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

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

 

Alternative Investment Fund Managers Directive (AIFMD)

Updated on 06/04/2020

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.

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.

Next steps

  • The Commission has started its review process of the AIFMD. A legislative proposal is expected in 2020.

Indices used as benchmarks (Benchmarks Regulation)

Updated on 06/04/2020

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

State of play: on 29 June 2016, the Regulation was published in the Official Journal (L 171/1)

Level 1

Commission

  • 18 September 2013, the proposal was published.
  • 18 March 2020, the Commission launched a consultation on a roadmap for the review of EU rules for financial benchmarks.

Parliament

  • 31 March 2015, the ECON Committee adopted its report on the proposal.
  • 7 April 2016, the ECON Committee approved the agreed text from the trilogue negotiations.
  • 28 April 2016, the Parliament adopted the trilogue agreement in plenary. 

Council

  • 17 May 2016, the Council formally adopted the text.

Level 2

  • 29 September 2017, the Commission adopted a 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.
  • Acts on Benchmarks Regulation
  • 7 September 2018, ESMA updated its benchmarks register.
  • 16 July 2019, the EBA updated the ITS package for 2020 benchmarking exercise, on the basis of the responses to the consultation to amend the Regulation on benchmarking of internal models.
  • 11 October 2019, the Commission opened a public consultation on a report on the review of the Benchmark Regulation pursuant to Article 54.
  • 9 March 2020, ESMA launched a consultation on draft RTS under the Benchmarks Regulation (BMR) covering governance, methodology, infringements reporting, critical benchmarks

Level 3

  • 20 December 2018, ESMA published guidelines on non-significant benchmarks.
  • 19 June 2019, ESMA published the official translations of its guidelines on non-significant benchmarks.
  • 11 July 2019, ESMA updated the Q&A on the Benchmarks Regulation.
  • 11 December 2019, ESMA issued an update of its Q&A on the Benchmarks Regulation.
  • 13 December 2019, ESMA made available information on pending authorisation/registration applications by EU-based administrators under the Benchmarks Regulation.
  • 6 February 2020, EIOPA opened a consultation addressing for the first time the subject of the ongoing changes to the new benchmark rates (or IBOR transitions) following the Benchmarks Regulation.
  • 13 February 2020, ESMA published a table comprising national competent authorities that comply or intend to comply with ESMA’s guidelines on non-significant benchmarks under the Benchmarks Regulation.
  • 9 March 2020, ESMA published a list of competent authorities that comply or intend to comply with its guidelines on non-significant benchmarks.

 

EMIR I

Updated on 06/04/2020

State-of-play: Published in the Official Journal. on 27 July 2012 (L 201/1)

State of play: on 27 July 2012, the Regulation was published in the Official Journal (L 201/1)

Level 2

  • 6 September 2018, ESMA published the responses received to the consultation on the clearing obligation under EMIR.
  • 27 September 2018, ESMA published its final report amending RTS on the clearing obligation for intragroup transactions.
  • 18 December 2018, the ESAs published two joint draft RTS on risk mitigation techniques for OTC derivative contracts not cleared by a CCP and on margin requirements for non-centrally cleared OTC derivatives.
  • 19 December 2018, the Commission adopted a delegated regulation on the extension of the dates of deferred application of the clearing obligation for certain OTC derivative contracts.
  • 22 July 2019, ESMA published the annual peer review report on the overall supervision of CCPs by the NCAs.
  • 3 October 2019, ESMA issued a consultation on draft technical advice to the Commission on the commercial terms for providing client clearing services under EMIR.
  • 17 October 2019, ESMA published the results of a peer review on data quality reporting under EMIR of six NCAs.
  • 11 November 2019, ESMA published three sets of technical advice to the Commission regarding third-country central counterparties (TC-CCPs) under EMIR 2.2. They regard: tiering criteria under EMIR 2.2, fees to be charged to TC-CCPs, and comparable compliance.
  • 5 December  2019, the ESAs published joint draft Regulatory Technical Standards to amend the Delegated Regulation on the risk mitigation techniques for non-cleared OTC derivatives (bilateral margining) under EMIR.
  • 9 December 2019, ESMA published its second annual report regarding supervisory measures carried out and penalties imposed by NCAs under EMIR from January to December 2018.
  • 3 March 2020, ESMA published a report on C6 energy derivatives and related obligations under EMIR.

Level 3

 

Capital Markets Union (CMU) Action Plan

Updated on 06/04/2020

State-of-play: Legislative phase. Action Plan

State of play: legislative phase an preparation of review of the Action Plan

Level 1

Commission

  • 30 September 2015, the Commission published its Action Plan on “Building a CMU”.
  • 20 January 2017, the Commission launched a public consultation on the CMU mid-term review.
  • 8 June 2017, the Commission published the mid-term review report on the CMU.
  • The Commission published a number of proposals in the framework of this action plan, most have been adopted by the co-legislators.
  • 18 November 2019, the Commission announced the composition of the High Level Forum (HLF) on the Capital Markets Union (CMU). The HLF will start working on 26 November 2019.
  • 20 February 2020, the Commission published the interim report produced by the High-Level Forum on the Capital Markets Union.

Council

Next steps

  • Implementation of the updated Action Plan and issuance of a second CMU action plan in 2020. The final report of the High-Level Forum on Capital Markets Union is expected for May 2020. A CMU action plan is expected in Q2 2020.

Banking Supervision

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).

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.

Amendments to the Capital Requirements Regulation and Directive

Updated on 06/04/2020

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.

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.

 

Review of the European Supervisory Authorities (ESAs)

Updated on 07/02/2020

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.

Reform of banking structure

Updated on 09/12/2019

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.

Taxation

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

Updated on 06/04/2020

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).

Directive on access to anti-money laundering information by tax authorities (DAC 5)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. on 16 December 2016 (L 342/1)

State of play: 16 December 2016, the Directive was published in the Official Journal (L 342/1)

Level 1

Commission

  • 5 July 2016, the proposal was published.

Parliament

  • 5 October 2016, the ECON Committee adopted its opinion on the proposal.
  • 19 October 2016, the Parliament adopted the position in plenary.

Council

  • 6 December 2016, the Council adopted the proposal.

ATAD II (hybrid mismatches with third countries)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. on 7 June 2017 (L 144/1)

State-of-play: 7 June 2017, published in the Official Journal (L 144/1)

Level 1

Commission

  • 25 October 2016, the proposal was published.

Council

  • 21 February 2017, the Council agreed its position.
  • 29 May 2017, the Council adopted the directive on hybrid mismatches.

European Parliament

  • 28 February 2017, the ECON Committee considered the draft report.
  • 27 March 2017, the ECON Committee adopted the report.
  • 27 April 2017, the Parliament adopted the directive in plenary.

Directive on disclosure duties for intermediaries (DAC 6)

Updated on 09/12/2019

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.

Common Consolidated Corporate Tax Base (CCCTB)

Updated on 09/12/2019

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

Digital Strategy Action Plan

Updated on 06/04/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

Next steps

  • The European Commission will issue a consultation specifically on digital and the financial sector in Spring 2020.
  • The European Commission will publish in Q3 2020 a Digital Finance strategy.

FinTech Action Plan

Updated on 07/02/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 2

Commission

  • 8 March 2018, the Commission published the FinTech Action Plan aimed at promoting both the digital single market and FinTech.
  • 20 June 2018, the EU FinTech Lab held its first session and discussed cloud outsourcing.
  • 1 July 2019, EIOPA launched a consultation on guidelines on outsourcing to cloud service providers.
  • 18 July 2019, the EBA published a report on regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities.
  • 13 December 2019, the Commission published the final report of the Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG) containing 30 recommendations on regulation, innovation and finance. The publication was accompanied by a Q&A on the report.

Payment Services Directive II (PSD2)

Updated on 07/02/2020

State-of-play: Published in the Official Journal. on 23 December 2015

State-of-play: Published in the Official Journal (L 337/35). Security standards under PSD2 came into force 14 September 2019.

Level 1

Commission

  • 24 July 2013, the proposal was published.

Parliament

  • 12 March 2014, the ECON Committee adopted the report on the proposal.
  • 16 June 2015, the ECON Committee approved the agreed text from the trilogue negotiations.
  • 8 October 2015, the Parliament adopted the agreed text in plenary.

Council

  • 9 December 2014, the Council agreed its general approach on the proposal.
  • 16 November 2015, the Council formally adopted the text.

Level 2

  • 27 November 2017, the Commission adopted a delegated regulation with regard to RTS for strong customer authentication and common and secure open standards of communication.
  • 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
  • 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

  • 29 June 2017, the EBA published its opinion in response to the Commission’s intention to amend the EBA’s draft RTS under PSD2.
  • 4 December 2018, the EBA published the final guidelines on exemption from the fall back mechanism under the RTS on SCA and CSC.
  • 11 December 2018, the EBA published an opinion on the use of eIDAS certificates under PSD2.
  • 26 April 2019, the EBA published clarifications to a third set of issues raised by its Working Group on APIs under PSD2.
  • 21 June 2019, EBA published an opinion on the element of strong customer authentication under PSD2.
  • 14 August 2019, the EBA published clarifications to the fifth set of issues raised by its Working Group on APIs under PSD2.
  • 28 November 2019, the EBA published its final guidelines on ICT and security risk management under PSD2.
  • 22 January 2020, the EBA published an amendment to its 2018 guidelines on fraud reporting under the revised PSD2.

 

Free flow of non-personal data

Updated on 06/12/2019

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

State of play: published in the Official Journal (L 303/59)

Level 1

Commission

  • 13 September 2017, the proposal for a regulation was published.
  • 25 April 2018, the Commission published a set of initiatives aimed at improving the free-flow of (non-personal) data in the EU.
  • 19 June 2018, the EU negotiators reached a political agreement on the free flow of non-personal data.

Council

  • 19 December 2017, the Council agreed on its negotiating position.

Parliament

  • 1 March 2018, the IMCO Committee published the draft report.
  • 24 April 2018, the IMCO Committee adopted its opinion on the proposal.
  • 4 June 2018, the IMCO Committee adopted the report on the regulation and the negotiations mandate.

 Trilogue negotiations

  • 19 June 2018, the Parliament and the Council reached a political agreement.
  • 3 October 2018, the Parliament adopted the legislation in plenary.
  • 9 November 2018, the Council formally adopted the regulation.

Level 3

  • 21 June 2018, the Commission updated its Q&A on the framework for the free flow of non-personal data in the EU.

Cybersecurity Act

Updated on 06/12/2019

State-of-play: Published in the Official Journal. on 7 June 2019

State of play: published in the Official Journal (L 151/15)

Level 1

Commission

  • 13 September 2017, the Commission published a cybersecurity package.
  • 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.

Parliament

  • 10 July 2018, the ITRE Committee voted on the proposal.
  • 14 January 2019, the ITRE Committee voted on the text agreed in the trilogue negotiations.

Council

  • 8 June 2018, the Council adopted its position on the Cybersecurity Act.
  • 9 April 2019, the Council adopted the Regulation as agreed in the trilogue negotiations.

Trilogue negotiations

  • 13 September 2018, negotiations between the Parliament and the Council started.
  • 10 December 2018, the Parliament and the Council reached a political agreement.
  • 12 March 2019, the Parliament adopted the agreed text in plenary.

Next steps

  • To be revised by the new Commission mandate.

Client Protection & Consumer Rights

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

Updated on 07/02/2020

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.

Next steps

  • Trilogue negotiations to start and agreement to reach.
  • Second trilogue meeting on 2 March 2020.

Deposit Guarantee Scheme Directive (DGSD)

Updated on 09/12/2019

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

State of play: published in the Official Journal (L 174/149)

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.

Payment Accounts Directive

Updated on 09/12/2019

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

State of play: 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 to take place in Q2/Q3 2020.

Investor Compensation Scheme Directive

Updated on 06/12/2019

State-of-play: Proposal withdrawn.

State of play: withdrawn

7 March 2015, the proposal was withdrawn by the Commission in the spirit of “Better Regulation”, due to political stalemate.

European Deposit Insurance Scheme (EDIS)

Updated on 06/12/2019

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.

Sustainable Finance

Non-Financial Reporting Directive

Updated on 06/04/2020

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.

Taxonomy

Updated on 06/04/2020

State-of-play: Legislative phase.

State of play: legislative phase

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.

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.

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

  • Final approval and publication in the Official Journal.
  • 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.

EU Ecolabel on Financial Services

Updated on 06/04/2020

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.

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 September 2020.

Green Bond Standards

Updated on 06/04/2020

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.

Next Steps

  • The Commission will include this project in its consultation on Sustainable Finance.
  • At this stage the Commission is considering a legislative proposal.

Sustainable finance

Updated on 06/04/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • December 2016, the Commission set up a High-Level Expert Group on sustainable finance.
  • 13 July 2017, the HLEG published the interim report on sustainable finance and launched a consultation.
  • 13 November 2017, the Commission launched a two-month public consultation on institutional investors and asset managers’ duties regarding sustainability.
  • 31 January 2018, the HLEG published the final report on sustainable finance.
  • 8 March 2018, the Commission published its Action Plan on Sustainable Finance.
  • 24 May 2018, the Commission published a number of proposals aimed at financing sustainable growth:
    namely a proposal on Taxonomy, a proposal on sustainable investment disclosure duties, a proposal on positive carbon benchmarks, and two delegated acts on MiFID and IDD.
  • 10 January 2019, the Technical Expert Group published a report on climate-related disclosures.
  • 30 January 2019, the Commission published a reflection paper on a more sustainable Europe by 2030.
  • 18 June 2019, the Commission published guidelines on reporting climate-related information.
  • 30 September 2019, the Technical Expert Group on Sustainable Finance (TEG) issued its final report on climate benchmarks and makes recommendations on a set of minimum technical requirements for the methodology of EU Climate benchmarks.
  • 9 March 2020, the TEG on Sustainable Finance issued two reports on taxonomy and on the EU green bond standard.

Parliament

  • 2 February 2018, the ECON Committee published the draft report on sustainable finance.
  • 21 February 2018, the ECON Committee held a public hearing on sustainable finance.
  • 24 April 2018, the ECON Committee adopted its draft report on sustainable finance.

Level 2

  • 19 December 2018, ESMA launched a consultation on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.
  • 25 February 2019, ESMA published the responses received to its consultations on integrating sustainability risks and factors in MiFID II and in the UCITS Directive/AIFMD.
  • 30 April 2019, ESMA published a final report on environmental, social and good governance considerations for investment firms and funds under MiFID II, AIFMD and UCITS.
  • 6 September 2019, ESMA published the responses to its call for evidence on potential short-term pressures on corporations stemming from the financial sector, as part of ESMA’s work on sustainable finance.
  • 6 September 2019, ESMA published the advice requested to the SMSG on the survey on undue short-term pressure on corporations from the financial sector conducted in June 2019.
  • 6 December 2019, the EBA published its Action plan on sustainable finance outlining its approach and timeline for delivering mandates related to environmental, social and governance (ESG) factors.
  • 18 December 2019, the ESMA published its findings on potential undue short-term pressures in securities markets.

Level 3

  • 18 October 2019, the Commission launched the International Platform on Sustainable Finance (IPSF) together with relevant authorities from Argentina, Canada, Chile, China, India, Kenya, and Morocco, and published a Q&A on the initiative.

Next steps

  • The Commission will publish level 2 measures on sustainability risks and factors on MIFID, AIFMD and UCITS early 2020.
  • The first level 2 Taxonomy measures are expected for end 2020.
  • The European Commission is expected to publish a consultation on a renewed sustainable finance strategy in Q2 2020.
  • The renewed sustainable finance strategy is expected for Q3 2020.

Contact

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

Phone Fax
Opening hours

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