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Law, Tax, Compliance

Europe’s Independence Moment: the European Commission’s 2026 Work Programme

Published on 11 November 2025

On 21 October, the European Commission presented its 2026 Work Programme, entitled “Europe’s independence moment”, outlining the Union’s political and legislative priorities for the coming year. The programme is guided by three overarching principles: simplification, competitiveness and greater sovereignty.

Summary

    Main priorities

    The programme covers several strategic areas. For Luxembourg’s banking and financial sector, the main focus lies in strengthening sustainable growth and competitiveness across the Single Market.

    Focus on the financial sector

    The financial measures included in the Commission’s 2026 Work Programme reflect a pragmatic approach, aiming to reduce administrative burdens while delivering tangible benefits for citizens and businesses.

    The most relevant initiatives for the sector in 2026 include:

    • The withdrawal of the proposal for a Directive on Financial Transaction Tax, as part of a broader rationalisation of EU tax proposals;
    • The introduction of a comprehensive “Tax Omnibus” proposal in Q2 2026, designed to consolidate and simplify existing tax rules;
    • An update to EU rules on shareholder rights in Q4 2026, aimed at strengthening governance and enhancing the competitiveness of the Union’s banking sector;
    • An update to the European Venture Capital Funds Regulation in Q3 2026, to remove barriers to cross-border investment;
    • The retention and continuation of work on the Regulation of Financial Data Access (FiDA), which remains a key element of the 2026 agenda;
    • The introduction of a “28th Regime for Innovative Companies” by Q1 2026, offering harmonised EU-wide rules to streamline cross-border operations within the Single Market.

    Towards a more competitive Union

    The Commission’s 2026 Work Programme demonstrates a clear commitment to regulatory simplification, strategic autonomy and competitiveness. The success of these initiatives will depend on effective implementation and close cooperation between EU institutions, Member States and industry stakeholders.

    ABBL perspective

    Antoine Kremer, ABBL, ALFI and ACA Head of European Affairs, welcomes the simplification and competitiveness elements in the Commission’s Work Programme.
    “The withdrawal of the proposals for an FTT as well as of the Unshell Directive have been long overdue. The Financial Data Access (FiDA) proposal might have been a strong candidate here as well.”

    In the meantime, the ABBL encourages the Commission to follow its own competitiveness compass, applying it not only to future but also to existing legislative proposals.

    Antoine Kremer

    Antoine Kremer

    Head of European Affairs at the ABBL, ALFI and ACA

    Published on 11 November 2025

    See all articles by Antoine Kremer