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View All Comment Letters and Position Papers

Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency.  All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.


Agency Pending Comment Letters Due Date
Financial Action Task Force FATF Guidance on Beneficial Ownership (Recommendation 24) December 6, 2022
Financial Action Task Force Revision of R25 and its Interpretive Note
December 6, 2022
IFRS Proposals to Update Accounting Standards for SMEs March 7, 2023
 

Recent News on our Competent Authorities

 

2022-11-10

European Commission Advances Instant Payments in the EU and EEA Countries

On October 26, 2022, the European Commission adopted legislation it anticipates will make euro based instant payments more accessible in the EU through affordable, secure, and uninterrupted processing. The legislation, which is an amendment to the 2012 Regulation on the Single Euro Payments Regulation (SEPA), applies to all citizens and businesses in the EU and EEA countries that hold a bank account. The speed and ease of instant payments “help to significantly improve cash flow, and bring cost savings for businesses, especially for SMEs, including retailers”, with payments processing at anytime within ten seconds. According the press release from the Commission, only 11% of EU euro credit transfers were made using instant payments at the beginning of 2022, and the Commission hopes to increase that percentage through SEPA. The legislation is part of a commitment made through the Commission's 2020 Retail Payments Strategy, to improve instant payments. 

SEPA is comprised of four requirements:

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European Commission
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European Commission Advances Instant Payments in the EU and EEA Countries

2022-06-23

ENCU Touts Benefits of Credit Unions in EU Report on Social Taxonomy

The European Network of Credit Unions urged the Platform on Sustainable Finance of the European Commission to consider credit unions and the credit union not-for-profit cooperative model to be classified as their own social taxonomy based on the social benefits that credit unions provide to society.

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European Commission
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ENCU Touts Benefits of Credit Unions in EU Report on Social Taxonomy

2022-02-28

European Council Agrees to Position on Corporate Sustainability Reporting Directive

On February 24, 2022, the European Council adopted its position on a corporate sustainability reporting directive (CSRD), a proposal drafted by the European Commission, that will correspond with the European sustainable finance strategy. The Commission’s proposal is revision of the non-financial reporting directive from 2014, and “will increase a company’s accountability, prevent divergent national standards and ease the transition to a sustainable economy.”

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Council of the European Union, European Commission
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European Council Agrees to Position on Corporate Sustainability Reporting Directive

2022-02-28

European Council Updates Non-Financial Reporting Directive

The European Council amended the scope of the non-financial reporting directive (NFRD), which was proposed by the European Commission, in order to alleviate overburdensome reporting requirements for listed SMEs, and also giving SMEs time to adapt to the new rules. The objective of Commission’s proposal is intended to focus on deficits within the existing rules related to disclosure of non-financial information which the Commission not only believes will prevent a necessary transition to a sustainable economy, but “…was of insufficient quality and comparability to allow it to be properly taken into account by investors.” The Commission will adopt, by delegated act, a definition of sustainability reporting standards, thereby harmonizing sustainability data. The directive will be adopted subsequent technical advice given by certain European agencies and the European Financial Reporting Advisory Group (EFRAG).

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Council of the European Union, European Commission
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European Council Updates Non-Financial Reporting Directive

2022-02-01

Supervisory Authorities Bolster the Importance of Financial Education

Financial education got a boost last month when both the European Commission, and the three European Supervisory Authorities (EBA, ESMA and EIOPA), collectively called the ESAs, published initiatives related to financial competence and financial digitalization education, respectively. On January 11, 2022, the European Commission and the OECD’s International Network on Financial Education published a joint EU/OECD-INFE financial competence framework for adults. This was a continuation of measures that were announced in Action 7 of the 2020 capital markets union action plan. The joint EU/OECD-INFE’s, Financial Competence Framework for Adults in the European Union, “aims to improve individuals' financial skills so that they can make sound decisions regarding their personal finances. It will support the development of public policies, financial literacy programmes and educational materials by Member States, educational institutions and industry. It will also support the exchange of good practices by policy makers and stakeholders in the EU.”

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European Banking Authority, European Commission, OECD
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Supervisory Authorities Bolster the Importance of Financial Education

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