On 2 December 2019, the Council of the EU meeting in its configuration as the Justice and Home Affairs Council adopted the legislative texts reforming the European System of Financial Supervision (ESFS). The legislative texts comprise:
- Omnibus Regulation (PE-CONS 75/19) (Regulation concerning the powers, governance and funding of the European Supervisory Authorities);
- Omnibus Directive (PE-CONS 76/19) (Directive amending MiFID II and the Solvency II Directive); and
- Regulation amending the Regulation establishing the European Systemic Risk Board.
The Council states that the legislative texts will be formally signed in Strasbourg on 18 December 2019. They will be published in the Official Journal of the EU by the end of the year.