1 / 7

Financial Instruments: the regulatory framework

Financial Instruments: the regulatory framework. Antoine Quero, DG Budget (European Commission) "New financial instruments and the role of national promotional banks for the benefit of European SMEs" Public Hearing - European Parliament, BUDG Committee Brussels, 26 April 2016.

kevinpeters
Télécharger la présentation

Financial Instruments: the regulatory framework

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Instruments: the regulatory framework Antoine Quero, DG Budget (European Commission) "New financial instruments and the role of national promotional banks for the benefit of European SMEs" Public Hearing - European Parliament, BUDG Committee Brussels, 26 April 2016

  2. Principles underpinning the regulatory framework of EU financial instruments: • Flexibility to ensurereactivity and compatibility withmarket conditions. • Accountability to verify pertinence regularly.

  3. How is flexibility achieved? • Basic rules established in the Financial Regulation (arts. 139-140). • Generic authorization to use financial instruments in the basic acts (Horizon 2020, COSME, CEF…). • Detailed design left to the Commission.

  4. How is accountability achieved? • Objective performance indicators (e.g. leverage, market demand). • Detailed reporting obligations (art. 140.8 FR). • Continuity conditional to performance (art. 140.9 FR).

  5. Implementation modes: • Both direct and indirect management are possible (art. 139.4 FR). • Indirect management: by entrusting tasks to eligible entities (e.g. EIB, NPBs… art. 58.1.c FR)

  6. Strengths of the regulatory framework: • Balanced set of rules: market compatibility vs. public accountability. • Transparency. • Implementation rests on public financial institutions.

  7. Challenges: • Raise financial expertise on the design side (Commission, managing authorities) and the control side (EP, Council). • Increase ex-ante assessment capability. • Widen delivery channels.

More Related