President of the International Criminal Court, Silvia Fernández de Gurmendi, Issues End of Mandate Report
Today, 9 March 2018, the President of the International Criminal Court, Judge Silvia Fernández de Gurmendi, published an end of mandate report, summarizing the main initiatives she promoted on a priority basis during her three-year term at the helm of the institution. The report describes actions undertaken to improve the efficiency and effectiveness of the Court and to enhance external support.
“As my time at the Court is coming to an end, I considered it appropriate to report on actions that were undertaken to pursue the objectives I declared as my priorities to my fellow judges before my election three years ago and which I have reconfirmed since to the international community on multiple occasions.”, President Fernández said. “I hope this report will help external observers and those working at the Court to understand the efforts made during the past three years to enhance the performance of the Court, and contribute to the development of further initiatives by its future leadership. I remain convinced that, while safeguarding its judicial independence, the Court must constantly strive to enhance the speed and quality of the justice that it delivers in order to increase its own credibility and foster external support.”
The largest part of the report discusses initiatives undertaken to enhance efficiency and effectiveness within the judiciary of the Court, particularly through the collective review of proceedings by the judges and the resulting measures to expedite the judicial process.
The second part of the report addresses Court-wide efforts to enhance efficiency through increased coordination among the organs, and the development of performance indicators for the Court. Finally, the report describes outward attempts to promote understanding for the Court and the Trust Fund for Victims and enhance cooperation and support by the international community, including through increased engagement with other courts and the broader legal community.
The report concludes with short-term recommendations on the continuation of various ongoing initiatives, including on the harmonization of proceedings on victims’ participation and reparation, the development of an ICC Case Law Database, and efforts to increase gender parity at the Court.
Judge Fernández’s mandate as President and judge of the Court ends on Saturday 10 March 2018; a new President as well as two vice-presidents will be elected by the judges of the Court the following day in accordance with Article 38(1) of the Rome Statute.
Caroline Klaver-Bouman, during her speech in Wassenaar.By Guido Lanfranchi.
On Tuesday March 6th, VVD Wassenaar and Diplomat Magazine co-organized a forum for the expat community of Wassenaar. How would the municipality of their dreams look like?
Tuesday March 6th, Wassenaar. The environment around the beautiful Auberge De Kieviet was particularly lively. A number of people entered the hotel’s reception room. Some of them came from The Netherlands; many others, although residents in Wassenaar, came from all corners of the world.
Among them, several Ambassadors, diplomats, and expat workers residing in the pretty municipality neighboring The Hague.
H.E. Ms. Sahar Ghanem, Ambassador of Yemen.
H.E. Ms. Sahar Ghanem, Ambassador of Yemen, H.E. Ms. VestineNahimana, Ambassador of Burundi, and the Charge d’affaires of Venezuela, Mr. Alvaro Sanchez Cordero attended the event, together with diplomats from the Embassies of the United States, Venezuela, and India. At the entrance, the guests were welcomed by VVD members Gerbrand Nijman and Caroline Klaver-Bouman, together with a special guest: a cardboard Mark Rutte!
In a crowded reception room, Mr. Nijman took the floor to kick-start the discussion, praising the collaboration between VVD and Diplomat Magazine in organizing the event. After a brief explanation of the expats’ right to vote, Mr. Nijman left the floor to Ms. Klaver-Bouman, VVD’s first candidate in Wassenaar.
H.E. Ms. Vestine Nahimana, Ambassador of Burundi.
As the leading candidate of the team, Ms. Klaver-Bouman briefly introduced the audience to VVD’s basic tenet, freedom of choice for the citizens, under the shelter of a light, effective state.
Moving on local issues, Ms. Klaver-Bouman outlined the three main points of VVD’s project for Wassenaar: this beautiful village’s political independence; the improvement of local municipal services; and a precise solution, “the N44 tunnel”, against the chief disturbing problem, traffic.
Guido Lanfranchi, Marisa Ansink and the Chargé d’affaires of Venezuela, Mr. Alvaro Sanchez Cordero.
Later on, Laurens van Doeveren, Ms. Klaver-Bouman’s “running mate” in VVD’s list, took the floor. His experiences in the Dutch Parliament and the Ministry of Foreign Affairs, he explained, drew him closer to the international community in The Netherlands, making him more aware of expats’ problems.
Mr. Gerbrand Nijman.
Finally, the Deputy Head of Mission of the British Embassy in The Hague, Mr. Nicholas Heath, engaged the audience, presenting himself as a “professional expat.” Having himself been an expat several times, he explained how feeling at home in a new place is a slow and gradual process, that starts as an obligation, but ends up being a joy. As a part of this process, he stressed the relevance of expats’ political engagement, encouraging all those present to participate in the local elections.
After this introduction, Mr. Nijman and Ms. Klaver-Bouman opened the floor for a lively, interactive discussion with the audience.
The participants took the floor, outlining the problems that expats might face upon their arrival in Wassenaar: they stressed especially issues related with language and cultural differences, with a specific focus on difficult situations for families with children. But the discussion was not focused on problems only.
H.E. Ms. Sahar Ghanem, Ambassador of Yemen, Mr. Edwin Klaver, H.E. Ms. VestineNahimana, Ambassador of Burundi and Caroline Klaver-Bouman.
The attendees and the organizers engaged in an effort to come up with new ideas, proposals, and solutions. Among them, the organization of more events for expats, the availability of communications in English, and the improvement of the expats’ welcome in Wassenaar.
On this last point, the suggestions were copious, ranging from the creation of a voluntary welcome committee, to the establishment of a contact point for expats in the town hall.
During the night, VVD and Dimplomat Magazine also seized the opportunity to launch their new initiative, the Expat and Diplomatic Advisory Council. This Council is a permanent body aimed at collecting expats’ issues, in order to address them in an effective way. As Mr. Nijman suggested in his concluding remarks, while many political actors talk about improving the situation of expats in Wassenaar, only few of them actually do something in this regard.
As demonstrated over the night, VVD Wassenaar wants to be among those acting, and acting for the better. On this final note, Mr. Nijman invited the participants to enjoy drinks and conversations in the Auberge De Kieviet’s reception room. The attendees gladly took up the suggestion, remaining at length to exchange more ideas and insights.
While the participants were gradually leaving the reception room, VVD members were already thinking about the expats’ suggestions, trying to devise new solutions to make Wassenaar the municipality of their dreams.
The Ambassador of Pakistan, H.E. Mr. Shujjat Ali Rathore, with chefs Iftikhar Ahmad Chugthai, Muhammad Nazeer, Sido de Brabander and par of the public attending the Pakistani Food Festival.By Guido Lanfranchi.
On February 23rd, 2018, the Hotel Crowne Plaza Den Haag hosted the Pakistani Food Festival, organized by the Embassy of Pakistan in The Netherlands, in collaboration with Diplomat Magazine.
While a cold wind was blowing outside, the guests gathered in the main hall of Crowne Plaza Hotel; among them, a number of workers of international organizations, diplomats and Ambassadors. The Ambassador of Pakistan, H.E. Mr. Shujjat Ali Rathore, together with his spouse, welcomed the guests one by one at the entrance, while the staff of Crowne Plaza offered fresh drinks to the presents.
Jhr Alexander W. Beelaerts van Blokland and the ambassador of Pakistan.
Once a crowd had gathered in the hall, Mr. Patrick Aarsman, General Manager of Crowne Plaza, welcomed all the guest. He thanked the Embassy of Pakistan and Diplomat Magazine for the organization, and he gave the floor to H.E. Shujjat Ali Rathore. The Ambassador thanked all the presents, and expressed his joy for having the possibility to “share our spicy Pakistani food with our friends in The Netherlands.”
He then introduced the three protagonists of the night: the chefs. Iftikhar Ahmad Chugthai, a chef with 25 years of experience in five-star hotels, and Muhammad Nazeer, a chef trained by the Pakistani Navy and with 40 years of experience, came from Pakistan in order to serve their delicious food to the guests. They were helped in this endeavor by Sido de Brabander, professional chef at Crowne Plaza.
After the introduction ceremony, the Ambassador invited the guests to take their places at the tables of Crowne Plaza’s restaurant. Soon after that, the staff of the restaurant was already providing the participants with the starters, consisting of a plate filled with Kebab, Daal (lentil) soup, Pakora with mint sauce, and a Aalo Channa (salad with chickpeas).
After the guests finished their starters, the chefs proudly unveiled the buffet with the main courses. Among them, chicken tandoori and chicken biryani, a lamb stew (Mutton Qorma), and Lahori fried fish. As side dishes, many different options were present in the buffet: a mix of vegetables, a cucumber salad, the Pakistani Saag tin and Daal mash, and naan bread.
When the guests had enjoyed the main courses, theicing on the cake arrived at the tables: the desserts. The restaurant’s staff served a big dish composed by Kheer (a rice pudding), Jaleebi (a fried biscuit with syrup), and a mix of various Pakistani sweets.The guests kept on having lively conversations at their tables, while enjoying the delicious dessert.
When the dinner was over, the guests started to move across tables, engaging in new conversations with other people. In the meanwhile, more guests arrived, joining the participants in both the food taste and the conversations. In this comfortable environment, the event continued for some time, until the guests started leaving the Crowne Plaza, satisfied by an incredibly enjoyable night.
H.E. Ambassador Shujjat Ali Rathore, Mr. Waseem Shahzad, First Secretary of the Embassy, and Mr. Syed Mahmood Hassan, Commercial Counsellor together with students from Leiden University.By Guido Lanfranchi.On February 6th, 2018, the Embassy of Pakistan in The Hague has received a visit by a group of students from Leiden University. H.E. Ambassador Shujjat Ali Rathore engaged in a long and lively conversation with the students.On Tuesday morning, the Embassy of Pakistan received a delegation of students from Leiden University. Around 11h00 the students gathered at the Embassy’s entrance in Amaliastraat, The Hague. Kindly received by the staff of the Embassy, the students were accompanied in the reception room, where they were soon joined by the Ambassador, H.E. Mr. Shujjat Ali Rathore, together with Mr. Waseem Shahzad, First Secretary of the Embassy, and Mr. Syed Mahmood Hassan, Commercial Counsellor.The Ambassador paved the way for a quick round of introductions. The students, coming from several different countries such as India, Italy, Portugal, and Hungary, quickly introduced themselves. Given their academic focus on the field of International Relations, most of their questions focused on issues related to Pakistan’s role in the international political scenario.Ambassador Rathore during the meeting with staff and university students.The students started the Q&A with the Ambassador by asking questions about the China Pakistan Economic Corridor (CPEC), an incredibly relevant geopolitical topic in South Asia. Given his previous experience as Deputy Head of Mission at the Pakistani Embassy in Beijing, the Ambassador was definitely the right person to answer the students’ questions on this issue. He delved into the “win-win bilateral relationship between Pakistan and China,” mentioning several examples of joint Chinese-Pakistani projects in the framework of CPEC, among which the port of Gwadar.Then, the Ambassador also addressed the topic of Pakistan’s economic development. He highlighted the government’s effort in reducing inequality across regions, explaining to the students the local political environment surrounding the CPEC endeavor. The conversation also focused on Pakistan’s relation with its “big brother to the East,” India, and the dispute on the Kashmir region. Finally, the inevitable question on the relation between Pakistan and the US, and the debated issue of the control of the border with Afghanistan. On this topic, the Ambassador highlighted the hard work done by the Pakistani government, and wished a positive outcome for the recent small quarrels with the United States. Despite everything – the Ambassador said – the US remains a “very important partner for Pakistan.”These intense and interesting talks were accompanied by drinks and snacks, among which the traditional Pakistani samosa, kindly offered by the staff of the Pakistani Embassy. When the Ambassador finally had to leave the meeting, the staff invited the students to enjoy some more drinks. The students thus remained a bit longer in the Embassy talking with the staff, before gradually leaving the building extremely satisfied by the meeting.
By Roy Lie Atjam.
The Hague, 19 February 2018 – The day the Hon. Shahidul Haque
Foreign Secretary of the Government of Bangladesh delivered a discourseentitled “Global compact for migration (Governance?): issues zero draft and the way forward” at Erasmus University – ISS The Hague.
Foreign Secretary Shahidul Haque, was on a trip that took him to the USA and Europe.
Mr. Haque obtained an MA in International Relations from the Fletcher School of Law and Diplomacy, USA (1988) He also holds a Masters in Social Welfare from the University of Dhaka.
Mr. Shahidul Haque has been serving as Foreign Secretary since 2013. He was the Chair of the 9th Global Forum on Migration and Development (GFMD).
He is an Independent Expert to the UN Committee on the Rights of All Migrant Workers and Members of their Families (CMW) for the term 2014-2017 and has recently been re-elected for another 4-year term (2018-2021)
After a cordial welcome, Institute of Social Studies ISS Dr. Des Gasper, Professor of Human Development, Development Ethics and Public Policy, introduced the guest-speaker Mr. Shahidul Haque and the theme of his discourse.
Mr. Shahidul Haque elaborated on his presentation entitled
Global compact for migration (Governance?) issues zero draft and the way forward.
Shahidul Haque is, by all means, an authority on International Migration, he mesmerized his audience which was made-up of academics, students, special invitees and Ambassadors from countries such as Malaysia, Bangladesh, South Korea to name a few.
Shahidul Haque laments the fact that to date there is no global regime to deal with migration. Migration is a hot international item. A good 258 million migrants are currently on the move worldwide. De facto, people are vulnerable when on the move. Access to resources and power mostly determine vulnerability.
Haque recognizes migratory flows, mixed migration – mixed drivers: work, human trafficking, displacement and refugees. Further, migrationis a circular movement and not one that runs from A to B as was once thought by some..
Governance, four prominent challenges are facing states, sovereignty, protection, security, human rights, capacity and resources.
How could they be addressed effectively?
As for the zero draft dated 5 Feb. 2018, it resulted in a ten guiding framework and twenty-two objectives/actionable commitments.
It further declares compact would be non-legally binding, no reference to the 1990 migration convention, no reference to governance and a tremendously vague implementation.The action required, Shahidul Haque proposes among others, a global leadership for an ambitious, balanced and rights-based compact.
Compact must be a political and normative instrument.
Mr. Shahidul Haque briefly touched on the effects of global climate change, the Havana declaration, the Rohingya refugees.
The government of the People’s Republic of Bangladesh is resolved to deal with the influx of Rohingya refugees despite her population of 160 million. Solidarity and fraternity compel Bangladesh to react in this manner. The Honorable Prime Minister Sheikh Hasina reminded her compatriots of the days when several million Bangladeshi nationals took up refuge in India.
Mr. Shahidul Haque recounts, some Bangladeshi women became devastated after listening to Rohingya women of whom some had been raped 19 times in one day.
It has been a revealing delivery and a tremendous pleasure listening to the migration savvy that Mr. Shahidul Haque is.
Paris, Van Cleef & Arpels’ boutique.
About fifty objets d’art created between the 1920s and the beginning of the 1970s from Van Cleef & Arpels collection are unveiled at a bespoke exhibition.
Preserved by the Maison, vanity-boxes, Minaudières™, evening bags and compacts reveal another facet of Van Cleef & Arpels’ creativity, namely fashion accessories.
Loyal to trends, gestures and rituals of their time, these precious objects also bear witness to the evolution of materials and sources of inspiration over the decades.
Practical information:
Van Cleef & Arpels’ Boutique
Galerie du Patrimoine
20, place Vendôme, FR- 75001 PARIS
From 22 January 22 to 18 March 2018
From Monday to Saturday, 11 am to 7 pm
For further information:http://www.vancleefarpels.com/eu/fr/la-maison/newsroom.html
DăCuòLe Vol. II collection by HEAVEN PLEASE+ remixes 1950s Western style with Hong Kong fashion.
For the first time ever, Hong Kong designers were represented at one of the fashion industry’s most esteemed events.
Most designers can only dream of showing their work at London Fashion Week (LFW), where Britain’s Queen Elizabeth attended this year’s show for the first time. But such lofty aspirations became a reality for some of Hong Kong’s most talented designers, who were selected by the British Fashion Council to showcase their AW2018 collections at the presentation with Fashion Hong Kong, a series of international events organised by the Hong Kong Trade Development Council (HKTDC) to promote Hong Kong fashion designers in the global fashion arena.
Four Hong Kong designers became among the first local designers to present their collections at one of the most hotly anticipated dates on the fashion calendar. In addition to staging designer showcases at Store Studios at LFW’s Designer Showroom, the designers featured their work at a fashion presentation that incorporated installation art at Somerset House on the Strand.
Dora Chu, founder and Creative Director of Maison Vermillion.
A Perfect Mix of East and West
Dora Chu, founder and Creative Director of Maison Vermillion Maison Vermillion’s AW 2018 collection, The Greatest of Thee, pays tribute to the love affair between Henry VIII and Anne Boleyn with pieces incorporating English rose patterns, lace applique and daring checks. Describing her work as a melting pot of Eastern and Western influences, Central Saint Martins graduate Dora Chu worked with some of the biggest British fashion houses, including Alexander McQueen and Jenny Packham, whose CEO, Mathew Anderson, was among those attending the show.
At the presentation, a sequinned black evening dress delivered a dash of glamour, as did diamante details on dresses. “I wanted the pieces to shimmer so customers could get a feel for the collection,” she says, adding that showing her work in London has been a sentimental journey given her UK link.
XX attends the Fashion Hong Kong Presentation at Somerset House on February 16, 2018 in London, England.
Ms Chu’s latest collection also embraces her Chinese roots by incorporating into garments paper-cut patterns by artist Li Yun Xia. Using special weaving and laser-cut techniques, Ms Chu created pieces with strong cross-cultural elements – think Western lace meets Chinese traditional paper-cutting art – most spectacularly onto the back of a green bomber jacket.
Using digital printing technology, Maison Vermillion incorporated Chinese traditional paper-cutting art onto the back of a green bomber jacket Ms Chu’s work has appeared at Copenhagen Fashion Week and Shanghai Ontime Show in collaboration with Fashion Hong Kong, and she says both were very welcoming to emerging brands, adding that entering other markets such as the Chinese mainland or the UK is crucial to her brand’s development.
Working for major names such as Alexander McQueen taught Ms Chu to focus on attention to detail and craftsmanship, even on modern-day street wear. Ms Chu is considering incorporating other Chinese crafts into future collections.
Architecturally Inspired
Vickie Au is the brains behind HOUSE OF V.Embracing the precision of architectural drawings, HOUSE OF V’s latest collection make workwear more interesting by offering traditional silhouettes with abstract patterns.
Vickie Au is the brains behind HOUSE OF V Embracing the precision of architectural drawings, HOUSE OF V’s latest collection make workwear more interesting by offering traditional silhouettes with abstract patterns
The “V” in the fashion label HOUSE OF V represents designer Vickie Au’s philosophy of using simple lines to create depth. Its AW 2018 collection, Unexpected/Habitual, was inspired by a speech from Polish-American architect Daniel Libeskind, who stated that architecture is driven by optimism and a sense of wonder. Embracing the precision of architectural drawings and Mr Libeskind’s idea to unite opposing ideas, Ms Au sought to make workwear more interesting by offering traditional silhouettes with abstract patterns. Driven by simple shapes and texture blocks, collar details create a talking point. “I always think about simplicity and play on the mix-and-match with colour blocking and texture mixing to ensure my pieces are easy to wear,” says Ms Au.
When she started working as a designer in Hong Kong 15 years ago, high rental costs presented a challenge to many young creatives like herself looking to get a foot in the door. The fashion retail landscape has also changed considerably since then, she adds. “Until the early 2000s, we didn’t have a Zara or H&M, so the [stores we find on Hong Kong’s] high streets have altered a lot.”
While independent designers still face high-street competition, Ms Au believes the tide is turning. “Shoppers now look for something different and they don’t mind paying a bit more. My minimalistic designs fall in the middle range, so it’s around HK$1,600-$2,000 for a dress, which is roughly the same as many popular fashion labels.” With a focus on accessible designs, Ms Au believes HOUSE OF V has global appeal. “I don’t just follow what’s on trend when designing my collection; it’s more about the cut and the shape.” UK-based lifestyle magazine Wallpaper* featured the brand’s collective presentation work as one of the Editor’s Picks.
Heavenly Offerings
Lary Cheung and Yi Chan co-founded HEAVEN PLEASE+DăCuòLe Vol. II collection by HEAVEN PLEASE+ remixes 1950s Western style with Hong Kong fashion HEAVEN PLEASE+ proves that the fashion retail concept is far from dead, as its popular boutique is name-checked in the Louis Vuitton Hong Kong City Guide as one of the best shops to visit. Its second-half AW 2018 collection (following the New York collection), DăCuòLe Vol. II, is inspired by the novel of the same name from Hong Kong novelist Liu Yichang and remixes 1950s Western style with Hong Kong fashion.
One piece that generated buzz at the presentation was a white knee-length dress with voluminous ruffles on the hem and sleeves while floor-length macs featuring bold red and blue patterns added a pop of colour. “London is a colourful city and prefers designs with strong expression and vivid colours, so we wanted to create something cheerful,” says Lary Cheung, who founded the label along with Yi Chan.
Being in London brings back fond memories for the duo, who both studied fashion at the Hong Kong Polytechnic University. When they established HEAVEN PLEASE+ in 2011, following stints at British labels Kent & Curwen and Aquascutum for Mr Cheung and a fashion editor role at Marie Clare for Ms Chan, they visited more than 100 fashion retail and vintage stores in London and Paris to get inspiration for their boutique.
HEAVEN PLEASE+ has a showroom in Tsim Sha Tsui and a Causeway Bay boutique that aims to deliver a more unique and exclusive styling experience than ordinary fashion shops. “Here, customers can tell us about their style expectations and get to know the brand as we familiarise ourselves with their behaviour, their job and preferences. It’s about developing a long-term relationship,” says Ms Chan.
Check it Out
METHODOLOGY founder Glori Tsui
METHODOLOGY founder Glori Tsui.
METHODOLOGY’s Glori Tsui started as a graphic designer for Disney’s children’s wear range after studying illustration at the Art Center College of Design in Southern California. Keen to break into fashion, she completed a master’s degree in fashion design at Nottingham Trent University and launched her first collection in 2012.
METHODOLOGY’s AW 2018 collection, entitled Plaid Block, pits the brand’s signature silhouettes, such as a wide-legged trousers, against plaid patterns, solid colours and layered textures. At the presentation, models stood or sat against a plaid backdrop, the same fabric used in one of the collection’s coats and skirts.
“Everything started in the UK for me, so it means a lot [to be showing at LFW],” says Ms Tsui.
METHODOLOGY’s AW 2018 collection, entitled Plaid Block, pits the brand’s signature silhouettes, such as a wide-legged trousers, against plaid patterns, solid colours and layered textures.
According to Ms Tsui, Hong Kong is becoming much more design-driven. “In the pasMETHODOLOGY’s AW 2018 collection, entitled Plaid Block, pits the brand’s signature silhouettes, such as a wide-legged trousers, against plaid patterns, solid colours and layered textures.t, we would do a lot of OEM, but Hong Kong has more of a focus on design these days, and it’s the same for the Chinese mainland. I think our designs are getting more recognised internationally.”
As Hong Kong is a small city, the design community is quite tight knit, she adds. “You get to know most of the other designers – HOUSE OF V and HEAVEN PLEASE+ both have a store in the same mall as me. Hong Kong malls are supportive of local designers as customers are looking for something really different. With globalisation, so many malls look the same, so [the fact that shoppers are] looking for something different is good for us.”
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Text and pictures by HKTDC.
A swearing-in Ceremony for six new judges of the International Criminal Court (ICC) will be held today Friday 9 March 2018, at 11:00 (The Hague local time) in Courtroom I at the seat of the Court in The Hague.
Judges Luz del Carmen Ibañez Carranza (Peru), Solomy Balungi Bossa (Uganda), Tomoko Akane (Japan), Reine Alapini-Gansou (Benin), Kimberly Prost (Canada) and Rosario Salvatore Aitala (Italy) were elected for nine-year terms during the sixteenth session of the Assembly of States Parties to the Rome Statute in December 2017.
The judges will take a public oath declaring: “I solemnly undertake that I will perform my duties and exercise my powers as a judge of the International Criminal Court honourably, faithfully, impartially and conscientiously, and that I will respect the confidentiality of investigations and prosecutions and the secrecy of deliberations”.
The European Commission is today unveiling an Action Plan on how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech).Europe should become a global hub for FinTech, with EU businesses and investors able to make most of the advantages offered by the Single Market in this fast-moving sector. As a first major deliverable, the Commission is also putting forward new rules that will help crowd funding platforms to grow across the EU’s single market.Today’s Action Plan envisages to enable the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services. At the same time, it seeks to make markets safer and easier to access for new players. This will benefit consumers, investors, banks and new market players alike. In addition, the Commission is proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU.The Action Plan is part of the Commission’s efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: “To compete globally, Europe’s innovative companies need access to capital, space to experiment and scale to grow. This is the premise for our FinTech Action Plan. An EU crowdfunding licence would help crowdfunding platforms scale up in Europe. It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders.”Jyrki Katainen, Vice-President for Jobs, Growth, Investment and Competitiveness said: “New technologies are transforming the financial industry by revolutionising the way people access financial services. Alternative sources of funding, such as crowdfunding or peer-to-peer lending, directly link savings with investments. They make the market more accessible for innovative entrepreneurs, start-ups and small companies. This objective is at the heart of the Capital Markets Union.”Mariya Gabriel, Commissioner for the Digital Economy and Society said: “Digital technologies have an impact on our whole economy – citizens and businesses alike. Technologies like blockchain can be game changers for financial services and beyond. We need to build an enabling framework to let innovation flourish, while managing risks and protecting consumers.” The FinTech Action Plan: The financial sector is the largest user of digital technologies and a major driver in the digital transformation of the economy. Today’s Action Plan sets out 23 steps to enable innovative business models to scale up, support the uptake of new technologies, increase cybersecurity and the integrity of the financial system, including: The Commission will host an EU FinTech Laboratory where European and national authorities will engage with tech providers in a neutral, non-commercial space;The Commission has already created an EU Blockchain Observatory and Forum. It will report on the challenges and opportunities of crypto assets later in 2018 and is working on a comprehensive strategy on distributed ledger technology and block chain addressing all sectors of the economy. A distributed ledger is an information database that is shared across a network. The best-known type of distributed ledger is block chain.The Commission will consult on how best to promote the digitisation of information published by listed companies in Europe, including by using innovative technologies to interconnect national databases. This will give investors far easier access to key information to inform their investment decisions.The Commission will run workshops to improve information-sharing when it comes to cybersecurity;The Commission will present a blueprint with best practices on regulatory sandboxes, based on guidance from European Supervisory Authorities. A regulatory sandbox is a framework set up by regulators that allows FinTech startups and other innovators to conduct live experiments in a controlled environment, under a regulator’s supervision. Regulatory sandboxes are gaining popularity, mostly in developed financial markets.Regulation on Crowdfunding:Crowdfunding improves access to funding especially for start-ups and other small businesses. A start-up can present its project on an online platform and call for support in the form of a loan (‘peer-to-peer lending’) or equity. Investors receive a financial return for their investment. It is currently difficult for many platforms to expand into other EU countries. This is why crowdfunding in the EU is underdeveloped as compared to other major world economies, and the EU market is fragmented. One of the biggest hurdles is the lack of common rules across the EU. This considerably raises compliance and operational costs and prevents crowdfunding platforms from expanding across borders.Today’s proposal will make it easier for these platforms to offer their services EU-wide and improve access to this innovative form of finance for businesses in need of funding. Once adopted by the European Parliament and the Council, the proposed Regulation will allow platforms to apply for an EU label based on a single set of rules. This will enable them to offer their services across the EU. Investors on crowdfunding platforms will be protected by clear rules on information disclosures, rules on governance and risk management and a coherent approach to supervision.