Banking Supervision

Amendments to the BRRD and the SRM regulation

Updated on 02/05/2019

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.
    • On 27 September 2017, the rapporteur publishes his draft reports (report 1 / report 2).
    • On 29 September 2017, the ECON Committee published two draft reports on the BRRD.
    • On 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
    • On-going negotiations around compromise amendments.
    • On 20 June 2018, the ECON Committee voted to adopt the draft reports amending the BRRD and the SRMR.
    • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
    • On 16 April 2019, the European Parliament confirmed in plenary session the trilogue agreement.
  • Council:
    • Legislative work on-going in the respective working party.
    • Fast tracked proposals: On 7 December 2017 the Council adopts a directive on the ranking of unsecured debt instruments and a regulation on transitional agreements regarding the regulatory capital impact of IFRS 9.
    • On 25 May 2018, the ECOFIN Council reaches an agreement on a common position on the remaining parts of the RRM package in view of negotiations with the European Parliament and the Commission.
    • On 4 December 2018, the ECOFIN  Council endorsed the political parts of the package of measures on the Banking Union, more specifically on measures to reduce risk. On 15 February the Council at ambassador level endorses the whole text of the banking package.
  • Level 3: On 19 October 2018 ESMA published a letter to EFRAG on the endorsement process of IFRS 17 insurance contract.
  • Official Journal:
    • On 28 December 2017, Directive 2017/2399 (amending directive 2014/59 on the BRRD) was published in the Official Journal.
    • On 28 December 2017, Regulation 2017/2395 on transitional arrangements for the introduction on IFRS 9 was published in the Official Journal.
  • Trilogue negotiations: Agreement reached. On 4 December 2018 the ECOFIN Council endorses the political parts of the RRM package including the BRRD and SRMR and the whole text is approved at ambassador level on 15 February 2019.
  • Next steps: Formal adoption of the legislation (trilogue agreement) by Council.

Review of the European Supervisory Authorities (ESAs)

Updated on 02/05/2019

State-of-play: Legislative phase.

  • 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.
    • On 20 September 2017, the Commission published its legislative proposals.
    • On 1 April 2019, the Commission has publihsed the fact sheet on the ESAs review explaining the rational for the proposal and the key features.
  • Council:
    • Work on-going in the Council working party.
    • On 12 February 2019 the Council has adopted its general approach on ESAs.
    • On 19 December EU ambassadors reach an agreement on the AML part of the package. Work on-going in the Council working party on the rest.
    • On 22 December exchange of views in ECOFIN on the way ahead.
    • On 12 February 2019 the Council has adopted its general approach on ESAs.
  • European Parliament: Has nominated B. Balz and P. Berès as co-rapporteurs and initiated its works.
  • Trilogue negotiations:
  • Next steps:
    • The Council has to endorse the agreement before formal adoption, followed by the publication in the OJ.

Amendments to the Capital Requirements Regulation and Directive

Updated on 02/05/2019

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.
    • On 16 November 2017, the rapporteur publishes his draft reports on the CRD.
    • On 11 December 2017, the rapporteur publishes his draft report on the CRR.
    • On 22 February 2018, the ECON Committee discuss amendments to the draft report.
    • On 19 June 2018, the ECON Committee adopted the draft reports on the CRR II and the CRD V.
    • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
    • On 16 April 2019, the EP plenary session confirmed the trilogues agreement.
  • Council:
  • EBA: On 1 August 2017, EBA publishes an opinion on Article 458:
  • Next steps: Council to formally adopt the legislation.

Reform of banking structure

Updated on 05/09/2018

State-of-play: Withdrawn. on 3 July 2018

  • Commission: Proposal published on 29 January 2014. In its 2018 working programme, the Commission announces the withdrawal of the proposal.
  • 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.
  • On 3 July 2018, the Commission withdrawed the Commission proposal and the legislative process is therewith abandoned.

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