Under an Inter-institutional Agreement on better law-making between the European Parliament, the Council of the EU (Council) and the European Commission (Commission) it was agreed that the Commission would not transmit any delegated acts during the following periods:
- from 22 December to 6 January; and
- from 15 July to 20 August (the Summer period).
The General Secretariat of the Council has now published an I/A item note inviting the Council to extend the objection period for certain delegated acts. The reason behind the note is that the objection periods of the delegated acts currently fall within the Summer period. The I/A note refers to:
- Commission Delegated Regulation of 29.6.2016 supplementing MiFID II with regard to regulatory technical standards (RTS) specifying information to be notified by investment firms, market operators and credit institutions. It is suggested that the objection period be extended from 29 July 2016 to 29 September 2016;
- Commission Delegated Regulation of 29.6.2016 supplementing MiFIR with regard to RTS specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing. It is suggested that the objection period be extended from 29 July 2016 to 29 September 2016; and
- Commission Delegated Regulation of 30.6.2016 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products by laying down RTS with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents. It is suggested that the objection period be extended from 30 August 2016 to 30 September 2016.
The I/A note also states that there is a high probability that the Commission will adopt between 7 July 2016 and 15 July 2016 other delegated acts based on RTS in the application of MiFID II, MiFIR and the Bank Recovery and Resolution Directive. It is suggested that the objection period for such delegated acts be extended by two months. In addition it is suggested that the objection period be extended by one month for any delegated regulations that the Commission may adopt between 7 July 2016 and 15 July 2016 under article 9 of the Fourth Money Laundering Directive.