On 20 November 2019, the Council of the EU published the following three notes from the General Secretariat of the Council to the Permanent Representatives :

  • an information note on the proposed Omnibus Regulation relating to the powers, governance and funding of the European Supervisory Authorities;
  • an information note on the proposed Omnibus Directive amending the MiFID II Directive and the Solvency II Directive; and
  • an information note on the proposed Regulation amending the European Systemic Risk Board Regulation.

The information notes detail the outcome of the European Parliament’s (Parliament) first reading and corrigendum procedure. They explain that numerous informal meetings have taken place between the Council, the European Commission (Commission) and the Parliament, with a view to agreeing these legislative files at first reading. It was anticipated that the files would undergo the corrigendum procedure in the new Parliament after adoption by the previous Parliament of its position at first reading.

Following informal inter-institutional negotiations, at its sitting of 16 April 2016 the Parliament adopted amendments to the Commission’s proposal and legislative resolutions constituting its position at first reading on each of the files. This mirrors what the institutions had provisionally agreed.

After the adopted texts were finalised on 14 November 2019, the Parliament approved a corrigendum to the position adopted at first reading on each file. With these corrigenda, the Council will be able to approve the Parliament’s position as outlined in the Annex to each of the information notes. This would draw to a close the first reading for both institutions, allowing the files to be adopted in the wording corresponding to the Parliament’s position.