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EXME 12 / 08.10
Midday Express of 2012-10-08
News from the European Commission's Midday Briefing
Nouvelles du rendez-vous de midi de la Commission européenne
At this time of crisis, the Single Market has a key role to play in bringing Europe out of economic stagnation. Timely transposition of legislation is a necessary condition for achieving the policy objectives of the directives. The European Commission's Internal Market Scoreboard published today shows that Member States have made an effort in transposing EU rules into national law. After the increase recorded in May and November 2011 (1.2%), the European average transposition deficit – the percentage of Internal Market Directives that have not been written into national law in time – is now back to 0.9%, i.e. below the target agreed by the European Heads of State and Government in 2007. In this exercise, sixteen Member States have achieved the 1% target.
A European agenda for creating growth and jobs in the marine and maritime sectors was adopted today by European Ministers for maritime policy and the European Commission, represented by President Jose Manuel Barroso and Commissioner Maria Damanaki at a conference in Limassol organised by the Cypriot Presidency. Five years after the launch of the EU Integrated Maritime Policy, the Member States and the Commission reaffirmed that a dynamic and coordinated approach to maritime affairs enhances the development of the EU's 'Blue Economy' while ensuring the health of seas and oceans.
Citizens, businesses and other stakeholders are being asked for their opinion on certain reduced VAT rates, in a public consultation launched by the Commission today. They are also asked to consider what a change in EU rules in this area might imply. The consultation is part of the wider work being done to fundamentally reform the EU VAT system, in order to make it simpler, more efficient and more robust. It will run until 3 January 2013.
Connie Hedegaard, European Commissioner for Climate Action, today launched a pan-European communication campaign in collaboration with more than 70 organisations from across Europe. Under the slogan "A world you like. With a climate you like" the campaign seeks to put practical solutions at the centre of the climate change debate and demonstrate how climate action can increase welfare and bring economic benefits to European citizens.
Rules on credit rating agencies (CRAs) in the US, Canada and Australia equivalent to EU rules
The Commission has on Friday 05 October 2012 adopted three implementing decisions which confirm that the rules in place on credit rating agencies in the US, Canada and Australia are equivalent to the EU rules on credit rating agencies. The adoption of these implementing decisions follows the positive technical assessment of the respective regulatory environments in these jurisdictions by the European Securities and Markets Authority (ESMA), the EU supervisor on credit rating agencies. The equivalence decisions allow smaller CRAs in the US, Canada and Australia to apply for certification in the EU with the result that their ratings can be used by EU financial institutions for regulatory purposes. More information on the equivalence decisions and the regulatory framework on credit rating agencies can be found at:
Resolution of non-bank financial institutions: Commission launches a public consultation
On Friday 05 October 2012, the Commission launched a consultation to identify if there is need for a framework for the recovery and resolution of financial institutions (other than banks and investment firms). The main institutions considered in this context are central counterparties, central securities depositories, and systemic insurance companies. The initiative stems from the Commission's Communication of 20 October 2010 on crisis management in the financial sector. It is consistent with work underway in various international fora, such as the Financial Stability Board, the International Organization of Securities Commissions and the International Association of Insurance Supervisors. The results of this consultation will be taken into account by the Commission when identifying the next steps to ensure that the failure of a systemic non-bank financial institution does not endanger financial stability or impose costs on taxpayers. The consultation will be open until 28 December and the consultation document is available at:
Commission clears acquisition of Getty Images by Carlyle
The European Commission has granted clearance under the EU Merger Regulation to the acquisition by Griffey Investors, ultimately controlled by the Carlyle Group, of Getty Images, Inc., both of the United States. Carlyle is an alternative asset manager. Getty Images creates and distributes digital media content including visual content such as creative or “stock” imagery, stock footage, editorial imagery, illustrations and related services, as well as music downloads. The operation was examined under the simplified merger review procedure.
Commission clears the acquisition by CVCIGP II EMPLOYEE ROSEHILL, CVCIGP II CLIENT ROSEHILL L and COX & KINGS of joint control over HOLIDAYBREAK
The European Commission has granted clearance under the EU Merger Regulation to the acquisition of joint control by on the one side CVCIGP II Employee Rosehill and CVCIGP II Client Rosehill ("the Investors", Mauritius) and on the other side Cox & Kings ("CNK", India) over Holidaybreak (UK). Previously, CNK was exerting sole control over Holidaybreak. The operation does not raise competition concerns since the Investors, ultimately controlled by Citigroup, are not active in the same markets as CNK and Holidaybreak, namely travel and tours services. The operation was examined under the simplified merger review procedure.
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the Swiss-based pharmaceutical company Actavis by the generic pharmaceutical company Watson of the U.S. The Commission concluded that the merged entity will continue to face a number of strong competitors.
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