On 25 September 2023, the Council of the European Union (Council) Working Group on Financial Services held a discussion on the European Commission (Commission) proposal on the establishment of a digital euro. Since 2021, the Commission and the European Central Bank (ECB) have been preparing the establishment of the digital euro. Considerate of the fact … Continue Reading
On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading
On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading
On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading
In this latest edition of Regulation Around the World we review the position regarding recovery and resolution for banks. Following the 2008 global financial crisis, the G20 leaders endorsed at the Cannes Summit in November 2011, the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution … Continue Reading
Today, the European Commission (Commission) published its Retail Investment legislative package with the aim of empowering retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. During the run-up to the Commission’s proposal, a number of issues were intensively debated by policymakers and stakeholders. The most controversial … Continue Reading
On 16 May 2023, the Council of the EU issued a press release announcing that it had adopted the Regulation on markets in crypto-assets (MiCA). The Council adopted its negotiating mandate on MiCA on 24 November 2021. Trilogues between the co-legislators started on 31 March 2022 and ended in a provisional agreement reached on 30 … Continue Reading
On 18 April 2023, the European Commission (Commission) published its crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of the following legislative proposals: The BRRD established a framework for the recovery and resolution … Continue Reading
As part of its 2020 Capital Markets Union (CMU) Action Plan, the European Commission (Commission) has been working on a retail investment strategy. The Commission’s aim is to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. Following a public consultation conducted in May 2022, … Continue Reading
On 1 March 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted its negotiating position on the review of the Markets in Financial Instruments Regulation (MiFIR). The following aspects of the ECON Committee negotiating position have been contentious points through the negotiation and have been amended in comparison to the European Commission proposal: … Continue Reading
On 23 January 2023, the European Parliament’s Economic and Monetary Affairs (ECON) Committee adopted its draft reports on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: Among other things, the ECON Committee adopted the following amendments: Next steps Following adoption of the report in … Continue Reading
The European Commission (Commission) has published its list of upcoming legislative initiatives it is planning to adopt over the first half of 2023. Among others, the Commission is planning to adopt the following financial services and payments-related proposals:… Continue Reading
On 8 November 2022, the Council of the EU adopted its general approach on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The Basel III legislative package comprises of a: Commission proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards requirements for credit risk, credit valuation … Continue Reading
The European Commission has published its work programme for 2023. The work programme contains the key legislative priorities for the upcoming year and provides an overview and rough timeline of when the Commission is expected to publish each initiative. With regard to financial services legislation, the following legislative initiatives are envisaged: Q1 2023 Retail investment … Continue Reading
On 30 May 2022, the European Parliament published draft reports on: The proposal for a Regulation amending the Capital Requirements Regulation as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The proposal for a Directive amending the Capital Requirements Directive IV as regards supervisory powers, sanctions, … Continue Reading
On 20 May 2022, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted a report on the European Commission’s (Commission) proposal for a regulation of the European Parliament and of the Council on European green bonds (EuGB Regulation). The EuGB Regulation will introduce a common framework of rules regarding the use of the “European … Continue Reading
On 20 April 2022, the European Parliament’s Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: A Commission proposal for a Regulation amending the Capital Requirements Regulation (CRR) Regulation (EU) No 575/2013 … Continue Reading
On 23 February 2022, the European Commission (the Commission) published a proposal for a Directive on Corporate Sustainability Due Diligence (CSDD or the Directive). This note summarises ten key issues enterprises active in the EU should know about the proposed Directive. 1) Aim of the proposal The proposed CSDD serves a number of purposes. First, … Continue Reading
On 31 March 2022, the European Parliament Economic and Monetary Affairs (ECON) Committee and the Committee on Civil Liberties (LIBE) adopted a draft report on the European Commission proposal for a Regulation on information accompanying transfers of funds and certain crypto-assets. Revision of the Regulation on Transfers of Funds The proposed Regulation will amend Regulation … Continue Reading
Introduction On 15 March 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) Committees published a draft joint report on the European Commission’s (Commission) proposal for a Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing … Continue Reading
The legislative bodies of the European Union, the Council of the European Union (the Council) and the European Parliament (Parliament), are getting closer to reaching their individual positions on the proposed regulation on digital operational resilience for the EU financial sector (DORA). The proposal was published by the European Commission (Commission) in September 2020 and … Continue Reading
On 6 July 2021, the European Commission (the Commission) published its Renewed Sustainable Finance Strategy (RSFS). The RSFS follows the Commission’s 2018 Sustainable Finance Action Plan, which aimed to channel more investment towards environmentally sustainable activities. Under the 2018 Sustainable Finance Action Plan, the Commission presented two main legislative proposals establishing the building blocks for … Continue Reading
On 16 June 2021, the European Parliament Committee on Economic and Monetary Affairs (ECON) held a meeting in which it discussed the main legislative proposals under the European Commission (Commission) Digital Finance Strategy. During the discussion, ECON members considered the draft reports on the following legislative proposals: Proposal for a Regulation on Markets in Crypto-Assets … Continue Reading
Episode 8 of the Regulation Tomorrow Podcast is available now to stream and download on your usual podcast platform. In this month’s episode we receive an update on Brexit from Jonathan Herbst, as he discusses the future of financial services in the UK with Hannah Meakin. We speak to Imogen Garner, Iona Wright and Daniel … Continue Reading
