The European Commission has proposed to update the rules on coordination of safe and free movement in the EU, which were put in place in response to the COVID-19 pandemic. Since the summer, vaccine uptake has increased significantly and the EU Digital COVID Certificate has been rolled out successfully, with more than 650 million certificates issued to date. At the same time, the epidemiological situation in the EU continues to develop with some Member States taking additional public health measures, including administering booster vaccines. Taking into account all those factors, the Commission is proposing a stronger focus on a ‘person-based’ approach to travel measures and a standard acceptance period for vaccination certificates of 9 months since the primary vaccination series. The 9 month period takes into account the guidance of the European Centre for Disease Prevention and Control (ECDC) on the administration of booster doses as of 6 months, and provides for an additional period of 3 months to ensure that national vaccination campaigns can adjust and citizens can have access to boosters.
Continue reading…

On 19 November, European Commission Vice-President Maroš Šefčovič hosted Lord David Frost in Brussels to discuss the implementation of the Protocol on Ireland/Northern Ireland. This was their fifth meeting following the package of far-reaching solutions that the EU proposed on 13 October to facilitate the implementation and to strengthen stability and predictability for the people and businesses in Northern Ireland. Vice-President Šefčovič reiterated the need to shift into a result-oriented mode and to deliver on the issues raised by Northern Irish stakeholders. It is essential that the recent change in tone now leads to joint tangible solutions in the framework of the Protocol.
Continue reading…

Frank Elderson, Member of the Executive Board of the European Central Bank, recently gave a speech at the COP26 Finance Day Presidency Event on “A Financial System for Net Zero”, Frankfurt am Main, Glasgow on 3 November 2021. This is his official speech. Our collective journey started in Paris almost four years ago, when eight central banks and supervisors from an already diverse background decided to join forces. Our aim was to rise to the climate challenge and work together to develop the tools we need as central banks and supervisors to foster and accelerate the greening of the global financial system. As a coalition of the willing, we have been working together in the Network for Greening the Financial System (NGFS), which I am proud to chair. Continue reading…

Police forces across the world have arrested 150 alleged suspects involved in buying or selling illicit goods on the dark web as part of a coordinated international operation involving nine countries. More than EUR 26.7 million (USD 31 million) in cash and virtual currencies have been seized in this operation, as well as 234 kg of drugs and 45 firearms. The seized drugs include 152 kg of amphetamine, 27 kg of opioids and over 25 000 ecstasy pills. This operation, known as Dark HunTOR was composed of a series of separate but complementary actions in Australia, Bulgaria, France, Germany, Italy, the Netherlands, Switzerland, the United Kingdom and the United States, with coordination efforts led by Europol and Eurojust. Continue reading…

A total of 12 individuals wreaking havoc across the world with ransomware attacks against critical infrastructure have been targeted as the result of a law enforcement and judicial operation involving eight countries. These cyber actors represented a dangerous combination of aggressive disruption and high-stake targets. The attacks are believed to have affected over 1800 victims in 71 countries. These cyber actors are known for specifically targeting large corporations, effectively bringing their business to a standstill. The actions took place in the early hours of 26 October in Ukraine and Switzerland. Most of these suspects are considered high-value targets because they are being investigated in multiple high-profile cases in different jurisdictions. Continue reading…

On November 10th, the European Banking Authority (EBA) published its first draft implementing technical standards (ITS) on Pillar 3 disclosure of institutions’ exposures to interest rate risk on positions not held in the trading book (IRRBB). The final draft ITS put forward comparable disclosures that will help stakeholders assess institutions’ IRRBB risk management framework as well as the sensitivity of institutions’ economic value of equity and net interest income to changes in interest rates. The standards will amend the comprehensive ITS on institutions’ public disclosures, in line with the strategic objective of developing a single and comprehensive Pillar 3 package that should facilitate implementation by institutions and further promote market discipline. Continue reading…

With Eurojust’s support, authorities in Germany, Georgia and Israel have dismantled a criminal network operating various online trading platforms, defrauding victims of at least tens of millions of euros. During a series of actions in Georgia and Israel last week, 11 suspects were arrested, and real estate, luxury vehicles, communication equipment and cash were seized, for a yet unknown amount. Investigations into the fraud scheme started in 2015, after complaints from citizens, including German victims, who had lost all their investments via at least 18 different online trading platforms. Continue reading…

Oil and gas group Shell wants to become fully British on paper. The group will present this change to its shareholders. The head office will also be moved to the United Kingdom, where the board- and management meetings will be held, among other things. Shell wants to end the current share structure with two types of shares, among other things. According to Shell, the simplification of the structure should ensure that the company can operate faster and more flexibly. Investors have been complaining for some time about the current format with different shares. No dividend is payable on British shares, while this is necessary for Dutch shares. Shell is known to be in favour of abolishing the dividend tax, like food group Unilever. Continue reading…

On November 2nd, the European Commission President Ursula von der Leyen announced a €1 billion pledge at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow as the European Union contribution to the Global Forests Finance Pledge. This 5-year support package from the EU budget will help partner countries to protect, restore and sustainably manage forests worldwide and deliver on the Paris Agreement. President Ursula von der Leyen said: “Forests are the green lungs of the earth. We need to protect and restore them. I gladly announce that we are pledging €1 billion to protect world forests. This is a clear sign of the EU’s commitment to lead global change to protect our planet, in line with our EU Green Deal.” In relation to the Glasgow summit, the Prime Minister of the Netherlands, Mark Rutte recently made headlines for all the wrong reasons. At the summit, he called for ‘action, action, action’ on climate change, and then a few days later, he made a comment on how the Netherlands was going to continue to invest in fossil energy. He later retracted his comment after receiving backlash from the Dutch people, stating that his words at the summit had little meaning.  Continue reading…