This paper provides a graphic overview on core legislation in the area of the Internal Market and Consumer Protection. The presentation essentially covers the areas within the responsibility of the Committee on Internal Market and Consumer Protection, but also displays neighbouring areas of other Committees' competences which are closely connected to and impacting on IMCO's work. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies and the Secretariat of the Committee on Internal Market and Consumer Protection (IMCO) at the request of the Committee on Internal Market and Consumer Protection. Link to the paperSource : © European Union, 2024 - EP

The proposal for a Directive establishing harmonised requirements on transparency of interest representation carried out on behalf of third countries covers activities conducted with the objective of influencing the development, formulation or implementation of policy or legislation, or of the public decision-making process in the EU. The IMCO Rapporteur for the report is Ms Adina Vălean (EPP).The proposal aims to increase the level of information in particular about the entities providing the services of interest representation, their funding and the third countries entities on whose behalf these activities are carried out.Procedure FileAnalysis of the Proposal for a Directive on Transparency of Third-Country Interest RepresentationAnalysis of and Insight on the Proposal for a Directive on Transparency of Third-Country Interest Representation     Analysis by the Policy Department within Parliament's Directorate General for Internal Policies     Presentation of the analysis by the Policy Department and insight on the proposal by the EU Agency for Fundamental Rights at the IMCO meeting of 30.09.2024Source : © European Union, 2024 - EP

The IMCO, AGRI and PETI committees are jointly organising a hearing where the organisers of the European Citizens Initiative (ECI) 'Fur-Free Europe' will present to Members the objectives and reasons behind the initiative.The ECI Fur Free Europe, gathered the support of 1,502,319 signatories with the minimum threshold reached in 18 Member States. The organisers call on the EU to ban the rearing and killing of animals for the purpose of fur production. It also asks for a ban on the placing on the Union market of both fur from animals farmed for their fur, as well as products containing such fur. Members and invited speakers will focus their discussion on these two objectives. Representatives from the European Commission, the Economic and Social Committee, as well as the Committee of the Regions will also participate during this event.The hearing will be webstreamed.Location : SPAAK 3C50ProgrammeEuropean Citizens Initiative pageSource : © European Union, 2023 - EP

The Committee on the Internal Market and Consumer Protection (IMCO) the Committee on Agriculture and Rural Development (AGRI), in association with the Committee on Petitions (PETI), jointly organise a hearing where the organisers of the European Citizens Initiative (ECI) 'Fur-Free Europe' will present to Members the objectives and reasons behind the initiative.For more information, please click on the European Citizens’ Initiatives webpageSource : © European Union, 2023 - EP

ESA's consultation paper on draft RTS to further harmonise ICT Risk Management Tools, methods, processes and policies as mandated under article 15 and 16(3) of regulation (EU) 2022/2554. Isabelle Van Acker Tue, 09/12/2023 - 15:32 Image Topic Operational resilience

IMCO is preparing an own-initiative report on Virtual worlds – opportunities, risks and policy implications for the single market. The Rapporteur is Mr Pablo Arias Echeverría (EPP). The report welcomes the Commission's communication on virtual worlds of 11 July 2023 but calls for more work to define them. It wants a clear regulatory framework in the digital single market, through existing laws, to support virtual world development. The report highlights the economic potential but most companies concerned are outside the Union. Therefore, the report calls for EU leadership and stresses the need for interoperability and open standards to prevent monopolies. Overall, regular regulatory checks are needed as virtual worlds develop but standalone regulation just for virtual worlds is not required yet.The draft report will be presented during the committee meeting of 18 - 19 September 2023.Procedure FileCommission communication on virtual worlds and Web 4.0Source : © European Union, 2023 - EP

Parliament (IMCO, LIBE) and Council reached an agreement on the Artificial Intelligence Act. The co-Rapporteurs are Mr Brando Benifei (S&D, IMCO) and Mr Dragoş Tudorache (Renew, LIBE). The agreement was confirmed by plenary on 13 March 2024. The regulation is still subject to a final lawyer-linguist check and is expected to be finally adopted before the end of the legislature (through the so-called corrigendum procedure). The law also needs to be formally endorsed by the Council.The regulation aims to ensure that fundamental rights, democracy, the rule of law and environmental sustainability are protected from high risk AI while boosting innovation and making Europe a leader in the field. The rules establish obligations for AI based on its potential risks and level of impact.During the plenary debate, Mr Benifei said: "We finally have the world's first binding law on AI, to reduce risks, create opportunities, combat discrimination, and bring transparency. Thanks to Parliament, unacceptable AI practices will be banned in Europe.... We ensured that human beings and European values are at the very centre of AI development,".The rules will enter into force 20 days after publication in the O.J. and be fully applicable 24 months after, except for bans on prohibited practices (6 months after entry into force); codes of practice (9 months); general-purpose AI rules including governance (12 months); and obligations for high-risk systems (36 months).Procedure FileMandatePress Release & More information following the vote in plenary on the text of the agreement reached with the CouncilPress release & more information following the IMCO-LIBE vote in favour of the provisional agreementPress Release following the provisional agreement reached between Parliament and Council on 8 December 2023AI Act Trilogue Deal - Media Impact AnalysisReporting back on the outcome of the trilogue of 6 & 8 December 2023Reporting back to committee on the trilogues of 2-3 and 24 October 2023Reporting back to committee on the trilogue of 18 July 2023Reporting back to committee on the first trilogue of 14 June 2023Press release on the vote in plenary + more informationPress Release on the vote in committee + more informationPublic Hearing on the Artificial Intelligence ActSource : © European Union, 2024 - EP

Retail Investment Strategy - Joint Statement: Finance sector calls for co-legislators to reassess the RIS in light of the European Commission's competitiveness goals Body The undersigned associations welcome the new European Commission’s objectives to boost the EU’s competitiveness, focus on the enforcement of existing legislation and simplify regulatory frameworks. We appreciate that this was also echoed by the Commissioner-Designate Maria Luis Albuquerque during her confirmation hearing in the European Parliament.  In light of this and the need to urgently advance a Savings and Investments Union, it is essential to subject the Retail Investment Strategy (RIS) to a “competitiveness check”. As it currently stands, the RIS will not achieve its initial goal of increasing retail participation in European capital markets. Indeed, the RIS adds further complexity and bureaucracy to the already heavily regulated frameworks that govern the distribution of investment and insurance-based investment products (IBIPs), with impacts for both firms and retail investors. This approach contradicts the new Commission’s commitments to reducing red tape for market participants, fostering a simpler regulatory environment and strengthening the attractiveness of EU financial markets. We have hope that EU policymakers can use the upcoming trilogue negotiations to refocus the RIS on what matters: enabling citizens to invest in the capital market without imposing excessive burdens on market participants. For this to happen, policymakers must, at a bare minimum, focus on: Simplification for firms and retail investors. Overly complex and overlapping rules risk stifling retail investor engagement and increasing firms' operational costs, which are ultimately borne by consumers. The RIS, as currently proposed, would significantly increase the reporting burden and record-keeping requirements, adding layers of bureaucracy and red tape for market participants. Additionally, the introduction of numerous Level 2 and 3 empowerments would create further uncertainty and complexity for companies. The RIS should aim to streamline regulations and avoid imposing new, disproportionate compliance requirements that create obstacles for both investors and the market. Streamlined sales processes for retail investors. An easy, affordable, and simplified investment journey will be vital to attracting more retail investors. Unfortunately, the current RIS proposals would make the investment process longer and more burdensome, adding conditions, tests and disclosure obligations. For instance, the advice process for purchasing products can extend to over two hours for certain products, discouraging savers from investing or nudging them towards less regulated platforms and products. The RIS should strive to reduce these barriers and ensure that investors can access European-regulated products in a leaner way. Reduction of information overload. Transparency is important for empowering investors to make informed decisions. At the same time, the RIS currently imposes excessive and overly detailed cost disclosures and warning obligations which could overwhelm retail investors and could make investing less appealing. The RIS should improve and focus on meaningful and relevant disclosures. Emphasising key product benefits, such as financial guarantees, ESG characteristics and other qualitative features that drive consumer investment decisions, will encourage greater participation in the EU financial markets.  These steps are just a starting point for the RIS to foster a regulatory framework benefiting both retail investors and the wider EU economy. In this spirit, the financial industry also appreciates the Commission’s strong commitment to deploying the Savings and Investments Union and driving retail investment across the EU, while working with Member States on key actions necessary to strengthen our capital markets, such as unlocking the potential of private and occupational pensions, targeted tax incentives and financial and insurance literacy. -ENDS-  About EBFThe European Banking Federation (EBF) is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu  Twitter: @EBFeu. About EFAMA EFAMA, the European Fund and Asset Management Association, is the voice of the EUR 28.5tn European investment management industry. As a trade association, our role is to promote the interests of our members and raise awareness of the importance of the services and solutions they provide. Our pan-European membership as well as our governance ensure that we represent the rich diversity of the European investment management industry, and not merely a subset thereof. This makes us the natural interlocutor of the EU institutions for all issues relevant to our sector. Our remit goes beyond the EUR 31tn however. We support open and well-functioning global capital markets and engage with international standard seters and relevant third country authorities on a wide range of issues. Since its establishment, EFAMA has been fully supportive of the EU project and working hard towards helping the EU achieve its objectives, whether in terms of single market, consumer protection or more recently CMU and sustainable finance.  More information is available at www.efama.org ; Follow us on Linkedin About Insurance EuropeInsurance Europe is the European insurance and reinsurance federation. Through its 37 member bodies — the national insurance associations — it represents all types and sizes of insurance and reinsurance undertakings. Insurance Europe, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe’s economic growth and development. European insurers pay out over €1 000bn annually — or €2.8bn a day — in claims, directly employ more than 920 000 people and invest over €10.6trn in the economy. E-mail: info@insuranceeurope.eu www.insuranceeurope.eu. About AMICEThe Association of Mutual Insurers and Insurance Cooperatives in Europe aisbl (AMICE) is the voice of the mutual and cooperative insurance sector in Europe. The Brussels-based association advocates for appropriate and fair treatment of all mutual and cooperative insurers in a European Single Market. It also encourages the creation and development of innovative solutions for the benefit of European citizens and society. Typically, mutual/cooperative insurers have no external shareholders, and profits are applied to the benefit of mutual members/policyholders in accordance with the long-term culture of the mutual business model. Mutual and cooperative insurance follows the principles of solidarity and sustainability, and is characterised by customer-membership and democratic governance. EU mutual and cooperative insurers account for 33% of the European insurance market share, and range from some of the smallest to some of the largest insurers in Europe. To learn more, visit www.amice-eu.org | LinkedIn: AMICE Company Page | YouTube: AMICE Channel About BIPARBIPAR is the European Federation of Insurance Intermediaries.  It groups 47 national associations in 31 countries.  Through its national associations, BIPAR represents the interests of insurance agents and brokers and financial intermediaries in Europe.  Apart from some large multinationals, the insurance intermediation sector consists of hundreds of thousands of SMEs and micro-type operators.  It accounts for 0.7% of European GDP, and over one million people are active in the sector.  Insurance and financial intermediaries facilitate the insurance and financial process for several hundreds of millions of customers.  The variety of business models, the high level of competition and the geographical spread in the sector ensure that everyone in Europe has easy access to tailor-made insurance and financial services. The sector is highly regulated and strictly supervised.BIPAR is a member of the World Federation of Insurance Intermediaries (WFII).  Founded in Paris in 1937, BIPAR has been established in Brussels since 1989. About CEBThe Conference of European Bancassurers (CEB) aims to facilitate dialogue with all stakeholders, showing the value that the bancassurance model provides for consumers, for the insurance industry and for society as a whole. The CEB today gathers 17 insurance companies/bancassurers distributors operating in 22 Member States (AG Insurance, AMAEF (Spanish Bancassurers Association), BBVA Seguros, BNP Paribas Cardif, BPCE Assurances, Caixabank, CNP Assurances, Crédit Agricole Assurances, Kutxabank Seguros, PKO Ubezpieczenia, RGA, RUV, Banco Santander, Société Générale Insurance, Op Financial group, Ethniki Insurance – NBG andUNIQA Insurance Group. About EACBThe European Association of Co-operative Banks (EACB) is the voice of the cooperative banks in Europe. It represents, promotes and defends the common interests of its 27 member institutions and of cooperative banks in general. Cooperative banks form decentralised networks which are subject to banking as well as cooperative legislation. Democracy, transparency and proximity are the three key characteristics of the cooperative banks’ business model. With 2,500 locally operating banks and 40,000 outlets cooperative banks are widely represented throughout the enlarged European Union, playing a major role in the financial and economic system. They have a long tradition in serving 227 million customers, mainly consumers, retailers and communities. The cooperative banks in Europe represent 90 million members and 737,000 employees and have a total average market share of about 20%. About EAPBThe European Association of Public Banks (EAPB) gathers member organisations (financial institutions, funding agencies, public banks, associations of public banks and banks with similar interests) from 17 European Member States and countries, representing directly and indirectly the interests of over 90 financial institutions towards the EU and other European stakeholders. With a combined balance sheet total of about EUR 3,500 billion and a market share of around 15%, EAPB members constitute an essential part of the European financial sector. About EFSAEFSA is a forum of European Securities Associations for information sharing and fostering mutual understanding. EFSA itself is not a legal entity but a self-organising working-group. As such, it also  helps to deliver joint messages on policy issues in European securities markets to policy makers, regulators, industry representatives and the interested public who we hope might benefit from such a coordinated approach. EFSA complements the existing activities of its member-associations. About ESBGThe European Savings and Retail Banking Group (ESBG), as the regional arm of the World Savings and Retail Banking Institute (WSBI), represents European savings and retail banks from 28 countries, with a focus on supporting local communities and small and medium-sized enterprises (SMEs). With 859 member banks employing over 620,000 people across 50,000 outlets, ESBG members play a vital role in the European economy. By advocating for proportionate and balanced regulatory frameworks, ESBG helps its members foster financial stability, innovation, and sustainability. Through its commitment to responsible banking, ESBG ensures that European savings and retail banks can thrive in an increasingly competitive and fast-evolving financial landscape. About EUSIPAThe European Structured Investment Products Association (EUSIPA), founded in 2009, represents the major issuers of structured investment products across all main markets in Europe, promoting transparency, standardization, and best practices in the industry. EUSIPA, which currently unites 10 national associations that have their as members almost all major retail banks active in Europe, also actively advocates for market-adequate regulatory frameworks and fosters investor education on structured products. EUSIPA also provides the key classification framework to the structured products markets, in the format of the "EUSIPA Product Map," which has become a main reference tool to standardize product categorisation and identification on a cross-border level. Miriam Brunson Thu, 11/28/2024 - 08:38 Image News type Statement Topic Retail Investment

ESAs consultation paper on draft ITS to establish templates composing the register of information in relation to all contractual arrangements on the use of ICT services provided by ICT third-party service providers as mandated by regulation (EU) 2022/2554 Isabelle Van Acker Tue, 09/12/2023 - 15:39 Image Topic Operational resilience

On Monday, 23 October 2023, the FEMM Committee jointly with the Committees on Budgets and Budgetary Control will discuss on “Gender mainstreaming in the EU budget”.This joint meeting is organised in the context of the 2020 Interinstitutional Agreement, which mandates the Commission develop a methodology to measure gender-relevant expenditure at programme level, and to implement and test said methodology for certain centrally managed programmes by 1 January 2023. This is a long-standing request of the FEMM committee, as a sound framework is needed to assess how the EU budget contributes to the EU's political objectives, including of course gender equality.Location : European Parliament Brussels, room: JAN 6Q2Source : © European Union, 2023 - EP

Prof. Rym Ayadi, EMEA President, CEPS Senior Advisor, and co-founder of the Brain Capital Alliance, delivered a keynote speech at the Conference “Brain... The post EMEA President Prof. Rym Ayadi delivers keynote speech at the Science Summit of the 78th United Nations General Assembly, on the Brain Capital Building Conference appeared first on EMEA.