12 May 2013
On 16 April 2013 the European Commission published a proposed directive on the disclosure of non-financial and diversity information by large companies and groups.
The Commission’s page on the proposed directive is here; press release here; FAQs here; and draft directive text here.
From the FAQs:
“This proposed Directive would amend the Accounting Directives (Fourth and Seventh Accounting Directives on Annual and Consolidated Accounts, 78/660/EEC and 83/349/EEC, respectively). The objective is to increase EU companies’ transparency and performance on environmental and social matters, and, therefore, to contribute effectively to long-term economic growth and employment.
Companies concerned will be required to disclose in their annual reports relevant and material information on policies, results and risks concerning environmental aspects, social and employee-related matters, respect for human rights, anti-corruption and bribery issues, and diversity on the boards of directors.”
12 March 2013
The European Parliament today approved the Commission’s draft regulation for an EU-wide venture capital passport. The Commission’s response welcoming the Parliament’s approval is here. Excerpt:
“Next steps: After the vote in the European Parliament, the Council is expected to adopt both Regulations on 21 March. Both Regulations will then enter into force 20 days after their publication in the Official Journal of the European Union which is estimated to be before the summer.”
The Commission’s page on the proposed passport is here.
More on the VC passport here.
19 February 2013
On 14 February 2013 the European Commission announced the details of the financial transaction tax (FTT) that it proposes is adopted by the enhanced cooperation procedure.
The Commission’s press release is here; a set of Q&As is here; and the proposal itself is here. The FTT will be raised on an “issuance principle”, so will apply to shares of companies incorporated in the nine participating EU countries if those shares are traded on London, irrespective of the fact that the UK is not participating in (and opposes) the FTT.
Summary from the NYT here.
Next steps (from the Q&As): “Today’s proposal foresees the FTT for the 11 Member States entering into effect on 1 January 2014. Obviously, it depends on the Council reaching agreement on the proposal in time to respect this proposed implementation date. The European Parliament and the European Economic and Social Committee and National Parliaments will also be consulted, and national transposition would then be needed.”
9 January 2013
The European Commission today published its “Entrepreneurship Action Plan” aimed at – in the Commission’s words – ”reigniting the entrepreneurial spirit in Europe”. The full Plan is here and the press release here.
The braod areas addressed by the Plan are:
- Entrepreneurial education and training to support growth and business creation.
- Creating an entrepreneurial environment:
- Access to finance
- Digital business
- Transfer of businesses
- Bankruptcy procedures
- Regulatory burden reduction
- Role models and reaching out to different groups.
All quotations below are taken from the full Plan document.
Access to finance – a new EU capital market for SMEs:
read more »
4 January 2013
The Commission on 19 December 2012 adopted nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade.
The technical standards are here.
More EMIR here.
2 January 2013
The Commission adopted the Delegated Regulation supplementing the Alternative Investment Fund Managers Directive on 19 December 2012. The Delegated Regulation can be read here.
From the press release:
“The AIFMD is part of the Union’s response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The Delegated Regulation is a precondition for the application of the AIFMD in EU countries and was adopted to supplement certain elements of the AIFMD. These rules concern the:
- conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
- operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
- conditions for delegation;
- rules on depositaries, including the depositary’s tasks and liability;
- reporting requirements and leverage calculation;
- rules for cooperation arrangements.
The Delegated Regulation adopted today is subject to a three-month scrutiny period by the European Parliament and the Council and will enter into force, provided that neither co-legislator objects, at the end of this period and the day following publication in the Official Journal.”
UPDATE 11 January 2013: Here is Nabarro on the implications of the Delegated Regulation.
See also: FSA consultation paper on implementing the AIFMD into UK law
14 December 2012
“For the Regulations to enter into force, the formal approval by the Council and the European Parliament is still needed. It is expected that the decision by the Council will follow the plenary vote in the European Parliament in early 2013.”
See also: A venture capital passport: European Commission proposal
13 December 2012
The European Commission yesterday set out an “Action Plan: European company law and corporate governance“. The accompanying press release is here and a set of FAQs is here.
Below are the 16 measures contained in the plan; the “precise scope” of the different actions – i.e. whether each will relate to all companies or only to companies listed on regulated markets – will, in the Commission’s words, “be assessed at a later date”.
read more »
14 November 2012
The European Commission has today published a draft directive on “improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures”. The headline proposal is the setting of an objective for a 40% presence of women among non-executive directors of companies listed on EU regulated markets, to be met by 2020.
This is a target, not a mandatory quota. The directive does encourage an element of positive discrimination in favour of appointing women if all other criteria for the position are met equally by candidates; see the extract from the directive below.
The Commission’s press release is here. The Justice Commission’s press release is here. A set of Q&As on the proposed directive is here. The draft directive is here.
From the draft directive:
read more »
6 November 2012
The House of Commons Library has published a note giving an overview of the European Commission’s proposals for a European banking union, which can be downloaded here.
12 October 2012
Here and consultation paper here. The consultation closes on 28 December 2012.