COUNCIL OF THE EUROPEAN UNION,update

 

Meetings Thursday, 12 December 2024

● Council of the EU   12/12/2024 19:51 | Meetings | Main results - Justice and Home Affairs Council (Home Affairs), 12 December 2024   Home affairs ministers adopted a decision to lift checks on persons at the internal land borders with and between Bulgaria and Romania. They further addressed the external dimension of migration and approved conclusions on access to data and on counterterrorism.

● European Council

12/12/2024 17:44 | Media advisory | Press briefing ahead of the EU-Western Balkans summit and the European Council meeting of 18-19 December 2024   The press briefings before the Western Balkans summit on 18 December 2024 and the European Council meeting on 19 December 2024, will take place on Tuesday 17 December 2024 at 10.00. These briefings will be "off the record". The press briefings will take place in a hybrid format: EU accredited journalists or journalists accredited for the summits will be able to participate and ask questions either in person at the Justus Lipsius press room or remotely. To attend the event remotely, please use this form to register and have the possibility to ask questions. • Deadline for registration:Tuesday 17 December 2024 at 09:00.  Further instructions will be sent to all registered participants shortly after the deadline. ● Council of the EU   11/12/2024 12:52 | Press release | Tackling non-sustainable fishing practices allowed by non-EU countries: Council endorses negotiating mandate   Member states' EU ambassadors today agreed on the Council’s negotiating position on a proposal to improve the EU tools that can be used against non-EU countries allowing non-sustainable fishing practices in relation to fish stocks of common interest. “The revised rules will help tackle overfishing by non-EU countries and improve the long-term sustainability of the fish stocks we share with countries outside of the EU. Thanks to the improved framework, we are also ensuring fair competition between EU and non-EU fishers and operators.” — István Nagy, Hungarian Minister for Agriculture Main elements The Council’s negotiating mandate retains the main elements of the Commission proposal, which amends the current rules for tackling situations when third countries fail to cooperate in the management of stocks of common interest or fail to adopt necessary fishery management measures. The targeted revision clarifies the rules used to identify a country as being one that allows non-sustainable fishing, thus increasing legal certainty. More specifically, the proposal clarifies the notion of 'failure to cooperate' and specifies that a country can be considered as allowing non-sustainable fishing if it does not implement the necessary measures, including control measures. Once a country is identified as allowing non-sustainable fishing practices, the EU can impose restrictions, such as import bans. Another objective of the proposal is to improve cooperation with the relevant non-EU country before and after the EU takes appropriate action. The Council improves the Commission's proposal, in particular by further specifying the cases that are examples of 'failure to cooperate' in the management of a fish stock of common interest. Next steps The agreement reached today will allow the Council presidency to start negotiations with the European Parliament, once the Parliament votes on its mandate. Background Regulation (EU) 1226/2012 sets out a framework for the EU to adopt measures against non-EU countries that allow non-sustainable fishing practices. These measures can include identifying a country as such and the imposition of quantitative restrictions on imports from that country of fish and fishery products from the stock concerned or associated species. The objective of the proposal, published by the Commission on 13 September 2024, is to improve the clarity and legal certainty of the current legislation. Council negotiating mandate Commission proposal ● Council of the EU   12/12/2024 20:37 | Press release | Council and Parliament reach deal on financial benchmarks   Today, the Council and the European Parliament reached a provisional agreement on a proposal to streamline benchmark authorisation and registration requirements, and to alleviate the burden on EU companies, particularly SMEs (smaller benchmark administrators and benchmark users). The provisional agreement needs to be confirmed by both institutions before being prepared for formal adoption. Benchmarks are typically indexes or another basket of financial assets, they are widely used by companies and investors in the EU as a reference in their financial instruments or contracts. As part of the provisional deal reached today, the Council and Parliament agreed with the Commission’s proposal to reduce the regulatory burden on administrators of benchmarks defined as non-significant in the EU, by removing them from the scope of current rules. The Council and Parliament agreed that only those benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks, and certain commodity benchmarks should remain under the scope of the regulation. In addition, administrators outside the scope will have the possibility to request the voluntary application of the rules (opt-in), under certain conditions. The Council and Parliament agreed to add further qualitative criteria to the calculation methodology for significant benchmarks, in addition to existing qualitative and quantitative criteria. Under the current rules, benchmarks are deemed significant if they are used as a reference for financial instruments, financial contracts or investment funds with a total average value of at least €50 billion, or fulfil certain other criteria. New criteria would be considered from now on. The provisional agreement grants extended competence to ESMA (European Securities and Markets Authority). More specifically, ESMA will be in charge of supervising the endorsement of administrators, which would result in a single entry point for all third country benchmark administrators in the EU. The Council and the Parliament agreed that supervised entities would only be allowed to use EU and third-country benchmarks that claim to take environmental sustainability and governance factors (ESG) into account in their methodology, if the administrator of the benchmarks discloses certain information. The Council and Parliament decided to keep a specific exemption regime for spot foreign exchange benchmarks in the rules. Next steps The provisional agreement will now have to be confirmed by the Council and Parliament, before being formally adopted by both institutions. The text of the provisional agreement will be made available once confirmed. Once formally adopted, the final text will be published in the Official Journal of the EU, enter into force, and apply from 1 January 2026. Background The current regulation on indices used as financial benchmarks sets standards with the aim of preventing manipulation of benchmarks that could affect the price of financial instruments. The regulation sets requirements for administrators responsible for the provision of financial benchmarks. The regulation also sets three separate regimes, with an increasing level of supervision and regulation depending on the benchmarks’ importance: non-significant benchmarks, significant benchmarks (which used as a reference for financial instruments, financial contracts or investment funds with a total average value of at least €50 billion, or fulfil certain other criteria) and critical benchmarks (at least €500 billion, or fulfil certain other criteria). Also, under the current rules, EU market participants can only use benchmarks produced or administered in a non-EU country if the country concerned has a framework equivalent to that of the EU, if its benchmark is endorsed by an EU benchmark administrator, or if the benchmark is recognised in the EU. The Commission submitted it proposal on benchmarks on 30 October 2023. It forms part of a package of measures to rationalise financial reporting requirements. Benchmarks: Council agrees its negotiating mandate (press release, 20 December 2023) What the EU is doing to deepen its capital markets (background information) ● European Council   12/12/2024 15:37 | Press release | Readout of the meeting between UK Prime Minister Starmer and European Council President Costa   The Prime Minister of the United Kingdom Keir Starmer and the President of the European Council António Costa met in Downing Street this afternoon.    In their first meeting, the two leaders affirmed the intention to strengthen the relationship between the United Kingdom and the European Union, agreeing on the vital importance of closer collaboration between like-minded partners at an increasingly volatile time for the world.     The President invited the Prime Minister to attend a session of the informal meeting of the EU leaders in Brussels on 3 February. The Prime Minister was pleased to accept the invitation and looked forward to discussing enhanced strategic co-operation with the EU, notably on defence.    The two leaders also discussed current geopolitical challenges. They reiterated their unwavering commitment to providing continued political, financial, economic, humanitarian, military and diplomatic support to Ukraine and its people for as long as it takes and as intensely as needed. They also addressed the situation and latest developments in the Middle East. Turning to Syria, they agreed on the importance of ensuring a peaceful transition towards long-term political stability following the fall of Assad’s brutal regime.  They reaffirmed that the Withdrawal Agreement, including the Windsor Framework and the Trade and Cooperation Agreement, are the foundation of relations between the UK and EU, and restated their joint commitment to the full and faithful implementation of those agreements.    They also looked ahead to the first EU-UK Summit in early 2025, agreeing this would provide an important opportunity to make further progress on key areas to deliver tangible benefits for the people of the UK and the EU.