René Repasi @repasi@respublicae.eu

RT @EuropaJens: „Deutschland ist der Zahlmeister Europas“….wenn man die Fakten ignoriert. ⁦@SPDEuropa⁩ ⁦@spdde⁩

🐦🔗: https://n.respublicae.eu/repasi/status/1599370625130196992

RT @knut_krohn: Mehr Schutz bei Online-Krediten - Die #EU will, dass Informationen über #Kredite in Zukunft besonders klar und verständlich gemacht werden. @repasi @Andreas_Schwab @galleerie https://www.stuttgarter-zeitung.de/inhalt.verbraucherschutz-mehr-schutz-bei-online-krediten.1bc1cd38-cadf-4f8c-bc52-a6b35acaa892.html

🐦🔗: https://n.respublicae.eu/repasi/status/1598770711291641857

RT @chrisbruegel: #DMA. A timely paper on self-preferencing. It will be particularly useful for the technical workshop on #selfpreferencing on Monday by @EU_Competition. I give insights on the identification, detection, compliance and monitoring of self-preferencing. https://www.bruegel.org/policy-brief/how-implement-self-preferencing-ban-european-unions-digital-markets-act

🐦🔗: https://n.respublicae.eu/repasi/status/1598694398660845570

RT @SPDEuropa: Fortschritt für den Verbraucherschutz: Unterhändler*innen von EU-Parlament, Kommission und Rat haben sich in der Nacht auf Vereinbarungen für Verbraucherkredite geeinigt. @repasi:
„Die neuen Regeln schützen vor Überschuldung.“ Mehr dazu: 👇

🐦🔗: https://n.respublicae.eu/repasi/status/1598684612644917249

RT @PhilippaSigl: On Wednesday, I had the opportunity to speak at a hearing on debt sustainability of the @EP_Economics and comment on the @EU_Commission proposal for #SGP reform: https://www.europarl.europa.eu/committees/en/public-hearing-on-public-and-private-deb/product-details/20221125CAN67870.

My introductory statement focused on the goal of reducing debt stocks & the use of DSAs. /1

🐦🔗: https://n.respublicae.eu/repasi/status/1598576028804333568

RT @ioanniskamp: This confirms earlier rumors that certain MS were pushing for excluding finance from due diligence duties, presumably justifying this on the basis of reporting duties. @repasi rightly points out that the two are not equivalent. Excluding finance is a watering down of the #CSDDD.

🐦🔗: https://n.respublicae.eu/repasi/status/1598416486837673985

Update: The Member States have adopted a common position of the Council on the #CSDDD. On finance: all is optional. More details here:
RT @repasi: The Member States have indeed made it to adopt a common position of the Council on the #DueDiligence Directive (#CSDDD). All in all, more light than shadow. Yet: There is finance! More about that in the thread 👇

🐦🔗: https://n.respublicae.eu/repasi/status/1598392892653010944

@TheProgressives, @SPDEuropa, @pvdaeuropa, @larawoltersEU, @KlaasEller, @ioanniskamp, @FairFinanceInt, @MarijaBartl, @Suedwind_eV, @ArcuriAa

🐦🔗: https://n.respublicae.eu/repasi/status/1598392666760581120

The European Parliament is still in the middle of finding its own position. Financial services play also here a crucial role. Stay tuned! /END

🐦🔗: https://n.respublicae.eu/repasi/status/1598392664482725888

The German government has played a rather positive role when it comes to financial services. @EURACTIV wrote about the background of this last-minute compromise. Anybody can form his/her opinion on this basis. 12/13 https://www.euractiv.com/section/economy-jobs/news/inclusion-of-finance-sector-in-eu-due-diligence-law-on-the-brink/

🐦🔗: https://n.respublicae.eu/repasi/status/1598392661429587968

I have only little understanding for the 'optional' solution of the Council, according to which financial services are only in the scope IF the Member States decide so. This runs counter the very idea of the #CSDDD: namely, to create a level-playing field in the internal market.

🐦🔗: https://n.respublicae.eu/repasi/status/1598392659172683776

I remain convinced: All financial services belong into the scope of the #CSDDD. The particularities related to financial services have to be taken into account when refining the due diligence obligations and the civil liability. That's what the Council now sees differently. 10/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392655498575872

In the Economic and Monetary Affairs Committee (ECON) I am the rapporteur of an opinion on the #CSDDD with the special focus on financial services. My own thoughts can found in my draft report and in this explanatory thread: 9/13
RT @repasi: Tomorrow the negotiations on my opinion for @EP_Economics (ECON) on the Corporate Sustainability Due Diligence Directive (#CSDDD) will start. Time for a thread on my draft report (https://www.europarl.europa.eu/doceo/document/…

🐦🔗: https://n.respublicae.eu/repasi/status/1598392652118069250

6⃣ Finally, the Commission gets a special evaluation tasks: Seven years after the entry into force of the #CSDDD, the Commission may reflect on whether financial undertakings should be included into the scope, by default! (Article 29) 8/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392649827893248

5⃣ Provided that financial service operators are within the scope (optional!), they are subject to civil liability. No special rules or exemptions here for finance. 7/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392644199235586

4⃣ With regard to the running business relations, there is no duty to terminate or suspend temporarily the provision of financial services in the event of adverse impacts on human rights or the environment, but mere monitoring obligations ... (Articles 7 and 8). 6/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392641443561481

3⃣ Due Diligence obligations for financial services are also in the Council text (as in the Commission proposal) limited to the pre-contractual phase (Article 6). Upon the conclusion of a contract: no more duties. This does not reflect reality. 5/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392635689177088

2⃣ IF financial service operators are within the scope of the #CSDDD, they are also part of the 'chain of activities' (formerly known as the 'value chain') (Article 3). 4/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392630496428039

The mandatory carve-out of some financial products with a reference to the SFDR is also called by some as the #BlackRock carve-out: Honi soit qui mal y pense (@gruffat_claude). For me it's clear: Reporting duties (aka #SFDR) cannot replace duties to act (aka #CSDDD). 3/13

🐦🔗: https://n.respublicae.eu/repasi/status/1598392626226626564