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

Review of the AIFMD

Updated on 12/06/2020

State-of-play: Consultation.

State of play: review work started in the Commission

Level 1

Commission

  • On 10 June 2020, the Commission published its scheduled report on the functioning of the directive.

Next steps

  • The Commission will launch a consultation on the review in Autumn 2020.
  • A legislative proposal is expected in Q2 2021.

Alternative Investment Fund Managers Directive (AIFMD)

Updated on 12/06/2020

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.

Next steps

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

Regulation on simple, transparent and standardised securitisations

Updated on 12/06/2020

State-of-play: Published in the Official Journal. on 28 December 2017 (L 347/35)

State of play: on 28 December 2017, the Regulation was published in the Official Journal (L 347/35)

Level 1

Commission

  • 30 September 2015, the proposal was published

Level 2

  • 22 August 2018, ESMA published a set of draft RTS and ITS under the Securitisation Regulation.
  • 12 November 2018, ESMA published a final report on its technical advice to the Commission on fees for securitisation repositories under the Securitisation Regulation.
  • 13 November 2018, ESMA published a final report regarding technical standards on securitisation repository application requirements, operational standards, and access conditions under the Securitisation Regulation.
  • 13 November 2018, ESMA published a set of items which provide standards and guidance for securitisation repositories under the Securitisation Regulation.
  • 12 December 2018, the EBA published the final guidelines on the simplicity, transparency and standardisation (STS) criteria applicable to non-asset-backed commercial paper (non-ABCP) securitisation.
  • 12 December 2018, the ESAs published the final draft RTS amending the EMIR clearing obligation under the Securitisation Regulation.
  • 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.
  • 8 January 2019, ESMA published the final RTS regarding cooperation between competent authorities and ESAs.
  • 28 May 2019, the Commission adopted a delegated regulation supplementing the Securitisation Regulation with regard to RTS on the homogeneity of the underlying exposures in securitisation.
  • 25 September 2019, the EBA launched a two-month public consultation on its proposals for a simple, transparent and standardised (STS) framework for synthetic securitisation.
  • 6 May 2020, the EBA published its proposal for developing a simple, transparent and standardised (STS) framework for synthetic securitisation.

Level 3

  • 31 January 2019, ESMA published an opinion and a Q&A on disclosure technical standards under the Securitisation Regulation.
  • 2 September 2019, the EBA added the Securitisation Regulation to its online interactive Single Rulebook and Q&As tool.
  • 23 October 2019, the EBA published an opinion on the regulatory treatment of securitisations of non-performing exposures (NPE) addressed at the Commission.
  • 15 November 2019, ESMA updated the Q&A on the Securitisation Regulation.
  • 22 November 2019, ESMA updated the list of securitisations designated as STS from 01/01/2019.
  • 28 May 2020, ESMA updated its Q&As on the Securitisation Regulation.

Undertakings for Collective Investments in Transferable Securities (UCITS)

Updated on 12/06/2020

State-of-play: Published in the Official Journal. on 12 July 2019 (L 188/106)

State of play: on 28 August 2014, the UCITS V Directive was published in the Official Journal (L 257/186), on 12 July 2019, the CBDF amending the UCITS Directive was published in the Official Journal (L 188/106)

  • Links to ESMA UCITS Documents

Level 2

  • 12 July 2018, the Commission adopted a delegated regulation on safe-keeping duties of depositaries.
  • 25 February 2019, ESMA published the responses received to its consultation on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.
  • 4 April 2019, ESMA issued the first PAN-EU overview of use of supervisory sanctions for UCITS.
  • 5 September 2019, ESMA published the framework to be used for stress simulations for the investment fund sector.
  • 27 September 2019, ESMA published the results of the study on the net performance of active equity funds as compared to passive equity funds, ETFs and relevant benchmarks

Level 3

  • 29 March 2019, ESMA published a Q&A clarification on benchmark disclosure obligations for UCITS.
  • 8 April 2019, ESMA published the responses it received to its consultation on liquidity stress test guidelines for investment funds.
  • 4 June 2019, ESMA published the Q&A updates on the application of AIFMD and UCITS.
  • 16 July 2019, ESMA launched a consultation on draft guidelines on performance fees under the UCITS directive.
  • 2 September 2019, ESMA published its final report on the guidelines regarding liquidity stress tests of investments funds, applicable to both AIFs and UCITS from 30 September 2020.
  • 1 October 2019, ESMA conducted a study on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).
  • 14 November 2019, ESMA published the advice of the SMSG to the consultation paper on performance fees guidelines under the UCITS Directive.
  • 12 December 2019, ESMA published its second annual report on sanctions (penalties and measures) imposed by NCAs under the UCITS Directive covering the year 2018.
  • 30 January 2020, ESMA launched a Common Supervisory Action (CSA) with national competent authorities (NCAs) on the supervision of UCITS’ managers liquidity risk management across the EU.
  • 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.

Next steps

The review process is ongoing, and a review proposal is expected in Q3 2020.

Indices used as benchmarks (Benchmarks Regulation)

Updated on 12/06/2020

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).

Review process started in the Commission.

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.
  • 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 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.
  • On 29 April 2020, ESMA published a no action letter to promote coordinated action by national competent authorities (NCAs) regarding the new environmental, social and governance (ESG) disclosure requirements for benchmark administrators under the Benchmarks Regulation.

Next steps

  • The adoption of a review proposal is planned for Q3 2020.

Banking Supervision

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

Updated on 12/06/2020

State-of-play: Legislative phase.

State of play: review process (targeted amendments) due to the Covid-19 crisis

Level 1

Commission

  • On 28 April 2020, the proposal was published.

Parliament

  • On 18 May 2020, the ECON Committee held an exchange of views on the proposal.
  • On 8 June 2020, the ECON Committee adopted its draft report on the proposed amendments.

Council

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

Next steps

  • On 18 June, the Parliament will vote on the ECON report in plenary.
  • Council adopt the legislation by written procedure in June 2020.

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.

Amendments to the Capital Requirements Regulation and Directive

Updated on 12/06/2020

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.

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.

 

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

Payment Services Directive II (PSD2)

Updated on 12/06/2020

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.
  • 4 June 2020, the EBA published an opinion on obstacles to the provision of third-party provider services (TPPs) under the RTS on strong customer authentication (SCA) and common and secure communication (CSC).

Digital Strategy Action Plan

Updated on 12/06/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • 19 February 2020, the Commission published a Communication on “Shaping Europe’s digital future”, a White Paper on Artificial Intelligence and a Communication on “A European strategy for data”, as part of its work on the digital economy.
  • On 3 April 2020, the European Commission launched a consultation on a new digital finance strategy for Europe and a FinTech action plan.

Next steps

  • The European Commission will publish a Digital Finance strategy in Q3 2020.

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.

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 12/06/2020

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.

Next steps

  • Agreement to be found in trilogue negotiations.

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.

Deposit Guarantee Scheme Directive (DGSD)

Updated on 12/06/2020

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.
  • 12 May 2020, the EBA published 2019 data relating to two key concepts in the DGSD: available financial means, and covered deposits.

Sustainable Finance

Taxonomy

Updated on 12/06/2020

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.
  • 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.

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 by the Parliament 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.

Non-Financial Reporting Directive

Updated on 12/06/2020

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

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

Next steps

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

Green Bond Standards

Updated on 12/06/2020

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 and will publish a consultation in June 2020.

Sustainable Investment Disclosure Duties

Updated on 12/06/2020

State-of-play: Legislative phase.

State of play: on 9 December 2019, the Regulation was published in the Official Journal (L 317/1).

Level 1

Commission

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

Parliament

  • 24 May 2018, the proposal was published as part of a reforms package.
  • 2 August 2018, the ECON Committee published the draft report on the proposal.
  • 17 September 2018, the ECON Committee published amendments on the proposal.
  • 11 October 2018, the ENVI Committee presented its opinion on the proposal.
  • 5 November 2018, the ECON Committee adopted the report on the proposal.
  • 18 April 2019, the Parliament adopted the text of the trilogue agreement in plenary.

Council

 Trilogue negotiations

  • 14 November 2018, the Parliament confirmed the negotiations mandate.
  • 7 March 2019, the Parliament and the Council reached a political agreement.

Level 2

On 23 April 2020, the ESAs launched a consultation seeking input on proposed ESG disclosure standards which were developed under the EU Regulation on sustainability-related disclosures in the financial services sector (SFDR).

Sustainable finance

Updated on 12/06/2020

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.
  • 8 April 2020, the Commission launched a consultation on the renewed sustainable finance strategy.

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.
  • 23 March 2020, the European Commission launched an inception impact assessment on a Delegated Act on a climate change mitigation and adaptation taxonomy.
  • 9 April 2020, the European Commission launched three consultations on draft delegated regulations concerning: i) minimum standards for climate benchmarks; ii) environmental, social and governance criteria; iii) building in environmental, social and governance criteria in financial benchmarking.
  • 8 June 2020, the European Commission launched a series of consultations on draft delegated directives on the ESG disclosure obligation under MiFID II, UCITS and AIFMD.

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.
  • 27 April 2020, the EU Technical Expert Group on Sustainable Finance (TEG) released a statement outlining clear policy priorities for a sustainable recovery from the Covid-19 pandemic.

Next steps

  • The Commission will publish level 2 measures on sustainability risks and factors on MIFID, AIFMD and UCITS in 2020.
  • The first level 2 Taxonomy measures are expected for end 2020.
  • The European Commission is expected to issue a renewed sustainable finance strategy in Q4 2020.

Contact

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Address

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