Sat. Oct 12th, 2024

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EU Commission postpones Basel III market risk prudential requirements by one year

The European Commission has today adopted a delegated act that postpones by one year (i.e. until 1 January 2026) the date of application of one part the Basel III standards in the EU – the Fundamental Review of the Trading Book (FRTB). The FRTB incorporates more sophisticated risk measurement techniques that aim to align capital charges more closely to the actual risks banks are facing in their activities in capital markets.

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Norway will meet NATO’s 2% guideline in 2024

A strong commitment to defence means that a larger share of public funds will be spent on our armed forces and overall resilience. With this in mind, the Government will propose extra funding for defence in the revised national budget, ensuring that Norway will meet NATO’s guideline of spending two percent of gross domestic product (GDP) on defence in 2024. All NATO countries have since 2014 shared this ambition and now, Norway fully demonstrates our commitment. Up until now the Norwegian ambition was to reach this goal in 2026. 

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Europol: 42 arrested for smuggling migrants across the Danube

A cross-border investigation led by the Romanian Border Police (Poliția de Frontieră), supported by Europol and involving the Bulgarian General Directorate Combating Organised Crime (Главна Дирекция Борба с организираната престъпност) and the German Police (Bundespolizeiinspektion Waidhaus), has resulted in the dismantling of an organised crime group involved in migrant smuggling. The group were smuggling migrants from Bulgaria to Romania, across the Danube river, and then toward Western Europe. 

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EU Commission allocates €500m to ramp up ammunition industry

The European Commission completed the evaluation under the ASAP Regulation in record time and selected 31 projects to assist European industry in increasing its ammunition production and readiness. The selected projects cover five areas: explosives, powder, shells, missiles, and testing and reconditioning certification.

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Read-out of the call between EU Commission President von der Leyen and PM Tusk

Farmers are faced by increasing uncertainties, in particular caused by geopolitical events such as Russia’s war of aggression on Ukraine. We must further support farmers in this current context. The main goal of these legislative proposals is to further ease the administrative burden for EU farmers and give farmers and Member States greater flexibility for complying with certain environmental conditionalities, without reducing the overall level of ambition when it comes to the environmental and climate protection objectives of the EU agricultural policy. Through these proposed changes, it will be possible to apply certain standards in a way that is more compatible with the every-day realities that farmers face on the ground.

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EU Commission sends requests for information on generative AI risks to 6 VLOPs and 2 VLOSEs under the DSA

Today, the Commission has formally sent requests for information under the Digital Services Act (DSA) to Bing and Google Search (Very Large Online Search Engines, or VLOSEs), as well as to Facebook, Instagram, Snapchat, TikTok, YouTube, and X (Very Large Online Platforms, or VLOPs). The Commission is requesting these services to provide more information on their respective mitigation measures for risks linked to generative AI, such as so-called ‘hallucinations’ where AI provides false information, the viral dissemination of deepfakes, as well as the automated manipulation of services that can mislead voters.

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Faroe Islands: Press statement by EU Commission President von der Leyen with PM Johannesen 

It is a great pleasure to be here today. I am very thankful for the exceptional hospitality we have experienced here on the Faroe Islands. This is certainly an experience I will never forget. My visit today shows how much the European Union values our partnership and friendship. It is a trusted partnership, and a natural partnership, because of course the Faroe Islands belong to the wider European family. We share the same values. We are democracies, actively promoting stability and a global order that is based on rules. Your support to the brave nation of Ukraine is truly commendable, and we join forces here. I want to thank you for your efforts to align on our sanctions against Russia. I know that it comes at a cost for the Faroe Islands, which makes us more impressed by your clear stance. And rest assured we stand by your side what this is concerned. And with our new Declaration on enhanced cooperation, that we have signed just a minute ago, we are basically opening a new chapter in our economic and our political cooperation. Let me deep-dive a little bit on that topic.

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NATO Secretary General Jens Stoltenberg has released his Annual Report for 2023

The world faces greater challenges than it has for generations. Rising competition with authoritarian states including Russia and China, war in Europe and the Middle East, terrorism, cyber-attacks and the climate crisis. We need NATO more than ever. Europe and North America, united in NATO, stand strong and ready to protect and defend our 32 countries and one billion people. In 2023, our Alliance became bigger, stronger and more capable. Finland became a NATO Ally, and only last week we welcomed Sweden as a member. At our Vilnius Summit in July 2023, Allies agreed robust new defence plans, backed by hundreds of thousands of troops at a high state of readiness, ready to defend every inch of NATO territory.

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Victims’ rights: Stronger focus on tailored support for vulnerable victims

The update of the Victims’ Rights Directive focuses on addressing the shortcomings of the 2012 directive by ensuring victims are informed about their rights. It also proposes a quicker assessment of vulnerable victims (such as children, older people, persons with disabilities, victims of hate crime and victims in detention), seeks to ensure they can access specialist support, and improves support for victims to participate in criminal proceedings through better legal advice. Child victims should have access to specialised and age-appropriate services, including psychological and psychosocial services and legal aid, to support them.

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guns, weapons, shotgun

Deal on making firearms import and export more transparent to fight trafficking

On Thursday, negotiators from Parliament and Council reached a provisional agreement on updating rules to trace import and export of civilian firearms more effectively. The revised regulation aims to make import and export of firearms in the EU more transparent and more traceable, reducing the risk of trafficking. Under the updated and more harmonised rules, all imports and a vast majority of export of firearms for civilian use will be subject to closer supervision without compromising trade.

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EU High Representative Borrell met with U.S. State Secretary Blinken

High Representative Borrell stressed the need for more, faster and sustained military assistance to Ukraine. He commended the US for their latest decision on additional military aid and stressed that victory for Ukraine rested on the maintenance of our strong transatlantic bond. They also discussed efforts to promote a just and lasting peace, including global outreach initiatives such as Ukraine’s Peace Formula.

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