EU Legislation, Initiatives, etc.
EU News: As of 20 June 2013, credit rating agencies (CRAs) have to follow stricter rules which will make them more accountable for their actions. The new rules also aim to reduce over-reliance on credit ratings while at the same time improving the quality of the rating process. Credit rating agencies will have to be more transparent when rating sovereign states.
EU News: To help mitigate the consequences of serious road accidents across the EU, recently the European Commission adopted 2 proposals to ensure that, by October 2015, cars will automatically call emergency services in case of a serious crash.
The ‘eCall’ system automatically dials 112 - Europe's single emergency number - in the event of a serious accident. It communicates the vehicle's location to emergency services, even if the driver is unconscious or unable to make a phone call. It is estimated that it could save up to 2,500 lives a year.
EU News: The Economic & Monetary Affairs Committee ‘stood by its guns’ last week in supporting the Commission's proposal for a wide-scope financial transaction tax, with stocks & bond trades taxed at 0.1% and derivatives trades taxed at 0.01% in 11 EU countries.
The committee proposed lower rates until January 2017 for trades in sovereign bonds and the pension fund industry's trades. A new legal ownership principle was also inserted to make tax avoidance more costly.