Financial Markets Regulation

EMIR 1

Updated on 05/03/2019

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

 

 

On 26 September 2018 ESMA published an update on EMIR Q&A

On 4 February 2019 ESMA updated Q&A on EMIR data reporting.

 

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 05/03/2019

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.
    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.

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 05/03/2019

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.
    • 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.

 

Cross-border distribution of investment funds

Updated on 05/03/2019

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.
    • 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.

MiFID and MiFIR

Updated on 05/03/2019

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

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