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

Prospectus Regulation “Financial Markets Recovery Package” (Covid-19)

Updated on 27/04/2021

State-of-play: Consultation. Review in the Council WP ongoing.

State of play: review in the Council WP ongoing, negotiating mandate planned for Q4 2020.

Level 1

Commission

Parliament

  • 19 November 2020, The econ Committee voted on Amending Regulation (EU) 2017/1129 as regards the EU Recovery prospectus and targeted adjustments for financial intermediaries to help the recovery from the COVID19 pandemic.
  • 25 March, the plenary adopted the final pieces of the Capital Markets Recovery Package.

Council

  • Council has a position since 21 October 2020.
  • 16 December 2020, Coreper endorsed provisional agreement with the European Parliament

Next steps

  • A Political trilogue agreement was reached and the COREPER approved the deal on 16 December. The text will need to be approve formally by the Council and the Parliament and then will be published in the OJ Q1 2021.

MiFID II “Financial Markets Recovery Package” (Covid-19)

Updated on 03/03/2021

State-of-play: Consultation. Review in the Council WP ongoing.

State of play: Review of the Council WP ongoing, negotiating mandate Q4 2020

Level 1

Commission

  • 24 July 2020, the Commission proposed targeted amendments to the MiFID II requirements for European firms.

Council

  • 21 October 2020, agreement on a common council position was reached.
  • 16 December 2020, Coreper endorsed provisional agreement with the European Parliament.
  • 15 February 2021, the Council adopted amendments on MiFIDII and Prospectus Regulation under the Capital Market Recovery Package.

Parliament

  • 29 October 2020, the ECON Committee adopted changes on MiFID II which were voted during the plenary session of the 19th of November.
  • 14 January 2021, the ECON committee has approved the Capital Markets recovery texts in which MiFID was adopted as agreed in trilogue agreement in December.
  • 11 February 2021, the European Parliament adopted the Capital Capital Market Recovery Package.

Next steps

  • Discussions are ongoing in Parliament with the vote scheduled for end October 2020, with a view to have a political agreement by the co-legislators by the end of the year.

Central Securities Depositories Regulation (CSDR)

Updated on 27/04/2021

State-of-play: Published in the Official Journal. on 28 August 2014 (L 257/1)

State of play: on 28 August 2014, the Regulation was published in the Official Journal (L 257/1)

  • Link to ESMA Documents

Level 2

  • 15 December 2015, the EBA published its final report on draft RTS on prudential requirements for central securities depositories.
  • 1 February 2016, ESMA published its final report on RTS on settlement discipline under the CSDR.
  • 8 March 2019, ESMA published the responses received to the consultation on settlement fails reporting and to the consultation on standardised procedures and messaging protocols under CSDR.
  • 29 March 2019, the Commission adopted an implementing decision on prudential requirements for credit institutions and investment firms.
  • 5 February 2020, ESMA published a final report on draft RTS on postponing the date of entry into force of the Commission Delegated Regulation (EU) 2018/1229 to 1st February 2021, concerning RTS on settlement discipline under the CSD Regulation.

Level 3

  • 18 October 2018, ESMA published a guidelines compliance table on cooperation between authorities under Article 17 and 23 of CSDR.
  • 19 October 2018, ESMA published a guidelines compliance table on CSD access to the trading feeds of CCPs and trading venues under CSDR.
  • 22 October 2018, ESMA published guidelines compliance table on participant default rules and procedures under CSDR.
  • 30 April 2019, ESMA published the official translations for the CSDR guidelines on internalised settlement reporting.
  • 2 October 2019, ESMA updated the Q&A on the implementation of the CSDR.
  • 8 October 2019, ESMA published the final report on the guidelines on standardised procedures and messaging protocols.
  • 6 November 2019, ESMA issued an update of the central securities depositories register in accordance with Articles 21(3) and 58(2) of the CSD Regulation.
  • 3 December 2019, ESMA updated its Q&A regarding the implementation of the CSDR.
  • 9 January 2020, ESMA updated of the register of competent authorities operating under the CSDR.
  • 21 January 2020, ESMA published the list of competent authorities (CAs) designated by each Member State responsible for carrying out the duties under CSDR for the authorisation and supervision of CSDs established in its territory and inform ESMA thereof.
  • 17 February 2020, ESMA updated its Q&A regarding practical issues on the implementation of the new Central Securities Depositories (CSD) regime.
  • 8 July 2020, ESMA updated its Q&As regarding the implementation of the CSDR.
  • 5 November 2020, ESMA published a report on CSDR implementation.
  • 31 March 2021, ESMA updated its Q&A on the Central Securities Depositories Regulation.

Alternative Investment Fund Managers Directive (AIFMD)

Updated on 27/04/2021

State-of-play: Published in the Official Journal. on 8 June 2011 (L 174/1)

State of play: on 1 July 2011, the Directive was published in the Official Journal (L 174/1)

Level 2

  • 19 December 2012, the Commission adopted a delegated regulation with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.
  • 15 May 2013, the Commission adopted an implementing act establishing the procedure for AIFMs which choose to opt in under AIFMD and an implementing act establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to AIFMD.
  • 10 December 2018, the Commission published a report on the operation of the AIFMD, starting the review process.
  • 22 April 2021, the Commission published an amended delegated act on sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers. This will have to be approved by the Council and the Commission before being published in the OJ.

Level 3

  • 25 July 2018, ESMA responded to the questions raised by EIOPA on the interpretation of AIFMD.
  • 29 March 2019, ESMA updated the Q&A on the application of AIFMD.
  • 8 April 2019, ESMA published the responses to the consultation on liquidity stress test guidelines for investment funds.
  • 2 September 2019, ESMA published its final report with the guidelines on liquidity stress testing in UCITS and AIFs.
  • 28 November 2019, ESMA published a guidance compliance table on competent authorities complying or intending to comply with ESMA’s guidelines on reporting obligations.
  • 3 December 2019, ESMA updated its Q&A on the application of the AIFMD.
  • 20 February 2020, ESMA updated the list of EU authorities that have signed a Memorandum of Understanding on AIFMD with third countries.
  • 3 April 2020, ESMA published its final guidance on performance fees in investment funds, applicable to UCITS and certain types of AIFs.
  • 4 June 2020, ESMA published a supervisory briefing on the supervision by national competent authorities (NCAs) of costs applicable to UCITS and AIFs.
  • 17 July 2020, ESMA issued the official translations of its guidelines on liquidity stress testing in UCITS and AIFs.
  • 12 November 2020, ESMA published its annual report on the use of sanctions under AIFMD.
  • 8 April 2021,  ESMA has published its third annual statistical report on the Alternative Investment Fund sector.

Next steps

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

European Long-Term Investment Funds Regulation (ELTIF)

Updated on 03/11/2020

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.
  • 16 September 2020, the Commission has published an inception impact assessment on ELTIF.
  • 19 October 2020, the Commission opened a public consultation on long-term investment funds-review of EU rules.

Next steps

  • The Commission is expected to present a legislative proposal in Q3 2021.

Banking Supervision

Level 1

Commission

  • 25 February 2021, the Commission published a consultation on the SRMR review.
  • 25 February 2021, the Commission published a consultation on the BRRD review.
  • 18 March 2021, the Commission organized the webstreaming of its online conference on crisis management and deposit insurance review.

State of play

Level 1

European Parliament

  • 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

  • 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

  • 22 November 2019, the EBA launched a public consultation on the draft Implementing Technical Standard (ITS) on disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC).
  • 15 May 2020, the EBA launched a public consultation on its draft RTS for contractual recognition of stay powers laid down in the BRRD.

Level 3

  • 17 February 2020, the EBA published its first quantitative report on minimum requirements for own funds and eligible liabilities (MREL) under a new methodology.
  • 25 March 2020, ESMA published a statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the Covid-19 outbreak.
  • 20 May 2020, the Single Resolution Board published its final report on Minimum Requirements for Own Funds and Eligible Liabilities (MREL) Policy under the Banking Package,
  • 20 May 2020, the EBA published a report assessing interlinkages between recovery and resolution planning under the BRRD, with the aim of enhancing synergies between the two phases and ensuring consistency in their potential implementation.
  • 26 June 2020, the EBA published a discussion paper exploring ways on how to enhance the BRRD framework on early intervention measures.
  • 24 July 2020, the EBA launched a consultation on draft ITS on reporting of MREL decisions.
  • 24 July 2020, the EBA launched a consultation on draft RTS on estimation of Pillar 2 and combined buffer requirements for the purpose of setting MREL.
  • 24 July 2020, the EBA launched a consultation on RTS and ITS on the impracticability of contractual recognition of bail-in under BRRD.
  • 23 December 2020, the EBA published final technical standards on estimation of Pillar 2 and combined buffer requirements for setting MREL.
  • 23 December 2020, the EBA published final technical standards of MREL decision from authorities to EBA.
  • 23 December 2020, the EBS published final draft technical standards on the impracticability of contractual recognition under the BRRD framework.

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

Updated on 03/11/2020

State-of-play: Published in the Official Journal.

State of play: on 25 June 2020, the Commission Delegated Regulation was published in the Official Journal (L 201/1).

Level 1

Commission

  • 28 April 2020, the proposal was published.

Parliament

  • 18 May 2020, the ECON Committee held an exchange of views on the proposal.
  • 8 June 2020, the ECON Committee adopted its draft report on the proposed amendments.
  • 18 June 2020, the Parliament in plenary approved the “quick fix” amendments to the CRR.

Council

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

Review of the European Supervisory Authorities (ESAs)

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 27 December 2019, the Regulation was published in the Official Journal (L 334/1).

Level 1

Commission

  • 21 March 2017, the Commission launched a two-month public consultation on the operation of the ESAs.
  • 20 June 2017, the Commission published a feedback statement on the consultation.
  • 20 September 2017, the Commission published the legislative proposal on ESAs review and launched a consultation on the proposed regulation.
  • 1 April 2019, the Commission published a fact sheet on the ESAs review.

Council

  • 12 February 2019, the Council adopted its general approach on the ESAs review.
  • 2 December 2019, the Council formally adopted the legislative package.

Parliament

  • Co-rapporteurs: O. Karas (EPP, AT) and P. Berès (S&D, FR)
  • 23 January 2018, the ECON Committee published a working document on the proposal.
  • 10 July 2018, the ECON Committee issued the draft report on the proposal.
  • 11 September 2018, the ECON Committee published amendments on the proposal.
  • 14 September 2018, the ECON Committee published amendments on the proposal.
  • 31 October 2018, the ECON Committee published amendments on the AML part of the review package.
  • 14 January 2019, the ECON Committee approved the report on ESAs. 

Trilogue negotiations

  • 21 March 2019, the Parliament and the Council reached an agreement on the proposal.
  • 1 April 2019, the ECON Committee approved the report as agreed in the trilogue negotiations.
  • 16 April 2019, the Parliament adopted the text of the trilogue agreement in plenary.

Level 3

  • 9 April 2019, ESMA published the ESAs annual review report for 2018.
  • 20 December 2019, the Banking Stakeholder Group (BSG) of the EBA, the Insurance and Reinsurance Stakeholder Group (ISRG) and Occupational Pensions Stakeholder Group (OPSG) of EIOPA, and the Securities and Markets Stakeholder Group (SMSG) of ESMA published a joint position paper on the ESAs review.
  • 10 January 2020, ESMA started publishing a list of questions received through its Q&A process, in the context of the entry into force of the revised ESMA Regulation (ESAs Review) including its new provisions applicable to Q&As.

State of play

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.

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.

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.

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.

Taxation

Value Added Tax on financial services

Updated on 03/03/2021

State-of-play: Pre-legislative phase.

Level 1

Commission

  • 23 October 2020, the Commission published an inception impact assessment: review of the VAT rules for financial and insurance services.
  • 3 February 2021, the Commission published a roadmap on VAT gap.
  • 8 February 2021, , the Commission published a public consultation for the review of VAT rules for financial and insurance services.

Mandatory Automatic Exchange of Information in the field of taxation (DAC 3)

Updated on 03/11/2020

State-of-play: Published in the Official Journal. on 8 December 2015 (L 332/1)

State of play: published in the Official Journal (L 332/1), entered into force on 31 December 2016

Level 1

European Parliament 

Directive on the strengthening of information framework in the field of taxation (DAC 7)

Updated on 27/04/2021

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Commission

  • 7 February 2020, the Commission opened a consultation on a roadmap for a proposal for a directive regarding the strengthening of the exchange of information framework in the field of taxation
  • 12 February 2020, the Commission launched a consultation on a proposal for a Council Directive on administrative cooperation in the field of taxation (codification).
  • 15 July 2020, the Commission published the proposal for a directive.

European Parliament

  • 10 March 2021, the European Parliament adopts its opinion.

Council

  • 1 December 2020, the Council confirmed an agreement reached at technical level on DAC.
  • 22 March 2021, the Council adopts the directive.
  • 22 March 2021, the Council adopted new rules to improve administrative cooperation in the field of taxation and address the challenges posed by the digital platform economy.

Next steps

Publication in the OJEU.

Directive on disclosure duties for intermediaries (DAC 6)

Updated on 02/11/2020

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.
  • 24 June 2020, the Council announced that the adoption of amendment to DAC allowing member states an option to defer by up to 6 months the time limits for the filing and exchange of certain information. (Covid-19).

Common Consolidated Corporate Tax Base (CCCTB)

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

Parliament

  • Rapporteur: A. Lamassoure (EPP, FR)
  • 20 November 2017, the ECON Committee scheduled the vote on the draft report.
  • 3 May 2017, the ECON Committee held a public hearing on CCCTB.
  • 10 October 2017, the ECON Committee held an exchange of views with representative of national parliaments.
  • 21 February 2018, the ECON Committee adopted the reports on the CCTB and the CCCTB.
  • 15 March 2018, the Parliament adopted the reports CCTB and the CCCTB in plenary.

Council

  • Discussion ongoing at the level of the working party.

Next steps

  • The Council will have to adopt the proposals.

Digital Banking, Payment Systems & FinTech

Network and Information Systems (NIS) Directive

Updated on 03/11/2020

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

Parliament

  • 6 July 2016, the European Parliament adopted the Directive on security of network and information systems.

Level 2

Commission

  • 7 July 2020, the Commission launched a consultation on the revision of the NIS Directive.

Next steps

  • Review of the NIS Directive by the new Commission by the end of 2020 after the end of consultation period on 7 October.

Financial Services - Digital Operational Resilience

Updated on 29/03/2021

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • 24 September 2020, the Commission published a proposal on digital operational resilience for the financial sector.
  • 19 December 2019, the Commission launched a consultation on Digital Operational Resilience Framework for financial services.

Parliament

  • 17 March 2021, the ECON Committee has published the draft report on the proposal for a regulation of the European Parliament and of the Council on digital operational resilience for the financial sector (DORA).

Level 2

  • 12 October 2020, EIOPA published guidelines on Information and Communication Technology Security and Governance.

Next steps

  • Discussions ongoing in Council, yet to begin in Parliament.

Distributed Ledger Technology

Updated on 29/03/2021

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • 24 September 2020, proposal for Distributed Ledger Technology published.

Parliament

  • 9 March 2021, the ECON Committee has published the draft report on the proposal for a regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology (DLT)

Next steps

  • Discussion to begin in Parliament, already begun in Council.

Crypto-assets

Updated on 29/03/2021

State-of-play: Legislative phase.

State of play: legislative phase.

Level 1

Commission

  • Proposal for a regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937. (draft available).

Parliament

  • 9 March 2021, the Econ Committee has published the draft report on the proposal for a regulation of the European Parliament and of the cCouncil on markets in crypto-assets (MiCA).

Next steps

  • Discussion to begin in Parliament, already begun in Council.

Retail Payments Strategy

Updated on 27/04/2021

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase.

Level 1

Commission

Council

  • 22 March 2021, the Council adopted conclusions on the Commission communication on a retail payments strategy.

Next steps

  • The Commission is aiming for the full uptake of instant payments in the EU by end-2021 depending on advances in three levels, namely rules, end-user solutions and infrastructures.
  • November 2020, the Commission will assess whether these numbers are satisfactory and, on that basis, decide whether it is appropriate to propose legislation requiring payment service providers’ adherence to the SCT Inst. Scheme by the end of 2021. Such a proposal, if decided, would lay down the criteria for determining which payment service providers should be subject to compulsary participation.
  • The Commission will assess whether it would be appropriate to require adherence by relevant stakeholders to all, or a subset of the additional functionalities of SEPA Instant Credit Transfer (SCT Inst.), which could also include any future standards for QR-codes.

Client Protection & Consumer Rights

Deposit Guarantee Scheme Directive (DGSD)

Updated on 29/03/2021

State-of-play: Published in the Official Journal. on 12 June 2014

State of play: published in the Official Journal (L 174/149) on 12 June 2014

Level 1

Commission

  • 12 July 2010, the proposal was published.
  • 25 February 2021, the Commission has published a consultation on the DGSD review.

Council

  • 21 February 2012, the Council held its first debate on the proposal.
  • 4 March 2014, the Council adopted its position on the proposal.

Parliament

  • 24 May 2011, the ECON Committee adopted the report.
  • 16 April 2012, the Parliament adopted the text in plenary in first reading.
  • 15 April 2014, the Parliament adopted the text in second reading.

Level 2

  • 8 August 2019, the EBA published an opinion on the implementation of the DGSD in the EU. Two other opinions are forthcoming later in 2019.
  • 30 October 2019, the EBA published its second opinion addressed to the Commission on the implementation of the DGSD in the EU.
  • 12 May 2020, the EBA published 2019 data relating to two key concepts in the DGSD: available financial means, and covered deposits.
  • 17 June 2020, the EBA published its first peer review of stress tests and the resilience of Deposit Guarantee Scheme (DGSs).
  • 11 March 2021, the EBA launched a public consultation on its revised guidelines on the stress tests conducted by national DGSs under the Deposit Guarantee Schemes Directive.

Payment Accounts Directive

Updated on 02/11/2020

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

State of play: 28 August 2014, Directive 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 process ongoing.

Investor Compensation Scheme Directive

Updated on 03/11/2020

State-of-play: Proposal withdrawn.

State of play: withdrawn

7 March 2015, the proposal was withdrawn by the Commission, due to political stalemate.

European Deposit Insurance Scheme (EDIS)

Updated on 03/11/2020

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.
  • Revision of the bank crisis management and deposit insurance framework Q4 2021.

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

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: legislative phase

Level 1

Commission

  • 11 April 2018, the Commission published a number of proposals aimed at strengthening consumer protection, including a proposal on representative actions for the protection of the collective interests of consumers.

Council

  • 28 November 2019, the Council adopted a general approach on the proposal for a directive on representative actions for the protection of the collective interests of consumers.

Parliament

  • 12 October 2018, the IMCO Committee submitted its draft report to the JURI Committee.
  • 7 December 2018, the JURI Committee adopted the report and confirmed the negotiations mandate.
  • 25 March 2019, the Parliament adopted its first-reading position.
  • 9 January 2020, the JURI Committee confirmed the Parliament’s negotiating position.

Trilogue negotiations

  • 14 January 2020, the Parliament and the Council discussed the proposal in the first trilogue meeting. Work has been ongoing ever since.
  • 22 June 2020, the Council and the Parliament reached a political agreement on the text of a new directive on collective redress.

Next steps

  • The Parliament as a whole, and the Council to approve the political agreement.

Sustainable Finance

Taxonomy

Updated on 27/04/2021

State-of-play: Legislative phase.

State of play: on 22 June 2020, the Regulation was published in the Official Journal (L 198/13).

Level 1

Commission

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

Council

  • 25 September 2019, the Council adopted its negotiating position on taxonomy.
  • 17 December 2019, the COREPER adopted the trilogue agreement.
  • 15 April 2020, the Council adopted the Regulation on taxonomy in second reading.

Parliament

  • 16 November 2018, the ENVI and ECON Committees published a draft report on the proposal.
  • 17 December 2018, the ECON Committee published the amendments tabled on taxonomy: Link 1 and Link 2.
  • 11 March 2019, the ECON Committee adopted the report.
  • 28 March 2019, the Parliament adopted its position on taxonomy in plenary.
  • 16 December 2019, the Parliament and the Council reached an agreement on taxonomy.
  • 23 January 2020, the ECON and ENVI Committees approved the provisional agreement.
  • 18 June 2020, the Parliament in plenary adopted the proposal on taxonomy at its second reading.

Level 2

  • 18 June 2019, the TEG published its technical report on the classification system for environmental-sustainable economic activities (taxonomy).
  • 4 July 2019, the TEG launched a call for feedback on the taxonomy report.
  • 9 March 2020, the TEG published its technical report on the EU’s classification of green economic activities (taxonomy).
  • 20 November 2020, the Commission published a public consultation on criteria defining environmentally sustainable activities.
  • 17 March 2021, the ESAs have issued a consultation paper on taxonomy-related sustainability disclosures.
  • 21 April 2021, the Commission published the EU Taxonomy Climate Delegated Act

Level 3

  • 5 November 2020, ESMA published a consultation paper on the taxonomy regulation.
  • 14 January 2021, EBA published an erratum of the taxonomy package on reporting framework 3.0 phase 1.
  • 1 March 2021, EIOPA published a technical advice on key performance indicators under the Taxonomy regulation.
  • 1 March 2021, ESMA published an advice on Article 8 of the Taxonomy Regulation.
  • 1 March 2021, EBA published an opinion on disclosures under Article 8 of the Taxonomy Regulation.
  • 21 April 2021, the Commission has published a Q&A on Taxonomy Climate Delegated Act

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.
  • Level 2 measures are expected to be published by end 2020 and end 2021.
  • The Commission will regularly update the technical screening criteria to identify activities that have a significant negative impact.

Low carbon and positive carbon benchmarks

Updated on 02/11/2020

State-of-play: Legislative phase.

State of play: on 9 December 2019, the Regulation was published in the Official Journal (L 317/17).

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 2

  • 17 July 2020, the European Commission adopted delegated acts setting out minimum technical requirements for the methodology of EU Climate Benchmarks, as well as a number of ESG disclosure requirements.

Level 3

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

EU Ecolabel on Financial Services

Updated on 29/03/2021

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.
  • 20 December 2019, the JRC published the second technical report with scope and criteria proposals for the development of EU Ecolabel for retail financial products.
  • 13 July 2020, the JRC published a report that aims to carry out a test on the application of draft criterion I for equity funds to a sample of 101 “green” UCITS equity funds domiciled in the EU27.
  • 30 October 2021, the JRC published the third set of draft technical standards together with a consultation open until 11 December 2020.
  • 9 March 2021, the JRC published the fourth set of draft technical standards.

Next Steps

  • Final criteria are expected by the Commission to be adopted for end 2021.

State of play: legilative phase

Level 1

Commission

  • 20 February 2020, the Commission launched a public consultation on the review of the Non-Financial Reporting Directive, as part of its strategy to strengthen sustainable investment in Europe.
  • 21 April 2021, the Commission published a proposal for a Corporate Sustainability Reporting Directive.
  • 21 April 2021, the Commission published a Q&A on the CSRD proposal

Level 2

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

Next steps

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

Green Bond Standards

Updated on 29/03/2021

State-of-play: Pre-legislative phase.

State of play: pre-legislative phase

Level 1

  • 6 March 2019, the TEG published the interim report on Green Bond Standards.
  • 18 June 2019, the TEG published the final report on Green Bond Standards.
  • 9 March 2020, the TEG published the final report on Green Bond Standards.
  • 12 June 2020, the Commission launched a targeted consultation on the establishment of an EU Green Bond Standard, built on the work of the TEG.

Level 2

  • 2 October 2020, ESMA has responded to the Commission's targeted consultation on the establishment of the EU Green Bond Standard.

Next Steps

  • The Commission will include this project in its consultation on Sustainable Finance.
  • An EU green bond standard proposal expected in Q2 2021.

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.