European Commission Initiatives for 2013
On November 14, the European Commission published an updated document setting out its agenda and timetable for the legislative proposals and non-legislative acts related to financial services that it expects to adopt between November 1 and December 31. The most recent previous version of this document was the July 2013 update. Updated Document.
ECON Report on Proposed Directive on Payment Accounts
On November 20, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published its report (dated November 19) on the proposed Directive on payment accounts.
The report contains a European Parliament legislative resolution on the proposed Directive on payment accounts, the text of which sets out suggested amendments to the European Commission's original proposal, which was published in May 2013. Report.
ECB Speech on SSM Comprehensive Assessment and Future Supervision of Banks
On November 20, the European Central Bank (ECB) published a speech given on November 18 by Yves Mersch, ECB executive board member, on the ECB's perspective on current issues relating to the European banking union.
Among other things, Mr Mersch:
Considers the comprehensive assessment of banks in the single supervisory mechanism (SSM) that will be subject to direct ECB supervision;
states that the stress test, which forms part of the comprehensive assessment, will be conducted by the ECB over a period of three years, and that the ECB will use a baseline scenario and one stress scenario;
comments that the ECB is currently discussing internally the question of how exposure to government bonds should be valued; and
summarizes the ECB's proposed supervisory approach to banks that will be subject to direct supervision (that is, banks deemed to be significant under the SSM Regulation (Regulation 1024/2013)) and to the other banks in the SSM.
The UK Prime Minister has stated that the UK will not participate in the SSM. Speech.
Update on SFO's first Bribery Act case
The UK Serious Fraud Office (SFO) has updated a webpage on its case relating to Sustainable Agroenergy plc and Sustainable Wealth Investments UK Ltd. These are the first charges to be brought by the SFO under the Bribery Act.
The SFO is investigating the activities of these and associated companies in connection with selling bio-fuel investment products involving Jatropha tree plantations in South East Asia. Webpage.