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Annual accounts and consolidated accounts - Audit - public interest entities
Adopted on 26/04/2012
Reference: 
INT/612-EESC-2012-1035
Referral: 
COM(2011) 778 final - 2011/0389 (COD) and COM(2011) 779 final - 2011/0359 (COD)
Rapporteur: 
Mr Peter Morgan (Employers - GR I / United Kingdom)
Plenary session: 
480 -
Apr 25, 2012 Apr 26, 2012

The EESC is fully supportive of the revised directive and it finds much in the regulation which it can support. The EESC has a major concern about the applicability of the regulation to SMEs and it recommends that the more radical proposals be revised.

EESC opinion: Annual accounts and consolidated accounts - Audit - public interest entities

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Reform of the structure of EU banks
Adopted on 09/07/2014
Reference: 
INT/717-EESC-2014-01791-00-00-AC-TRA
Referral: 
COM(2014) 43 final - 2014/0020 (COD)
Rapporteur: 
Mr Edgardo Maria Iozia (Workers - GR II / Italy)
Plenary session: 
500 -
Jul 09, 2014 Jul 10, 2014

The EESC expresses its firm support for the structural reform of the banking system. It considers the Commission's proposal for a regulation to be a valid and effective response aimed at separating commercial banking activities from investment activities.

The EESC supports and encourages a broad agreement to boost the economy and restore trust in the financial institutions, and calls on the Commission to promote a European Social Pact for Sustainable Finance.

Nevertheless, the EESC believes that the Commission should give greater attention to investors and employees, who have hitherto received little attention in the reform.

Besides, the EESC recommends that oversight activities be carried out in close cooperation and coordination between the EBA and the national authorities, which are well-acquainted with the markets and which will play a key role in managing the new reformed European finance.

EESC opinion: Reform of the structure of EU banks

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Terrorism Financing – Controls of cash movements
Adopted on 27/04/2017
Reference: 
ECO/427-EESC-2017-00342-00-01-ac-tra
Referral: 
COM(2016) 825 final
Rapporteur: 
Javier DOZ ORRIT (Workers - GR II / Spain)
Co-rapporteur: 
Mihai IVASCU (Diversity Europe - GR III/Romania)
Plenary session: 
525 -
Apr 26, 2017 Apr 27, 2017

The EESC supports the Commission's proposal to expand the scope of controls and the competency of the authorities in order to conduct checks and confiscate goods, whenever there is a reasonable indication of illicit activities. The EESC recommends to improve cooperation, both between the competent authorities and between Member States and suggests that penalties should be harmonised across Member States and communicated to the Commission in a coherent way. The Committee also proposes that, in addition to gold, other "highly liquid commodities" should be included in the definition of cash from the moment the new regulation is adopted and it draws attention to the threat of further use of pre-paid cards by criminals and terrorists to covertly finance their activities.

EESC opinion: Terrorism Financing – Controls of cash movements

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EU sovereign bond-backed securities (SBBS)
Adopted on 17/10/2018
Reference: 
ECO/471-EESC-2018-02774-00-00
Referral: 
COM(2018) 339 final 2018/0171 COD
Rapporteur: 
Daniel Mareels (Employers - GR I / Belgium)
Plenary session: 
538 -
Oct 17, 2018 Oct 18, 2018

The EESC welcomes these proposals on sovereign bond-backed securities (SBBSs), which fit into the broader context of completing the Banking Union and building a Capital Markets Union (CMU). Moreover, the proposals also have the potential to make a positive contribution to financial stability and resilience. The EESC has been strongly advocating a weakening of the link between banks and their home countries ("sovereigns") and therefore welcomes that SBBSs aim to contribute to this. The EESC considers that in conceptual terms, the idea of SBBSs is an attractive one and feels that the only way to find out whether banks will switch from bonds from their home countries to SBBSs for their investments and whether investors will be prepared to buy "junior" tranches in sufficient quantities to justify the creation of SBBSs, is to test this new financial instrument - the SBBS - on the market.

EESC opinion: EU sovereign bond-backed securities (SBBS)

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