The Danish Presidency of the Council of the EU has announced that it intends to prioritise work on the Savings and Investment Union (SIU), focusing on reducing burdens and creating “simpler” and “more proportionate” regulation of the financial sector.
In its half-yearly work programme, Copenhagen intends to pay particular attention to the new SIU initiatives, notably the one on a review of the securitisation framework presented by the European Commission on Tuesday 17 June (see EUROPE 13661/26). The objective announced by the Danish authorities is to “strengthen the lending capacity of banks and address expected recommendations for European savings and investment accounts”.
Furthermore, while complex ‘simplification’ processes are underway on key dossiers for the SIU - such as the proposal for new rules for retail investors (see EUROPE 13656/17) or the preparation of a framework for European access to financial data (see EUROPE 13662/43) - Denmark wants to “ensure there is transparency around the impact of legislative proposals”.
“The Presidency will also seek to advance negotiations on the Retail Investment Strategy (RIS) to encourage greater levels of retail investor participation in financial markets and a regulation to establish a framework for financial data sharing (FIDA), ensuring a more open and transparent financial sector, while also giving priority to the simplification of these matters”, reads the Presidency programme.
According to the latter, the Danish authorities have stated that they are ready to enter into negotiations on other future initiatives on the SIU, including the proposal for more integrated and effective supervision. However, Denmark’s position on greater integration of financial supervision at EU level is not specified.
The debate on the creation of a single supervisor for the EU has intensified in recent months, driven by growing support in European institutional circles (see EUROPE 13668/12, 13658/24, 13657/22, 13641/20).
Link to the programme: https://aeur.eu/f/HFO
Link to meeting calendar: https://aeur.eu/f/hn2 (Original version in French by Bernard Denuit)