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

Market Abuse Regulation (MAR)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. on 12 June 2014 (L 173/1)

State of play: on 12 June 2014, the Regulation was published in the Official Journal (L 173/1)

Level 2

  • 3 October 2019, ESMA launched a consultation on the provisions of the Market Abuse Regulation (MAR) as requested by the European Commission.

Level 3

  • 8 October 2019, ESMA issued its final report on a set of Regulatory Technical Standards (RTS) on the application of the Market Abuse Regulation (MAR).

EMIR third country supervision

Updated on 09/12/2019

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

State of play: awaiting publication in the Official Journal

Level 1

Commission

  • 13 June 2017, the proposal for a regulation was published.
  • 20 September 2017, the Commission published a modified legislative proposal, as part of the wider package to reform the European system of financial supervision (ESAs review).

Council

  • 27 November 2018, the Council adopted its negotiating position.
  • 15 October 2019, the Council of the EU adopted revised rules for central counterparties in the single market.

Parliament

  • 31 January 2018, the ECON Committee presented its draft report on the proposal.
  • 16 May 2018, the ECON Committee adopted the report and approved the negotiations mandate.
  • 18 April 2019, the Parliament adopted the text in plenary.

Trilogue negotiations

  • 13 March 2019, the Parliament and the Council reached a political agreement on the proposal.
  • 1 April 2019, the ECON Committee approved the agreed text.

Next steps

  • Publication in the Official Journal.

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. on 19 May 2015 (L 123/98)

State of play: on 19 May 2015 the Regulation was published in the Official Journal (L 123/98)

Level 2

  • 8 June 2016, ESMA published its final report on draft RTS under the ELTIF Regulation.
  • 4 December 2017, the Commission adopted a delegated regulation with regard to RTS on financial derivative instruments.
  • 2 July 2019, ESMA published the responses to the consultation on draft RTS under Article 25 of ELTIF Regulation.

Securities Financing Transactions Regulation (SFTR)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. on 23 December 2015 (L 337/1)

State of play: on 23 December 2015, the Regulation was published in the Official Journal (L 337/1).

Level 1

Commission

  • 29 January 2014, the proposal was published.

Parliament

  • 24 March 2015, the ECON Committee adopted its report and the negotiations mandate.
  • 16 July 2015, the ECON Committee approved the agreed text from trilogue negotiations.
  • 29 October 2015, the Parliament adopted the agreed text in plenary.

Council

  • 16 November 2015, the Council formally adopted the agreed text.

Level 2

  • 20 April 2017, ESMA published a final report on its technical advice to the Commission on fees to trade repositories (TRs) under SFTR and on certain amendments to fees to TRs under EMIR.
  • 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 set of items which provide standards and guidance for securitisation repositories under the Securitisation Regulation.
  • 13 December 2018, the Commission adopted a package of new measures under SFTR.
  • 31 July 2019, ESMA published the responses to the consultation on draft guidelines for the reporting under SFTR.
  • 31 October 2019, ESMA published further technical details for the reporting of Securities Financing Transactions (SFTs) as required under the SFT Regulation (SFTR). The publication includes validation rules applicable to SFTR reports as well as the XML schemas reporting entities should use.

Level 3

  • 19 October 2017, the Commission published a report to the Council outlining the impact on the SFTR.
  • 5 September 2018, ESMA published an opinion in response to the Commission’s proposed amendments of technical standards on reporting under SFTR.
  • 20 June 2019, ESMA held an open hearing on its consultation paper on guidelines for reporting under articles 4 and 12 of the SFTR.

Money Market Funds Regulation (MMF)

Updated on 09/12/2019

State-of-play: Published in the Official Journal. L169/8 of 30 June 17

State of play: 30 June 2017, the Regulation was published in the Official Journal (L 169/8)

Level 1

Commission

  • 4 September 2013, the proposal was published.

Parliament

  • 29 April 2015, the report of the ECON Committee was adopted in plenary session.
  • 8 December 2016, the ECON Committee adopted the text based on the trilogue agreement.
  • 5 April 2017, the Parliament adopted the text in plenary.

Council

  • 15 June 2016, the Coreper agreed a negotiating stance on a draft regulation on money market funds.
  • 17 June 2016, the Council confirmed the Coreper's agreement and approved the negotiations mandate.

Trilogue negotiations

  • 7 December 2016, the Council and the Parliament reached a political agreement.
  • 16 May 2017, the Council adopted the MMF Regulation (by QMV, Luxembourg voted against).

Level 2

  • 17 November 2017, ESMA published its final report on technical advice, draft implementing technical standards and guidelines under MMFR.

Level 3

  • 21 March 2018, ESMA published the translated guidelines on stress tests scenarios under Article 28 of the MMFR.
  • 20 July 2018, ESMA sent a letter to the Commission asking for more clarity on share cancellation under MMFR.
  • 11 December 2018, ESMA published the responses to its consultation on stress testing for money market funds.
  • 26 February 2019, ESMA published the responses to its consultation on reporting guidelines under the MMFR.
  • 19 July 2019, ESMA issued two sets of guidelines regarding the stress testing and reporting to NCAs.

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.

Review of the European Supervisory Authorities (ESAs)

Updated on 09/12/2019

State-of-play: Legislative phase.

State of play: legislative phase

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.

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

Next steps

  • The Council will formally adopt the text, which will then be published in the Official Journal.

Amendments to the Capital Requirements Regulation and Directive

Updated on 09/12/2019

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

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.

 

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 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.

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

Updated on 09/12/2019

State-of-play: Legislative phase. on 21 March 2018 the proposal for a directive was published

State of play: legislative phase , on 21 March 2018 a proposal was published

Level 1

Parliament

Council

  • 4 December 2018, the ECOFIN Council discussed the proposal.
  • 12 March 2019, the ECOFIN Council decided to pause work on an EU legislation, and instead focus on the international position (OECD work).

Next steps

  • Waiting for developments at OECD level.

Digital Banking, Payment Systems & FinTech

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.

FinTech Action Plan

Updated on 06/12/2019

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 2

Commission

  • On 8 March 2018, the Commission published the FinTech Action Plan aimed at promoting both the digital single market and FinTech.
  • On 20 June 2018, the EU FinTech Lab held its first session and discussed cloud outsourcing.
  • On 1 July 2019, EIOPA launched a consultation on guidelines on outsourcing to cloud service providers.
  • On 18 July 2019, the EBA published a report on regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities.

Virtual Currencies

Updated on 06/12/2019

State-of-play: Non-legislative.

State of play: non-legislative phase

Level 1

Parliament

  • 26 May 2016, the Parliament adopted a resolution on virtual currencies.
  • 19 April 2018, the Parliament adopted the fifth anti-money laundering directive (AMLD V), which included new measures related to virtual currencies.

Level 2

  • On 2 June 2016, ESMA launched a three-month consultation on distributed ledger technology applied to securities markets.

Commission

Level 3

  • 12 February 2018, the ESAs published a joint statement to warn customers on the risks of buying virtual currencies.

Action Plan on Retail Financial Services

Updated on 09/12/2019

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • 2 September 2015, the Commission published a roadmap for the Green Paper.
  • 10 December 2015, the Commission launched a consultation and published the Green Paper.
  • 2 March 2016, the Commission held a public hearing and published an action plan.
  • 23 March 2017, the Commission published its action plan on Retail Financial Services.
  • 14 January 2019, the Commission opened a consultation on the Consumer Credit Directive.

Parliament

  • 11 October 2016, the ECON Committee adopted the report on the Green Paper.
  • 22 November 2016, the Parliament adopted the text in plenary.
  • 20 June 2017, the ECON Committee adopted its consideration of the draft report.
  • 30 August 2017, the ECON Committee discussed proposed amendments to the action plan.
  • 28 September 2017, the ECON and IMCO Committees published a joint opinion on Action Plan on Retail Services.
  • 14 November 2017, the ECON Committee adopted the report on the action plan.
  • 9 July 2019, the ESAs published a report on the cross-border supervision of retail financial services.

Client Protection & Consumer Rights

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.

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

Updated on 06/12/2019

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.

Next steps

  • Agreement in Council: general approach.

Sustainable Finance

EU Ecolabel on Financial Services

Updated on 09/12/2019

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.

Next Steps

  • It is expected that the next JRC stakeholder meeting will take place in November 2019, and the actual adoption will be postponed to 2021.

Sustainable finance

Updated on 06/12/2019

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.

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.

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 by the end 2019.

Low carbon and positive carbon benchmarks

Updated on 06/12/2019

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.
  • 18 June 2019, the TEG published its report on Climate Benchmarks and Benchmarks’ ESG Disclosures.
  • 5 July 2019, the Commission launched a call for feedback on climate benchmarks and benchmarks’ ESG disclosure

Parliament

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

Council

Trilogue negotiations

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

Level 3

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

Next steps

  • Publication in the Official Journal.

Taxonomy

Updated on 06/12/2019

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.

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.

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.

Next Steps

  • According to the Council position, the taxonomy should be established by the end of 2021, in order to ensure its full application by end of 2022. Finland’s Presidency will launch trilogue negotiations with the Parliament and the Commission.

Sustainable Investment Disclosure Duties

Updated on 06/12/2019

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.

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.

Next Steps

  • Publication in the Official Journal.

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.