2/6  BIS central bankers' speeches  The first point is the impact of the repeated resurgence of COVID-19 on economic growth. The Omicron variant, the first case of which was reported in southern Africa in the second half of November 2021, has swept across the world.
Moreover, the elements of discretion need to be implemented without compromising the level playing field in banking and the integrity of the internal market. In some respects, the proposed Regulation does also differ from the Group’s recommendations. The Commission’s proposal includes an outright ban on organised proprietary trading instead of requiring it to be assigned to a separate and separately capitalised legal entity.