On 8 February 2019, the Council of the EU published three notes (dated 4 February 2019) to delegations setting out compromise proposals relating to the European Commission’s proposed legislative reforms to the European System of Financial Supervision (ESFS):
- Omnibus Regulation on reforms to the ESFS;
- Omnibus Directive amending MiFID II; and
- Regulation amending the Regulation establishing the European Systemic Risk Board.
The Presidency has invited the Council to agree on a general approach for the ESFS reforms, and encourages the Presidency to start negotiations as soon as possible with the European Parliament with a view to reaching an agreement at first reading.