Financial Markets Regulation

Proposal on sovereign bond-backed securities

Updated on 09/01/2019

State-of-play: Published in the Official Journal.

On 24 May 2018 the OJ published the proposal.

  • 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.

Regulation on Central Counterparties (CCP) Recovery and Resolution

Updated on 09/01/2019

State-of-play: Legislative phase.

  • Commission: Proposal was published on 28 November 2016.
  • Council: Negotiations between Member States are ongoing.
  • ECON:

On 5 December 2018, the Official Journal published the Commission implementing regulation on the extension of transitional period.

 

Regulation on simple, transparent and standardised securitisation (CMU)

Updated on 02/11/2018

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:
    • On 8 December 2016, the EP adopted its draft report.
    • On 11 July 2017, the EP adopted the provisional agreement resulting from trilogues.
    • On 26 October 2017, the vote in plenary took place.
  • Level 2:
  • Level 3:

EMIR review

Updated on 09/01/2019

State-of-play: Legislative phase.

  • Commission:
    • 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.
  • Level3: On 18 December 2018, ESMA published two join draft Regulatory Technical Standards.
  • Next steps: Conclusion of trilogue negotiations.

Capital Markets Union (CMU) Action Plan

Updated on 04/12/2018

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.

European Covered Bonds Framework: Legislative Proposal

Updated on 09/01/2019

State-of-play: Legislative phase.

  • Commission:
  • 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.
  • Council:
    • 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.
  • 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: Trilogue negotiations to start between the European Parliament, the Council and the Commission (15 January 2019).

 

Cross-border distribution of investment funds

Updated on 09/01/2019

State-of-play: Pre-legislative phase.

  • Commission:
  • Council:
    • 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.
  • Parliament:
    • 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.
  • Next steps: Trilogues started on 8th January 2019.

MiFID and MiFIR

Updated on 09/01/2019

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

Indices used as Benchmarks

Updated on 09/01/2019

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 29 September 2017, the Commission published the delegated regulation (on the criteria to be applied for assessing whether certain events would result in significant and adverse impacts on market integrity, financial stability etc.).
    • On 7 September 2018 ESMA updated its benchmarks register.
  • Level 3:

On 18 December 2018, EBA launched a consultation to amend the Regulation on benchmarking of internal models.
On 20 December 2018, ESMA published guidelines on non-significant benchmarks.

 

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