Financial Markets Regulation

UCITS V further UCITS Workstreams

Updated on 09/07/2019

State-of-play: Published in the Official Journal. L 257 of 28 August 2014

Links to ESMA UCITS Documents.

EMIR 1

Updated on 09/07/2019

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

 

  • Level 2 : On 27 September 2018 ESMA published final report amending RTS on the clearing obligation for intragroup transactions. 
    • On 29 April 2019, the Official Journal published a Commission delegated regulation on the extension of the dates of deferred application of the clearing obligation for certain OTC derivative contracts.
  • 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 18 December 2018, ESMA published two join draft Regulatory Technical Standards
    • On 31 January 2019 ESMA released a statement addressing EMIR Refit implementation.
    • On 4 February 2019 ESMA updated Q&A on EMIR data reporting.
    • On 28 March 2019, ESMA released a public statement on the implementation of the new EMIR Refit for the clearing obligation for financial and non-financial counterparties.
    • On 28 March 2019, ESMA published the official translation of guidelines on position calculation by TSR under EMIR
    • On 5 April 2019, ESMA published translations for guidelines on CCP conflict of interest management
    • On 15 April 2019, ESMA published the translations for guidelines on CCP APC margin measures.
    • On 29 May, ESMA updated EMIR Q&As
    • On 28 May 2019, ESMA published a consultation on tiering, comparable and fees under EMIR 2.2
    • On 29 May 2019, ESMA published fees for third-Country CCPs under EMIR 2.2
    • On 14 June 2019, ESMA updated Q&A on EMIR data reporting 

       

       

       

Proposal on sovereign bond-backed securities

Updated on 02/05/2019

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

On 24 May 2018 the OJ published the proposal.

  • Parliament:
    • 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.
    • 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.
  • Council: Work in progress.
  • Next steps: Council to come to general agreement.
  • 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 30/04/2019

State-of-play: Legislative phase.

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

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

On 5 April 2019, ESMA published translations for guidelines on CCP conflict of interest management.

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 08/07/2019

State-of-play: Published in the Official Journal. EMIR refit – published in the OJ 28/05/2019

  • 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)
  • On 18 April 2019, the EP plenary session adopted the trilogues agreement.
  • On 14 May 2019 he Council adopted a regulation on financial derivatives products and clearing
  • 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.
  • On 15 April 2019, ESMA published the translations for guidelines on CCP APC margin measures.
  • Trilogues: On 13 March 2019 the European Parliament and the Council reached a political agreement.

The agreement has been adopted by the Council and has been published in the Official Journal on 28 May 2019.

On 28 may 2019, the Official Journal published the regulation on EMIR review.

 

 

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 30/04/2019

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 4 April 2019, JURI Committee published an opinion on the proposal.
    • On 18 April 2019, the plenary session adopted the trilogues agreement.
  • 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 confirms the trilogue agreement.
  • 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: The trilogue agreement has to be adopted by the Council and published in the Official Journal.

 

Cross-border distribution of investment funds

Updated on 09/07/2019

State-of-play: Pre-legislative phase.

  • Commission:
  • Council:
    • On 14 June 2019, the Council adopted CBDF.
    • 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.
    • On 4 March 2019 the EP’s ECON committee confirms the agreement.
    • On 16 April 2019, the trilogues agreement was confirmed by the EP plenary session.
  • Next steps: The texts of the trilogue agreement have to be adopted by the Council and published in the Official Journal.

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