Financial Market Regulation

Packaged Retail Insurance-based Investment Products (PRIIPs)

Updated on 12/06/2020

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

State of play: on 9 December 2014, the Regulation was published in the Official Journal (L 352/1), on 23 December 2016, the amended Regulation was published (L 354/35)

  • Link to ESAs Joint Committee PRIIPS Documents

Level 2

  • 10 November 2016, the Commission sent a letter to the ESAs on the proposed amendments to the draft RTS.
  • 10 February 2017, the ESAs launched a consultation on PRIIPs products with environmental or social objectives (EOS PRIIPs).
  • 8 March 2017, the Commission adopted a delegated regulation on key information documents (KID) for PRIIPs laying down regulatory technical standards.
  • 8 February 2019, the ESAs published the final report following the joint consultation on targeted amendments to the delegated regulation covering the rules on KID for PRIIPs.
  • 8 March 2019, the ESAs submitted to the Commission the draft RTS to amend the delegated regulation covering the rules on KID for PRIIPs.
  • 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”.
  • 23 May 2019, the ESAs proposed performance scenarios options for consumer testing under the Level 2 Review of the PRIIPs KID.
  • 7 June 2019, the Commission replied to the ESAs call of 19 July 2018 to clarify the scope of PRIIPs regulation.
  • 30 July 2019, the ESAs responded to the Commission on the exclusion of performance scenarios options to be tested during a consumer testing exercise conducted by the Commission under the Level 2 of the PRIIPs Regulation.
  • 16 October 2019, the ESAs launched a consultation on amendments to existing rules underpinning the KID for PRIIPs.
  • 21 January 2020, ESMA published the responses received to the joint consultation paper concerning amendments to the PRIIPs KID.
  • 21 January 2020, ESMA published the response of the Securities and Market Stakeholder Group to the ESAs joint consultation on the review of the PRIIPs KID.

Level 3

  • 1 October 2018, ESMA sent a letter to the Commission expressing the concerns regarding the possibility of duplicating information requirements for investment fund from 1 January 2020.
  • 19 July 2018, the ESAs published the flow diagram for the risk and reward calculations in the PRIIPs KID.
  • 8 February 2019, EIOPA published recommendations on changes to the PRIIPs KID.
  • 4 April 2019, the ESAs updated the Q&A on the PRIIPs KID.
  • 24 October 2019, the ESAs issued a supervisory statement in order to promote a consistent application by NCAs of the scope of the Regulation.

Next steps

  • A review of PRIIPs review was scheduled for the end of 2018, but it has been postponed by the Commission. As a consequence, the CBDF file has been used to introduce changes: UCITS KIID exemption extended for two years.
  • The PRIIPs consumer testing exercise result and review are expected for Q1 2020.
  • The ESAs are expected to adopt the draft RTS in Q2 2020, and the Commission would publish the RTS for them to be implemented before end 2020.
  • A review at Level 1 would be presented in 2021.

Money Market Funds Regulation (MMF)

Updated on 12/06/2020

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

State of play: 30 June 2017, the Regulation was published in the Official Journal (L 169/8)

Level 1

Commission

  • 4 September 2013, the proposal was published.

Parliament

  • 29 April 2015, the report of the ECON Committee was adopted in plenary session.
  • 8 December 2016, the ECON Committee adopted the text based on the trilogue agreement.
  • 5 April 2017, the Parliament adopted the text in plenary.

Council

  • 15 June 2016, the Coreper agreed a negotiating stance on a draft regulation on money market funds.
  • 17 June 2016, the Council confirmed the Coreper's agreement and approved the negotiations mandate.

Trilogue negotiations

  • 7 December 2016, the Council and the Parliament reached a political agreement.
  • 16 May 2017, the Council adopted the MMF Regulation (by QMV, Luxembourg voted against).

Level 2

  • 17 November 2017, ESMA published its final report on technical advice, draft implementing technical standards and guidelines under MMFR.
  • 31 March 2020, ESMA announced that the first reports by money market funds managers under the MMF Regulation should be submitted in September 2020.

Level 3

  • 21 March 2018, ESMA published the translated guidelines on stress tests scenarios under Article 28 of the MMFR.
  • 20 July 2018, ESMA sent a letter to the Commission asking for more clarity on share cancellation under MMFR.
  • 11 December 2018, ESMA published the responses to its consultation on stress testing for money market funds.
  • 26 February 2019, ESMA published the responses to its consultation on reporting guidelines under the MMFR.
  • 19 July 2019, ESMA issued two sets of guidelines regarding the stress testing and reporting to NCAs.
  • 3 December 2019, ESMA published a table referring to competent authorities complying or intending to comply with its guidelines on stress test scenarios under the MMF Regulation.
  • 4 March 2020, ESMA published the official translations of its guidelines on stress test scenarios under the MMF Regulation.

Market Abuse Regulation (MAR)

Updated on 12/06/2020

State-of-play: Published in the Official Journal. on 12 June 2014 (L 173/1)

State of play: on 12 June 2014, the Regulation was published in the Official Journal (L 173/1)

Level 2

  • 13 December 2019, ESMA published the responses it received to its consultation on the review of the MAR.
  • On 6 May 2020, ESMA launched a consultation on the functioning of the small and medium-sized enterprises (SME) Growth Market regime in the EU and on two draft technical standards, introduced by the amendments to the Market Abuse Regulation (MAR), for the promotion of the use of SME Growth Markets.

Level 3

  • 8 October 2019, ESMA issued its final report on a set of Regulatory Technical Standards (RTS) on the application of the Market Abuse Regulation (MAR).
  • 12 December 2019, ESMA published the annual report concerning administrative and criminal sanctions as well as other administrative measures issued by NCAs under the MAR.
  • 12 December 2019, ESMA published a peer review report on how national competent authorities (NCAs) handle suspicious transactions and order reports (STOR) under the MAR.
  • 13 December 2019, ESMA issued its second annual report on the application of accepted market practices (AMPs) in accordance with the MAR.
  • 19 December 2019, ESMA published a list of NCAs that have increased the thresholds for the notification of transactions of persons discharging managerial responsibilities and closely associated persons under the MAR.
  • 13 February 2020, ESMA published a table comprising national competent authorities that comply or intend to comply with MAR guidelines for persons receiving market soundings.

EMIR refit

Updated on 12/06/2020

State-of-play: Published in the Official Journal. on 28 May 2019 (L 141/42)

State of play: on 28 May 2019, the Regulation was published in the Official Journal (L141/42)

Level 1

Commission

  • 4 May 2017, the Commission published the EMIR refit proposal and launched a two-month consultation on a second set of amendments to EMIR.
  • 20 September 2017, the Commission published a modified legislative proposal, as part of its wider package to reform the European system of financial supervision (ESAs review).

Council

  • 20 December 2017, the Council adopted its negotiating position on the EMIR refit text. 

Parliament

  • 10 October 2017, the ECON Committee held a first exchange of views.
  • 26 January 2018, the ECON Committee presented its draft report on the proposal.
  • 21 February 2018, the ECON Committee held a second exchange of views.
  • 16 May 2018, the ECON committee adopted the report on supervision and third-country CCPs.

Trilogue negotiations

  • 13 March 2018, the Parliament and the Council reached a political agreement on the proposal.
  • 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Level 2

  • 28 March 2019, ESMA published a statement on the implementation of the new EMIR Refit regime for clearing obligation for financial and non-financial counterparties.
  • 12 December 2019, ESMA published the responses received to its consultation on its draft technical advice on commercial terms for providing clearing services under EMIR (FRANDT).
  • 13 December 2019, ESMA launched a public consultation on future procedural rules regarding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs).
  • 26 March 2020, ESMA launched a consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT.
  • 30 March 2020, ESMA published its final report containing draft RTS for central counterparty (CCP) colleges under EMIR 2.2.
  • 31 March 2020, ESMA published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third country central counterparties (TC-CCPs) and alignment of those for TRs and CRAs.
  • 2 June 2020, ESMA published its final report with technical advice to the European Commission on the fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms for the provision of clearing services.

Level 3

  • 31 January 2019, ESMA released a statement addressing EMIR Refit implementation.
  • 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.
  • 20 December 2019, ESMA published a follow-up to the thematic report on fees charged by CRAs and TRs.
  • 7 January 2020, ESMA issued a final report on a survey it conducted into membership arrangements and due diligence by central counterparties (CCPs) towards clearing members in both areas under EMIR.

Central Securities Depositories Regulation (CSDR)

Updated on 06/04/2020

State-of-play: Published in the Official Journal. on 28 August 2014 (L 257/1)

State of play: on 28 August 2014, the Regulation was published in the Official Journal (L 257/1)

  • Link to ESMA Documents

Level 2

  • 15 December 2015, the EBA published its final report on draft RTS on prudential requirements for central securities depositories.
  • 1 February 2016, ESMA published its final report on RTS on settlement discipline under the CSDR.
  • 8 March 2019, ESMA published the responses received to the consultation on settlement fails reporting and to the consultation on standardised procedures and messaging protocols under CSDR.
  • 29 March 2019, the Commission adopted an implementing decision on prudential requirements for credit institutions and investment firms.
  • 5 February 2020, ESMA published a final report on draft RTS on postponing the date of entry into force of the Commission Delegated Regulation (EU) 2018/1229 to 1st February 2021, concerning RTS on settlement discipline under the CSD Regulation.

Level 3

  • 18 October 2018, ESMA published a guidelines compliance table on cooperation between authorities under Article 17 and 23 of CSDR.
  • 19 October 2018, ESMA published a guidelines compliance table on CSD access to the trading feeds of CCPs and trading venues under CSDR.
  • 22 October 2018, ESMA published guidelines compliance table on participant default rules and procedures under CSDR.
  • 30 April 2019, ESMA published the official translations for the CSDR guidelines on internalised settlement reporting.
  • 2 October 2019, ESMA updated the Q&A on the implementation of the CSDR.
  • 8 October 2019, ESMA published the final report on the guidelines on standardised procedures and messaging protocols.
  • 6 November 2019, ESMA issued an update of the central securities depositories register in accordance with Articles 21(3) and 58(2) of the CSD Regulation.
  • 3 December 2019, ESMA updated its Q&A regarding the implementation of the CSDR.
  • 9 January 2020, ESMA updated of the register of competent authorities operating under the CSDR.
  • 21 January 2020, ESMA published the list of competent authorities (CAs) designated by each Member State responsible for carrying out the duties under CSDR for the authorisation and supervision of CSDs established in its territory and inform ESMA thereof.
  • 17 February 2020, ESMA updated its Q&A regarding practical issues on the implementation of the new Central Securities Depositories (CSD) regime

 

Proposal on sovereign bond-backed securities

Updated on 07/02/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

  • 24 May 2018, the proposal was published.

Parliament

  • 19 October 2018, the ECON Committee published a draft report on the proposal.
  • 19 November 2018, the ECON Committee published the amendments tabled on sovereign bond-backed securities.
  • 10 December 2018, the ECON Committee discussed the amendments.
  • 21 March 2019, the ECON Committee adopted the report on the proposal.
  • 16 April 2019, the Parliament adopted the proposal in first reading.

Council

  • Work ongoing

Next steps

  • The Council to come to a general agreement.

EMIR third country supervision

Updated on 06/02/2020

State-of-play: Waiting for the publication in the Official Journal.

State of play: on 12 December, the Regulation was published in the Official Journal (L 322/1)

Level 1

Commission

  • 13 June 2017, the proposal for a regulation was published.
  • 20 September 2017, the Commission published a modified legislative proposal, as part of the wider package to reform the European system of financial supervision (ESAs review).

Council

  • 27 November 2018, the Council adopted its negotiating position.
  • 15 October 2019, the Council of the EU adopted revised rules for central counterparties in the single market.

Parliament

  • 31 January 2018, the ECON Committee presented its draft report on the proposal.
  • 16 May 2018, the ECON Committee adopted the report and approved the negotiations mandate.
  • 18 April 2019, the Parliament adopted the text in plenary.

Trilogue negotiations

  • 13 March 2019, the Parliament and the Council reached a political agreement on the proposal.
  • 1 April 2019, the ECON Committee approved the agreed text.

European covered bonds framework

Updated on 06/02/2020

State-of-play: Legislative phase.

State of play: on 18 December 2019, the Regulation and the Directive defining a European covered bonds framework we published in the Official Journal (L 328/1, L 328/29)

Level 1

Commission

Council

  • 28 November 2018, the Council adopts its position and negotiation mandate with the European Parliament.
  • 8 November 2019, the Council formally adopted the proposals of Regulation and Directive.

Parliament

  • 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
  • 21 August 2018, the ECON Committee published a draft report on covered bonds.
  • 26 September 2018, the ECON Committee published two sets of amendments on covered bonds: link 1 and link 2.
  • 20 November 2018, the ECON Committee adopted the reports on the covered bonds Regulation and Directive.
  • 4 April 2019, the JURI Committee published an opinion on the proposal.
  • 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Trilogue negotiations

  • 20 November 2018, the ECON Committee approved the negotiations mandate.
  • 27 February 2019, the Council and the Parliament reached a political agreement on the covered bonds proposals.
  • 20 March 2019, the Council confirmed the trilogue agreement.
  • 1 April 2019, the ECON Committee approved the agreed text.

Level 2

  • 18 February 2015, the Commission published a Green Paper on the harmonisation of legal frameworks and market behaviours.
  • 6 January 2016, the Commission published the responses received to the public consultation on covered bonds.
  • 21 November 2019, the EBA launched a public consultation on specific supervisory reporting requirements for market risk, which are the first elements of the Fundamental Review of the Trading Book (FRTB) introduced by the revised Capital Requirements Regulation (CRR2) in the prudential framework of the EU.

Level 3

  • 22 August 2018, the ECB adopted an opinion on the proposals on covered bonds.

Regulation on Central Counterparties (CCP) recovery and resolution

Updated on 06/02/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

  • 28 November 2017, the proposal was published.

Council

Parliament

  • 25 September 2017, the ECON Committee published the draft report on the proposal.
  • 24 January 2018, the ECON Committee adopted its report.
  • 27 March 2019, the Parliament adopted its first reading in plenary.
  • 23 January 2020, the ECON Committee decided to enter into inter-institutional negotiations.

Trilogue negotiations

  • 28 January 2020, the first trilogue meeting took place.

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 12/06/2020

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

State of play: on 19 May 2015 the Regulation was published in the Official Journal (L 123/98)

Level 2

  • 8 June 2016, ESMA published its final report on draft RTS under the ELTIF Regulation.
  • 4 December 2017, the Commission adopted a delegated regulation with regard to RTS on financial derivative instruments.
  • 2 July 2019, ESMA published the responses to the consultation on draft RTS under Article 25 of ELTIF Regulation.

Next steps

  • ELTIF targeted review: the Commission will launch a consultation in Autumn 2020.
  • The Commission is expected to present a legislative proposal in 2021.

Contact

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

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Opening hours

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