On May 18, a speech by the European Commissioner for Financial Services, Financial Stability and Capital Markets Union was published outlining elements of the anti-money laundering (AML) and counter-terrorist financing (CTF) action plan that the European Commission (Commission) intends to present further and reform.
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ECOFIN Outlines Next Steps for Crypto and Climate Action
Posted in EU Developments, Financial Markets
On December 5, Valdis Dombrovskis made a speech at the conclusion of the first Economic and Financial Affairs Council (ECOFIN) meeting of the new European Commission (EC). Mr. Dombrovskis is the European Commissioner for “an Economy that Works for People”, and is one of the three newly-appointed Executive Vice Presidents of the EC.
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Chief Brexit Negotiators Discuss Post-Brexit Treatment of UK Financial Regulations
On January 9, Michel Barnier, the European Union’s (EU’s) chief Brexit negotiator, delivered a speech at the “Trends Manager of the Year 2017” event in Brussels, and on January 10, the UK’s Chancellor of the Exchequer, Philip Hammond, and the UK’s Secretary of State for Exiting the EU, David Davis, published a joint article that originally appeared in Frankfurter Allgemeine Zeitung, a German newspaper. Both the speech and the article commented on future economic ties between the EU and the UK, covering a broad range of services industries, focusing in particular on financial services.
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FIA Publishes Letter Opposing Relocation of Euro-Denominated Derivatives Clearing
On June 6, the Futures Industry Association (FIA) published a letter addressed to European Commission (EC) Vice–President Valdis Dombrovskis, detailing its concerns about the potential approach of forced relocation of euro-denominated derivatives clearing to the European Union. Forced relocation was raised as an option for ensuring the protection of the financial stability and monetary policy of the European Union in the EC’s May 2017 communication on certain challenges for critical financial market infrastructures and for further developing the Capital Markets Union.
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