Last week, Donald Tusk was re-elected as President of the European Council. On March 9, 2017, the ECB announced that there will be no changes as for the basic interest rates. A new AFME report on the challenges of raising pre-IPO funding was published on March 7, 2017. Furthermore, the European Commission has published an update of the EU Member States’ DESI score (Digital Economy and Society Index).
The Bruegel think tank has recently published an article about the consequences of the Brexit for the European financial sector and the modifications which will have to be made to the European Union financial regulation. On 1 March 2017, the European Commission published a Whitebook on the future of Europe.
For the next 6 months, the presidency of the EU Council will be entrusted to Malta, which has made the further development of the European single market one of its major aims. On January 10, 2017, the European Commission proposed a number of policy and legal measures aimed at fostering the EU data-based economy.
Just before Christmas, the European Commission approved new measures aimed at enhancing the fight against the financing of terrorism. The Council reached an agreement with the European Parliament about the new rules governing prospectuses. Since January 1, 2017, the Member States have the obligation to organise an automatic exchange of information about new national cross-border tax regulations.
On 13 December 2016, the European Council approved the EU's legislative priorities for 2017. A few days later, the European Central Bank Banking Supervision published its supervisory priorities for the upcoming year. The same day, the Council presented the outcome of the EU 27 Heads of State or Government’s informal meeting.
Last week, the European Commission welcomed an agreement to give companies easier access to capital markets. On 6 December, the European Council published the main results of its ECOFIN meeting. The next day, the Permanent Representatives Committee approved an agreement with the European Parliament on money market funds (MMFs). The Parliament and the Council also reached an informal agreement for allowing shareholders to vote on directors' pay.
On November 22, 2016, the European Commission published a new European Regulation on insolvency. The European Commission also published a proposal for putting into place a recovery and resolution framework for Central Counterparties which are systemically important for the financial system. The European Parliament and the Council have approved a 1 year postponement of the application of the new regulation on PRIIPs.
On 23 November, the European Commission presented a comprehensive package of reforms to further strengthen the resilience of EU banks. This proposal builds on existing EU banking rules and aims to enhance the regulatory framework to guarantee financial stability, while ensuring that banks can continue to support the real economy. Alongside the EU Bank Reform package, the Commission also published their analysis of the responses to the Call for Evidence: a public consultation on Europe’s regulatory framework for financial services.
In the current post-Brexit era, one of the major challenges for the financial sector is to draw the attention at the attractiveness of Belgium and to attract adequate investments. So, we would like to point out the importance, if not the need, of drafting a Belgian Brexit Plan in support of our assets and priority aims and of avoiding any additional taxation of banking and financial activities.