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 Markets Regulation

European Covered Bonds Framework: Legislative Proposal

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: Legislative Phase

Commission:

EBA

  • Report on a EU-harmonised market for covered bonds on 20 December 2016.

ECB

  • On 9 April 2018, the ECB published an opinion on the proposal for a European covered bonds framework.

Council:

  • On 18 May 2018, the Council’s Working Group starts its works on the Commission proposals.
  • On 28 November 2018 the Council adopts its position and negotiation mandate with the European Parliament.

European Parliament:

  • In ECON the report has been given to the ECR political group with Bernd Lucke as rapporteur.
  • On 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
  • On 21 August 2018, the ECON Committee published a draft report on covered bonds.
  • On 26 September 2018 ECON Committee published amendments on covered bonds
  • On 20 November the ECON committee adopts the two covered bonds reports. The negotiation mandate is expected to be confirmed in the 10-13 December plenary session.
  • On 26 November 2018 ECON Committee published the reports on the regulation and directive on covered bonds.
  • On 4 April 2019, JURI Committee published an opinion on the proposal.

Trilogue negotiations:

  • On the 27th of February the European Commission announced a political agreement in inter-institutional negotiations on the covered bonds proposal.
  • On 20 March the Council confirmed the trilogue agreement.

 

NEXT STEPS

  • The trilogue agreement has to be adopted bz the Council and published in the Official Journal.

 

Level 3

  • On 23 October 2018, the Official Journal published the ECB’s opinion on the proposal for a directive on covered bonds.

MiFID and MiFIR

Updated on 21/08/2019

State-of-play: Published in the Official Journal. L 173 of 12 June 2014. The amended Directive, postponing the date of application and transposition by one year, has been published in the Official Journal L 175/8 of 23 June 2016

Level 1

State-of-play: published in the Official Journal

  • Published in the Official Journal L 173 of 12 June 2014. The amended Directive, postponing the date of application and transposition by one year, has been published in the Official Journal L 175/8 of 23 

Commission

  • On 23 August 2016, the Commission published two delegated regulations (on Art 26(9) and Art 17(7)) 

Entered into force 

  • 1 July 2016.

Transposition deadline

  • 3 July 2017

Application date

  • 3 January 2018 

Link to ESMA MiFID/MiFIR Documents

 

Level 2

Level 3

On 20 June 2018, ESMA announced that the temporary period for Legal Entity Identity (LEI) requirements is to end in July 2018.

 

  • On 21 September 2018, ESMA published opinion on MiFID RTS 1 amendments.
  • Link to updated Q&A
  • On 6 August 2018 ESMA updated its equity derivatives/equity/equity-like instruments transitional transparency calculations for MiFID II/MiFIR
  • On 26 September 2018 ESMA published updated Q&A on MiFIR data reporting.
  • On 1 October 2018 ESMA sent a letter to the European Commission on MiFID II and MiFIR third country regimes
  • On 2 October 2018 ESMA published an update of the Q&A on MiFID II and MiFIR commodity derivatives topics.
  • On 3 October 2018 ESMA published an update Q&A on MiFID II and MiFID investor protection and intermediaries.
  • On 3 October 2018 ESMA announced a withdrawal of MiFID guidelines of systems and controls.
  • On 14 November 2018 ESMA published un updated Q&A on MiFID II and MiFIR market structure and transparency topic. 
  • On 6 November 2018, EMSA published translated MiFID II guidelines
  • On 21 December 2018, ESMA published amended guidelines on the application of C6 and C7 of Annex 1 of MiFID II.
  • On 4 January 2018, ESMA updated its Q&A on MiFID II and MiFIR commodity derivatives topics.
  • On 4 January 2019, ESMA updated Q&A on MiFID II and MiFIR transparency topics.
  • On 23 January 2019 ESMA published six opinions on positions limits under MiFID II / MiFIR.
  • On 1 February 2019, ESMA updated Q&A on MiFID II and MiFIR market structure and transparency topics
  • On 4 February 2019 ESMA updated the Q&A on MiFIR data reporting
  • On 27 March 2019 published a Q&A on MIFID II and MiFIR commodity derivatives topics
  • On 28 March 2019, ESMA updated the Q&A on MiFID II and MiFIR investor protection and intermediaries.
  • On 27 March 2019 , ESMA published the letter to the European Commission on MiFID II and MiFIR Review reports.
  • On 2 April 2019, ESMA updated the Q&As on MiFID II and MiFIR transparency topics
  • On 9 April 2019, ESMA updated the Q&A on MiFIR data reporting.
  • On 29 May 2019, ESMA updated the Q&As on MiFID II and MiFIR investor protection and intermediaries
  • On 3 June 2019, ESMA updated MiFID Q&As on transparency issues
  • On 5 June 2019, ESMA published the translations for the guidelines on the application of C6 and C/ of Annex 1 of MiFID II
  • On 20 June 2019, ESMA published three opinions on position limits regarding commodity derivatives under MiFID II and MiFIR
  • On 11 July 2019, ESMA published MiFID II and MiFIR investor protection topics
  • On 12 July 2019, ESMA published a Q&A on MiFID II and MiFIR on transparency topics 
  • On 12 July 2019, ESMA published a Q&A on MiFID II and MiFIR market structures topics 

Packaged Retail Insurance-based Investment Products (PRIIPs)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. L 352 of 9 December 2014. Quick fix published in the Official Journal L 354/35 of 23 December 2016

Level 1

State-of-play: Published in the Official Journal L 352 of 9 December 2014.
Quick fix published in the Official Journal L 354/35 of 23 December 2016.

Entered into force: Came into effect on 1 January 2018.

Commission

  • On 26 March 2019, the Commission opened a call for tender on “Consumer testing services – Retail investors’ preferred option regarding performances scenarios and past performance information within the KID under the PRIIPs framework”.
  • Link to Joint Committee PRIIPS Documents

NEXT STEPS

  • PRIIPs review scheduled for end 2018 has been postponed by the European Commission. As a consequence the CBDF file has been used to introduce changes: UCITS KIID exemption extended for two years.
  • PRIIPs consumer testing exercise result and review are expected for Q1 2020.

Level 2

  • On 10 February 2017, ESAs launched a consultationon PRIIPs products with environmental or social objectives (EOS PRIIPs).
  • On 11 November 2016, the Commission sent a letter with its proposed amendments to the draft RTS to the ESAs.
  • On 8 November 2018 ESAs issued consultation paper on proposed changes to KID PRIIPS.
  • On 8 March 2019 ESMA published the proposition of amendment to PRIIPs key information document to clarify application to investment fund.
  • On 7 June 2019, the European Commission replied to ESAs call of July 2018 to clarify the scope of PRIIPs regulation
  • On 7 June 2019, ESAs proposed performance scenarios options for consumer testing

Level 3

  • On 20 November 2017, the ESAs published a Q&A on the PRIIPS (KID).
  • On 1 October 2018 ESMA published a letter to the European Commission expressing their concerns regarding the possibility of duplicating information requirements for investment fund from 1 January 2020.
  • On 20 July 2018, ESAs published an updated Q&A and updates to the Flow diagrams for the risk and reward calculations (New calculation example for Category 3 PRIIPs stress performance scenario).
  • On 8 February 2019 EIOPA published recommendations on changes to the PRIIPs KID
  • On 4 April 2019, EIOPA published a Q&A on the KID for PRIIPs

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 21/08/2019

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

Level 1

State-of-play: published in the Official Journal on 19 May 2015.

  • Entered into force on 8 June 2015. Applicable since 9 December 2015.

Parliament

  • On 19 November 2018 ECON Committee published amendments tabled on sovereign bond-backed securities.
  • On 10 December 2018: consideration of amendments.
  • Report adopted in ECON committee 21 March 2019
  • On 4 April 2019, ECON Committee published the report on the proposal.
  • First reading adopted in EP plenary session on 16 April 2019.

ELTIF Documents

 

Level 2

  • ESMA published its Final Report and draft RTS on 8 June 2016, and following discussion with the European Commission ESMA is postponing the delivery of its ELTIF RTS on the cost disclosure information which must be included in the ELTIF’s prospectus, in order to take into account the work being undertaken on cost disclosures for PRIIPs.
  • On 28 March 2019, ESMA published the consultation on draft ELTIF technical standards.
  • On 2 July 2019, ESMA published the responses to the consultation on draft RTS under ELTIF regulation.

Transparency of Securities Financing Transactions

Updated on 21/08/2019

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

Level 1

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

  • Entered into force on 12 January 2016.

Commission

  • On 19 October 2017 the Commission published a report to the Council outlining the impact on the SFT Regulation. 
  • On 14 December 2018 the Commission adopted a package of new measures under SFTR.

 

Level 2

  • On 27 March 2018 ESMA published a consultation on technical advice on fees for securitisation repositories

Link to SFTR Documents

 

Level 3

  • On 5 September 2018, ESMA published an opinion on proposed amendments to SFTR technical standards
  • On 20 June 2019, ESMA hold an open hearing on SFTR reporting

 

Banking Supervision

Amendments to the BRRD and the SRM regulation

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: Legislative Phase.

Commission: Proposal was published on 23 November 2016.

  • On 30 April 2019, the Commission adopted the report on the review of the BRRD and SRMR

European Parliament

  • First exchange of views in ECON committee on 28 February 2017.
  • On 25 April 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
  • On 3 May 2017, ECON committee held a Public Hearing on updating BRRD and SRM.
  • The proposal was split in two parts in order to fast track the ranking of unsecured debt part.
  • On 11 June 2017, the first exchange of views on the fast tracked ranking of unsecured debt part took place in ECON.
  • On 27 September 2017, the rapporteur publishes his draft reports (report 1 / report 2).
  • On 29 September 2017, the ECON Committee published two draft reports on the BRRD.
  • On 22 February 2018, the ECON Committee held a debate on the proposed amendments to the draft reports.
  • On-going negotiations around compromise amendments.
  • On 20 June 2018, the ECON Committee voted to adopt the draft reports amending the BRRD and the SRMR.
  • On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
  • On 16 April 2019, the European Parliament confirmed in plenary session the trilogue agreement.

Council:

  • Legislative work on-going in the respective working party.
  • Fast tracked proposals: On 7 December 2017 the Council adopts a directive on the ranking of unsecured debt instruments and a regulation on transitional agreements regarding the regulatory capital impact of IFRS 9.
  • On 25 May 2018, the ECOFIN Council reaches an agreement on a common position on the remaining parts of the RRM package in view of negotiations with the European Parliament and the Commission.

Trilogue negotiations

  • Agreement reached. On 4 December 2018 the ECOFIN Council endorses the political parts of the RRM package including the BRRD and SRMR and the whole text is approved at ambassador level on 15 February 2019. 

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.
  • On 7 June 2019, the Official Journal published the Regulation amending the Regulation on loss-absorbing and recapitalization capacity of credit institutions and investment firms

NEXT STEPS

  • Formal adoption of the legislation (trilogue agreement)by Council.

 

Level 2

  • On 4 March 2019, Commission delegated regulation on the criteria for assessing the impact of an institution’s failure

Level 3

  • On 19 October 2018 ESMA published a letter to EFRAG on the endorsement process of IFRS 17 insurance contract.

Amendments to the Capital Requirements Regulation and Directive

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

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 report 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 reports.
  •  On 19 June 2018, the ECON Committee adopted the draft reports on the CRR II and the CRD V.
  •  On 28 June 2018, the plenary confirmed the committee vote and mandate to negotiate in trilogues.
  •  On 16 April 2019, the EP plenary session confirmed the trilogues agreement. Link 1  Link 2 

 

Council

  • On 25 May 2018, the Council agreed on a common position on the CRR and the CRD in view of negotiations with the European Parliament and the Commission.
  • On 4 December 2018, the ECOFIN  Council endorsed the political parts of the package of measures on the Banking Union, more specifically on measures to reduce risk. On 15 February the Council at ambassador level endorses the whole text of the banking package.
  •  On 14 May 2019 the Council adopted a package which contains amendments to the capital requirement legislation

 

Level 2

 

  • On 21 May 2019, ESMA published an amendment to the Implementing Technical standards on the mapping on ECAIS under CRR.
  • On 24 May 2019, ESMA published a consultation paper proposing amendments to the main indices and recognized exchange under CRR.
  • On 7 June 2019, EIOPA re-consults on new amendments to technical standards on the mapping of ECAIs
  • On 7 June 2019, the Official Journal published the Regulation of 20 May 2019 amending Regulation as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties exposures to collective investment undertakings, large exposures, reporting and disclosure requirements.

 

Level 3 

 

EBA

  • On 1 August 2017, EBA publishes an opinion on Article 458
    CR Regulation
    Directive 
  • On 20 December 2018, EBA published a preliminary assessment on post-implementation impact of IFRS 9 on EU institutions. 
  • On 17 January 2019, EBA published the final guidelines regarding the type of exposures to be associated with high risk under the CRR.

 

Reform of banking structure

Updated on 21/08/2019

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

Level 1

 

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

 

Commission

  • Proposal published on 29 January 2014. In its 2018 working programme, the Commission announces the withdrawal of the proposal.

 

European Parliament

  • A first amended draft report, put to a vote on 26 May 2015, was rejected. Negotiations have come to a stand still since Autumn 2016.

 

Council

  • The ECOFIN Council adopted its General Approach on 19 June 2015.
  • On 3 July 2018, the Commission withdrew the Commission proposal and the legislative process is therewith abandoned.

Review of the European Supervisory Authorities (ESAs)

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: Legislative phase.

 

Commission

  • Publication of consultation on 21 March 2017. Deadline: 16 May 2017.
  • On 20 June 2017, the Commission published a feedback statement on the public consultation.
  • On 20 September 2017, the Commission published its legislative proposals. Link to ESA Review.
  • On 1 April 2019, the Commission has published the fact sheet on the ESAs review explaining the rational for the proposal and the key features.

 

Council

  • On 19 December EU ambassadors reach an agreement on the AML part of the package. Work on-going in the Council working party on the rest. On 22 December exchange of views in ECOFIN on the way ahead.
  • On 12 February 2019 the Council has adopted its general approach on ESAs.

 

European Parliament

  • Has nominated B. Balz and P. Berès as co-rapporteurs and initiated its works.
  • On 23 January 2018 the ECON Committee published a working document on the ESA Review.
  • On 10 July 2018, the co-rapporteurs issued their draft report
  • In early September Othmar Karas (EPP, AT) takes over as co-rapporteur from Burkahad Balz who left the European Parliament for the German Bundesbank. 
  • On 12 September 2018 ECON Committee published amendments on ESAs Review- Link 1   Link 2
  • On 14 September 2018 ECON Committee published amendments on ESAs Review
  • On 31 October 2018 ECON published amendments on the AML part of the package: 
  • On 14 January 2019 ECON published the report on ESAs as voted in the committee.

 

Trilogue negotiations

  • First meetings held on 14, 21 and 27 February 2019. Meetings scheduled for 12 March.
  • The European Parliament and the Council have reached an agreement on the 21stof March 2019.
  • On 16 April 2019, the EP plenary session confirmed the trilogues agreement.

 

NEXT STEPS

  • The Council has to formally adopt the text, followed by its publication in the OJ.

Tax

Level 1 

State-of-play: Adopted

Savings Tax Directive

Updated on 21/08/2019

State-of-play: Repealed.

Level 1

State-of-play: Repealed

Automatic Exchange of Information of Tax Rulings (DAC 3)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. on 8 December 2015

Level 1

State-of-play: Published in the Official Journal on 8 December 2015. Entered into force : 31 December 2016

 

European Parliament 

On 27 October 2015 the text was adopted by Parliament.

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

Updated on 21/08/2019

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

Level 1

State-Of-play: Published in the Official Journal of the EU 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 was adopted at Plenary on 13 December 2017.
  • On 21 June 2016, the Council agreed on a draft directive addressing tax avoidance practices. On 12 July 2016, the Council adopted the directive.

EU anti-BEPS (DAC 4)

Updated on 21/08/2019

State-of-play: Published in the Official Journal. L 146/8 of 3 June 2016

Level 1 

State-of-play: Published in the Official Journal L 146/8 of 3 June 2016.

Entered into force: 3 June 2016. Transposition deadline: 5 June 2017.

 

European Parliament

  • Opinion adopted in committee on 26 April 2016. Plenary vote took place on 12 May 2016.

Council

  • On 8 March 2016, the Council agreed its stance on a draft directive on the exchange of tax-related information on the activities of multinational companies. On 25 May 2016, the Council adopted rules on the reporting by multinational companies of tax-related information and exchange of that information between member states.
  • On 13 March 2018 the Council reached agreementon a proposal aimed at boosting transparency in order to tackle “aggressive” cross-border tax planning.
  • On 25 May 2018, the Council adopted the rules aimed at improving transparency to prevent aggressive cross-border tax planning.
  • On 5 December 2017 the Council published a list of non-cooperative jurisdictions.

Digital Banking, Payment Systems & FinTech

Free Flow of Data

Updated on 21/08/2019

Level 1

Cyber Security

Updated on 20/08/2019

Level 1

 

Commission

  • Published a cybersecurity package on 13 September 2017.
  • On 26 March 2018 the Commission opened a consultation on a proposal to create a cybersecurity competence network with a European Cybersecurity Research and Competence Centre.

Council

  • On 8 June 2018, the Council agreed on its general position on the Cybersecurity Act

FinTech Action Plan

Updated on 21/08/2019

State-of-play: Pre-legislative phase.

Level 1

State-of-play: pre-legislative

 

Commission

 

Level 2

  • On 1 July 2019, EIOPA launched a consultation on guidelines on outsourcing to cloud service providers.
  • On 18 July 2019, EBA published a report on regulatory framework applicable to FinTech firms.
  • On 19 July 2019, EBA published the report on regulatory perimeter, regulatory status and authorization approaches in relation to FinTech activities.

Virtual Currencies

Updated on 21/08/2019

State-of-play: Non-legislative.

Level 1

State-of-play: non-legislative.

 

Commission

European Parliament

Level 2

  • On 2 June 2016, ESMA has issued a Discussion Paper for public consultation on distributed ledger technology, the consultation ended on 2 September 2016.

Level 3

Action Plan on Retail Financial Services

Updated on 21/08/2019

State-of-play: Pre-legislative phase.

Level 1

State-of-play: Pre-legislative phase.

 

Commission

 

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 adoptedwas adopted at plenary.
    On 9 July 2019, ESAs published a report on cross border supervision of retail financial services 

Client protection & Consumer rights

“A New Deal for Consumers” (Collective Action)

Updated on 21/08/2019

State-of-play: Pre-legislative phase.

Level 1

Commission

Payment accounts directive

Updated on 21/08/2019

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

On the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features

Level 1

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

Entered into force: 17 August 2014.

Transposition deadline: 18 September 2016.

NEXT STEPS

  • Review to take place in Q2/Q3 2020

Level 2

Investor Compensation Scheme Directive

Updated on 21/08/2019

State-of-play: Proposal withdrawn.

Level 1

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.

European Deposit Insurance Scheme (EDIS)

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

 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.

General

Call for evidence: EU regulatory framework for financial services

Updated on 21/08/2019

State-of-play: Consultation.

Level 1

  • The 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.

Sustainable Finance

EU Ecolabel on Financial Services

Updated on 21/08/2019

State-of-play: Pre-legislative phase.

Level 1

  • Link to group meetings criteria and documents on EU Ecolabel on Financial Services.

Next Steps

  • It is expect for the next JRC stakeholder meeting to take place in November and the actual adoption to be postponed to 2021.

Green bond standards

Updated on 21/08/2019

State-of-play: Non-legislative.

Level 1

  • On 18 June 2019, the Commission published the TEG report on EU Green Bond Standard

Next Steps

Commission to reflect on how to take this forward. Commission and TEG to design the temporary voluntary registration system of approved verifiers.

Sustainable investment disclosure duties

Updated on 21/08/2019

State-of-play: Political agreement found in trilogue.

Level 1

Commission

  • On the 24 May 2018, the Commission published a proposal on sustainable investments and sustainability risks

Parliament

  • On 2 August 2018, the ECON Committee published a report on disclosures relating to sustainable investments and sustainability risks.
  • On 18 September 2018 ECON Committee published amendments on the disclosures
  • On 5 November 2018 ECON adopted and soon after published its report on disclosure relating to sustainable investments and sustainability risks
  • Vote in ECON: 5 December 2018
  • On 18 April 2019, the plenary session has adopted the trilogues agreement.

Council

  • Council reached an agreement on 19thDecember.

Trilogue

Next Steps

  • The agreement will be now submitted to the Council Formal adoption followed by publication in the Official Journal.

Level 1

Parliament

Council

  • On 19 December 2018, the Council reached an agreement on benchmarks and disclosure requirements.
  • On 18 June 2019, the Commission published the TEG report on EU Climate benchmarks and benchmark’ ESG disclosure

Commission

Trilogue

  • A trilogue agreement was reached on 25 February 2019.
  • The agreement has been approved by the EP plenary on 26 March.

Next Steps

  • Formal adoption of the Benchmark legislation by the Council followed by publication in the OJ.
  • TEG to open a consultation on its report, and publish a final version in September 2019.
  • Delegated acts are expected to be adopted by the EU Commission early 2020.

Level 2

  • On 19 December 2018, ESMA opened a consultation on disclosure requirements applicable to credit rating.

Taxonomy

Updated on 21/08/2019

State-of-play: Legislative phase.

Level 1

State-of-play: legislative work ongoing.

Commission

Council

  • Discussions are on-going.

Parliament

Next Steps

  • Council to reach general agreement on the Taxonomy proposal. An then start of Trilogue negotiations (TEG work to feed into the negotiations).
  • European Commission to launch a consultation on the TEG Taxonomy report (Early July 2019).

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.