EU Agenda

The EU Agenda is a comprehensive, up-to-date overview of all EU initiatives that touch upon the banking sector, and financial services more broadly.

Click on any of the categories below, or scroll down, to get the latest information on any given legislative proposal.

Financial Market Regulation

Prospectus Regulation “Financial Markets Recovery Package” (Covid-19)

Updated on 03/11/2020

State-of-play: Consultation. Review in the Council WP ongoing.

State of play: review in the Council WP ongoing, negotiating mandate planned for Q4 2020.

Level 1

Commission

  • 24 July 2020, the Commission proposed targeted amendments to the prospectus regime.

Next steps

  • Discussions are ongoing in Parliament. Council has a position since 21 October 2020, a swift adoption of the package is expected.

MiFID II “Financial Markets Recovery Package” (Covid-19)

Updated on 03/11/2020

State-of-play: Consultation. Review in the Council WP ongoing.

State of play: Review of the Council WP ongoing, negotiating mandate Q4 2020

Level 1

Commission

  • 24 July 2020, the Commission proposed targeted amendments to the MiFID II requirements for European firms.

Council

  • 21 October 2020, agreement on a common council position was reached.

Next steps

  • Discussions are ongoing in Parliament with the vote scheduled for end October 2020, with a view to have a political agreement by the co-legislators by the end of the year.

Central Securities Depositories Regulation (CSDR)

Updated on 02/11/2020

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.
  • 8 July 2020, ESMA updated its Q&As regarding the implementation of the CSDR.

 

Alternative Investment Fund Managers Directive (AIFMD)

Updated on 02/11/2020

State-of-play: Published in the Official Journal. on 8 June 2011 (L 174/1)

State of play: on 1 July 2011, the Directive was published in the Official Journal (L 174/1)

Level 2

  • 19 December 2012, the Commission adopted a delegated regulation with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.
  • 15 May 2013, the Commission adopted an implementing act establishing the procedure for AIFMs which choose to opt in under AIFMD and an implementing act establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to AIFMD.
  • 10 December 2018, the Commission published a report on the operation of the AIFMD, starting the review process.

Level 3

  • 25 July 2018, ESMA responded to the questions raised by EIOPA on the interpretation of AIFMD.
  • 29 March 2019, ESMA updated the Q&A on the application of AIFMD.
  • 8 April 2019, ESMA published the responses to the consultation on liquidity stress test guidelines for investment funds.
  • 2 September 2019, ESMA published its final report with the guidelines on liquidity stress testing in UCITS and AIFs.
  • 28 November 2019, ESMA published a guidance compliance table on competent authorities complying or intending to comply with ESMA’s guidelines on reporting obligations.
  • 3 December 2019, ESMA updated its Q&A on the application of the AIFMD.
  • 20 February 2020, ESMA updated the list of EU authorities that have signed a Memorandum of Understanding on AIFMD with third countries.
  • 3 April 2020, ESMA published its final guidance on performance fees in investment funds, applicable to UCITS and certain types of AIFs.
  • 4 June 2020, ESMA published a supervisory briefing on the supervision by national competent authorities (NCAs) of costs applicable to UCITS and AIFs.
  • 17 July 2020, ESMA issued the official translations of its guidelines on liquidity stress testing in UCITS and AIFs.

Next steps

  • The Commission has started its review process of the AIFMD.

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 03/11/2020

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.
  • 16 September 2020, the Commission has published an inception impact assessment on ELTIF.
  • 19 October 2020, the Commission opened a public consultation on long-term investment funds-review of EU rules.

Next steps

  • The Commission is expected to present a legislative proposal in Q3 2021.

Banking Supervision

Capital Requirements Regulation “Banking Quick Fix” (Covid-19)

Updated on 03/11/2020

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

State of play: on 25 June 2020, the Commission Delegated Regulation was published in the Official Journal (L 201/1).

Level 1

Commission

  • 28 April 2020, the proposal was published.

Parliament

  • 18 May 2020, the ECON Committee held an exchange of views on the proposal.
  • 8 June 2020, the ECON Committee adopted its draft report on the proposed amendments.
  • 18 June 2020, the Parliament in plenary approved the “quick fix” amendments to the CRR.

Council

  • 10 June 2020, the Coreper approved the ECON report on the proposal.

Review of the European Supervisory Authorities (ESAs)

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 27 December 2019, the Regulation was published in the Official Journal (L 334/1).

Level 1

Commission

  • 21 March 2017, the Commission launched a two-month public consultation on the operation of the ESAs.
  • 20 June 2017, the Commission published a feedback statement on the consultation.
  • 20 September 2017, the Commission published the legislative proposal on ESAs review and launched a consultation on the proposed regulation.
  • 1 April 2019, the Commission published a fact sheet on the ESAs review.

Council

  • 12 February 2019, the Council adopted its general approach on the ESAs review.
  • 2 December 2019, the Council formally adopted the legislative package.

Parliament

  • Co-rapporteurs: O. Karas (EPP, AT) and P. Berès (S&D, FR)
  • 23 January 2018, the ECON Committee published a working document on the proposal.
  • 10 July 2018, the ECON Committee issued the draft report on the proposal.
  • 11 September 2018, the ECON Committee published amendments on the proposal.
  • 14 September 2018, the ECON Committee published amendments on the proposal.
  • 31 October 2018, the ECON Committee published amendments on the AML part of the review package.
  • 14 January 2019, the ECON Committee approved the report on ESAs. 

Trilogue negotiations

  • 21 March 2019, the Parliament and the Council reached an agreement on the proposal.
  • 1 April 2019, the ECON Committee approved the report as agreed in the trilogue negotiations.
  • 16 April 2019, the Parliament adopted the text of the trilogue agreement in plenary.

Level 3

  • 9 April 2019, ESMA published the ESAs annual review report for 2018.
  • 20 December 2019, the Banking Stakeholder Group (BSG) of the EBA, the Insurance and Reinsurance Stakeholder Group (ISRG) and Occupational Pensions Stakeholder Group (OPSG) of EIOPA, and the Securities and Markets Stakeholder Group (SMSG) of ESMA published a joint position paper on the ESAs review.
  • 10 January 2020, ESMA started publishing a list of questions received through its Q&A process, in the context of the entry into force of the revised ESMA Regulation (ESAs Review) including its new provisions applicable to Q&As.

State of play: published in the Official Journal

Level 1

Commission

  • 23 November 2016, the proposal was published.
  • 30 April 2019, the Commission adopted a report assessing the implementation of the BRRD and SRMR.

Parliament

  • 28 February 2017, the ECON Committee held a first exchange of views on the proposal.
  • 25 April 2017, the ECON committee held a public hearing on updating the BRRD and SRMR.
  • The proposal was split in two parts in order to fast track the ranking of unsecured debt part.
  • 11 June 2017, the ECON Committee held the first exchange of views on the fast-tracked ranking of unsecured debt.
  • 27 September 2017, the ECON Committee published two draft reports on the proposals: Link 1 and Link 2.
  • 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
  • 19 June 2018, the ECON Committee adopted the final reports amending the BRRD and the SRMR.
  • 28 June 2018, the Parliament adopted the reports of the ECON Committee and the negotiations mandate.

Council

  • 7 December 2017, the Council adopted a directive on the ranking of unsecured debt instruments and a regulation on transitional agreements regarding the regulatory capital impact of IFRS 9.
  • 25 May 2018, the ECOFIN Council agreed on a common position on the remaining parts of the RRM package.
  • 4 December 2018, the ECOFIN Council endorsed the political parts of the RRM package including the BRRD and SRMR.

Trilogue negotiations

  • 15 February 2019, the Coreper endorsed the final agreement on the banking reform package, containing the BRRDS and SRMR.
  • 26 February 2019, the ECON Committee approved the final agreement.
  • 16 April 2019, the Parliament adopted the proposals in plenary.
  • 14 May 2019, the Council formally adopted the proposals

Level 2

  • 4 March 2019, the Commission adopted a delegated regulation on the criteria for assessing the impact of an institution’s failure on financial markets.
  • 22 November 2019, the EBA launched a public consultation on the draft Implementing Technical Standard (ITS) on disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC).
  • 15 May 2020, the EBA launched a public consultation on its draft RTS for contractual recognition of stay powers laid down in the BRRD.

Level 3

  • 18 October 2018, ESMA sent a letter to the European Financial Reporting Advisory Group (EFRAG) on the endorsement process of IFRS 17 insurance contract.
  • 25 March 2020, ESMA published a statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the Covid-19 outbreak.
  • 20 May 2020, the Single Resolution Board published its final report on Minimum Requirements for Own Funds and Eligible Liabilities (MREL) Policy under the Banking Package,
  • 20 May 2020, the EBA published a report assessing interlinkages between recovery and resolution planning under the BRRD, with the aim of enhancing synergies between the two phases and ensuring consistency in their potential implementation.
  • 26 June 2020, the EBA published a discussion paper exploring ways on how to enhance the BRRD framework on early intervention measures.
  • 24 July 2020, the EBA launched a consultation on draft ITS on reporting of MREL decisions.
  • 24 July 2020, the EBA launched a consultation on draft RTS on estimation of Pillar 2 and combined buffer requirements for the purpose of setting MREL.
  • 24 July 2020, the EBA launched a consultation on RTS and ITS on the impracticability of contractual recognition of bail-in under BRRD.

Reform of banking structure

Updated on 02/11/2020

State-of-play: Withdrawn. on 3 July 2018

State of play: 3 July 2018, the Commission withdrew the proposal

Level 1

Commission

  • 29 January 2014, the proposal was published.

Parliament

  • 26 May 2015, the Parliament rejected the draft report.

Council

  • 19 June 2015, the ECOFIN Council adopted its general approach on the proposal.
  • Negotiations have been at a standstill since Autumn 2016.

Amendments to the Capital Requirements Regulation and Directive

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 7 June 2019, the Regulation was published in the Official Journal (L 150/1)

Level 1

Commission

  • 23 November 2016, the proposal was published.
  • 11 October 2019, the Commission opened a public consultation on a proposal for regulation to amend the CRD.

Parliament

  • 28 February 2017, the ECON Committee held the first exchange of views on updating CRR and CRD.
  • 25 April 2017, the ECON Committee held a public hearing on updating CRR and CRD.
  • 3 May 2017, the ECON Committee held a second exchange of views on updating CRR and CRD.
  • The proposal was split in two parts in order to fast track the international financial reporting standards (IFRS9) part.
  • 20 June 2017, the ECON Committee held a first exchange of views on the fast-tracked IFRS9 part.
  • 11 July 2017, the ECON Committee adopted its position on the fast tracked IFRS9.
  • 16 November 2017, the ECON Committee published the draft report on the CRD.
  • 11 December 2017, the ECON Committee publishes the draft report on the CRR.
  • 22 February 2018, the ECON Committee discussed amendments to the draft reports.
  • 19 June 2018, the ECON Committee adopted the draft reports on the CRR II and the CRD V.
  • 28 June 2018, the Parliament confirmed the draft reports in plenary and approved the negotiations mandate.

Council

  • 25 May 2018, the Council agreed on a common position on the CRR and the CRD and approved the mandate to start negotiations with the Parliament.
  • 4 December 2018, the ECOFIN Council endorsed the political parts of the package of measures on the Banking Union, more specifically on measures to reduce risk.
  • 14 May 2019, the Council adopted a package containing amendments to the CRR and CRD.

Trilogue negotiations

  • 15 February 2019, the Coreper endorsed the trilogue agreement.
  • 16 April 2019, the Parliament voted the texts of CRR and CRD as agreed in the trilogue negotiations

Level 2

  • 20 May 2019, ESMA published a second set of amendments to the ITS on the mapping of external credit assessment institutions (ECAIs) under the CRR.
  • 24 May 2019, ESMA launched a consultation on proposed amendments to the main indices and recognised exchange under the CRR.
  • 7 June 2019, EIOPA launched a consultation on the new amendments to ITS linked with Solvency II.
  • 6 August 2019, the EBA published the feedback on a review of the use, usefulness and implementation of the Single Rulebook Q&As relating to the CRR and CRD.
  • 16 October 2019, the EBA launched a public consultation on the new comprehensive ITS for financial institutions' public disclosure, designed to promote market discipline.
  • 16 October 2019, the EBA launched a public consultation on revised ITS on supervisory reporting, which aim to keep the reporting requirements in line with changes in the regulatory framework and with the evolving needs for Supervisory Authorities' risk assessments.
  • 22 October 2019, the Commission opened a targeted consultation on its draft delegated acts amending the CRR with regard to the alternative standardised approach for market risk.
  • 13 November 2019, the EBA launched a three-month consultation on the draft amended RTS and ITS on passport notification.
  • 11 December 2019, ESMA published the final report on draft amendments to Implementing Regulation (EU 2016/1646), specifying the main indices and recognised exchanges under the CRR relevant to credit institutions and investment firms subject to prudential requirements and trading venues.
  • 13 December 2019, the EBA launched a consultation to amend the Commission's Implementing Regulation on benchmarking of internal models under the CRD.
  • 18 December 2019, the EBA published its final draft RTS on the Standardised Approach for Counterparty Credit Risk (SA-CCR) under the CRR.
  • 19 December 2019, the EBA published an updated list of capital instruments that Competent Authorities (CAs) across the EU have classified as Common Equity Tier 1 (CET1) under the CRR.
  • 19 December 2019, the EBA launched a public consultation on its draft Regulatory Technical Standards (RTS) on the criteria to identify all categories of staff whose professional activities have a material impact on the institutions’ risk profile (“risk takers”) under the CRD.
  • 13 January 2020, the EBA launched a consultation on draft RTS on the treatment of non-trading book positions subject to foreign-exchange risk or commodity risk under the FRTB framework.
  • 14 February 2020, the Commission adopted an Implementing Act amending Regulation (EU) No 680/2014 with regard to COREP and FINREP changes. Its publication in the EU Official Journal is still pending.
  • 27 March 2020, the EBA published its final draft RTS on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB).
  • 28 April 2020, the European Commission an Interpretative Communication on the EU's accounting and prudential frameworks, as well as targeted “quick fix” amendments to EU banking rules (the Capital Requirements Regulation).
  • 4 May 2020, the EBA published its final draft implementing technical standards (ITS) on specific reporting requirements for market risk, introducing the first elements of the Fundamental Review of the Trading Book (FRTB).
  • 29 May 2020, the EBA launched a consultation on the draft amended regulatory technical standards (RTS) on own funds and eligible liabilities.
  • 4 June 2020, the EBA launched a consultation on draft regulatory technical standards (RTS) on the capitalisation of non-modellable risk factors (NMRFs) for institutions using the new Internal Model Approach (IMA) under the FRTB.
  • 9 June 2020, the EBA launched a consultation on draft RTS specifying the prudential treatment of software assets.
  • 18 June 2020, the EBA published its final draft amending RTS and ITS on passport notification.
  • 18 June 2020, the EBA published its final draft RTS on the criteria to identify all categories of staff whose professional activities have a material impact on the institutions’ risk profile (“risk-takers”).
  • 24 June 2020, the EBA published new ITS on public disclosures by institutions and revised final draft ITS on supervisory reporting that implements changes introduced in the revised Capital Requirements Regulation (CRR2) and the Prudential Backstop Regulation.
  • 22 July 2020, the EBA launched a consultation on draft RTS on default probabilities (PDs) and losses given default (LGDs) for default risk model for institutions using the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB).
  • 23 July 2020, the EBA launched a consultation on draft RTS for the determination of indirect exposures arising from derivative contracts.

Level 3 

  • 1 August 2017, the EBA issued an opinion on the measures in accordance with Article 458 of the CRR. 
  • 20 December 2018, the EBA published a preliminary assessment on the post-implementation impact of IFRS 9 on EU banks. 
  • 17 January 2019, the EBA published the final guidelines regarding the type of exposures to be associated with high risk under the CRR.
  • 2 October 2019, the EBA published two reports, which monitor the impact of implementing the final Basel III reforms and the current implementation of liquidity measures in the EU.
  • 16 October 2019, the EBA launched a consultation on draft guidelines on the application of the Structural FX provision. 
  • 23 October 2019, the EBA published an opinion on the regulatory treatment of securitisations of non-performing exposures addressed to the Commission.
  • 28 November 2019, the EBA published its final guidelines on ICT and security risk management under CRD.
  • 4 May 2020, the EBA published its final guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitisation transaction.
  • 27 May 2020, the EBA published an opinion on the extension of measures introduced to safeguard institutions from excessive risk-taking and to prevent the build-up of future vulnerabilities.
  • 18 June 2020, the EBA decided to extend the application date of its Guidelines on legislative and non-legislative moratoria to 30th September 2020. (Covid-19).
  • 1 July 2020, the EBA published its final guidelines on the treatment of structural FX positions.
  • 22 July 2020, the EBA launched a consultation on guidelines specifying the conditions for the substitution approach in the context of “tri-party transactions” for large exposures purposes under CRR.
  • 31 August 2020, EBA has published an opinion in response to the EC’s intention to amend EBAs final draft RTS on CRR.
  • 18 September 2020, the EBA published an opinion to the European Commission on CRR and CRD.
  • 2 October 2020, the EBA published a set of guidelines on the appropriate subsets of sectoral exposures to which a competent or designated authority following the entry into force of the fifth Capital Requirements Directive (CRD V).

 

Taxation

Value Added Tax

Updated on 03/11/2020

State-of-play: Pre-legislative phase.

Level 1

Commission

  • 23 October 2020, the Commission published an inception impact assessment: review of the VAT rules for financial and insurance services.

Mandatory Automatic Exchange of Information in the field of taxation (DAC 3)

Updated on 03/11/2020

State-of-play: Published in the Official Journal. on 8 December 2015 (L 332/1)

State of play: published in the Official Journal (L 332/1), entered into force on 31 December 2016

Level 1

European Parliament 

Directive on the strengthening of information framework in the field of taxation (DAC 7)

Updated on 02/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • 7 February 2020, the Commission opened a consultation on a roadmap for a proposal for a directive regarding the strengthening of the exchange of information framework in the field of taxation
  • 12 February 2020, the Commission launched a consultation on a proposal for a Council Directive on administrative cooperation in the field of taxation (codification).
  • 15 July 2020, the Commission published the proposal for a directive.

Directive on disclosure duties for intermediaries (DAC 6)

Updated on 02/11/2020

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

State of play: published in the Official Journal on 5 June 2018 (L 139/1)

Level 1

Commission

  • 21 June 2017, the proposal was published.

Parliament

  • 24 January 2018, the ECON Committee adopted the draft report.

Council

  • 25 May 2018, the ECOFIN Council adopted the directive.
  • 24 June 2020, the Council announced that the adoption of amendment to DAC allowing member states an option to defer by up to 6 months the time limits for the filing and exchange of certain information. (Covid-19).

Common Consolidated Corporate Tax Base (CCCTB)

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

Parliament

  • Rapporteur: A. Lamassoure (EPP, FR)
  • 20 November 2017, the ECON Committee scheduled the vote on the draft report.
  • 3 May 2017, the ECON Committee held a public hearing on CCCTB.
  • 10 October 2017, the ECON Committee held an exchange of views with representative of national parliaments.
  • 21 February 2018, the ECON Committee adopted the reports on the CCTB and the CCCTB.
  • 15 March 2018, the Parliament adopted the reports CCTB and the CCCTB in plenary.

Council

  • Discussion ongoing at the level of the working party.

Next steps

  • The Council will have to adopt the proposals.

Digital Banking, Payment Systems & FinTech

Network and Information Systems (NIS) Directive

Updated on 03/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Parliament

  • 6 July 2016, the European Parliament adopted the Directive on security of network and information systems.

Level 2

Commission

  • 7 July 2020, the Commission launched a consultation on the revision of the NIS Directive.

Next steps

  • Review of the NIS Directive by the new Commission by the end of 2020 after the end of consultation period on 7 October.

Financial Services - Digital Operational Resilience

Updated on 03/11/2020

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • 24 September 2020, the Commission published a proposal on digital operational resilience for the financial sector.
  • 19 December 2019, the Commission launched a consultation on Digital Operational Resilience Framework for financial services.

Level 2

  • 12 October 2020, EIOPA published guidelines on Information and Communication Technology Security and Governance.

Next steps

  • Discussions ongoing in Council, yet to begin in Parliament.

Distributed Ledger Technology

Updated on 03/11/2020

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • 24 September 2020, proposal for Distributed Ledger Technology published.

Next steps

  • Discussion to begin in Parliament, already begun in Council.

Crypto-assets

Updated on 03/11/2020

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • Proposal for a regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937. (draft available).

Next steps

  • Discussion to begin in Parliament, already begun in Council.

Retail Payments Strategy

Updated on 03/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase.

Level 1

Commission

  • 3 April 2020, the Commission has launched a consultation on retail payments strategy for the EU which closed on June 26 2020.
  • 24 September 2020, the Commission has published a Retail Payments Strategy as part of the Digital Finance Strategy for the EU.

Next steps

  • The Commission is aiming for the full uptake of instant payments in the EU by end-2021 depending on advances in three levels, namely rules, end-user solutions and infrastructures.
  • November 2020, the Commission will assess whether these numbers are satisfactory and, on that basis, decide whether it is appropriate to propose legislation requiring payment service providers’ adherence to the SCT Inst. Scheme by the end of 2021. Such a proposal, if decided, would lay down the criteria for determining which payment service providers should be subject to compulsary participation.
  • The Commission will assess whether it would be appropriate to require adherence by relevant stakeholders to all, or a subset of the additional functionalities of SEPA Instant Credit Transfer (SCT Inst.), which could also include any future standards for QR-codes.

Client Protection & Consumer Rights

Deposit Guarantee Scheme Directive (DGSD)

Updated on 03/11/2020

State-of-play: Published in the Official Journal. on 12 June 2014

State of play: published in the Official Journal (L 174/149) on 12 June 2014

Level 1

Commission

  • 12 July 2010, the proposal was published.

Council

  • 21 February 2012, the Council held its first debate on the proposal.
  • 4 March 2014, the Council adopted its position on the proposal.

Parliament

  • 24 May 2011, the ECON Committee adopted the report.
  • 16 April 2012, the Parliament adopted the text in plenary in first reading.
  • 15 April 2014, the Parliament adopted the text in second reading.

Level 2

  • 8 August 2019, the EBA published an opinion on the implementation of the DGSD in the EU. Two other opinions are forthcoming later in 2019.
  • 30 October 2019, the EBA published its second opinion addressed to the Commission on the implementation of the DGSD in the EU.
  • 12 May 2020, the EBA published 2019 data relating to two key concepts in the DGSD: available financial means, and covered deposits.
  • 17 June 2020, the EBA published its first peer review of stress tests and the resilience of Deposit Guarantee Scheme (DGSs).

Payment Accounts Directive

Updated on 02/11/2020

State-of-play: Published in the Official Journal. L 257/214 of 28 August 2014

State of play: 28 August 2014, Directive published in the Official Journal (L 257/214)

Level 2

  • 11 May 2015, the EBA published the final report on draft guidelines on national provisional lists of the most representative services linked to a payment account and subject to a fee.
  • 5 May 2017, the EBA adopted the final report on draft RTS setting out the Union standardised terminology for the most common services linked to a payment account and on the standardised presentation format of the fee information document and its common symbol.

Next steps

  • Review process ongoing.

Investor Compensation Scheme Directive

Updated on 03/11/2020

State-of-play: Proposal withdrawn.

State of play: withdrawn

7 March 2015, the proposal was withdrawn by the Commission, due to political stalemate.

European Deposit Insurance Scheme (EDIS)

Updated on 03/11/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

  • 24 November 2015, the proposal for a regulation was published.

Council

  • 8 December 2015, the Council held its first debate on the proposal.
  • January 2016, the Dutch Presidency started work.
  • 22 June 2018, the Council held its second debate on the proposal.

Parliament

  • 23 May 2016, the ECON Committee held a public hearing on the proposal.
  • 16 June 2016, the ECON Committee published a working document on the proposal.
  • 21 October 2016, the ECON rapporteur finalised the draft report.
  • 16 December 2016, the ECON set the deadline for amendments to the proposal.
  • 25 January 2017, the ECON Committee discussed the consideration of amendments.
  • 29 March 2017, the AFCO Committee adopted its opinion on the EDIS proposal.
  • Rapporteur: De Lange, Esther (EPP, NE)

European Central Bank

  • 20 April 2016, the ECB adopted an opinion on the EDIS proposal.

Next steps

  • Agreement in the Council.
  • New Commission committed to complete to EDIS.
  • Revision of the bank crisis management and deposit insurance framework Q4 2021.

Collective Action Directive (“A New Deal for Consumers”)

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

  • 11 April 2018, the Commission published a number of proposals aimed at strengthening consumer protection, including a proposal on representative actions for the protection of the collective interests of consumers.

Council

  • 28 November 2019, the Council adopted a general approach on the proposal for a directive on representative actions for the protection of the collective interests of consumers.

Parliament

  • 12 October 2018, the IMCO Committee submitted its draft report to the JURI Committee.
  • 7 December 2018, the JURI Committee adopted the report and confirmed the negotiations mandate.
  • 25 March 2019, the Parliament adopted its first-reading position.
  • 9 January 2020, the JURI Committee confirmed the Parliament’s negotiating position.

Trilogue negotiations

  • 14 January 2020, the Parliament and the Council discussed the proposal in the first trilogue meeting. Work has been ongoing ever since.
  • 22 June 2020, the Council and the Parliament reached a political agreement on the text of a new directive on collective redress.

Next steps

  • The Parliament as a whole, and the Council to approve the political agreement.

Sustainable Finance

Taxonomy

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 22 June 2020, the Regulation was published in the Official Journal (L 198/13).

Level 1

Commission

  • 24 May 2018, the proposal was published as part of a reforms package.

Council

  • 25 September 2019, the Council adopted its negotiating position on taxonomy.
  • 17 December 2019, the COREPER adopted the trilogue agreement.
  • 15 April 2020, the Council adopted the Regulation on taxonomy in second reading.

Parliament

  • 16 November 2018, the ENVI and ECON Committees published a draft report on the proposal.
  • 17 December 2018, the ECON Committee published the amendments tabled on taxonomy: Link 1 and Link 2.
  • 11 March 2019, the ECON Committee adopted the report.
  • 28 March 2019, the Parliament adopted its position on taxonomy in plenary.
  • 16 December 2019, the Parliament and the Council reached an agreement on taxonomy.
  • 23 January 2020, the ECON and ENVI Committees approved the provisional agreement.
  • 18 June 2020, the Parliament in plenary adopted the proposal on taxonomy at its second reading.

Level 2

  • 18 June 2019, the TEG published its technical report on the classification system for environmental-sustainable economic activities (taxonomy).
  • 4 July 2019, the TEG launched a call for feedback on the taxonomy report.
  • 9 March 2020, the TEG published its technical report on the EU’s classification of green economic activities (taxonomy).

Next Steps

  • According to the Council position, the taxonomy should be established by the end of 2021, in order to ensure its full application by end of 2022.
  • Level 2 measures are expected to be published by end 2020 and end 2021.
  • The Commission will regularly update the technical screening criteria to identify activities that have a significant negative impact.

Low carbon and positive carbon benchmarks

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 9 December 2019, the Regulation was published in the Official Journal (L 317/17).

Level 1

Commission

  • 24 May 2018, the proposal was published as part of a reforms package.
  • 18 June 2019, the TEG published its report on Climate Benchmarks and Benchmarks’ ESG Disclosures.
  • 5 July 2019, the Commission launched a call for feedback on climate benchmarks and benchmarks’ ESG disclosure

Parliament

  • 28 September 2018, the ECON Committee published a draft report on the proposal for a regulation.
  • 18 October 2018, the ECON Committee held a hearing on the dossier.
  • 22 November 2018, the ENVI Committee presented its opinion on the proposals.
  • 14 November 2018, the Parliament confirmed the negotiations mandate.
  • 13 December 2018, the ECON Committee adopted its report on the proposal and the negotiations mandate.
  • 25 March 2019, the Parliament adopted the text of the trilogue agreement in plenary.

Council

Trilogue negotiations

  • 25 February 2019, the Parliament and the Council reached an agreement.

Level 2

  • 17 July 2020, the European Commission adopted delegated acts setting out minimum technical requirements for the methodology of EU Climate Benchmarks, as well as a number of ESG disclosure requirements.

Level 3

  • 23 March 2019, ESMA published the responses to the consultation on disclosure requirements applicable to credit rating.

EU Ecolabel on Financial Services

Updated on 02/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

  • 20 March 2019, the Joint Research Centre published the preliminary report on EU Ecolabel criteria for financial products.
  • 20 March 2019, the JRC published the technical report with scope and criteria proposals on EU Ecolabel for retail financial products.
  • 20 December 2019, the JRC published the second technical report with scope and criteria proposals for the development of EU Ecolabel for retail financial products.
  • 13 July 2020, the JRC published a report that aims to carry out a test on the application of draft criterion I for equity funds to a sample of 101 “green” UCITS equity funds domiciled in the EU27.

Next Steps

  • It is expected that the next JRC stakeholder meeting will take place in March 2020, and the actual adoption will be postponed to 2021.
  • The third technical report is expected in Autumn 2020.

State of play: revision process

Level 1

Commission

  • 20 February 2020, the Commission launched a public consultation on the review of the Non-Financial Reporting Directive, as part of its strategy to strengthen sustainable investment in Europe.

Level 2

  • 11 June 2020, the ESAs published their responses to the Commission’s consultation on NFRD revision: EBA; ESMA; EIOPA.

Next steps

  • The Commission’s proposal is expected in Q1 2021.

Green Bond Standards

Updated on 02/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

  • 6 March 2019, the TEG published the interim report on Green Bond Standards.
  • 18 June 2019, the TEG published the final report on Green Bond Standards.
  • 9 March 2020, the TEG published the final report on Green Bond Standards.
  • 12 June 2020, the Commission launched a targeted consultation on the establishment of an EU Green Bond Standard, built on the work of the TEG.

Level 2

  • 2 October 2020, ESMA has responded to the Commission's targeted consultation on the establishment of the EU Green Bond Standard.

Next Steps

  • The Commission will include this project in its consultation on Sustainable Finance.
  • A decision on the legislative proposal will be taken in the context of the Renewed Sustainable Finance Strategy to be proposed in Q4 2020.
  • Establishment of an EU Green Bond Standard in Q2 2021.

Contact

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