Time

Eurosystem reschedules launch of new collateral management system

Retrieved on: 
Saturday, December 3, 2022

2 December 2022

Key Points: 
  • 2 December 2022
    - Launch of Eurosystem Collateral Management System (ECMS) rescheduled from 20 November 2023 to 8 April 2024
    - Additional time will help mitigate impact of rescheduled T2 launch
    The Governing Council of the European Central Bank has decided to reschedule the launch of the Eurosystem Collateral Management System (ECMS) from 20 November 2023 to 8 April 2024.
  • This decision was taken to mitigate the impact of the rescheduled launch of T2, the Eurosystems new real-time gross settlement system and central liquidity management model, which was postponed by four months on 20 October 2022.
  • The ECMS will be a unified system for managing assets used as collateral in Eurosystem credit operations.
  • The ECMS is expected to deliver considerable benefits to the Eurosystem and its counterparties and to the market at large by harmonising collateral management practices and contributing to further EU financial integration.

FTC blows the whistle on business coaching program

Retrieved on: 
Saturday, December 3, 2022

But according to the FTC, marketers of business coaching services took consumers for millions by using offside sales tactics that will likely disqualify them from the Truth-in-Advertising Hall of Fame.

Key Points: 
  • But according to the FTC, marketers of business coaching services took consumers for millions by using offside sales tactics that will likely disqualify them from the Truth-in-Advertising Hall of Fame.
  • The complaint alleges that a Utah-based company called Guidance hired telemarketing outfits sales floors to pitch its supposedly personalized business coaching services.
  • According to the FTC, telemarketers pitched the coaching services as an exclusive one-on-one program of business know-how and specialized market research available only to a limited number of qualified people.
  • Once people signed up the initial cost sometimes topped $10,000 the FTC says the defendants blitzed them with pricey upsells.
  • In fact, the FTC says that the overwhelming majority of people who bought the defendants business coaching services were never able to establish a business.
  • To settle the case, the defendants have agreed to broad injunctive provisions and lifetime bans from business coaching or work-at-home opportunities, with narrow exemptions for certain lawful business activities.
  • Before doing business with a business coach, consider these extra points from the FTC.
  • But according to the FTC, marketers of business coaching services took consumers for millions by using offside sales tactics that will likely disqualify them from the Truth-in-Advertising Hall of Fame.

Press release - Deal on new rules to protect consumers from taking on too much debt

Retrieved on: 
Friday, December 2, 2022

On Friday morning, negotiators from Parliament and Council reached a provisional political agreement to update the EUs rules on consumer credit.

Key Points: 
  • On Friday morning, negotiators from Parliament and Council reached a provisional political agreement to update the EUs rules on consumer credit.
  • The new directive on consumer credits (CCD) aims to make the credit markets function smoothly while ensuring a high level of consumer protection.
  • According to the deal, the legislation will cover credit agreements of up to 100,000.
  • Consumers will have the right to early repayment and to reduce the total cost of their credit.

Negative options – make them a positive

Retrieved on: 
Thursday, December 1, 2022

If your company is considering offering a negative option program, and wants it to be a positive experience, youll want to read on.

Key Points: 
  • If your company is considering offering a negative option program, and wants it to be a positive experience, youll want to read on.
  • They sell nutritional supplements and beauty products including Force Factor, Peak Life, ProBioSlim, SomnaPure, VolcaNO, and Stages of Beauty.
  • This type of offer where consumers get regular shipments at a set rate until they cancel the agreement is also called a negative option continuity plan.
  • For any oral offers of negative options, the company must get unambiguous affirmative consent before billing.
  • Want to make sure your company has a more positive experience with negative options?
  • Remember that if you use a negative option, weve got you covered under several laws, in fact.
  • But if youre using other types of negative options, youre not off the hook.
  • For more information about negative options, check out our blog Acc-cen-tuate the negative?

REPORT on the proposal for a decision of the European Parliament and of the Council repealing Council Directive 89/629/EEC - A9-0287/2022

Retrieved on: 
Thursday, December 1, 2022

Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

Key Points: 
  • Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
    3.
  • Instructs its President to forward its position to the Council, the Commission and the national parliaments.
  • The current proposal aims at repealing the Council Directive 89/629, which has become obsolete.
  • PROCEDURE COMMITTEE RESPONSIBLE
    Title
    Repealing Council Directive 89/629/EEC
    References
    COM(2022)0465 C9-0310/2022 2022/0282(COD)
    Date submitted to Parliament
    16.9.2022
    Committee responsible
    Date announced in plenary
    TRAN
    3.10.2022
    Rapporteurs
    Date appointed
    Karima Delli
    10.10.2022
    Simplified procedure - date of decision
    3.10.2022
    Date adopted
    29.11.2022
    Date tabled
    1.12.2022

Christine Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament

Retrieved on: 
Wednesday, November 30, 2022

I will also address the two topics selected by this Committee for todays hearing, namely the global monetary policy cycle and inflation differentials.

Key Points: 
  • I will also address the two topics selected by this Committee for todays hearing, namely the global monetary policy cycle and inflation differentials.
  • The shock hit just as we were coming out of the pandemic and has continued to cause economic disruptions.
  • [1]
    Given our proximity to the conflict and our dependence on energy imports, Europe has been hit particularly hard.
  • Higher energy costs have been a key driver of euro area inflation, which in October reached double digits for the first time since the start of the monetary union.
  • [2] *
    This rise in inflation affects everyone, but some are feeling it more than others.
  • We are monitoring these divergences carefully and expect them to normalise as the impact of these shocks fades over time.
  • The different shocks over the past year have also had an impact on real economic activity.
  • [4]
    The European response to the war has garnered broad support among citizens and optimism about the future of the EU has increased.
  • While monetary policy is geared towards bringing inflation back to our medium-term target, the economic outlook will also depend on the actions taken by other stakeholders.
  • I encourage EU policymakers, including this Parliament, to soon reach a viable and broadly shared agreement to help strengthen the foundations of our Economic and Monetary Union.
  • E. and Koester, G. (2022), The role of demand and supply in underlying inflation decomposing HICPX inflation into components,
    Economic Bulletin, Issue 7, European Central Bank.
  • See European Parliament Spring 2022 Survey: Rallying around the European flag - Democracy as anchor point in times of crisis.