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
We understand that the Council of the European Union (the Council) is getting closer to reaching a general approach on the proposed regulation on digital operational resilience for the EU financial sector (DORA). The Council, which consists of the EU Member States, has been discussing the proposal since September 2020. In advance of the Council … Continue Reading
The European Commission (Commission) has published a number of legislative and regulatory initiatives in the context of its Sustainable Finance Action Plan. The aim of the Sustainable Finance Action Plan, which was first presented in 2018, is to channel more investment towards sustainable activities. The Commission has published the following initiatives: A Delegated Regulation under … Continue Reading
On 14 April 2021, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a committee meeting in which it discussed the main legislative proposals under the European Commission’s (Commission) Digital Finance Strategy. During the discussion, the committee members considered the draft reports on the following legislative proposals: Proposal for a Regulation on Markets … Continue Reading
On 12 March 2021, European Parliament rapporteur Johan van Overtveldt (BE, ECR) published his draft report on the European Commission’s proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) [link]. The proposal is part of the Commission’s September 2020 legislative package, which also includes a proposal for … Continue Reading
On 19 January 2021, the European Commission published a Communication on the European economic and financial system: fostering openness, strength and resilience . The Communication and strategy set out therein for development of the European financial markets is designed as one of the early steps of the Commission under Ursula von der Leyen’s leadership to … Continue Reading
On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an issue-by-issue approach, … Continue Reading
The proposal for a Regulation on digital operational resilience in the EU financial sector (DORA) is making its first steps through the EU legislative process. The proposal, which would introduce a detailed legislative framework on operational resilience for financial institutions in the EU, has entered the negotiating phase in the Council. Member States are discussing … Continue Reading
On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD). The public consultation follows the European Commission’s review report sent to the European Parliament and the Council on 10 June 2020. The review report concluded that, while the AIFMD has contributed to the … Continue Reading
On 19 October 2020 the European Commission published its Work Programme for 2021. The Work Programme, titled ‘A Union of vitality in a world of fragility’, is the second one published by the Von der Leyen Commission. The Work Programme provides an overview of the legislative priorities of the Commission for the upcoming year, as … Continue Reading
Following the adoption of the Council general approach on the Commission’s proposal for a Regulation amending the Benchmarks Regulation ((EU) 2016/1011) as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation on 7 October 2020, the European Parliament Economic and Monetary Affairs (ECON) … Continue Reading
Representatives from Member States have reached a compromise on the Commission’s proposal for a Regulation amending the Benchmarks Regulation ((EU) 2016/1011) as regards the exemption of certain third country foreign exchange benchmarks and the designation of replacement benchmarks for certain benchmarks in cessation. The Council general approach was adopted following a ‘silence procedure’ on the … Continue Reading
On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is to … Continue Reading
The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing. Following an initial Council Working Group meeting on 3 September, EU Member States’ representatives reconvened on 17 September … Continue Reading
The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading
