The President-elect of the European Commission, Jean-Claude Juncker, has published a mission letter  to Jonathan Hill, Commissioner designate for Financial Stability, Financial Services and Capital Markets Union.

In the mission statement Mr Juncker states that he would like Mr Hill to focus on the following:

  • continuing to put in place a regulatory framework which ensures the resilience and stability of the financial services sector;
  • ensuring that the financial services regulatory framework takes into account the needs and interests of consumers and retail investors and proposing any necessary measures to make financial services work better for citizens;
  • ensuring timely and effective implementation of the financial services regulatory reform agenda, including the accompanying delegated/implementing acts. All necessary arrangements for the EU banking union should be made so that the Single Resolution Board is set up and operational on time;
  • reviewing the functioning and operation of the European Systemic Risk Board and the three European Supervisory Authorities, including their interaction with the Single Supervisory Mechanism and the Single Resolution Mechanism;
  • bringing about a well-regulated and integrated Capital Markets Union, encompassing all Member States, by 2019, with a view to maximising the benefits of capital markets and non-bank financial institutions for the real economy; and
  • contributing, as part of a project team, to ensure the safety and the modernisation of the EU’s regulatory framework on digital/electronic payments in order to facilitate online purchases. The safety and appropriateness of certain virtual currencies should also be assessed and, where appropriate, relevant policy measures should be proposed.

View Commissioner for Financial Stability, Financial Services and Capital Markets Union, 10 September 2014