Ursula von der Leyen, the new president of the European Commission, has called for ‘new proposals to ensure Europe is more resilient to extraterritorial sanctions by third countries and to ensure that the sanctions imposed by the EU are properly enforced…throughout its financial system.’ See September 2019 Mission Letter from President von der Leyen to Valdis Dombrovskis, Executive Vice-President responsible for the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA). A portfolio-allocation document published early December 2019 confirms that responsibility for sanctions has formally been moved from the EU’s Foreign Policy Instrument Service (FPI) to FISMA.
FISMA’s work includes:
- Presenting new policy initiatives to ensure that financial markets are well-regulated and supervised;
- Monitoring financial-sector developments and structures in the Member States and ensuring satisfactory implementation of EU legislation at the national level; and
- Working closely with international partners to promote consistent regulation and the implementation of agreed standards and principles around the world.