State-of-play: Published in the Official Journal. Published on the official journal 27/07/2012
State of Play: published on the official journal 27/07/2012
- Level 2 : On 27 September 2018 ESMA published final report amending RTS on the clearing obligation for intragroup transactions.
- Level 3: On 6 September 2018 ESMA has published the responses received to the Consultation Paper no. 6 on the Clearing Obligation under EMIR.
On 26 September 2018 ESMA published an update on EMIR Q&A
On 4 February 2019 ESMA updated Q&A on EMIR data reporting.
State-of-play: Published in the Official Journal.
On 24 May 2018 the OJ published the proposal.
- On 19 October 2018 ECON published a draft report.
- On 19 November 2018 ECON Committee published amendments tabled on sovereign bond-backed securities.
- On 10 December 2018: consideration of amendments.
- Next steps: Vote in committee.
- European Parliament: Rapporteur Bernd Lucke finalises his draft own initiative report.
- On 10 April 2017, a consideration of the draft report took place in ECON.
- On 26 June 2017, ECON Committee adopted their report.
- On 4 July 2017, the European Parliament adopted its resolution in plenary session.
State-of-play: Legislative phase.
State-of-play: Published in the Official Journal. on 28 December 2017, came into effect on 17 January 2018
- Commission: Proposal was published on 30 September 2015.
- Council: Agreement reached on 3 December 2015.
- On 30 May 2017, the Council reached an agreement with the European Parliament.
- On 20 November 2017, the Council adopted rules aimed at facilitating the development of a securitisation market in Europe.
- European Parliament:
- Level 2:
- On 22 August 2018, ESMA published a set of draft regulatory and implementing standards under the Securitisation Regulation.
- Level 3:
- On 20 April 2018, the EBA launched a public consultation on its draft guidelines that aim to provide a harmonized interpretation of the criteria for securitisation to be eligible as simple, transparent, and standardised.
- On 4 May 2018 the ESAs launched two consultations (on the draft RTS on the clearing obligation and on the draft RTS on risk mitigation techniques) that aim to provide a specific treatment for STS securitisation.
State-of-play: Legislative phase.
- On 4 May 2017, publication of the EMIR refit proposal.
- In June 2017, the Commission proposed a second set of amendments to EMIR to enhance the supervision of third country CCPs and make the supervision of EU CCPs more coherent.
- On 20 September 2017, the Commission adopted a further legislative proposal, as part of its wider proposals to reform the European System of Financial Supervision. On the same day, they also published a modified legislative proposal, which consolidated the changes made and the previous proposal.
- European Parliament:
- ECON’s Draft Report (on the clearing obligation, reporting requirements, and risk mitigation techniques for OTC derivatives not cleared by a CCP) published on 26 January 2018.
- On 16 May 2018, the ECON Committee voted to adopt the EMIR draft report.
- On 16 May the ECON committee adopted the draft report on supervision and third-country CCPs
- Council: The Council reached a general agreement on the EMIT refit text on 20 December 2017. For the two other texts the negotiations are still ongoing.
On 5 February 2019 EP and Council have reached political provisional agreement on updated rules for financial derivatives products and clearing (EMIR refit)
- Level3: On 18 December 2018, ESMA published two join draft Regulatory Technical Standards.
On 31 January 2019 ESMA released a statement addressing EMIR Refit implementation.
- Next steps: Conclusion of trilogue negotiations.
EMIR refit political aggrement to be confirmed in EP and Council.
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.
- On 20 September 2017, the European Commission proposed reforms to deepen the CMU (see ESA review section).
- On 11 December 2017, the Commission announced new guidelines aimed at simplifying procedures for cross-border investors in the EU.
- On 7 March 2017, the Commission adopted a package of measures under the CMU umbrella, on issues such as, FinTech, Sustainable finance, Cross-border distribution of investment funds, covered bonds, securities ownership.
- On 8 March 2018, the Commission published its proposal for a Regulation on European Crowdfunding Service Providers (ECSP) for business.
- On 14 March 2018, the Commission published measures aimed at reducing NPLs in the banking sector.
- On 24 May 2018, the Commission published a set of proposals aimed at making it easier for SMEs to list and issue securities.
- 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.
On 9 November ECON published a report on the proposal.
- 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.
State-of-play: Legislative phase.
- EBA: Report on a EU-harmonised market for covered bonds on 20 December 2016.
- ECB: On 9 April 2018, the ECB published an opinion on the proposal for a European covered bonds framework.
- On 18 May 2018, the Council’s Working Group starts its works on the Commission proposals.
- On 28 November 2018 the Council adopts its position and negotiation mandate with the European Parliament.
- European Parliament: In ECON the report has been given to the ECR political group with Bernd Lucke as rapporteur.
- On 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
- On 21 August 2018, the ECON Committee published a draft report on covered bonds.
- On 26 September 2018 ECON Committee published amendments on covered bonds
- On 20 November the ECON committee adopts the two covered bonds reports. The negotiation mandate is expected to be confirmed in the 10-13 December plenary session.
- On 26 November 2018 ECON Committee published the reports on the regulation and directive on covered bonds.
- On the 27th of February the European Commission announced a political agreement on the covered bonds proposal.
- Level 3: On 23 October 2018, the Official Journal published the ECB’s opinion on the proposal for a directive on covered bonds.
- Next steps: Confirmation of trilogue negotiations in the European Parliament and the Council followed by formal adoption.
State-of-play: Pre-legislative phase.
- On 2 June 2016, the Commission has launched a consultation on the main barriers to the cross-border distribution of investment funds (UCITS and AIF) in order to increase the proportion of funds marketed and sold across the EU. The public consultation initially ran until 9 October 2016. The Commission published a report on Barriers to Capital Flows.
- On 12 March 2018, the Commission published a proposal on the cross-border distribution of investment funds.
- On 15 June 2018, the Council published a revised version of the legislation.
- On 20 June 2018, the Council agreed on a general approach on the cross-border distribution of investment funds.
- On 18 September 2018 published draft report on regulation on cross-border distribution of collective investment fund.
- On 2 October 2018, ECON Committee published draft report on a directive with regard to cross-border distribution of collective investment funds.
- On 25 October 2018 ECON published the amendments tabled on the proposal for the regulation and amendments tabled on the proposal for a directive.
- On 6 December 2018 ECON Committee published the report as voted for the regulation on cross border distribution of funds.
- On 6 December 2018 ECON Committee published the report as voted for the directive on cross border distribution of funds.
- On the 5 February 2019 the EP with the Council reached a deal on CBDF.
- Next steps:Text to be voted in ECON on 4th March 2019 and then EP plenary and Council, before OJ publication.
State-of-play: Published in the Official Journal. L 173 of 12 June 2014. The amended Directive, postponing the date of application and transposition by one year, has been published in the Official Journal L 175/8 of 23 June 2016
- Entered into force: 1 July 2016.
- Transposition deadline: 3 July 2017.
- Application: 3 January 2018.
- Commission: On 23 August 2016, the Commission has published two delegated regulations (on art 26(9) and art 17(7).
- Level 2:
- On 1 July 2016, ESMA submitted two amendments to the Commission in relation to the draft RTS on reporting obligations under Article 26 of MiFIR.
- On 17 September 2018, ESMA published responses to its consultation on proposed amendments to Regulation (EU) 2017/588 (RTS11)
- Level 3:
- On 20 June 2018, ESMA announce that the temporary period for Legal Entity Identity (LEI) requirements is to end in July 2018.
- ESMA MiFID/MiFIR Documents.
- On 21 September 2018, ESMA published opinion on MiFID RTS 1 amendments.
- On 6 August 2018 ESMA updated its equity derivatives/equity/equity-like instruments transitional transparency calculations for MiFID II/MiFIR.
- On 26 September 2018 ESMA published updated Q&A on MiFIR data reporting.
- On 1 October 2018 ESMA sent a letter to the European Commission on MiFID II and MiFIR third country regimes.
- On 2 October 2018 ESMA published an update of the Q&A on MiFID II and MiFIR commodity derivatives topics.
- On 3 October 2018 ESMA published an update Q&A on MiFID II and MiFID investor protection and intermediaries.
- On 4 October 2018 ESMA published un updated Q&A on MiFID II and MiFIR market structure and transparency topic.
- On 8 October 2018 ESMA issues latest double volume cap (DVC) data under MiFID II.
- On 6 November 2018, EMSA published translated MiFID II guidelines.
- On 9 November 2018 ESMA updated the public register with the latest set of double volume cap (DVC) under MiFID II.
- On 13 November 2018 ESMA published an updated version of the supervisory briefing on MiFID II sustainability requirements.
- On 14 November 2018 ESMA published un updated Q&A on MiFID II and MiFIR market structure and transparency topic.
- On 14 December 2018, ESMA published the final report amending ticket size regime (MiFID II).
- On 19 December 2018, ESMA has published the MiFID II list of supplementary deferral regimes.
- On 20 December 2018 ESMA updated the assessment of third–country trading venues for the purpose of post-trade transparency and position limits under MiFID II / MiFIR.
- On 21 December 2018, ESMA published amended guidelines on the application of C6 and C7 of Annex 1 of MiFID II.
- On 4 January 2018, ESMA updated its Q&A on MiFID II and MiFIR commodity derivatives topics.
- On 9 January 2019, ESMA published the double volume cap data (MiFID II).
- On 22 January 2019 ESMA published an update on commodity derivatives transitional transparency calculation for MiFID II and MiFIR.
- On 23 January 2019 ESMA published six opinions on positions limits under MiFID II / MiFIR.
- On 30 January 2019 ESMA updated its action plan for systematic internaliser regime calculations and publicationsOn 1 February 2019, ESMA updated Q&A on MiFID II and MiFIR market structure and transparency topics
- On 1 February 2019 ESMA published data for the systematic internaliser calculation for equity, equity-like instruments and bonds (MiFID II / MiFIR)
- On 1 February 2019 ESMA published new data for bonds liquidity data on MiFID II
- On 4 February 2019 ESMA updated the Q&A on MiFIR data reporting
- On 6 February 2019 ESMA published MiFID II supervisory briefing on the supervision of non-EU branches of EU firms
- On 7 February 2019 ESMA published MiFID II double volume cap data postponed to 15 February 2019
- On 18 February 2019 ESMA published it latest double volume cap data on MiFID II