Financial Markets Regulation

Review of the Prospectus Directive (CMU)

Updated on 28/07/2017

State-of-play: Published in the Official Journal. L168/12 of 30 June 17

  • Commission: Proposal published on 30 November 2015.
  • European Parliament: On 13 July 2016, the ECON committee voted on the draft report. On 15 September 2016, the EP adopted its negotiating position in Plenary. On 25 January 2017, the ECON committee voted on the text agreed during inter institutional negotiations.
  • On 5 April 2017, the EP adopted the text in Plenary.
  • Council: The Council confirmed Coreper's agreement at a meeting on 17 June 2016. On 20 December 2016, the Permanent Representatives Committee approved, on behalf of the Council, the trilogue agreement.
  • On 16 May 2017, the Council adopted the reviewed prospectus regulation.
  • Trilogue: On 7 December 2016, an agreement was reached in trilogue.
  • ESMA: On 15 July 2016, ESMA has updated its Q&A document on prospectus related issues.
  • On 20 December 2016, ESMA updated its Q&A on prospectus directive.
  • On 6 July 2017, ESMA published three consultation papers aiming to simplify the implementation of Prospectus.

Capital Markets Union (CMU) Action Plan

Updated on 28/06/2017

State-of-play: Legislative phase. Action Plan

  • Commission: The Green Paper consultation ended on 13 May 2015 and a conclusive Conference was held on 8 June 2015. An Action Plan was published on 30 September 2015. A First Status Report was published on 25 April 2016. On 14 September 2016 the Communication “Capital Markets Union – Accelerating Reform”, was released.
  • On 20 January 2017 the Commission launched a public consultation on the Capital Markets Union Mid-Term Review.
  • On 8 June 2017, the Commission published its Mid-term review of the action plan.
  • European Parliament: An exchange of views with Commissioner Hill was held on 24 February 2015 and 13 October 2015. Plenary debates took place on the 6 July and 7 October 2015.
  • Council: The ECOFIN Council adopted conclusions on the CMU on 19 June 2015. Action Plan has been discussed at ECOFIN on 6 October 2015. ECOFIN adopted its conclusions on 10 November 2015.

Indices used as Benchmarks

Updated on 28/07/2017

State-of-play: Published in the Official Journal. on 29 June 2016 L 171/1

  • Entered into force: 30 June 2016. It shall apply from 1 January 2018.
  • Level 2: On 11 February 2016 the Commission sent a mandate to ESMA for technical advice on possible delegated acts concerning the future Regulation of the Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts. On 27 May 2016, ESMA has published a Consultation Paper on draft implementing measures regarding the Benchmarks Regulation. The Consultation ran until 30 June 2016 and the results have been published on 7 July 2016.
  • On 12 August 2016, the Commission adopted an Implementing Regulation establishing a list of ‘critical’ benchmarks.
  • On 29 September 2016, ESMA opened a consultation period on the Draft Technical standards under the Benchmarks Regulation, the consultation runs until 2 December 2016.
  • On 7 November 2016, ESMA published the designated national competent authorities under Article 40 of the benchmarks regulation.
  • On 10 November 2016, ESMA has published its final advice on future rules for financial benchmarks.
  • On 16 December 2016, ESMA published the responses to its Consultation Paper the Draft Technical Standards under the Benchmarks Regulation.
  • On 29 March 2017, ESMA published draft technical standards under the Benchmarks Regulation.
  • On 30 March 2017, ESMA published its final rules to ensure integrity of EU Financial Benchmarks.
  • On 2 June 2017, ESMA published framework for mandatory benchmark contributions.
  • Level 3: On 5 July 2017, ESMA published its Q&A on transitional provisions regarding the implementation of the Benchmarks regulation.

Packaged Retail Insurance-based Investment Products (PRIIPs)

Updated on 22/08/2017

State-of-play: Published in the Official Journal. L 352 of 9 December 2014. Quick fix published in the Official Journal L 354/35 of 23 December 2016

  • Entered into force: 24 December 2016. It shall apply from 1 January 2018.
  • European Parliament: The EP ECON committee   voted in favour of a motion for a resolution rejecting the RTS, on 1 September 2016. The EP voted in Plenary the rejection of the draft RTS on PRIIPs, on 14 September 2016.
  • On 27 March 2017, the EP ECON committee voted the non-objection recommendation of the Commission’s new RTS.
  •  Council: 26 out 28 Member States requested a delay of the application of the level 1 text. As a consequence the European Commission proposed a 12 months delay. The new application date would be 1 January 2018.After the Commission came forward with a new set of RTS, the Council is to confirm its non-objection at the 3-4 April 2017 Agricultural Council meeting.
  • Commission: On 11 November 2016, the Commission sent a letter with its proposed amendments to the draft RTS to the ESAs.
  • Level 2: A second ESAs’ Technical Discussion Paper (on risk, performance scenarios and cost disclosure for KIDs) was open to comments until 17 August 2015. A third discussion paper published on 12 November 2015 with deadline for comments on 29 January 2016.
  • EIOPA’s technical advice on product intervention powers was published on 3 July 2015. The ESAs held a Public Hearing on KID for PRIIPs in Frankfurt on 9 December 2015. The closing date for stakeholders input was 29 January 2016.
  • EIOPA sent its technical standards to the Commission on 31 March 2016. A workshop organised by the Commission took place on 11 July 2016.
  • On 30 June 2016 the Commission adopted a delegated act supplementing the PRIIPs regulation.
  • The delegated act introduces RTS specifying the content and underlying methodology of the KID. It was sent to the European Parliament and the Council for the approval/veto procedure.
  • On 23 December 2016, EIOPA rejected the ESA Joint Committee opinion.
  • On 10 February 2017, ESAs launched a consultation on PRIIPs products with environmental or social objectives (EOS PRIIPs).
  • Level 3: In April 2016 ESAs started work on possible guidance regarding the interpretation of level 2.
  • On 4 July 2017, ESAs published a Q&A on the Key Information Document (KID).
  • On 18 July 2017, ESAs published a Q&A on the Key Information Document (KID).

Money Market Funds Regulation

Updated on 28/07/2017

State-of-play: Published in the Official Journal. L169/8 of 30 June 17

  • Commission: Proposal adopted on 4 September 2013.
  • European Parliament: The European Parliament adopted its report in plenary session on 29 April 2015.
  • On 8 December 2016, the EP ECON Committee adopted the final trilogue text.
  • On 5 April 2017, the Parliament adopted the legislative resolution in Plenary Session.
  • Council: On 15 June 2016, Coreper agreed a negotiating stance on a draft regulation on money market funds. The Council confirmed Coreper's agreement at a meeting on 17 June 2016, and asked the presidency to start talks with the European Parliament.
  • On 14 November 2016, the presidency reached provisional agreement with representatives of the European Parliament on a draft regulation on money market funds.
  • On 7 December 2016, the Council confirmed a deal with the EP.
  • On 16 May 2017, the Council adopted the MMF regulation.
  • Level 2: On 24 May 2017, ESMA opened a consultation on the implementing technical standards and guidelines under the MMFR.

Banking Supervision

Review of the European Supervisory Authorities (ESAs)

Updated on 28/07/2017

State-of-play: Consultation.

  • Commission: Publication of consultation on 21 March 2017. Deadline: 16 May 2017.
  • On 20 June 2017, the Commission published a feedback statement on the public consultation.

Amendments to the BRRD and the SRM regulation

Updated on 28/07/2017

State-of-play: Legislative phase.

  • Commission: Proposal was published on 23 November 2016.
  • European Parliament: first exchange of views in ECON committee on 28 February 2017.
  • On 25 April 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
  • On 3 May 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
  • The proposal was split in two parts in order to fast track the ranking of unsecured debt part.
  • On 11 June 2017, the first exchange of views on the fast tracked ranking of unsecured debt part took place in ECON.
  • Council: legislative work on-going in the respective working party.

Amendments to the Capital Requirements Regulation and Directive

Updated on 28/07/2017

State-of-play: Legislative phase.

  • Commission: Proposal was published on 23 November 2016.
  • European Parliament: first exchange of views in ECON committee on 28 February 2017.
  • On 25 April 2017, ECON committee held a Public Hearing on updating CRR and CRD.
  • On 3 May 2017, ECON committee held a second exchange of views on updating CRR and CRD.
  • The proposal was split in two parts in order to fast track the IFRS9 part.
  • On 20 June 2017, the first exchange of views on the fast tracked IFRS9 part took place in ECON.
  • On 11 July 2017, the ECON Committee adopted its position on the fast tracked IFRS9. It should be voted in the next plenary session in September.
  • Council: Legislative work on-going in the respective working party.

Reform of banking structure

Updated on 28/06/2017

State-of-play: Legislative phase.

  • Commission: Proposal published on 29 January 2014.
  • European Parliament: A first amended draft report, put to a vote on 26 May 2015, was rejected. Negotiations have come to a stand still since Autumn 2016.
  • Council: The ECOFIN Council adopted its General Approach on 19 June 2015.

Tax

  • Commission: Publishes proposal for a directive on 21 June 2017.

EU anti-BEPS: Council directive to change the AEoI directive

Updated on 28/06/2017

State-of-play: Published in the Official Journal. L 146/8 of 3 June 2016

  • Entered into force: 3 June 2016.
  • Transposition deadline: 5 June 2017.
  • European Parliament: Opinion adopted in committee on 26 April 2016. Plenary vote took place on 12 May 2016.
  • Council: On 8 March 2016, the Council agreed its stance on a draft directive on the exchange of tax-related information on the activities of multinational companies. On 25 May 2016, the Council adopted rules on the reporting by multinational companies of tax-related information and exchange of that information between member states.
  • Transposition deadline: 1 January 2020.
  • Commission: publishes proposal for a directive on 25 October 2016.
  • Council: the Council agreed its position on 21 February 2017.
  • On 29 May 2017, the Council adopted the ATAD II directive.
  • European Parliament: started its work in committee on 28 February 2017, with the consideration of the draft report.
  • On 27 March 2017, the EP adopted its opinion in ECON Committee.
  • On 27 April 2017, the EP adopted in plenary its opinion.

EU anti-BEPS: Council directive on rules against corporate tax avoidance (ATAD)

Updated on 28/06/2017

State-of-play: Published in the Official Journal. on 19 July 2016 L 193/1

  • Entered into force: 8 August 2016.
  • Transposition deadline: 1 January 2019
  • Commission: Proposal published on 27 January 2016.
  • European Parliament: The report has been adopted in ECON on 24 May 2016. On 8 June 2016, the European Parliament adopted its opinion in first reading.
  • Council: On 21 June 2016, the Council agreed on a draft directive addressing tax avoidance practices. On 12 July 2016, the Council adopted the directive.
  • Commission: The new legislative proposal was published on 14 February 2013. In early December 2013 the Commission published a non-paper to answer the Council’s legal opinion (see below).
  • European Parliament: Gave its consent to enhanced cooperation on 12 December 2012. The opinion on the legislative proposal was voted in the Plenary on 2 July 2013.
  • Council: Examination of the proposal is still going-on at the working group level and among the 11 participating Member States. At the Ecofin Council in December 2015, Estonia left the group of 11 and the rest agreed to set a deadline for June 2016 to finalise their work. On 16 June 2016, a document with compromise principles has been presented and two taskforces have been created. The Ministers at the level of the participating Member States meet regularly but no breakthrough achieved yet.
  • ECJ: On 18 April 2013 the UK Government lodged a formal legal claim at the European Court of Justice against the introduction of the EU FTT under the Enhanced Cooperation Procedure. This claim is based on the grounds that the existing proposal will impact countries not taking part to the initiative. The Court rejected the claim on 30 April 2014.

Payment Systems & ICT

Virtual Currencies

Updated on 28/06/2017

State-of-play: Non-legislative.

  • European Parliament: On 26 May 2016, the EP adopted a resolution on virtual currencies.
  • ESMA: On 2 June 2016, ESMA has issued a Discussion Paper for public consultation on distributed ledger technology, the consultation ended on 2 September 2016.

Multilateral Interchange Fees

Updated on 28/06/2017

State-of-play: Published in the Official Journal. L 123/1 on 19 May 2015

  • Entered into force: 8 June 2015.

Payment Services Directive

Updated on 28/07/2017

State-of-play: Published in the Official Journal. L 337/35 on 25 November 2015

  • Entered into force: 15 December 2015.
  • Transposition deadline: 13 January 2018.
  • Level 2: On 12 August 2016, EBA published a Consultation Paper on draft technical standards on strong customer authentication and common and secure communication under the revised Payment Services Directive.
  • On 16 February 2017, EBA launched a public consultation on its draft Guidelines on the complaints procedures to be taken into consideration by competent authorities to ensure and monitor effective compliance by payment service providers.
  • On 23 February 2017, EBA published its final draft RTS on strong customer authentication and common and secure communication. The Commission has modified the RTS and sent it back to EBA on 25 May 2017; EBA has 6 weeks to reply.
  • On 5 May 2017, EBA opened a consultation on the security measures for operational and security risks of payment services.
  • On 29 July 2017, EBA opened a consultation on draft RTS on CCPs under PSD2.
  • On 29 July 2017, EBA published its opinion in response to the Commission’s intention to amend EBAs RTS under PSD2. The Commission is expected to adopt the RTS early September 2017.
  • Level 3: On 7 July 2017, EBA published its final guidelines on professional indemnity insurance under PSD2.
  • On 11 July 2017, EBA published its final guidelines on authorisation and registration under PSD2.

Action Plan on Retail Financial Services

Updated on 28/07/2017

State-of-play: Pre-legislative phase.

  • Commission: On 23 March 2017, the Commission published its action plan on Retail Financial Services.
  • European Parliament: On 20 June 2017, the ECON Committee had its consideration of the draft own initiative report.

Green Paper on Retail Financial Services

Updated on 28/07/2017

State-of-play: Consultation.

  • Commission: On 2 September 2015, a Roadmap for the Green Paper was published. The publication of the Green Paper and the consultation took place on 10 December 2015. On 14 July 2016, the Commission has published a summary of the 428 responses to the consultation.
    A public hearing organised by the European Commission was held on 2 March. The Commission published an action plan in Q1 2017.
  • European Parliament: The EP will prepare an own initiative report. First exchange of views on 22 March. Publication of the draft report by ECON committee on 25 may 2016. Presentation of draft report on 13 June, deadline for AMS on 28 June, consideration of AMs on 31 August. The report on the Green Paper was approved in ECON on 11 October 2016. On 22 November 2016, the text was adopted by the Parliament in Plenary.

Client protection & Consumer rights

  • Entered into force: 17 August 2014.
  • Transposition deadline: 18 September 2016.
  • Level 2: The consultation on the most representative services ended on 9 February 2015.

European Deposit Insurance Scheme (EDIS)

Updated on 28/06/2017

State-of-play: Legislative phase.

  • Commission: Proposal for a regulation published on 24 December 2015.
  • Council: The Dutch Presidency started work in January 2016.
  • European Parliament: Named its rapporteur and work started in early 2016.
  • Timeline:
    • 23 May 2016: ECON hearing
    • 16 June 2016: The ECON committee has published its working document
    • 21 October: the rapporteur finalized her draft report
    • 16 December 2016: deadline for amendments
    • 25 January 2017: consideration of amendments
  • European Central Bank: On 12 July 2016, the opinion of the ECB on EDIS was published in the Official Journal of the EU C 252/1.

Deposit Guarantee Schemes Directive

Updated on 28/06/2017

State-of-play: Published in the Official Journal. L 173 of 12 June 2014

Investor Compensation Scheme Directive

Updated on 28/06/2017

State-of-play: Proposal withdrawn.

  • Commission: Due to a political stalemate since 2011 and in a spirit of “Better Regulation”, the Commission withdrew its proposal on 7 March 2015.

General

  • The Commission launched a consultation on 30 September 2015 that ended on 31 January 2016
  • A public hearing at the Commission took place on 17 May 2016.
  • On 7 June 2016, the Commission published the summary of the call for evidence.
  • On 22 November 2016, the Commission published a follow-up communication on the call for evidence.