The European Commission published today the results of an external market study on the distribution practices of hotels in the EU.
The market study was conducted in 2021 and covers the period between 2017 and 2021. It focused on a representative sample of six Member States (Austria, Belgium, Cyprus, Poland, Spain and Sweden). The study aimed to:

obtain up-to-date facts on hotels’ distribution practices, following up on a similar monitoring exercise carried out by the European Competition Network (ECN) in 2016;
establish whether hotels’ distribution practices differ between Member States;
identify any changes in hotels’ distribution practices, as compared to the results of the ECN monitoring exercise of 2016;
find out whether laws banning the use of wide and narrow parity clauses by online travel agents in Austria and Belgium have led to changes in hotels’ distribution practices in those Member States. Parity clauses prevent hotels from offering better conditions on sales channels other than the website of the online travel agent with which the hotel has a contract. Wide parity clauses relate to the price and other conditions offered by the hotel on all other sales channels, whereas narrow parity clauses relate only to the prices published by the hotel on its own website.

The main results of the market study
The results of the market study do not indicate any significant change in the competitive situation in the hotel accommodation distribution sector in the EU compared to 2016. In particular:

  Online travel agencies (‘OTAs’) account for 44% of independent hotels’ room sales, a slight increase relative to 2016.
  Booking.com and Expedia remain the leading OTAs for hotel bookings and there is no sign of significant changes in OTA market shares or of new OTA entry.
  The commission rates paid by hotels to OTAs appear to have remained stable or slightly decreased.
  The level of room price and room availability differentiation applied by hotels both between different OTAs and between the hotels’ own websites and OTAs appears to have decreased.
  It appears that some OTAs use commercial measures, such as improved/reduced visibility on the OTA website, to incentivise hotels to give them the best room prices and conditions.
  The relative importance of hotel sales channels (online/offline, direct/indirect) differs to some extent between Member States, but there appear to be no significant differences in the conditions of OTA competition.
  Laws in Austria and Belgium banning the use of wide and narrow OTA parity clauses in the hotel sector do not appear to have led to material changes in hotel distribution practices, relative to the other Member States covered by the study.

The Commission consulted the EU National Competition Authorities (‘NCAs’) on the design of the market study and has discussed the results of the study with them.
Next steps
The results of the study will be taken into account by the Commission and NCAs in their ongoing monitoring and enforcement work in the hotel accommodation distribution sector.
The Digital Markets Act (‘DMA’), which is expected to enter into force in the autumn may also have an impact on competition in the hotel accommodation distribution sector. The DMA aims to ensure that platform markets are contestable and that gatekeeper platforms offer fair terms to business users. The DMA prohibits gatekeeper platforms from using wide or narrow retail parity clauses or equivalent commercial measures. The process for designating gatekeeper platforms will begin once the DMA becomes applicable, six months after entry into force.
Background
The distribution of hotel accommodation has been the subject of several antitrust and legislative interventions in recent years.
Since 2010, several NCAs have investigated the use of retail parity clauses by OTAs in their contracts with hotels. Wide retail parity clauses prevent the hotel from offering better room prices or increased availability on any other sales channel. Narrow retail parity clauses allow the hotel to offer better room prices on other OTAs and for offline sales, but prevent the hotel from publishing better prices on its website. As a result of these national investigations, in April 2015, the French, Italian and Swedish NCAs accepted binding commitments from Booking.com to change its wide retail parity clauses to narrow parity clauses throughout the European Economic Area (‘EEA’) for a period of five years. In August 2015, Expedia also decided to change its retail parity clauses from wide to narrow throughout the EEA. In December 2015, the German NCA prohibited Booking.com’s narrow parity clauses. Following an appeal by Booking.com, this decision was ultimately upheld by the German Supreme court.
Between 2015 and 2018, France, Austria, Italy and Belgium adopted laws banning the use of wide and narrow retail parity clauses by OTAs in the hotel sector.
In 2016, a group of ten NCAs and the Commission conducted a monitoring exercise in the hotel booking sector, to measure the effects of the changes to OTA parity clauses resulting from these regulatory interventions.
In February 2017, based on the results of the monitoring exercise, the ECN decided that the competition remedies already adopted should be given more time to produce effects and that the competitive situation would be re-assessed in due course.
In 2020, Booking.com and Expedia informed the Commission and NCAs that they would continue to refrain from using wide retail parity clauses throughout the EEA until at least June 2023.
In May 2022, the Commission adopted the new Block Exemption Regulation for Vertical Agreements (‘new VBER’), which provides a safe harbour for certain vertical agreements, and the accompanying Vertical Guidelines. Wide retail parity clauses used by online platforms are excluded from the new VBER’s safe harbour. However, other types of parity clause, including narrow retail parity clauses, continue to benefit from the safe harbour. The Vertical Guidelines provide guidance for companies on the application of the new VBER to parity clauses and on the assessment of parity clauses in individual cases falling outside the safe harbour.
Compliments of the European Commission.
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Clyde Caruana, Minister for Finance and Employment of Malta, and Paschal Donohoe, President of the Eurogroup and Minister for Finance of Ireland, met in Valletta, Malta, on 23 August 2022.
Their discussion focused on the evolving geopolitical and economic situation and its impact on Malta, Ireland, and the Euro Area as a whole. Against the backdrop of growing challenges such as rise of inflation and revisions in global growth prospects, both Ministers emphasised the benefit of close coordination of national economic and fiscal policies. Economic policy coordination will continue to be a key theme of Eurogroup’s work programme until the end of the year.
Ministers Caruana and Donohoe also discussed other Eurogroup priorities for the second half of the year, including the future of European fiscal rules, the deepening of the Economic and Monetary Union, and the digital Euro project. They also touched on the ongoing process for appointing a new Managing Director for the European Stability Mechanism.
Following the meeting, Minister Donohoe said:

It gives me particular pleasure to visit my Maltese colleague and friend, Clyde Caruana, here in Valletta. Today, we discussed the policy priorities for the Eurogroup until the end of the year, as we face a particularly uncertain outlook. While Malta’s economic performance is among the best in Europe there are a number of challenges ahead. It is more important than ever that we maintain and strengthen the close cooperation we established during the pandemic, to ensure that our actions at national level complement each other and that the Euro Area economy continues to grow.
Paschal Donohoe, President of the Eurogroup and Minister for Finance of Ireland

Minister Caruana said:

It is a great honour to welcome my friend, Minister for Finance of Ireland and President of the Eurogroup, Paschal Donohoe, here in Malta. Navigating these difficult times requires strong and flexible policies that are sustainable and offer support to vulnerable sectors of society. This must happen within the context of a fiscally responsible framework which does not jeopardise tomorrow’s well-being for todays. This is an inviolable principle. Europe’s competitive margin will be tested this winter due to spiralling energy costs, continuing supply chain issues and inflation. Our role as European Governments is to minimise the negative impacts on businesses, protect jobs and show resilience during this challenging period.
Clyde Caruana, Minister for Finance and Employment of Malta

Compliments of the European Council, the Council of the European Union.
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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today published the annual update of its Reporting Manual on the European Single Electronic Format (ESEF). This year’s highlight is the new guidance in relation to the ESEF regulatory technical standards (RTS) requirement to mark up the notes to the IFRS consolidated financial statement following the “block tagging” approach.
As the ESEF RTS requirement is applicable to 2022 financial year for the first time, the manual contains a new section providing guidance to market participants on ESMA’s expectations on how to perform such block-tagging – for example, what elements from the taxonomy are to be used, what level of granularity on tagging the information is expected etc.
Other novelties:

new section on ESMA’s expectations when issuers publish annual financial reports in other formats than the ESEF and further guidance when publishing annual financial reports in several languages; and
new technical guidance such as the construction of a block tag or ESMA’s expectation to also tag dashes or empty fields in figures even if they are not considered numbers.

The purpose of the ESEF reporting manual is to promote a harmonised and consistent approach for the preparation of annual financial reports in the format specified in the RTS on ESEF. It provides guidance on common issues that may be encountered when creating ESEF documents and explains how to address/resolve them.
Next steps
Issuers are expected to follow the guidance provided in the ESEF reporting manual when preparing their 2022 annual financial reports and software firms when developing software used for the preparation of annual financial reports in Inline XBRL.
Contact:

Dan Nacu-Manole, Communications Officer | press@esma.europa.eu

Compliments of the European Securities and Market Authority.
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Today, the European Commission adopted its proposal for fishing opportunities for 2023 for the Baltic Sea. Based on this proposal, EU countries will determine the maximum quantities of the most important commercial fish species that can be caught in the sea basin.
The Commission proposes to increase fishing opportunities for central herring and plaice, while maintaining the current levels for salmon and the levels of by-catch of western and eastern cod, as well as western herring. The Commission proposes to decrease fishing opportunities for the four remaining stocks covered by the proposal, in order to improve the sustainability of those stocks and to allow them to recover.
Virginijus Sinkevičius, Commissioner for Environment, Oceans and Fisheries, said: “I remain worried about the poor environmental status of the Baltic Sea. Despite some improvements, we are still suffering from the combined effects of eutrophication and slow response to tackle this challenge. We must all take responsibility and take action together. This is the only way to ensure that our fish stocks become healthy again and that our local fishers could rely again on them for their livelihoods. Today’s proposal goes in this direction.”
Over the past decade, EU fishermen and women, industry and public authorities have made major efforts to rebuild fish stocks in the Baltic Sea. Where complete scientific advice was available, fishing opportunities had already been set in line with the principle of maximum sustainable yield (MSY) for seven out of eight stocks, covering 95% of fish landings by volume. However, commercial stocks of western and eastern cod, western herring, and the many salmon stocks in both the southern Baltic Sea and the rivers of the southern Baltic EU Member States are under severe environmental pressure from habitat loss, due to the degradation of their living environment.
The total allowable catches (TACs) proposed today are based on the best available peer-reviewed scientific advice from the International Council on the Exploration of the Seas (ICES) and follow the Baltic multiannual management plan (MAP) adopted in 2016 by the European Parliament and the Council. A detailed table is available below. 
Cod
For eastern Baltic cod, the Commission proposes to maintain the TAC level limited to unavoidable by-catches and all the accompanying measures from the 2022 fishing opportunities. Despite the measures taken since 2019, when scientists first raised the alarm about the very poor status of the stock, the situation has not yet improved.
The condition of western Baltic cod has unfortunately grown worse and the biomass dropped to a historic low in 2021. The Commission, therefore, remains cautious and proposes to maintain the TAC level limited to unavoidable by-catches, and all the accompanying measures from the 2022 fishing opportunities.
Herring
The stock size of western Baltic herring remains below safe biological limits and scientists advise for the fifth year in a row a halt of western herring fisheries. The Commission, therefore, proposes to only allow a very small TAC for unavoidable by-catches and keeping all the accompanying measures from the 2022 fishing opportunities.
For central Baltic herring, the Commission remains cautious, with a proposed increase of 14%. This is in line with the ICES advice, because the stock size has still not reached healthy levels and relies on new-born fish only, which is uncertain. Again, in line with the ICES advice, the Commission proposes to decrease the TAC level for herring in the Gulf of Bothnia by 28%, as the stock has dropped very close to the limit below which it is not sustainable. Finally, for Riga herring, the Commission proposes decreasing the TAC by 4% in line with ICES advice.
Plaice
While the ICES advice would allow for a significant increase, the Commission remains cautious, mainly to protect cod – which is an unavoidable by-catch when fishing for plaice. New rules should soon enter in force, making obligatory the use of new fishing gear that is expected to substantially reduce cod by-catches. The Commission therefore proposes to limit the TAC increase to 25%.
Sprat
ICES advises a decrease for sprat. This is due to the fact that sprat is a prey species for cod, which is not in a good condition, so it would be needed for the cod recovery. In addition, there is evidence of misreporting of sprat, which is in a fragile condition. The Commission, therefore, remains cautious and proposes to reduce the TAC by 20%, in order to set it to the lower maximum sustainable yield (MSY) range.
Salmon
The status of the different river salmon populations in the main basin varies considerably, with some being very weak and others healthy. In order to achieve the MSY objective, ICES advised last year the closure of all salmon fisheries in the main basin. For the coastal waters of the Gulf of Bothnia and the Åland Sea, the advice stated that it would be acceptable to maintain the fishery during the summer. The ICES advice remains unchanged this year, so the Commission proposes to maintain the TAC level and all the accompanying measures from the 2022 fishing opportunities.
Next steps
The Council will examine the Commission’s proposal in view of adopting it during a Ministerial meeting on 17-18 October.
Background
The fishing opportunities proposal is part of the European Union’s approach to adjust the levels of fishing to long-term sustainability targets, called maximum sustainable yield (MSY), by 2020 as agreed by the Council and the European Parliament in the Common Fisheries Policy. The Commission’s proposal is also in line with the policy intentions expressed in the Commission’s Communication “Towards more sustainable fishing in the EU: state of play and orientations for 2023” and with the Multiannual Plan for the management of cod, herring and sprat in the Baltic Sea.
For more information
Proposal for a Council Regulation fixing the fishing opportunities for certain fish stocks and groups of fish stocks applicable in the Baltic Sea for 2023 and amending Regulation (EU) 2022/109 as regards certain fishing opportunities in other waters – COM/2022/415
Questions & Answers on fishing opportunities in the Baltic Sea in 2023
Table: Overview of TAC changes 2022-2023 (figures in tones except for salmon, which is in number of pieces)

 
2022
2023

Stock and
ICES fishing zone; subdivision
Council agreement   (in tonnes & % change from 2020 TAC)
Commission proposal
(in tonnes & % change from 2021 TAC)

Western Cod 22-24

489 (-88%)
489 (0%)

Eastern Cod 25-32

595 (0%)
595 (0%)

Western Herring 22-24

788 (-50%)
788 (0%)

Bothnian Herring 30-31

111 345 (-5%)
80 074(-28%)

Riga Herring 28.1

47 697 (+21%)
45 643 (-4%)

Central Herring 25-27, 28.2, 29, 32

53 653 (-45%)
61 051 (+14%)

Sprat 22-32

251 943 (+13%)
201 554 (-20%)

Plaice 22-32

9 050 (+25%)
11 313 (+25%)

Main Basin Salmon 22-31

63 811 (-32%)
63 811 (0%)

Gulf of Finland Salmon 32

9 455 (+6%)
9 455 (0%)

Compliments of the European Commission.
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High-quality, reliable, and comparable gauges are lacking. Here’s how to close the gap.

Climate change is transforming the global investment landscape, creating new risks and opportunities. Physical risks, from rising sea levels to the lethal heat waves scorching Europe and elsewhere, affect asset values for everything from stocks to real estate and infrastructure. So-called transition risk—including government policies to reduce greenhouse gas emissions—lowers the value of fossil fuel companies.
To evaluate these risks and support the transition to a low-carbon economy, investors and others in the financial world need information. For example, they may want to know if a company’s assets are physically vulnerable, the volume of greenhouse gases it emits, and what its plans are for lowering emissions.
In addition, heightened geopolitical risks, notably due to Russia’s war in Ukraine, and the deterioration of the global economic outlook may make the transition to a low-carbon economy more complex, expensive and disorderly.

Banks, pension funds, and other investment firms need better climate data to assess risks.

Energy policy decisions could also be affected by the amount of carbon lock-in—which occurs when fossil fuel-intensive systems perpetuate, delay or prevent the low-carbon transition—that is generated in the near term, including by a delayed phase-out of thermal coal.
Data deficit
Currently, however, financial market participants face a lack of high-quality, reliable, and comparable data needed to efficiently price climate related risks and avoid greenwashing—spurious attempts by financial or non-financial companies to burnish their environmental credentials.
This data deficit poses a serious obstacle to the energy and ecological transition, which requires migrating capital toward low-carbon industries and massive new investments in mitigation and adaptation. It also makes it more difficult for financial supervisors to assess risks to financial stability given uncertainties and challenges to quantifying climate-related impacts. Therefore policymakers urgently need to ensure that better climate data are made available.
A new report from the Network for Greening the Financial System takes an important step. It features a directory that evaluates available climate data, identifies gaps, and offers practical, concrete ways to close those gaps.
The report, a product of a working group co-chaired by the IMF and the European Central Bank, strengthens what we call climate information architecture. This has three building blocks: high quality, comparable data; global disclosure standards; and climate alignment approaches and methodologies, including taxonomies of assets and activities.
The report makes three contributions. First, it highlights that, despite the substantial progress on the climate data front since COP26, challenges remain, including:

Insufficient coverage in disclosures of non-publicly listed companies and small and medium-sized companies
Limited availability of comparable and science-based forward-looking information, such as targets, commitments, and emissions pathways, that are needed to assess physical and transition risks
Auditability is needed to build trust and enhance the quality of data, yet it remains limited

Second, the report makes tangible policy recommendations:

Foster convergence toward common and consistent global disclosure standards, for example by increasing availability of granular emissions data and improving the reliability of reported climate-related data
Increase efforts toward shared principles for taxonomies, for example by increasing the linkages between taxonomies and disclosures
Develop well-defined metrics and methodological standards, for example by better harmonizing forward-looking metrics and reinforcing public and private cooperation to improve methodologies
Better leverage available data sources, approaches, and tools, for example by improving use of new technologies

The third and most important contribution is the climate-data directory, which surveys available data based on the needs of the financial sector and how information is used.
For example, banks, pension funds, and other investment firms apply scenario analyses and stress testing to analyze climate-related risks from individual securities and companies themselves, in combination with credit ratings. They need climate-related data to assess vulnerability to these risks at the sector, company, household, and sovereign level, and to evaluate the determinants of physical risks and transition risks.
Policymakers may need other data to determine whether a sharp drop in asset prices could hurt balance sheets of financial companies, putting financial stability at risk.
Climate data directory
The climate data directory can shape evidence-based conclusions on the main data gaps. For example, it shows where raw data aren’t available to construct metrics such as the exposure to climate policy relevant sectors, or the share of assets such as coal-fired power plants in energy portfolios. Missing are accounting data and exact geographic location of assets, as well as data on greenhouse-gas emissions and effects related to biodiversity, forest depletion, floods, droughts, and storms.
Though not offering direct access to underlying data, the directory is a public good, a living tool aimed at better disseminating climate-related data and offering practical solutions to bridge data gaps. It’s designed to help financial professionals identify relevant sources to meet their needs, facilitate access, and better disseminate existing climate-related data. It can play a decisive role in fostering progress on the four policy recommendations described above.
The report’s findings and accompanying policy recommendations line up closely with the IMF’s work on climate data, disclosures, and taxonomies and other methodologies intended to align financial portfolios with Paris Agreement goals.
Metrics and methodologies
For example, the Fund’s Climate Change Indicators Dashboard, a statistical initiative to address the growing need for data used in macroeconomic and financial stability analysis, may benefit from the directory’s improved metrics and underlying methodologies.
The IMF is also leading a joint project to provide guidance on the Group of Twenty’s high-level principles for taxonomies and other sustainable-finance alignment approaches. This work is particularly relevant for emerging market and developing economies, which face considerable challenges in reducing greenhouse-gas emissions and attracting private capital to finance the transition.
The IMF participates in the International Financial Reporting Standards Foundation’s new standard-setting board for sustainability and climate disclosures, which plays a key role in such work. It also co-leads the Financial Stability Board’s Climate Vulnerabilities and Data workstream to incorporate climate in the organization’s regular vulnerabilities assessment.
These efforts aim to address areas of concern in climate vulnerabilities, metrics, and data based on their materiality and their cross-border and cross-sectoral relevance. Finally, the IMF has started to include climate-related risk analysis in its financial sector assessment programs.
Late last year, the IMF dedicated its annual statistical forum to gauging climate change, and discussed with other international bodies how to close climate finance data gaps. And in October, we will publish an analytical chapter of the Global Financial Stability Report that takes a more in-depth look at financial markets and instruments in scaling up of private climate finance in emerging market and developing economies.
Authors:

Charlotte Gardes-Landolfini
Fabio Natalucci

Compliments of the IMF.
The post IMF | Achieving Net-Zero Emissions Requires Closing a Data Deficit first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

This report contains the audited financial statements of the FSB, for the 12-month period from 1 April 2021 to 31 March 2022. It also provides details on the FSB governance arrangements and its transparency and accountability mechanisms.
A detailed explanation of the activities undertaken to implement the mandate and tasks of the FSB is provided in the FSB’s Annual Report, which is a separate report that will be published in November.

Available as: PDF

Compliments of the U.S. Financial Stability Board.
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As of today, the EU has coordinated the delivery of 66,224 tonnes of in-kind assistance to Ukraine from 30 countries via the EU Civil Protection Mechanism. The assistance delivered includes 180 ambulances, 125 fire-fighting vehicles, 300 power generators, 35 heavy machinery vehicles, and 4 pontoon bridges. This is by far the largest, longest lasting and most complex operation via the EU Civil Protection Mechanism since it was established in 2001, with an estimated value so far of over €425 million. To support this operation, logistics hubs have been set up in Poland, Romania and Slovakia where assistance is then chanelled directly to Ukraine.
Commissioner for Crisis Management, Janez Lenarčič said: “We are all horrified by Russia’s atrocities in Ukraine. By providing emergency assistance, we can at least ease the immense pressure on Ukraine’s emergency response systems. Today we have reached an important milestone – over 60,000 tonnes of in-kind assistance coordinated via the EU Civil Protection Mechanism has arrived in Ukraine. I am extremely grateful to every single Member State, together with Norway, Turkey and North Macedonia for having offered help that we have then channelled most effectively through the Mechanism. This solidarity is the proof that the EU is with Ukraine not only in words but in actions.”
On 15 February, Ukraine activated the EU Civil Protection Mechanism in preparation for a large-scale emergency. Ever since, the EU Emergency Response Coordination Centre has maintained close contact with the Ukrainian authorities to determine the specific needs, and to coordinate the EU’s crisis response.
The EU continues receiving new offers to Ukraine from its Member States still today. The latest offers via the Mechanism include, hospital beds and hygiene kits from Austria, an ambulance and medical equipment from Norway, shelter equipment from Finland, Protective personal equipment  from Germany, medicines from Czechia and Slovakia, power generators from Italy and energy supply equipment from France.
The EU’s Emergency Response Coordination Centre is operating 24/7 to provide further assistance based on the specific needs indicated by Ukraine.
Background
Since the start of Russia’s invasion on 24 February, the humanitarian needs in Ukraine have risen to unprecedented levels. The ongoing war endangers the lives of civilians and causes severe damage to housing, water and electricity supply, heating, but also public infrastructure such as schools and health facilities. Millions of people have no access to basic needs. The EU has mobilised all possible resources to enable emergency assistance into Ukraine.
In response to the Russia’s military aggression against Ukraine, the European Commission is coordinating its largest ever operation under the EU Civil Protection Mechanism. All 27 EU countries, plus Norway, Turkey and North Macedonia, have offered in-kind assistance ranging from medical supplies and shelter items to vehicles and energy equipment. Given the immense need for medical supplies in Ukraine, the EU has also deployed its strategic rescEU reserves.
The European Commission has allocated €348 million for humanitarian aid programmes to help civilians affected by the war in Ukraine. This includes respectively €335 million for Ukraine and €13 million for Moldova. EU humanitarian funding is helping people inside Ukraine by providing them with food, water, essential household items, health care, psychosocial support, emergency shelter, protection, and cash assistance to help to cover their basic needs.
Compliments of the European Commission.
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The Federal Reserve Board on Monday announced final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services. The final guidelines are substantially similar to those proposed by the Board in its May 2021 proposal and March 2022 supplemental proposal.
“The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system,” said Vice Chair Lael Brainard.
Institutions offering new types of financial products or with novel charters have grown in recent years and many have requested access to accounts – often referred to as “master accounts” – and payment services offered by Federal Reserve Banks. The guidelines will be used by Reserve Banks to evaluate those requests with a transparent and consistent set of factors.
The new guidelines include a tiered review framework to provide additional clarity on the level of due diligence and scrutiny that Reserve Banks will apply to different types of institutions with varying degrees of risk. For example, institutions with federal deposit insurance would be subject to a more streamlined level of review, while institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review. In response to public comments, the tiered review framework in the final guidelines was refined to provide more comparable treatment between non-federally-insured institutions chartered under state and federal law.

Federal Register notice: Guidelines for Evaluating Account and Services Requests (PDF)
Board Memo: Proposed Guidelines to Evaluate Requests for Accounts and Services at Federal Reserve Banks (PDF)
Statement by Governor Bowman

Contact:

For media inquiries, please call 202-452-2955 or email media@frb.gov

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The European Commission and Moderna have reached an agreement to better address Member States needs for COVID-19 vaccines for the late summer and winter period. This will ensure national authorities have access to the vaccines, including variant-adapted vaccines if authorised, at the time they need them for their own vaccination campaigns and to support their global partners.
This agreement will adapt the originally agreed contractual delivery schedules. Doses originally scheduled for delivery in the summer will now be delivered in September and during the autumn and winter period 2022, when Member States will more likely need additional stocks of vaccines for national campaigns and meeting their international solidarity commitments.
The agreement also ensures that, if one or more adapted vaccines receive marketing authorisation, Member States may choose to receive those adapted vaccines under the current contract.
In this context, at the request of some Member States, the agreement also secures additional 15 million doses of Omicron-containing vaccine booster candidates from Moderna, subject to marketing authorisation within timelines that would allow the use of these doses for their vaccination campaigns.
Commissioner for Health and Food Safety, Stella Kyriakides, said: “Increasing COVID-19 vaccination and booster rates will be crucial as we plan ahead for the autumn and winter months. To best ensure our common preparedness, Member States must have the necessary tools. This includes vaccines adapted to variants, as and when they are authorised by the European Medicines Agency. This agreement will ensure that Member States will have access to the vaccine doses they need at the right time to protect our citizens”.
Background
In 2020, the European Union invested heavily in the global production of a number of COVID-19 vaccines. It was crucial to have vaccines as early as possible and at the scale needed, requiring important investments before knowing whether any of these vaccines would prove successful.
These actions taken at risk in 2020 have clearly paid off, as the development of vaccines has been highly successful: Member States had equal access to safe and effective vaccines at the earliest opportunity, and at the scale needed, allowing all EU citizens to be offered primary and booster vaccinations, saving lives and mitigating the impact of the pandemic upon social and economic life.
Moreover, a large number of these vaccines could also be used in the global efforts to tackle the pandemic.  As of end July 2022, the EU exported more than 2.4 billion vaccine doses to 168 countries. Member States have shared over 478 million doses of which around 406 million have already been delivered to recipient countries (around 82% of these via COVAX). At the same time, Member States must continue to ensure they have the strategic stocks of vaccines they need to deal with the potential epidemiological evolution of the COVID-19 virus, given the uncertainties over its future evolution and impact. The EU’s Vaccines Strategy provides Member States with certainty that they will have the supply they need, including of adapted vaccines.
Compliments of the European Commission.
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