Financial markets

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European Social Entrepreneurship Funds

Adopted on 23/05/2012
Reference: 
INT/623-EESC-2012-1294
Referral: 
COM(2011) 862 final – 2011/0418 (COD)
Rapporteur: 
Ms Ariane Rodert (Diversity Europe - GR III / Sweden)
Plenary session: 
481 -
May 23, 2012 May 24, 2012

The EESC welcomes the Commission proposal but highlights the fact that it can only be one component of dedicated financial instruments for social businesses. The Committee reminds the Commission that some elements of the proposal have to be clarified in order to allow such funds to be successful, both for the financial community and for the final beneficiaries.

EESC opinion: European Social Entrepreneurship Funds

Anti-Money Laundering Package

Adopted on 23/05/2013
Reference: 
ECO/344-EESC-2013-1767
Referral: 
COM(2013) 45 final ; COM(2013) 44 final
Rapporteur: 
Christopher ZEEB (Employers - GR I / Luxembourg)
Plenary session: 
490 -
May 22, 2013 May 23, 2013

The EESC welcomes the Commission's proposals on adapting the European regulatory framework to reflect changes made to international standards on preventing and combating money laundering and the financing of terrorism. It also approves the inclusion of gambling service providers on the list of professionals subject to requirements and notes that the present proposal contains a certain number of requirements that go beyond international standards. The EESC welcomes the proposal to harmonise the sanctions applicable at European level but has reservations regarding the purely "administrative" nature of the sanctions foreseen.

EESC opinion: Anti-Money Laundering Package

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

EU sovereign bond-backed securities (SBBS)

Adopted on 17/10/2018
Reference: 
ECO/471-EESC-2018-2774-00-00
Referral: 
COM(2018) 339 final 2018/0171 COD
Rapporteur: 
Daniel MAREELS (Employers - GR I / Belgium)

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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