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OAS Report Shakes Venezuelan Election Results: Trust in Democracy Eroded

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According to a report released by the Organization of American States (OAS) the Department of Electoral Cooperation and Observation (DECO) stated that the outcome of the Venezuelan presidential elections conducted on July 28 2024 is not acceptable. The report, directed to OAS Secretary General Luis Almagro, details irregularities and structural problems that affected the voting process casting doubt on the credibility of the elections.

Election Results and Immediate Reactions

The National Electoral Council (CNE) declared Nicolás Maduro as the winner of the election stating that he secured 51.2% of the votes while his main rival, Edmundo González received 44.2%. However according to the OAS report there are differences between these official figures and independent evaluations such as exit polls and citizen led verifications that showed a clear advantage for González.

The CNEs announcement was made than six hours after the polling stations closed without providing a detailed breakdown of the results or granting access, to official tally sheets. The report criticized the CNE for labeling the results as “irreversible” despite mathematical errors and a lack of transparency.

Systematic Intimidation and Repression

The recent report from the Organization of American States (OAS) reveals a scheme orchestrated by the Maduro government to disrupt the electoral process by using tactics like fearmongering, political oppression and disqualifying opposition contenders. Of concern is the case of María Corina Machado, a prominent opposition leader who was barred from participating despite winning in the primary elections, a move widely perceived as politically motivated.

Leading up to the elections there were than 135 arbitrary arrests documented in the report, with many of them targeting individuals affiliated with the opposition. The air was thick with apprehension marked by instances of violence enforced disappearances and harassment directed at supporters of opposing parties. On election day itself there were reports of intimidation incidents occurring, such as sightings of government factions, near polling places.

Lack of Transparency and Observational Access

The OAS report underscores the importance of transparency in elections pointing out that the CNE hindered both international observers from effectively monitoring the electoral procedures. While a few civil society organizations were granted observer status by the CNE access was denied to electoral observation missions such as the European Union and the Carter Center.

Moreover the report highlights that the CNE refused entry to opposition witnesses at polling stations contributing to a decline in trust in the election process. Despite these obstacles local observers noted that opposition witnesses were present, in 90% of polling stations.

Electoral Manipulation and Clientelism

The report details how the Maduro administration used government resources to gain an edge in elections, such as offering aid in return for political backing. This tactic along with the absence of rules on campaign funding resulted in an unfair advantage for the ruling party.

Furthermore the OAS report raised concerns about the lack of autonomy within the CNE highlighting that its members have ties, to the Maduro government. This situation undermined the credibility of the electoral commission. Cast doubts on its capacity to oversee impartial and transparent elections.

Call for Accountability

Based on the evidence of irregularities the OAS has determined that the official outcomes of the Venezuelan presidential elections lack credibility and should not be recognized as reflective of democratic principles. The report emphasizes the need for transparency in disclosing voting records and urges global accountability measures against the actions of the Maduro government.

Amid protests in Venezuela following the election outcome the OAS findings underscore the ongoing struggle for democracy, within the nation. The Venezuelan populace, who displayed a dedication to exercising their democratic freedoms now confront an uncertain future as governmental authority grows stronger and dissent is suppressed.

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President Costa to travel to Paris, Strasbourg, and Samarkand (31 March – 4 April)

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ECCC to finance EUR 390 million in cybersecurity projects under Digital Europe Programme for 2025-2027

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Priorities for investment range from new technologies for cybersecurity, including on AI and post-quantum transition, to actions for improving EU cyber resilience and supporting SMEs.

The adoption of the DEP WP 2025-2027 constitutes a fundamental instrument for the implementation and advancement of the mission of the ECCC. The Centre aims to pool investment in cybersecurity research, technology, and industrial development, and ensure the efficient implementation of projects and initiatives in coordination with the Network of National Coordination Centres (NCCs).

During 2025-2027, the ECCC will continue to finance uptake and deployment actions in cybersecurity by the means of calls for proposals. The programme is structured as follows:

New technologies, AI and post-quantum transition

Dedicated actions will support entities in developing and deploying systems and tools for cybersecurity based on AI (including GenAI based technologies), reliable, secure and resilient AI models and algorithms or build the European testing infrastructure for the post quantum transition.

These enabling technologies should allow more effective creation and analysis of Cyber Threat Intelligence (CTI), automation of large-scale processes, as well as faster and scalable processing of CTI and identification of patterns that allow for rapid detection and decision making.

It will also include actions aimed at improving industrial and market readiness for the cybersecurity requirements for SMEs as specified in relevant EU cybersecurity legislation and  to ensure the development and use of more secure hardware and software products.

Cyber Solidarity Act Implementation

The ECCC will contribute to the creation of the European Cybersecurity Alert System (ECAS) foreseen in the Cyber Solidarity Act, to build and enhance coordinated detection and common situational awareness capabilities at European level. In this regard, a pan-European network of national and cross-border Cyber Hubs will be established. The ECCC will support preparedness activities, part of the Cybersecurity Emergency Mechanism and the mutual assistance mechanisms foreseen in the Cyber Solidarity Act.

Additional actions improving EU cyber resilience

The ECCC will support the integration of relevant cybersecurity requirements deriving from several regulations and directives: NIS 2 directive, Cyber Resilience Act, CSA, DORA, GDPR, AI Act as required. It will contribute to the EC priorities, including to support the cybersecurity of hospitals and healthcare providers in alignment with the Action Plan. In addition, it is envisaged to provide support to improve the resilience and security of the infrastructure critical for global communications and solutions to cover the surveillance and protection of critical undersea infrastructure, such as submarine cables, as well as the detection of malicious activities around them.

ECCC Executive Director Luca Tagliaretti said: “The first ECCC Cybersecurity Work Programme is an important milestone in our establishment as key player in the EU cybersecurity landscape. The funding available will support innovation and deployment of technologies in Europe and contribute to the common goal of building a cyber resilient EU.”

Background

The ECCC implements the ‘Specific Objective 3: Cybersecurity and Trust’ from the DEP Regulation (EU) 2021/694. This is the first DEP Work Programme developed by ECCC following its financial autonomy reached in 2024. The Cybersecurity WP is meant to complement the main DEP WP and was written in close consultation with the ECCC Governing Board and the European Commission.

This document includes inputs from the ECCC strategic agenda and considers all the legal obligations stemming from the ECCC regulation, DEP regulation, Cyber Solidarity act, while supporting the implementation of other key legislative files including the Cyber Resilience Act, the Cybersecurity Act and NIS 2 Directive.

For more information: Digital Europe Cybersecurity Work Programme 2025-2027

Contact for media: communicationeccc [dot] europa [dot] eu (communication[at]eccc[dot]europa[dot]eu)

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EIOPA proposes one-to-one capital requirements for EU insurers’ crypto asset holdings

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The European Insurance and Occupational Pensions Authority (EIOPA) published today its technical advice to the European Commission, recommending that a one-to-one capital requirement be applied consistently to all crypto holdings of EU (re)insurers. EIOPA considers a 100% haircut in the standard formula prudent and appropriate for these assets in view of their inherent risks and high volatility.

Crypto assets are a relatively new assets class in finance and their regulatory treatment is still evolving. While the Capital Requirements Regulation (CRR) and the Markets in Crypto-Assets Regulation (MiCAR) include transitional prudential measures for crypto assets, the EU’s regulatory framework for (re)insurers so far has lacked specific provisions on crypto assets. As a result, (re)insurers currently classify their crypto assets without a consistent approach. This raises concerns about the risk sensitivity of these practices and the level of prudence associated with them.

EIOPA’s empirical analysis of historical crypto asset data suggests that current capital weight options – such as the 80% stress level applied to intangible assets – in fact underestimate the risks associated with crypto exposures.

Policy proposal

To promote a harmonized, prudent and proportionate treatment of crypto assets, EIOPA is proposing the introduction of a blanket 100% capital requirement across all crypto holdings, regardless of their balance sheet treatment or whether the exposure is direct or indirect.

The uniform treatment EIOPA proposes would adequately reflect the high risks associated with crypto investments without creating unnecessary complexity or imposing additional reporting requirements on (re)insurers at a time when their investments in crypto assets are still modest in size.

A possible broader adoption of crypto assets may, however, require a more differentiated approach down the line. The treatment of crypto holdings under Solvency II should therefore be reviewed in the future in light of market developments and regulatory approaches in other sectors.

Read the Technical Advice

Background and next steps

This publication comes in response to the European Commission’s Call for Advice and follows a public consultation on the topic with stakeholders. The Commission will now consider EIOPA’s technical advice in the review of level 2 provisions of Solvency II.

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