EU Legislation, Initiatives, etc.
BIS: New research evaluating the economic costs & benefits of EU legislative proposals on computer trading in financial markets has been published. Evidence is reviewed in Economic Impact Assessments on MiFID II Policy Measures related to computer trading in financial markets, a working paper by Foresight.
The paper shows support for the use of some measures currently under consideration in the EU under MiFID II. Other measures are likely to entail costs that exceed potential benefits. This paper has been developed within Foresight’s forthcoming study of computer trading in financial markets.
ScotGov: The Scottish Government has learned that talks between the EU, Norway, Iceland and Faroes have not led to a break through in the mackerel fishery stalemate. In February protracted negotiations failed to secure a 4-way Coastal States deal for 2012, leading to a third straight year without agreement. New mackerel talks for 2013 are set to commence in October 2012.
EU News: The European Commission has unveiled plans to deal with the exponential growth in mobile & wireless data traffic by enabling wireless technologies, including broadband, to share the use of the radio spectrum.
EU News: A draft law to restrict the general public's access to chemicals that can be used to make home-made explosives was endorsed by the Civil Liberties Committee last week. Under the text, already agreed by Parliament & Council representatives, consumers will have to obtain a licence to buy these products, although some exemptions will be possible. Home-made explosives have been used in many terrorist attacks, such as the bombings in Norway last year.
EU News: Following the recent manipulation of LIBOR, the Commission has launched a consultation inviting stakeholders to comment on possible new rules for the production & use of indices serving as benchmarks in financial and other contracts. The consultation closes on 15 November 2012..
EU News: As part of its strategy for creating jobs & growth, the European Commission has launched an initiative to boost the recognition of skills & competences gained outside school or university. The Commission's proposal aims to increase job opportunities in particular for the young unemployed and those with few formal qualifications such as older and low-skilled workers. It also seeks to increase access to higher education, especially among mature students.
EU News: The European Data Protection Supervisor (EDPS) has adopted his opinion on the amended Commission proposal for a Regulation of the European Parliament and of the Council on the establishment of 'EURODAC' for the comparison of the fingerprints of asylum seekers.
A significant addition to this amended proposal is the access to EURODAC data by law enforcement authorities. While the EDPS understands that the availability of a database with fingerprints could be a useful additional tool in combating crime, this amendment is a serious intrusion into the rights of a vulnerable group of people in need of protection and he asks if such access is really necessary.
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