Financial Markets Regulation

UCITS V further UCITS Workstreams

Updated on 06/06/2019

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

  • Entered into force: 17 September 2014.
  • Level 2:
    • On 12 July 2018, the European Commission published delegated acts on depositories. The changes will apply as of spring 2020 if the European Parliament and the Council raise no objections.
  • Level 3: On 25 May 2018, ESMA updated its Q&A on the application of UCITS:

On 19 December 2018 ESMA published a consultation on integrating sustainability risks and factors in the UCITS directive and the AIFMD.

On 29 March 2019 ESMA published a Q&As clarification on benchmark disclosure obligations for UCITS

On 4 April 2019, ESMA issued the first PAN-EU overview of use of supervisory sanctions for UCITS.

 

Links to ESMA UCITS Documents.

EMIR 1

Updated on 06/06/2019

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.

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.

Banking Supervision

Amendments to the BRRD and the SRM regulation

Updated on 06/06/2019

State-of-play: Legislative phase.

  • Commission: Proposal was published on 23 November 2016.
    • On 30 April 2019, the Commission adopted the report on the review of the BRRD and SRMR
  • European Parliament: First exchange of views in ECON committee on 28 February 2017.
    • On 25 April 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
    • On 3 May 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
    • The proposal was split in two parts in order to fast track the ranking of unsecured debt part.
    • On 11 June 2017, the first exchange of views on the fast tracked ranking of unsecured debt part took place in ECON.
    • On 27 September 2017, the rapporteur publishes his draft reports (report 1 / report 2).
    • On 29 September 2017, the ECON Committee published two draft reports on the BRRD.
    • On 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
    • On-going negotiations around compromise amendments.
    • On 20 June 2018, the ECON Committee voted to adopt the draft reports amending the BRRD and the SRMR.
    • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
    • On 16 April 2019, the European Parliament confirmed in plenary session the trilogue agreement.
  • Council:
    • Legislative work on-going in the respective working party.
    • Fast tracked proposals: On 7 December 2017 the Council adopts a directive on the ranking of unsecured debt instruments and a regulation on transitional agreements regarding the regulatory capital impact of IFRS 9.
    • On 25 May 2018, the ECOFIN Council reaches an agreement on a common position on the remaining parts of the RRM package in view of negotiations with the European Parliament and the Commission.
    • On 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. On 15 February the Council at ambassador level endorses the whole text of the banking package.
  • Level 2: On 4 March 2019, Commission delegated regulation on the criteria for assessing the impact of an institution’s failure
  • Level 3: On 19 October 2018 ESMA published a letter to EFRAG on the endorsement process of IFRS 17 insurance contract.
  • Official Journal:
    • On 28 December 2017, Directive 2017/2399 (amending directive 2014/59 on the BRRD) was published in the Official Journal.
    • On 28 December 2017, Regulation 2017/2395 on transitional arrangements for the introduction on IFRS 9 was published in the Official Journal.
  • Trilogue negotiations: Agreement reached. On 4 December 2018 the ECOFIN Council endorses the political parts of the RRM package including the BRRD and SRMR and the whole text is approved at ambassador level on 15 February 2019.
  • Next steps: Formal adoption of the legislation (trilogue agreement) by Council.

Review of the European Supervisory Authorities (ESAs)

Updated on 06/06/2019

State-of-play: Legislative phase.

  • Commission: Publication of consultation on 21 March 2017. Deadline: 16 May 2017.
    • On 20 June 2017, the Commission published a feedback statement on the public consultation.
    • On 20 September 2017, the Commission published its legislative proposals.
    • On 1 April 2019, the Commission has publihsed the fact sheet on the ESAs review explaining the rational for the proposal and the key features.
  • Council:
    • Work on-going in the Council working party.
    • On 12 February 2019 the Council has adopted its general approach on ESAs.
    • On 19 December EU ambassadors reach an agreement on the AML part of the package. Work on-going in the Council working party on the rest.
    • On 22 December exchange of views in ECOFIN on the way ahead.
    • On 12 February 2019 the Council has adopted its general approach on ESAs.
  • European Parliament: Has nominated B. Balz and P. Berès as co-rapporteurs and initiated its works.
  • Trilogue negotiations:
  • Next steps:
    • The Council has to formally adopt the text, followed by its publication in the OJ.

Amendments to the Capital Requirements Regulation and Directive

Updated on 06/06/2019

State-of-play: Legislative phase.

  • Commission: Proposal was published on 23 November 2016.
  • European Parliament: first exchange of views in ECON committee on 28 February 2017.
    • On 25 April 2017, ECON committee held a Public Hearing on updating CRR and CRD.
    • On 3 May 2017, 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 IFRS9 part.
    • On 20 June 2017, the first exchange of views on the fast tracked IFRS9 part took place in ECON.
    • On 11 July 2017, the ECON Committee adopted its position on the fast tracked IFRS9. It should be voted in the next plenary session in September.
    • On 16 November 2017, the rapporteur publishes his draft reports on the CRD.
    • On 11 December 2017, the rapporteur publishes his draft report on the CRR.
    • On 22 February 2018, the ECON Committee discuss amendments to the draft report.
    • On 19 June 2018, the ECON Committee adopted the draft reports on the CRR II and the CRD V.
    • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
    • On 16 April 2019, the EP plenary session confirmed the trilogues agreement.
  • Council:
  • EBA: On 1 August 2017, EBA publishes an opinion on Article 458:
  • Next steps: The Council has to formally adopt the text before publication in the Official Journal.

Reform of banking structure

Updated on 05/09/2018

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

  • Commission: Proposal published on 29 January 2014. In its 2018 working programme, the Commission announces the withdrawal of the proposal.
  • European Parliament: A first amended draft report, put to a vote on 26 May 2015, was rejected. Negotiations have come to a stand still since Autumn 2016.
  • Council: The ECOFIN Council adopted its General Approach on 19 June 2015.
  • On 3 July 2018, the Commission withdrawed the Commission proposal and the legislative process is therewith abandoned.

Tax

Common system of a digital services tax on revenues resulting from the provision of certain digital services

Updated on 07/03/2019

State-of-play: Published in the Official Journal. On 21 March 2018 the OJ published the proposal

On 21 March 2018 the OJ published the proposal.

  • Parliament:
  • Council:
    • Issue discussed at Minister level at the 4 December 2018 Ecofin. Work ongoing.

Common consolidated corporate tax base (CCCTB)

Updated on 04/12/2018

State-of-play: Legislative phase.

  • The 2011 proposal was withdrawn; a new proposal was published on 25 October 2016.
  • European Parliament: proposal has been assigned to ECON (Rapporteur: Alain Lamassoure, EPP)
    • Vote scheduled in committee for adoption of draft report (1st reading) for 20 November 2017.
    • On 3 May 2017, the ECON Committee held a public hearing on CCCTB.
    • On 10 October 2017, the ECON Committee held an exchange of views with representative of national parliaments.
    • On 21 February 2018, the ECON Committee voted to adopt the reports on the CCTB and the CCCTB.
    • On 15 March 2018, the CCTB and the CCCTB was adopted at Plenary.
  • Council:
    • Work ongoing at the level of the working party.

Directive on intermediaries (DAC 6)

Updated on 30/05/2018

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

  • Commission: Publishes proposal for a directive on 21 June 2017.
  • Council: On 25 May 2018 the ECOFIN Council adopted DAC6.
  • European Parliament: On 24 January 2018, the ECON Committee voted to adopt the draft report.

ATAD II (hybrid mismatches with third countries)

Updated on 22/12/2017

State-of-play: Published in the Official Journal. on 7 June 2017

  • Transposition deadline: 1 January 2020.
  • Commission: publishes proposal for a directive on 25 October 2016.
  • Council: the Council agreed its position on 21 February 2017.
  • European Parliament: started its work in committee on 28 February 2017, with the consideration of the draft report.
    • On 27 March 2017, the EP adopted its opinion in ECON Committee.
    • On 27 April 2017, the EP adopted in plenary its opinion.
  • Commission: The new legislative proposal was published on 14 February 2013. In early December 2013 the Commission published a non-paper to answer the Council’s legal opinion (see below).
  • European Parliament: Gave its consent to enhanced cooperation on 12 December 2012. The opinion on the legislative proposal was voted in the Plenary on 2 July 2013.
  • Council:
    • Examination of the proposal is still going-on at the working group level and among the 11 participating Member States. At the Ecofin Council in December 2015, Estonia left the group of 11 and the rest agreed to set a deadline for June 2016 to finalise their work. On 16 June 2016, a document with compromise principles has been presented and two taskforces have been created. The Ministers at the level of the participating Member States meet regularly but no breakthrough achieved yet.
    • Work ongoing at the level of participating Member States.
  • ECJ: On 18 April 2013 the UK Government lodged a formal legal claim at the European Court of Justice against the introduction of the EU FTT under the Enhanced Cooperation Procedure. This claim is based on the grounds that the existing proposal will impact countries not taking part to the initiative. The Court rejected the claim on 30 April 2014.

Digital Banking, Payment Systems & FinTech

Free Flow of Data

Updated on 28/06/2018
  • Commission:
    • Published a Proposal for a regulation on 13 September 2017.
    • On 25 April 2018, the Commission published a range of initiatives aimed at improving the free-flow of (non-personal) data in the EU.
    • On 19 June 2018, EU negotiators reached a political agreement on the free flow of non-personal data.
    • On 21 June 2018, the Commission updated its Q&A on the framework for the free flow of non-personal data in the EU.

Cyber Security

Updated on 28/06/2018
  • Commission:
    • The Commission published a Proposal for a regulation on 13 September 2017.
    • On 26 March 2018, the Commission opened a consultation on a proposal to create a cybersecurity competence network with a European Cybersecurity Research and Competence Centre.
  • Council:
    • On 8 June 2018, the Council agreed on its general position on the Cybersecurity Act.

FinTech Action Plan

Updated on 28/06/2018

State-of-play: Pre-legislative phase.

  • Commision:
    • On 8 March 2018, the Commission published it’s Fintech Action Plan, aimed at promoting both the digital single market and Fintech.
    • On 20 June 2018, the EU Fintech Lab held its first session (where cloud outsourcing was discussed).

Payment Services Directive II (PSD2)

Updated on 06/06/2019

State-of-play: Published in the Official Journal. L 337/35 on 25 November 2015

  • Entered into force: 15 December 2015.
  • Transposition deadline: 13 January 2018.
  • Level 2:
    • On 29 June 2017, EBA published its opinion in response to the Commission’s intention to amend EBAs RTS under PSD2. The Commission published the RTS on 27 November 2017.
    • On 14 March 2019, the Commission published a delegated regulation on the criteria for the appointing central contact points within the field of payment services and on the functioning of those central contact points
  • Level 3:
    • On 13 December 2017 the EBA published its final Report on Draft RTS setting technical requirements on development, operation and maintenance of the electronic central register on access to information .
    • On 26 April 2019 EBA published clarifications to a third set of issues raised by its Working Group on APIs under PSD2.

Action Plan on Retail Financial Services

Updated on 04/02/2019

State-of-play: Pre-legislative phase.

  • Commission: On 2 September 2015, a Roadmap for the Green Paper was published. The publication of the Green Paper and the consultation took place on 10 December 2015.
  • European Parliament: The report on the Green Paper was approved in ECON on 11 October 2016.
    • On 22 November 2016, the text was adopted by the Parliament in Plenary.
    • On 20 June 2017, the ECON Committee had its consideration of the draft own initiative report.
    • On 30 August 2017, the ECON Committee discussed proposed amendments to the action plan.
    • On 28 September 2017 ECON and IMCO published a joint opinion on an Action Plan on Retail Services.
    • On 14 November 2017, the own initiative report was adopted was adopted at plenary.

Client protection & Consumer rights

European Deposit Insurance Scheme (EDIS)

Updated on 22/12/2017

State-of-play: Legislative phase.

  • Commission: Proposal for a regulation published on 24 November 2015.
  • Council: The Dutch Presidency started work in January 2016.
  • European Parliament: Named its rapporteur and work started in early 2016.
  • Timeline:
    • 23 May 2016: ECON hearing
    • 16 June 2016: The ECON committee has published its working document
    • 21 October: the rapporteur finalized her draft report
    • 16 December 2016: deadline for amendments
    • 25 January 2017: consideration of amendments
    • 29 March 2017 AFCO adopted its opinion on the EDIS proposal
  • European Central Bank: On 12 July 2016, the opinion of the ECB on EDIS was published in the Official Journal of the EU C 252/1.

Investor Compensation Scheme Directive

Updated on 22/12/2017

State-of-play: Proposal withdrawn.

  • Commission: Due to a political stalemate since 2011 and in a spirit of “Better Regulation”, the Commission withdrew its proposal on 7 March 2015.
  • Entered into force: 17 August 2014.
  • Transposition deadline: 18 September 2016.
  • Level 2: The consultation on the most representative services ended on 9 February 2015. The EBA published final draft technical standards on 5 May 2017.

General

Sustainable Finance

Updated on 06/06/2019

State-of-play: Pre-legislative phase.

HLEG Report and Action Plan:

  • Commission:
  • Parliament:
    • On 2 February 2018, the ECON Committee’s draft report on sustainable finance was published.
    • On 21 February 2018 ,the ECON Committee held a public hearing on sustainable finance.
    • On 21 February 2018, the ECON Committee discussed the draft report.
    • On 24 April 2018, the ECON Committee adopted its draft report on sustainable finance.
  • Council: Discussions are ongoing.
  • Next steps: TEG recommendations on 18 June 2019.

Legislative Proposals:

Proposal on Taxonomy:

Proposal on low carbon and positive carbon benchmarks

Proposal on sustainable investment disclosure duties:

  • On the 24 May 2018, the Commission published a proposal on sustainable investments and sustainability risks.
  • Parliament:
  • Council: Reached an agreement on 19th December 2018.
  • Trilogue: On 7 March 2019 trialogue agreement has been reached.
  • Next steps: The agreement will be now submitted to the Council and the European Parliament for endorsement. Formal adoption followed by publication in the Official Journal.
  • Commission: launched a consultation on 30 September 2015 that ended on 31 January 2016
  • A public hearing at the Commission took place on 17 May 2016.
  • On 7 June 2016, the Commission published the summary of the call for evidence.
  • On 22 November 2016, the Commission published a follow-up communication on the call for evidence.
  • On 1 December 2017, the Commission published a progress report, providing an update to the call for evidence in 2015.

Contact

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