European Parliament’s ECON Committee adopts position on green bonds
The European Parliament’s (EP) Committee on Economic and Monetary Affairs (ECON) adopted on 16 May its draft position.
In this context, an amendment (nr. 477) was also adopted at the vote. It states that the green bond assessment activities by external reviewers shall be considered as a non-audit service in the sense of Article 5(1) of the EU Audit Regulation.
As a next step, the EP and the Council will need to negotiate a compromise between their respective positions on the initial EC proposal. These ‘trilogues’ will take several months and are expected to bring a final decision.
EU’s 6th package of sanctions against Russia includes accountancy services
EU’s heads of governments adopted on 3 June the latest – 6th – package of sanctions against Russia due to its attack on Ukraine. The EC swiftly published the sanctions package in the EU Official Journal, meaning that they are now legally binding in the EU.
The main discussion on the package was on oil imports from Russia. However, the adopted package also prohibits the provision of auditing, including statutory audit, accounting, bookkeeping and tax consulting services to entities, legal persons and bodies established in Russia, as well as to the Russian government.
The Council decision document Article 1k Paragraphs 1-5 gives further details on the scope of these sanctions. The Council Regulation, for its part, defines these services in more detail.