Financial Markets Regulation

European Covered Bonds Framework: Legislative Proposal

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

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 4 April 2019, JURI Committee published an opinion on the proposal.

Trilogue negotiations:

  • On the 27th of February the European Commission announced a political agreement in inter-institutional negotiations on the covered bonds proposal.
  • On 20 March the Council confirmed the trilogue agreement.

 

NEXT STEPS

  • The trilogue agreement has to be adopted bz the Council and published in the Official Journal.

 

Level 3

  • On 23 October 2018, the Official Journal published the ECB’s opinion on the proposal for a directive on covered bonds.

MiFID and MiFIR

Updated on 21/08/2019

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

Level 1

State-of-play: published in the Official Journal

  • 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 

Commission

  • On 23 August 2016, the Commission published two delegated regulations (on Art 26(9) and Art 17(7)) 

Entered into force 

  • 1 July 2016.

Transposition deadline

  • 3 July 2017

Application date

  • 3 January 2018 

Link to ESMA MiFID/MiFIR Documents

 

Level 2

Level 3

On 20 June 2018, ESMA announced that the temporary period for Legal Entity Identity (LEI) requirements is to end in July 2018.

 

  • On 21 September 2018, ESMA published opinion on MiFID RTS 1 amendments.
  • Link to updated Q&A
  • 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 3 October 2018 ESMA announced a withdrawal of MiFID guidelines of systems and controls.
  • On 14 November 2018 ESMA published un updated Q&A on MiFID II and MiFIR market structure and transparency topic. 
  • On 6 November 2018, EMSA published translated MiFID II guidelines
  • 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 4 January 2019, ESMA updated Q&A on MiFID II and MiFIR transparency topics.
  • On 23 January 2019 ESMA published six opinions on positions limits under MiFID II / MiFIR.
  • On 1 February 2019, ESMA updated Q&A on MiFID II and MiFIR market structure and transparency topics
  • On 4 February 2019 ESMA updated the Q&A on MiFIR data reporting
  • On 27 March 2019 published a Q&A on MIFID II and MiFIR commodity derivatives topics
  • On 28 March 2019, ESMA updated the Q&A on MiFID II and MiFIR investor protection and intermediaries.
  • On 27 March 2019 , ESMA published the letter to the European Commission on MiFID II and MiFIR Review reports.
  • On 2 April 2019, ESMA updated the Q&As on MiFID II and MiFIR transparency topics
  • On 9 April 2019, ESMA updated the Q&A on MiFIR data reporting.
  • On 29 May 2019, ESMA updated the Q&As on MiFID II and MiFIR investor protection and intermediaries
  • On 3 June 2019, ESMA updated MiFID Q&As on transparency issues
  • On 5 June 2019, ESMA published the translations for the guidelines on the application of C6 and C/ of Annex 1 of MiFID II
  • On 20 June 2019, ESMA published three opinions on position limits regarding commodity derivatives under MiFID II and MiFIR
  • On 11 July 2019, ESMA published MiFID II and MiFIR investor protection topics
  • On 12 July 2019, ESMA published a Q&A on MiFID II and MiFIR on transparency topics 
  • On 12 July 2019, ESMA published a Q&A on MiFID II and MiFIR market structures topics 

Packaged Retail Insurance-based Investment Products (PRIIPs)

Updated on 21/08/2019

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

Level 1

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: Came into effect on 1 January 2018.

Commission

  • On 26 March 2019, the Commission opened a call for tender on “Consumer testing services – Retail investors’ preferred option regarding performances scenarios and past performance information within the KID under the PRIIPs framework”.
  • Link to Joint Committee PRIIPS Documents

NEXT STEPS

  • PRIIPs review scheduled for end 2018 has been postponed by the European Commission. As a consequence the CBDF file has been used to introduce changes: UCITS KIID exemption extended for two years.
  • PRIIPs consumer testing exercise result and review are expected for Q1 2020.

Level 2

  • On 10 February 2017, ESAs launched a consultationon PRIIPs products with environmental or social objectives (EOS PRIIPs).
  • On 11 November 2016, the Commission sent a letter with its proposed amendments to the draft RTS to the ESAs.
  • On 8 November 2018 ESAs issued consultation paper on proposed changes to KID PRIIPS.
  • On 8 March 2019 ESMA published the proposition of amendment to PRIIPs key information document to clarify application to investment fund.
  • On 7 June 2019, the European Commission replied to ESAs call of July 2018 to clarify the scope of PRIIPs regulation
  • On 7 June 2019, ESAs proposed performance scenarios options for consumer testing

Level 3

  • On 20 November 2017, the ESAs published a Q&A on the PRIIPS (KID).
  • On 1 October 2018 ESMA published a letter to the European Commission expressing their concerns regarding the possibility of duplicating information requirements for investment fund from 1 January 2020.
  • On 20 July 2018, ESAs published an updated Q&A and updates to the Flow diagrams for the risk and reward calculations (New calculation example for Category 3 PRIIPs stress performance scenario).
  • On 8 February 2019 EIOPA published recommendations on changes to the PRIIPs KID
  • On 4 April 2019, EIOPA published a Q&A on the KID for PRIIPs

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. L 123/98 on 19 May 2015

Level 1

State-of-play: published in the Official Journal on 19 May 2015.

  • Entered into force on 8 June 2015. Applicable since 9 December 2015.

Parliament

  • On 19 November 2018 ECON Committee published amendments tabled on sovereign bond-backed securities.
  • On 10 December 2018: consideration of amendments.
  • Report adopted in ECON committee 21 March 2019
  • On 4 April 2019, ECON Committee published the report on the proposal.
  • First reading adopted in EP plenary session on 16 April 2019.

ELTIF Documents

 

Level 2

  • ESMA published its Final Report and draft RTS on 8 June 2016, and following discussion with the European Commission ESMA is postponing the delivery of its ELTIF RTS on the cost disclosure information which must be included in the ELTIF’s prospectus, in order to take into account the work being undertaken on cost disclosures for PRIIPs.
  • On 28 March 2019, ESMA published the consultation on draft ELTIF technical standards.
  • On 2 July 2019, ESMA published the responses to the consultation on draft RTS under ELTIF regulation.

Transparency of Securities Financing Transactions

Updated on 21/08/2019

State-of-play: Published in the Official Journal. on 23 December 2015

Level 1

State-of-play: Published in the Official Journal on 23 December 2015.

  • Entered into force on 12 January 2016.

Commission

  • On 19 October 2017 the Commission published a report to the Council outlining the impact on the SFT Regulation. 
  • On 14 December 2018 the Commission adopted a package of new measures under SFTR.

 

Level 2

  • On 27 March 2018 ESMA published a consultation on technical advice on fees for securitisation repositories

Link to SFTR Documents

 

Level 3

  • On 5 September 2018, ESMA published an opinion on proposed amendments to SFTR technical standards
  • On 20 June 2019, ESMA hold an open hearing on SFTR reporting

 

Money Market Funds Regulation (MMF)

Updated on 21/08/2019

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

Level 1

State-of-play: Published in the Official Journal L 169/8 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 17 November 2017, ESMA published its final report on Money Market Funds (MMF) rules.
  • On 13 November 2018 ESMA published its public consultation on draft guidelines providing specifications on how to fill-in the MMFR reporting template
  • On 11 December 2018 ESMA responded to consultation on stress testing guideline on money market fund.
  • On 26 February 2019 ESMA published the responses to its consultation on reporting guidelines under the MMF regulation.
  • On 28 September 2018 ESMA invites responses to the questions set out through its Consultation Paper on the Draft guidelines on stress test scenario under MMF Regulation.

Level 3

  • On 21 March 2018, ESMA published the translations of its Guidelines on stress test scenarios under Article 28 of the MMF Regulation.
    Link:
  • On 20 July 2018 ESMA wrote to Commissioner Dombrovskis to suggest the publication of the Commission legal opinion on share cancellation.
  • On 19 July 2019, ESMA issued two sets of guidelines regarding the stress testing on MMF and reporting money market funds to NCAs

Liquidity Stress Test

Updated on 20/08/2019

State-of-play: Consultation.

  • On 5 February 2019 ESMA published a consultation on liquidity stress test guidance for investment funds

Alternative Investment Fund Managers Directive (AIFMD)

Updated on 21/08/2019

State-of-play: Entered into force. Published in the Official Journal L 174/1 of 8 June 2011

Level 1

State-of-play: Entered into force on 28 June 2011

  • Transposition deadline: 22 July 2013
  • Published in the Official Journal L 174/1 of 8 June 2011.
  • The Commission has started its review process of the AIFMD. A legislative proposal not expected before end 2019 / 2020.

AIFMD Documents

Level 2

Level 3

  • ESMA’s opinion and advice on AIFMD passport and third country AIFMs were published on 30 July 2015 and scrutinised by the European Parliament on 13 October 2015. 
  • On 4 October 2018 ESMA published a Q&A update on the AIFMD
  • On 29 March 2019, ESMA updated the AIFM Q&A

 

Proposal on sovereign bond-backed securities

Updated on 21/08/2019

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

Level 1

State-of-play: on 24 May 2018 the OJ published the proposal

 Parliament

Council

  • Work in progress.

UCITS V further UCITS Workstreams

Updated on 21/08/2019

State-of-play: Entered into force. 17 september 2014

Level 1

State-of-play: Published in the Official Journal

Published in the Official Journal L 257 of 28 August 2014. 

Entered into force: 17 September 2014

Links to ESMA UCITS Documents

Level 2

Level 3

  • On 25 May 2018, ESMA updated its Q&A on the application of  the UCITS Directive.
  • On 29 March 2019 ESMA published a Q&As clarification on benchmark disclosure obligations for UCITS
  • On 4 June 2019, ESMA published the Q&As update on AIFMD and UCITS

 

Contact

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Opening hours

Monday to Friday from 8:00 to 17:30.