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Briefing – Replacement benchmarks for financial benchmarks in cessation – 01-07-2021

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does not provide for mechanisms to organise the orderly discontinuation of systemically important benchmarks in the EU. That is why the Commission has proposed to amend the said regulation. The co-legislators significantly amended the Commission’s proposal. Their amendments deal, among other things, with the replacement of a benchmark by EU, or by national law, set additional obligations for supervised entities using a benchmark, regulate the Commission’s powers to adopt delegated acts and establish additional obligations for the Commission with regards to its proposed consultation. The European Parliament adopted the compromise agreement in plenary on 19 January 2021. On 2 February 2021, the Council adopted the act. The final act was published in the Official Journal of the EU on 12 February 2021. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Source : © European Union, 2021 – EP

Highlights – Intimate partner violence and custody rights: committee vote – Committee on Legal Affairs – Committee on Women’s Rights and Gender Equality

Child on a table with parents in the background
The Committees on Legal Affairs and on Women’s Rights and Gender Equality will vote on a joint report regarding the impact of intimate partner violence and custody rights on women and children, on 13 July. The draft calls on the Member States to urgently address the issue by guaranteeing the safety and economic independence to victims by means of access to specific housing, essential public services, and professional psychological support.

Source : © European Union, 2021 – EP

Highlights – Adding gender-based violence as new ‘eurocrime’: committee vote – Committee on Civil Liberties, Justice and Home Affairs – Committee on Women’s Rights and Gender Equality

Stop violence against women
The Committees on Civil Liberties, Justice and Home Affairs, and on Women’s Rights and Gender Equality will vote on the report on identifying gender-based violence as a new area of ‘eurocrime’, on 14 July. This legislative initiative requests the Commission to propose a Council decision to consider gender-based violence as an area of crime that meets the criteria established under Article 83(1) of the Treaty on the Functioning of the European Union (TFEU).

Source : © European Union, 2021 – EP

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