The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has written to the European Commission (Commission) highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD has provided a successful framework for alternative funds in Europe since 2011. However, ESMA and national competent authorities have through the years gathered experience with the framework and have identified areas that could be improved in the legislation to enhance the supervision of alternative fund managers in Europe. ESMA has also learned from its role in the reporting framework under AIFMD where improvements could be made.
ESMA’s letter includes recommendations for changes in 19 areas including harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools; leverage; the AIFMD reporting regime and data use; and the harmonisation of supervision of cross-border entities.
The review of AIFMD provides the EU with an opportunity to apply these lessons learned. Policy enhancements are proposed in Annex I to the letter and reporting recommendations are made in Annex II. Many of the recommendations made also require consideration of changes to the UCITS legislative framework.
ESMA encourages the Commission to support the areas identified in the letter in order to improve the effectiveness and soundness of the AIFMD.
Lebanon: Statement by the Spokesperson on the judgment of the Sp
Today, the Special Tribunal for Lebanon pronounced the judgement in the Ayyash et al. case. The Special Tribunal for Lebanon was established by the United Nations Security Council in 2007 to try all those responsible for the terrorist bombing that killed former Lebanese Prime Minister Rafik Hariri and 21 other people in February 2005.
The European Union reiterates the need to fight impunity and strengthen accountability and the rule of law at the international level. We hope that the judgment today will be given appropriate follow-up.
The European Union has constantly supported the Special Tribunal for Lebanon. We stress the importance of Lebanon’s continued commitment to the full implementation of its international obligations, including United Nations Security Council resolution 1757 (2007), and call on all parties to continue to fully cooperate with the Special Tribunal.
Today’s pronouncement takes place against the background of the devastating explosion in Beirut on 4 August, that has shocked the whole world. There also needs to be an independent and credible investigation into this explosion.
The European Union reaffirms its strong partnership with Lebanon and remains committed to its sovereignty, territorial integrity, unity and political independence.
Funded traineeship for young graduates at the EU Delegation to D
Are you a young graduate interested in international relations? Are you curious to learn more about work of a diplomatic mission and how the EU Delegation represents EU interests and values in Sri Lanka?
What we offer?
A traineeshipof up to6 months within the Political, Trade and Communication Section of the EU Delegation to Sri Lanka, starting in November 2020, subject to respect to the local legislation as well as the national legislation of the candidate(s) if non-resident.
The Section supports EU political and trade policy dialogues. It provides analysis of political and economic developments in Sri Lanka and the Maldives. The section is also responsible for press and information activities of the Delegation
Main tasks:The trainee should, under the guidance of a political officer, carry out the following tasks
analyse and write reports about economic developments and policies in Sri Lanka, the Maldives and South Asia
advise project officers and colleagues in the political and trade section on the above mentioned issues
follow economic news in the local media and summarize these
support monitoring and follow-up to the GSP+ process with Sri Lanka
support other sections in the Delegation on economic issues
carry out any other assignment as instructed by the Head of Section or proposed by the trainee and agreed by the Head of Section
Qualifications or special requirements:
In assessing the applications received, account will need to be taken of the COVID-19 situation and its possible effects on access possibilities to Sri Lanka and thus candidates currently residing in Sri Lanka might be preferred
Bachelor, preferably Master degree(or higher) in a relevant field (economics, political science, law or similar)
Good knowledge of economic and trade policies; knowledge of the functioning and policies of the European Union;
Excellent analytical, communication and drafting skills in English
Excellent computer literacy and creative spirit
Willingness and ability to work in a multicultural environment
Self-motivation
Knowledge of local languages and context would be an asset
Please mention in the subject of your e-mail: Funded Traineeship – Political and Trade Section
Important information
Before applying you are requested to examine the dedicated website as well as the general eligibility criteria for a paid traineeship (Article 8 of the Decision ADMIN(2017)28 – Paid traineeship)
Each selected trainee will receive a monthly grant to cover living expenses. All costs related to travel inside the country of residence, visa, insurance, accommodation must be borne by the trainee.
Applications from non-eligible candidates will not be considered. After the evaluation of all applications, shortlisted candidates will be contacted and invited for an interview. Unsuccessful candidates will be notified by email. In case the selected candidate is not able to present the required documents, his/her candidacy will be rejected.
Non-resident candidates must provide proof that they will be covered against the risk of a pandemic and the costs of repatriation.
The Delegation informs that even if our Headquarters confirm the eligibility of the selected application, traineeships could be postponed, suspended or even cancelled considering the very evolving context of the COVID-19 outbreak in the host country as well as in the country of origin.
Germany: EIB provides The Mobility House with €15 million for smart charging technology
Germany: EIB provides The Mobility House with €15 million for smart charging technology
EIB finances The Mobility House with €15 million to boost intelligent integration of electric vehicles into the power grid
The loan is supported by the European Commission under ‘InnovFin Energy Demonstration Projects’ facility
ChargePilot, The Mobility House’s Charging and Energy Management system, has proven a successful non-proprietary and open technology contributing to a zero-emission future
The European Investment Bank (EIB) and The Mobility House, a leading technology company and solution provider for charging services, have signed a €15 million financing agreement to promote the integration of electric vehicles into the energy markets. The loan will allow the Munich-based technology company to push ahead with the R&D for its intelligent Charging and Energy Management system ChargePilot, thereby supporting the rollout of electric vehicles along with their cost-effective and optimised integration into the power grid in Europe. The transaction is supported by the InnovFin Energy Demonstration Project facility, which is funded under the EU’s current research and innovation programme Horizon 2020.
Bidirectional charging, also known as vehicle-to-grid (V2G), can help drive the energy transition and pave the way for faster market penetration of both renewable energies and electric vehicles. Since cars spend a large part of their lives in the parking position, V2G creates significant added value by intelligently connecting electric cars to the power grid to provide various grid-stabilising services. While meeting all energy and data security requirements, The Mobility House’s ChargePilot offers a solution which enables smart charging and discharging of electric vehicles according to the grid’s needs. Currently, this is the only technology in the market which is non-proprietary and based on open standards to assure maximum scalability.
“Whilst e-mobility alone will not stop climate change, it is a powerful tool tohelp us limit the rise in global temperatures to sustainable levels,” said Ambroise Fayolle, EIB Vice President in charge of innovation. “The Mobility House has devised a technology with significant potential to make electric mobility more attractive and expand the use of renewable energies. As Europe’s climate bank, the EIB aims to support breakthrough ideas in the field, and we are glad to support a company with a zero-emission vision and the right tools at hand to turn it into reality.”
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said: “By 2050, electric vehicles could provide up to 20% of the flexibility required on a daily basis. This seems substantial, but technologies such as the one we are supporting today with Horizon 2020 prove that this ambition is attainable. All scenarios point to tremendous growth in electric vehicles so we need to seize this opportunity to the fullest and bring about the much needed energy transition.”
Thomas Raffeiner, founder and CEO of The Mobility House said: “The investment of the EIB attests to our vision. It shows that smart integrated electric vehicles are an essential solution for reaching our climate targets. We would like to thank the EIB for the trust they have shown our team and technology.”
Thanks to the EIB’s loan, The Mobility House will be able to strengthen its position in the international market further and make a decisive contribution to a future of sustainable energy. The funding supports activities in Germany, France, the Netherlands and other countries in Europe and promotes the expansion of renewables by allowing electric vehicles to be used for energy storage in the power grid and by making electric mobility cheaper. The company’s non-proprietary and open technology has already proven successful. It is used in several future-oriented applications, which have demonstrated the benefits of integrating electric vehicles into the energy system, reduced CO2 emissions considerably and highlighted the possibility for electric car owners to generate revenues.
Background information:
About the European Investment Bank The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB also supports investments outside the EU.
About The Mobility House
The goal of The Mobility House is to shape a future of emission-free energy and mobility. We integrate vehicle batteries into the power grid using intelligent charging and energy solutions. By doing so, we promote the development of renewable energies, stabilise the power grid and make electric mobility more affordable. The technology company was founded in 2009 and operates globally from its sites in Munich, Zurich and Belmont (California). We support our private and business customers on the path to electric mobility by helping them through the planning and building process as well as in the operation of an individual charging infrastructure. As a neutral supplier, we work with many partners including charging infrastructure manufacturers, installation companies, back-end system operators, energy suppliers and automobile manufacturers. ChargePilot, our intelligent Charging and Energy Management system, enables our customers and partners to integrate electric vehicles into the grid in a way that is both grid-optimised and future-proof. For more information, visit mobilityhouse.com.
About InnovFin financial and advisory products
Under Horizon 2020, the EU research and innovation programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) launched a new generation of financial instruments and advisory services to help innovative firms access finance more easily. InnovFin – EU Finance for Innovators offers a range of tailored products, which makes available financing in support of research and innovation by small, medium-sized and large companies and the promoters of research infrastructures. The facility supports activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance.
About InnovFin Energy Demonstration Projects
This facility provides loans, loan guarantees or equity-type financing to innovative demonstration projects in the field of energy system transformation. The financing ranges between €7.5 million and €75 million and supports, amongst others, renewable energy technologies, smart energy systems, energy storage, carbon capture and storage or carbon capture and use. It helps the projects to bridge the gap between demonstration and commercialisation.
ECB and National Bank of the Republic of North Macedonia set up repo line to provide euro liquidity
PRESS RELEASE
18 August 2020
ECB and National Bank of the Republic of North Macedonia set up repo line
Repo line to remain in place until June 2021, unless an extension is decided
Size of repo line set at €400 million
The European Central Bank (ECB) and Народна банка на Република Северна Македонија (National Bank of the Republic of North Macedonia) have agreed to set up a repo line arrangement to provide euro liquidity to the Republic of North Macedonia’s financial institutions through the central bank to address possible euro liquidity needs in the presence of market dysfunctions due to the COVID-19 shock.
Under a repo line, the ECB provides euro liquidity to a non-euro area central bank in exchange for adequate euro-denominated collateral.
Under the repo line, the National Bank of the Republic of North Macedonia will be able to borrow up to €400 million from the ECB. The maximum maturity of each drawing will be three months. The repo line will remain in place until the end of June 2021, unless an extension is decided.
For media queries, please contactEva Taylor, tel.: +49 69 1344 7162.
