United Kingdom (and EU regulation)

ECON update on legislative progress of key financial services legislative proposals

By Simon Lovegrove (UK) on April 9, 2014 Posted in Regulation and compliance, United Kingdom

The Council of the EU has published a note setting out a summary record of a meeting of the European Parliament’s Committee on Economic and Monetary Affairs (ECON), held on 1 April 2014. Among other things, ECON agreed to table at the Parliament’s second April 2014 plenary session (to be held on 14 to 17 April 2014), the texts agreed between the Parliament and the Council relating to the following legislative proposals:

MAD II. The ECON Chair, Astrid Lulling, reported that revision of the agreed texts of the Market Abuse Regulation (MAR) and the Directive on criminal sanctions for insider dealing and market manipulation (CSMAD) by lawyer-linguists of the Parliament and the Council had been completed and that the revised texts would be presented in the form of corrigenda for examination by ECON. In the absence of any objections, the corrigenda would be announced at the Parliament’s first April 2014 plenary session (to be held on 2 and 3 April 2014) and would be deemed approved unless a request were made by a political group or at least 40 members that the corrigenda be put to the vote;
Payment Accounts Directive (PAD). Ms Lulling announced that, following approval on 4 April 2014 by the Council’s Permanent Representatives Committee (COREPER) of the final compromise text for the proposed PAD, ECON would be reconsulted on 7 April 2014 in order to table it for vote during the second April 2014 plenary session; and
Single Resolution Mechanism Regulation. Ms Lulling stated that the text of the proposed Regulation agreed between the Parliament and the Council would be submitted to ECON and tabled for vote during the second April 2014 plenary session, together with the proposed Directive recasting the Deposit Guarantee Schemes Directive (recast DGSD) and the proposed Bank Recovery and Resolution Directive (BRRD). She noted that the text that would be put to the vote was a non-finalised version and would require further revision by lawyer-linguists from both institutions, until mid-May 2014. The Parliament would subsequently be reconsulted through the written procedure on the corrigenda, which should then be announced during the July 2014 plenary session (to be held on 1 to 3 July 2014) and deemed approved, unless an objection were to be raised within 24 hours. She added that the adoption of the final text by the Council would follow in either July 2014 or September 2014 and then be published in the Official Journal of the EU.

View Note: Summary record of the meeting of the European Parliament Committee on Economic and Monetary Affairs held in Brussels on 1 April 2014, 7 April 2014