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

European covered bonds framework

Updated on 06/12/2019

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

Council

  • 28 November 2018, the Council adopts its position and negotiation mandate with the European Parliament.
  • 8 November 2019, the Council formally adopted the proposals of Regulation and Directive.

Parliament

  • 17 May 2018, the Parliamentary Research Service published an analysis of the Commission’s impact assessment accompanying the legislative proposal.
  • 21 August 2018, the ECON Committee published a draft report on covered bonds.
  • 26 September 2018, the ECON Committee published two sets of amendments on covered bonds: link 1 and link 2.
  • 20 November 2018, the ECON Committee adopted the reports on the covered bonds Regulation and Directive.
  • 4 April 2019, the JURI Committee published an opinion on the proposal.
  • 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Trilogue negotiations

  • 20 November 2018, the ECON Committee approved the negotiations mandate.
  • 27 February 2019, the Council and the Parliament reached a political agreement on the covered bonds proposals.
  • 20 March 2019, the Council confirmed the trilogue agreement.
  • 1 April 2019, the ECON Committee approved the agreed text.

Level 2

  • 18 February 2015, the Commission published a Green Paper on the harmonisation of legal frameworks and market behaviours.
  • 6 January 2016, the Commission published the responses received to the public consultation on covered bonds.
  • 21 November 2019, the EBA launched a public consultation on specific supervisory reporting requirements for market risk, which are the first elements of the Fundamental Review of the Trading Book (FRTB) introduced by the revised Capital Requirements Regulation (CRR2) in the prudential framework of the EU.

Level 3

  • 22 August 2018, the ECB adopted an opinion on the proposals on covered bonds.

Next steps

  • The adopted text will be signed in Strasbourg during the European Parliament plenary week of 25 November and shortly afterwards published in the Official Journal.

MiFID and MiFIR

Updated on 06/12/2019

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 06/12/2019

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.

Taxation

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 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 06/12/2019

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 06/12/2019

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 06/12/2019

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

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.

EU Ecolabel on Financial Services

Updated on 06/12/2019

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 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

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