by Vincent Wellens
Since the UK Parliament has rejected the Withdrawal Agreement between the EU and the UK on 15 January 2019, a so-called “no deal” scenario becomes a bit more likely. It goes without saying that this has a tremendous impact on the broadcasting sector as it is one of the sectors to typically benefit from the “country of origin”-principle under EU law. A broadcasting company having an establishment in one EU/EEA Member State can, by virtue of Article 3 of the 2010 EU Audiovisual Media Services Directive (“AVMSD”), freely broadcast into all other EU/EEA Member States. The latter can only intervene in very exceptional circumstances (in case of a serious risk for public health and public security).
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The European Banking Authority (EBA) published its final Guidelines regarding the types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). Through these Guidelines, the EBA aims not only to enable a higher degree of comparability in terms of current practices in identifying exposures associated with high risk, but also to facilitate the transition to the upcoming regulatory revisions, noting that the forthcoming implementation of the revised Basel standards will only apply as of 2022.
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The European Securities and Markets Authority (ESMA) publishes its Advice to the European Union (EU) Institutions – Commission, Council and Parliament – on initial coin offerings and crypto-assets. The Advice clarifies the existing EU rules applicable to crypto-assets that qualify as financial instruments, and provides ESMA’s position on any gaps and issues in the current EU financial regulatory framework for consideration by EU policymakers.
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The Commission has kick-started the debate on reforming decision-making for areas of EU taxation policy, which currently requires unanimity among Member States. This unanimity often cannot be achieved on crucial tax initiatives, and can lead to costly delays on sub-optimal policies. The Communication published today suggests a roadmap for a progressive and targeted transition to qualified majority voting under the ordinary legislative procedure in certain areas of shared EU taxation policy, as is already the case with most other EU policy areas. This possibility is envisaged by the EU Treaties.
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MPs are voting on a motion that could oust Theresa May’s government from power and start moves towards a general election. Labour leader Jeremy Corbyn, who tabled the no confidence motion, said the PM’s “zombie” administration had lost the right to govern, and they “should do the right thing and resign”. But Mrs May said a general election was simply not “in the national interest”. It comes 24 hours after MPs voted down the PM’s Brexit plans by a huge margin.
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Prime Minister Theresa May’s Brexit deal has been rejected by 230 votes – the largest defeat for a sitting government in history. MPs voted by 432 votes to 202 to reject the deal, which sets out the terms of Britain’s exit from the EU on 29 March. Labour leader Jeremy Corbyn has now tabled a vote of no confidence in the government, which could trigger a general election.
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The European Securities and Markets Authority (ESMA) publishes its first Annual Statistical Report on the cost and performance of retail investment products. The Report covers Undertakings for Collective Investment in Transferable Securities (UCITS), Alternative Investment Funds sold to retail investors (retail AIFs) and Structured Retail Products (SRPs).
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In its first weekly meeting of 2019 Commission discusses the main political challenges ahead. The College of Commissioners held today the first weekly meeting of 2019 which was devoted to discussing the challenges of this new year. Commissioners used the opportunity to take stock and discuss the year ahead, including the European elections in May and other important milestones ahead.
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“Failing to take CSR seriously is a risk in itself”, says CEO. Airmic has put corporate social responsibility (CSR) firmly on the risk management agenda and urged its members to recognise their CSR colleagues as “valuable allies” in creating a resilient business. “Boardrooms increasingly recognise that a strong approach to corporate social responsibility is not just a good thing to do – it’s a business imperative,” Airmic’s CEO John Ludlow said. “But not enough risk professionals recognise they have an important role to play in supporting their business achieve its CSR objectives.”
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With just over three months until the UK exits the EU, the government has made preparing for a no-deal an operational priority and has issued advice to businesses urging them to be prepared. The following article is an extract from Airmic’s briefing paper on this development. How is the UK government preparing for a no-deal? The government has committed to prioritising stability for citizens, consumers and businesses, to ensure the smooth operation of business, infrastructure and public services and to minimise any disruption to the economy in the event of a no-deal.
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