The bank recovery and resolution Directive (BRRD, 2014/59/EU) is intended to provide authorities with comprehensive and effective arrangements to deal with the possibility of banks failing at a national level along with cooperation arrangements to tackle cross-border banking failures. Among those arrangements is the requirement on banks to prepare recovery plans to overcome financial distress and allow national authorities to ensure an orderly resolution of failing banks with minimal costs for taxpayers.
Another significant adoption is the Directive (2014/91/EU) relating to undertakings for collective investment in transferable securities (UCITS V). Directive 2013/14/EU which amends certain directives and is incorporated into the EEA Agreement along with UCITS V, is intended to increase the level of protection already offered to investors in the current UCITS framework and improve investor confidence in UCITS. This is to be achieved, inter alia, with the enhancement of rules on responsibilities of depositaries, by introducing certain requirements on remuneration policies for UCITS fund managers and by ensuring that supervisory authorities are provided with certain common minimum competences as regards enforcement of transposing legislation and supervision.
The Joint Committee also took note of a recent EEA EFTA Comment on the public consultation on reporting formalities for ships, where the three EFTA States emphasise the importance of national reporting requirements being included in the European Maritime Single Window environment.
The EEA Joint Committee is responsible for the day-to-day management of the EEA Agreement. It provides a forum for the EEA EFTA States and the EU to exchange views and take decisions by consensus to incorporate EU legislation into the EEA Agreement.
Find high resolution photos from the meeting here.
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