Dina-Perla Portnaar

A new European strategy for a Better Internet for Kids (BIK+) was adopted by the Commission to improve age-appropriate digital services and to ensure that every child is protected, empowered and respected online. Looking back at the last ten years, digital technologies and the way children use them have changed dramatically. Most children use their smartphones daily and almost twice as much compared to ten years ago. Children also use them from a much younger age (see EU Kids online 2020). Using all sorts of devices bring opportunities and benefits, allowing children to interact with others, learn online and be entertained. Yet these gains are not without risks, such as the dangers of exposure to disinformation, cyber bullying (see JRC study) or to harmful and illegal content, from which children need to be sheltered. Continue reading…

The European Central Bank (ECB) recently published amendments to its guidelines on the implementation of monetary policy in the Eurosystem. The amended guidelines make the following changes:

The first step in gradually phasing out the pandemic collateral easing measures introduced in April 2020 as announced on 24 March 2022. Clarification of the eligibility criteria for sustainability-linked bonds and asset-backed securities (ABSs), as decided by the Governing Council on 4 February and 17 June 2021, respectively. Provisions that apply in the event of the activation of the Enhanced Contingency Solution (ECONS) under the TARGET2 system.

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When your organisation fosters a culture of compliance with strong security mandates, it sets a standard for employees, customers and vendors to follow that becomes a part of everyday corporate life. Acting ethically promotes integrity and helps organisations gain trust from key stakeholders and investors. You may think it’s easier said than done. But there are several distinct ways to take steps to comply with relevant laws, policies and regulations. At Legility’s virtual Symposium 2020, the need for ethical compliance and security was the focus of a panel discussion led by legal experts with firsthand knowledge of how to create this culture. Moderated by Legility, the panel included Carlos Provencio and Eduardo Provencio, who are brothers as well as lawyers working in highly regulated industries. The key, they all agreed, was to make regulatory compliance, security and business ethics matters essential, unwavering activities. Continue reading…

by Lieve Lowet & Lorenz Van Roosbroeck

In our March blog post we wrote about the Australian Actuaries Intergenerational Equity Index (AAIEI) for two main reasons. First of all, the index emphasises the issue of social sustainability — which, at present, tends to be overshadowed by the issue of environmental sustainability. Secondly, the AAIEI successfully reads environmental sustainability as something related to social sustainability. This was welcomed because of its break with the dominant deliberative culture surrounding ESG, where discussions deal with environmental -and social issues in isolation of one another, effectively masking their interrelation. This blogpost delves deeper into both matters from a more theoretical angle. Continue reading…

Last Thursday, the European Commission has published the tenth edition of the 2022 EU Justice Scoreboard, an established annual overview providing comparative data on the efficiency, quality and independence of justice systems in the Member States. For the first time, this year’s Scoreboard also includes data on the effects of the COVID-19 pandemic on the efficiency of justice systems, as well as regarding accessibility to justice for persons with disabilities and with a strengthened business dimension. Vice-President for Values and Transparency, Věra Jourová, said: “The EU Justice Scoreboard provides invaluable insights into our justice systems and helps us place the focus where it matters most: ensuring that the rule of law is protected across the European Union. The fact that since last year the public perception of judicial independence has decreased in about half of Member States is concerning and shows that we all need to act to restore trust of the public in the judicial system.”
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Eurojust has supported the Italian and Bulgarian authorities to counter an elaborate tax scam of at least EUR 69 million. During an action day, 26 suspects were identified who had illegally changed or ‘cloned’ Italian into Bulgarian enterprises, to avoid paying tax. A hotel and other properties, as well as other assets with a total value of EUR 11 million, were seized. The operation was the result of a joint investigation team (JIT) between the two authorities concerned, which was set up with the assistance of Eurojust. Continue reading…

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has on April 29th advised the European Commission on certain aspects relating to retail investor protection. In the advice ESMA puts forward, proposals that will make it easier for investors to get the key information they need to take well-informed investment decisions, whilst also protecting them from aggressive marketing techniques and detrimental practices.  Continue reading…

More than 500 corruption cases have been registered at Eurojust during the past six years. Compared with the 78 cases registered at the Agency in 2016, the number of cases rose to 112 in 2021, despite the COVID-19 pandemic. This increase reflects the EU’s priority to crack down on corruption and Eurojust’s growing importance in helping Member States tackle this specific type of cross-border crime. Eurojust Casework on Corruption: 2016–2021 Insights, presents key findings based on the Agency’s casework and offers expert advice to practitioners to assist them in similar cases in the future. The report, published on May 5th, is the Agency’s first dedicated publication in the field. It aims to support national authorities dealing with cross-border corruption cases by identifying possible problems and solutions. Continue reading…

Philip R. Lane, Member of the Executive Board of the European Central Bank, recently gave a speech at Bruegel, Brussels, on 5 May 2022. There are three main analytical challenges in assessing the economic and inflation outlook for the euro area. First, the pandemic remains a first-order driving force. Over the winter, pandemic restrictions still limited economic activity in the euro area. While these restrictions are currently being lifted and case numbers are declining, the current set of restrictions in China is contributing to a further wave of bottleneck pressures in global supply chains and limiting domestic demand in a major region of the world economy. At the same time, the re-opening of the European economy and the prospects for a more normal summer tourist season are set to provide significant momentum in the coming months, especially for services sectors and tourist-intensive countries. Continue reading…

On May 11, Klaas Knot spoke at the International Swaps and Derivatives Association in Madrid in his capacity as chairman of the Financial Stability Board (FSB). He talked about the current challenges to global financial stability and the measures being taken by the FSB to address them. I am delighted to be here, speaking in my capacity as Chair of the Financial Stability Board (FSB). The work of the FSB has benefitted from long-standing and constructive interactions with ISDA on a range of important areas. Two such examples of our collaborative efforts immediately spring to mind. First, thanks to the concerted effort undertaken by market participants and regulators, we have made huge progress in the transition to robust alternative reference rates across key global markets. Thirty LIBOR settings successfully ceased at the end of last year, and only five USD LIBOR settings remain in use. But, this work is not yet complete. In particular, it is essential that firms prepare for the cessation of the remaining USD LIBOR panels and that the new use of USD LIBOR is avoided. Continue reading…