchmark manipulation  Recent cases of manipulation of interest rate benchmarks such as Libor and Euribor have highlighted the importance of benchmarks and their vulnerabilities. The...

Member States are making progress with reforms and addressing macroeconomic imbalances, but more is needed to consolidate Europe's recovery. The European Commission today proposes its 2016 country-specific recommendations (CSRs), setting out its economic policy guidance for individual Member States for the next 12 to 18 months. In addition to efforts already identified and ongoing at European level, this guidance focuses on priority reforms to strengthen the recovery of Member States' economies by boosting investment, implementing structural reforms and pursuing fiscal...