Briefing – Understanding initial coin offerings: A new means of raising funds based on blockchain – 13-07-2021

Law-making by the executive is a phenomenon that exists not only in the European Union (EU) but also in its Member States, as well as in other Western liberal democracies. Many national legal systems differentiate between delegated legislation − adopted by the executive and having the same legal force as parliamentary legislation − and purely executive acts −aimed at implementing parliamentary legislation, but that may neither supplement nor modify it. In the EU, the distinction between delegated acts and implementing acts was introduced by the Treaty of Lisbon. The distinction, laid down in Articles 290 and 291 of the Treaty on the Functioning of the European Union (TFEU), seems clear only at first sight. Delegated acts are defined as non-legislative acts of general application, adopted by the European Commission on the basis of a delegation contained in a legislative act. They may supplement or amend the basic act, but only as to non-essential aspects of the policy area. In contrast, implementing acts are not defined as to their legal nature, but to their purpose − where uniform conditions for implementing legally binding Union acts are needed. Under no circumstances may an implementing act modify anything in the basic act. Delegated acts differ from implementing acts in particular with regard to the procedural aspects of their adoption − the former after consulting Member States’ experts, but their view is not binding; the latter in the comitology procedure, where experts designated by the Member States, sitting on specialised committees, can object to a draft implementing act. In the case of delegated acts, however, the Parliament and Council can introduce, in the delegation itself, a right to object to a draft act or even to revoke the delegation altogether. Both delegated and implementing acts are subject to judicial review by the Court of Justice of the EU which controls their conformity with the basic act.

Source : © European Union, 2021 – EP

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this, the Commission proposed to amend Regulation (EU) 2017/1129. These amendments aim at creating a temporary (18 month) regime for a short-form prospectus and to simplify the procedure for issuers (so that they can rapidly raise capital), as well as to release pressure on financial intermediaries. The Commission proposal was reviewed by the co-legislators who, among other things, increased the range of those who can benefit from the regime, added elements that must appear in the recovery prospectus and increased the minimum information in the prospectus. They further amended Directive 2004/109/EC (the ‘Transparency Directive’), thus providing Member States with the option to postpone, by one year, the requirement for listed companies.

Source : © European Union, 2021 – EP

Tourism plays an enormously important role in the EU economy and society. It generates foreign exchange, supports jobs and businesses, and drives forward local development and cultural exchanges. It also makes places more attractive, not only as destinations to visit but also as locations to live, work, invest and study. Furthermore, as tourism is closely linked with many other sectors – particularly transport – it also affects the wider economy. The coronavirus pandemic has hit the tourism sector hard. The impact on various tourist destinations in the EU has been asymmetrical and highly localised, reflecting differences in types of tourism on offer, varying travel restrictions, the size of domestic tourism markets, level of exposure to international tourism, and the importance of tourism in the local economy. At the beginning of summer 2021, several EU Member States started to remove certain travel restrictions (such as the requirements for quarantine or testing for fully vaccinated travellers coming from certain countries). However, all continue to apply many sanitary and health measures (such as limits on the number of people in common areas, and cleaning and disinfection of spaces). Such measures and restrictions change in line with the evolving public health situation, sometimes at short notice, making recovery difficult for the sector. The EU and its Member States have provided the tourism sector with financial and other support. Some measures were already adopted in 2020. Others were endorsed only shortly before the beginning of summer 2021. One flagship action has been the speedy adoption of an EU Digital Covid Certificate. This certificate harmonises, at EU level, proof of vaccination, Covid-19 test results and certified recovery from the virus. However, it does not end the patchwork of travel rules. Despite efforts to harmonise travel rules at Council level, Member States still apply different rules to various categories of traveller (such as children or travellers arriving from third countries).

Source : © European Union, 2021 – EP

On 30 June 2021, the European Commission adopted a communication on its long-term vision for the EU’s rural areas. The communication identifies areas of action with a view to creating new momentum for the EU’s rural areas, while recognising their diversity. In recent decades, in many Member States rural areas have experienced depopulation. Such regions face a range of environmental and socio-economic challenges. These include, for example, lower income per capita, a higher percentage of the population at risk of poverty and social exclusion, a lack of access to basic infrastructure and services, and lower levels of access to fast broadband internet. The EU’s rural development policy has sought to help address these challenges. Evaluation evidence is emerging on the impact of the common agricultural policy (CAP) on the territorial development of the EU’s rural areas. Measures relating to village renewal and LEADER (Liaison entre Actions de Développement de l’Économie rurale) measures are considered to be well-targeted and relevant to local needs, although they represent a small proportion of CAP financing. Administrative burdens have been raised as an issue that can impact on the developmental process. Recommendations from this evaluation evidence point to the need for better integration of funding streams, the need to maintain a dialogue across the European structural funds, and all the implications this may have for the new CAP strategic plans. The Commission’s recommendations to Member States on their CAP strategic plans highlight a number of recurring themes relating to the employment, education and training needs of rural areas, including the need to address rural depopulation, promote generational renewal, improve connectivity, and address the role played by action taken at local level. The Commission’s communication on a long-term vision for rural areas includes provision for a ‘rural pact’ to engage actors at EU, national, rural and local levels and an EU rural action plan, setting out a range of initiatives and actionable projects. The vision and its supporting analyses will provide a framework for addressing the future of the EU’s rural areas.

Source : © European Union, 2021 – EP

To reduce the spread of the coronavirus, Member States have taken a wide range of measures, which have significantly affected the free movement of people in the EU. Restrictions on freedom of movement have varied in time and across countries – following generally but not strictly – successive ‘waves’ of coronavirus infections. Since the beginning of the pandemic, the EU and the Member States have been active in developing a coordinated response to the pandemic, starting from emergency measures to mitigate the effects of the sudden introduction of border controls in the early days of the pandemic to establishing common approaches on risk indicators, interoperable contact tracing apps, vaccination and digital certification. This briefing provides an overview of the main restrictions on free movement adopted by the EU and Schengen countries focusing on control measures at the internal borders introduced between March 2020 and July 2021. It then discusses the key steps taken by the EU and the Member States to develop a common approach to lifting restrictions on freedom of movement. The briefing also places the coronavirus-related restrictions of movement in the context of broader efforts to update and strengthen the Schengen system, which has been under stress for at least a decade. This is an updated edition of an EPRS briefing published in November 2020.

Source : © European Union, 2021 – EP