Financial Markets Regulation

Indices used as Benchmarks

Updated on 21/08/2019

State-of-play: Entered into force. on 30 June 2016, it shall apply from 1 January 2018

Level 1

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
  • On 18 December 2018, EBA launched a consultation to amend the Regulation on benchmarking of internal models

Level 3

 

Cross-border distribution of investment funds

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: Legislative Phase

Commission

  • 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.

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.

Trilogue

  • 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 published in the Official Journal.

Level 1

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.

Central Securities Depositories Regulation

Updated on 21/08/2019

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

Level 1

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

  • Entered into force on 17 September 2014. Article 3(1) shall apply from 1 January 2023 and Article 5(2) applies since 1 January 2015.
  • Link to ESMA Documents

Level 2

  • Level 2 Package: Official Journal L 65 of 10 March 2017
  • The EBA consultation on draft Regulatory Technical Standards on prudential requirements for CSDs ended on 27 April 2015. ESMA submitted its RTS to the European Commission on 28 September 2015. ESMA published RTS on 1 February 2016.
  • On 20 December 2018, ESMA opened two consultations on settlement fails reporting and standardized procedures and messaging protocols under CSDR.
  • On 1 April 2019, the Official Journal published a Commission implementing decision on prudential requirements for credit institutions and investment firms.

Level 3

  • 27 September  2018 ESMA updated the CSDR Q&As
  • On 18 October 2018 ESMA published guidelines on cooperation between authorities (CSDR)
  • On 19 October 2018 ESMA published guidelines compliance on CSD access.--> ?
  • On  22 October 2018 ESMA published guidelines on participant default rules and procedures under CSDR Regulation.
  • On 30 January 2019, ESMA published un updated Q&A on CSDR
  • On 30 April 2019, ESMA released the publication of translation for CSDR guidelines on internalized settlement reporting.
  • On 23 May 2019, ESMA updated the CSRD Q&A.
  • On 18 June 2019, ESMA updated the Q&As on CSDR
  • On 11 July 2019, ESMA published an updated Q&As on CSDR

 

Review of the Prospectus Directive / Regulation (CMU)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. L168/12 of 30 June 2017

Level 1

State of Play: Published in the Official Journal L168/12 of 30 June 2017

ESMA Prospectus Documents

Level 2

  • On 17 July 2018, ESMA published new RTS for endorsement by the European Commission.
  • On 30 October 2018 ESMA responded to two consultations on prospectus 
  • On 8 February 2019 ESMA published a list of thresholds below which an EU prospectus is not required

Level 3

  • On 3 April 2018, ESMA published the first part of its Technical Advice (TA) under the Prospectus Regulation. It proposed changes to the format and content of prospectuses.
  • Link to Press Release on ESMA’s TA on the Prospectus Regulation
  • On 27 March 2019 ESMA published the first Q&A on the Prospectus Regulation.
  • On 29 March 2019 ESMA published the final guidelines on how NCAs should review risk factors, as required by the new Prospectus Regulation.
  •  On 12 July 2019, ESMA updated Q&As relating to prespectus regulation.

EMIR 1

Updated on 21/08/2019

State-of-play: Published in the Official Journal. Published on the official journal 27/07/2012

LEVEL 1

State-of-play: published in the official journal 27/07/2012

LEVEL 2

 

LEVEL 3

  • On 26 September 2018 ESMA published an update on EMIR Q&A
  • 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 14 June 2019, ESMA updated Q&A on EMIR data reporting
  • On 15 July 2019, ESMA updated the Q&As on EMIR

 

Regulation on simple, transparent and standardised securitisation (CMU)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. on 28 December 2017, came into effect on 17 January 2018

LEVEL 1

State-of-play: regulation published in the Official Journal on 28 December 2017, came into effect on 17 January 2018.

LEVEL 2

LEVEL 3

  • On 31 January 2019, ESMA published opinion and Q&A on disclosure technical standards under the securitisation regulation
  • On 27 May 2019, ESMA published Q&A on Securitisation Regulation

Regulation on Central Counterparties (CCP) Recovery and Resolution

Updated on 21/08/2019

State-of-play: Legislative phase.

LEVEL 1

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.

NEXT STEPS

  • Agreement in Council

EMIR review

Updated on 21/08/2019

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

LEVEL 1

State-of-play: Legislative phase

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 EMIRto 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

  • On 16 May the ECON committee adopted the draft report on supervision and third-country CCPs
  • On 18 April 2019, the EP plenary session adopted the trilogues agreement.

 

Trilogues

Capital Markets Union (CMU) Action Plan

Updated on 21/08/2019

State-of-play: Legislative phase. Action Plan

Level 1

  • The European Commission has published a number of proposals in the framework of this action plan, most have been adopted by the co-legislators.

NEXT STEPS

  • We are expecting the European Commission to come up with a second CMU action plan in the new political mandate (2020).

Contact

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