Financial Markets Regulation

Regulation on Central Counterparties (CCP) Recovery and Resolution

Updated on 29/03/2018

State-of-play: Legislative phase.

  • Commission: Proposal was published on 28 November 2016.
  • Council: Negotiations between Member States are ongoing.
  • ECON:

Regulation on simple, transparent and standardised securitisation (CMU)

Updated on 29/03/2018

State-of-play: Published in the Official Journal. on 28 December 2017, came into effect on 17 January 2018

  • Commission: Proposal was published on 30 September 2015.
  • Council: Agreement reached on 3 December 2015.
    • On 30 May 2017, the Council reached an agreement with the European Parliament.
    • On 20 November 2017, the Council adopted rules aimed at facilitating the development of a securitisation market in Europe.
  • European Parliament:
    • On 8 December 2016, the EP adopted its draft report.
    • On 11 July 2017, the EP adopted the provisional agreement resulting from trilogues.
    • On 26 October 2017, the vote in plenary took place.
  • Level 3:
    • On 23 March 2018, ESMA published two consultation papers on draft technical standards implementing the Securitisation Regulation (SR).

EMIR review

Updated on 29/03/2018

State-of-play: Legislative phase.

  • Commission:
    • On 4 May 2017, publication of the EMIR refit proposal.
    • In June 2017, the Commission proposed a second set of amendments to EMIR to enhance the supervision of third country CCPs and make the supervision of EU CCPs more coherent.
    • On 20 September 2017, the Commission adopted a further legislative proposal, as part of its wider proposals to reform the European System of Financial Supervision. On the same day, they also published a modified legislative proposal, which consolidated the changes made and the previous proposal.
  • European Parliament: 
    • Held a first exchange of views on 10 October 2017.
    • ECON’s Draft Report (on the clearing obligation, reporting requirements, and risk mitigation techniques for OTC derivatives not cleared by a CCP) published on 26 January 2018.
    • Held an exchange of views on Werner Langen’s Draft Report on 21 February 2018.
    • On 20 March 2018, the ECON Committee discussed amendments to the EMIR.
  • Council: The Council reached a general agreement on the EMIT refit text on 20 December 2017. For the two other texts the negociations are still ongoing.

Capital Markets Union (CMU) Action Plan

Updated on 29/03/2018

State-of-play: Legislative phase. Action Plan

  • Commission: The Green Paper consultation ended on 13 May 2015 and a conclusive Conference was held on 8 June 2015. An Action Plan was published on 30 September 2015. A First Status Report was published on 25 April 2016. On 14 September 2016 the Communication “Capital Markets Union – Accelerating Reform”, was released.
    • On 20 January 2017 the Commission launched a public consultation on the Capital Markets Union Mid-Term Review.
    • On 8 June 2017, the Commission published its Mid-term review of the action plan.
    • On 20 September 2017, the European Commission proposed reforms to deepen the CMU (see ESA review section).
    • On 11 December 2017, the Commission announced new guidelines aimed at simplifying procedures for cross-border investors in the EU.
    • On 7 March 2017, the Commission adopted a package of measures under the CMU umbrella, on issues such as, FinTech, Sustainable finance, Cross-border distribution of investment funds, covered bonds, securities ownership.
    • On 8 March 2018, the Commission published its proposal for a Regulation on European Crowdfunding Service Providers (ECSP) for business.
  • European Parliament: An exchange of views with Commissioner Hill was held on 24 February 2015 and 13 October 2015. Plenary debates took place on the 6 July and 7 October 2015.
  • Council: The ECOFIN Council adopted conclusions on the CMU on 19 June 2015. Action Plan has been discussed at ECOFIN on 6 October 2015. ECOFIN adopted its conclusions on 10 November 2015.

Creating an EU covered bond framework: “Towards a pan-European covered bonds”

Updated on 29/03/2018

State-of-play: Legislative phase.

  • Commission:
  • EBA: Report on a EU-harmonised market for covered bonds on 20 December 2016.
  • European Parliament: Rapporteur Bernd Lucke finalises his draft 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 their report.
  • Next step: Adoption of the proposal by the Commission currently scheduled for 7 March 2018 and legislative process in the European Parliament and at the Council.

Banking Supervision

Amendments to the BRRD and the SRM regulation

Updated on 04/04/2018

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 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.
  • 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.
  • 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.

Review of the European Supervisory Authorities (ESAs)

Updated on 04/04/2018

State-of-play: Legislative phase.

  • Commission: Publication of consultation on 21 March 2017. Deadline: 16 May 2017.
  • Council: Exchange of views at ECOFIN meeting in November 2017. Regular meetings of the relevant Council Working Party.
  • European Parliament: Has nominated B. Balz and P. Berès as co-rapporteurs and is to start its works.
    • On 23 January 2018, the ECON Committee published a working document on the ESA Review.

Amendments to the Capital Requirements Regulation and Directive

Updated on 04/04/2018

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-going negotiations around compromise amendments.
  • Council: Legislative work on-going in the respective working party.
  • EBA: On 1 August 2017, EBA publishes an opinion on Article 458:

Reform of banking structure

Updated on 22/12/2017

State-of-play: Legislative phase.

  • 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.

Tax

Common consolidated corporate tax base (CCCTB)

Updated on 04/04/2018

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.

Directive on intermediaries (DAC 6)

Updated on 06/04/2018
  • Commission: Publishes proposal for a directive on 21 June 2017.
  • Council: On 13 March 2018, the ECOFIN Council reached political agreement on 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.
  • 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.

EU anti-BEPS: Council directive on rules against corporate tax avoidance (ATAD)

Updated on 22/12/2017

State-of-play: Published in the Official Journal. on 19 July 2016 L 193/1

  • Entered into force: 8 August 2016.
  • Transposition deadline: 1 January 2019
  • Commission: Proposal published on 28 January 2016.
  • European Parliament: The report has been adopted in ECON on 24 May 2016. On 8 June 2016, the European Parliament adopted its opinion in first reading.
  • Council: On 21 June 2016, the Council agreed on a draft directive addressing tax avoidance practices. On 12 July 2016, the Council adopted the directive.

Digital Banking, Payment Systems & FinTech

Free Flow of Data

Updated on 06/04/2018
  • Commission: published a Proposal for a regulation on 13 September 2017.

Cyber Security

Updated on 06/04/2018
  • Commission: published a Proposal for a regulation on 13 September 2017.

FinTech Action Plan

Updated on 06/04/2018

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.

Payment Services Directive II (PSD2)

Updated on 22/12/2017

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.
  • 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 .

Action Plan on Retail Financial Services

Updated on 22/12/2017

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.
    • A public hearing organised by the European Commission was held on 2 March. The Commission published an action plan in Q1 2017.
    • On 23 March 2017, the Commission published its action plan on Retail Financial Services.
  • 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 06/04/2018

State-of-play: Pre-legislative phase.

  • Commission:
    • Set up a High Level Expert Group on sustainable finance on December 2016.
    • Mid-term report of the HLEG published together with a consultation on 13 July 2017.
    • Publication of a consultation of the fiduciary duty of institutional investors and asset managers on 13 November (consultation runs until 28 January 2018).
    • On 31 January 2018, the HLEG Report was published.
    • On 8 March 2018, the Commission published its Action Plan on Sustainable Finance.
  • 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 26 March 2018, ECON discussed amendments to the draft report on sustainable finance.
  • Next steps:
    • The Commission is expected to publish a road map on sustainable finance in March 2018.
    • The Commission is expected to publish in May 2018 a proposal on fiduciary duty of institutional investors and asset managers and a proposal on taxonomy.
    • Capital Markets Union package including an Action Plan on sustainable finance with regulatory measures; an initiative on Financial Technology (FinTech), a proposal for an EU framework on crowd and peer to peer finance; a European enabling framework for covered bonds; a REFIT initiative on reducing barriers to cross-border distribution of alternative investment funds and UCITS; a proposal on assignment of claims and securities ownership.
  • 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

Association des Banques et Banquiers, Luxembourg

Address

12, Rue Erasme L-1468 Luxembourg

Phone Fax
Opening hours

Monday to Friday from 8h00 to 17h30.