On 14 March 2023, the European Commission (“the Commission”) published a package of legislative proposals that will reform European electricity markets and strengthen European wholesale energy markets’ protection against market manipulation. In addition to amendments to Regulation (EU) 2019/943 (the Electricity Regulation) and Directive (EU) 2019/944 (the Electricity Directive) which set the framework for Europe’s … Continue Reading
On 1 March 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted its negotiating position on the review of the Markets in Financial Instruments Regulation (MiFIR). The following aspects of the ECON Committee negotiating position have been contentious points through the negotiation and have been amended in comparison to the European Commission proposal: … Continue Reading
On 23 January 2023, the European Parliament’s Economic and Monetary Affairs (ECON) Committee adopted its draft reports on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: Among other things, the ECON Committee adopted the following amendments: Next steps Following adoption of the report in … Continue Reading
On 16 February 2023, the European Commission (“the Commission”) hosted a meeting of the Expert Group on Banking, Payments and Insurance (EGBPI), where it discussed with Member States’ experts the potential way forward for the implementation in the European Union (EU) law of the December 2022 Basel Committee on Banking Supervision (BCBS) standards on prudential … Continue Reading
On 6 February 2023 the three European Supervisory Authorities (ESAs) held a joint public hearing on the implementation of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“Digital Operational Resilience Act” or DORA). As per a follow up press release, the event – held online – gathered over 2,000 representatives from credit … Continue Reading
The European Commission (Commission) has published its list of upcoming legislative initiatives it is planning to adopt over the first half of 2023. Among others, the Commission is planning to adopt the following financial services and payments-related proposals:… Continue Reading
On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading
On Tuesday, 22 November 2022, the European Commission (the Commission) adopted a proposal for a Council Regulation establishing a market correction mechanism to protect citizens and the economy against excessively high prices. The proposal sets out the details for a temporary market correction mechanism to cap the price of front-month Title Transfer Facility (TTF) derivatives … Continue Reading
On 27 October 2022, the European Banking Authority (EBA) published the 2023 European Resolution Examination Programme (EREP) for resolution authorities. The EREP is an EBA programme aimed at fostering convergence of resolution practices in the EU, with the first EREP having been launched in November 2021. The EREP focusses the attention of resolution authorities on … Continue Reading
On 27 October 2022, the European Banking Authority(EBA) published the 2023 European Supervisory Examination Programme (ESEP) for Prudential Supervisors. The ESEP is part of an annual cycle and contributes to enhancing supervisory convergence in the EU by providing common directions and focus areas for supervisors, which helps them shape their prudential supervisory priorities and respective … Continue Reading
On 27 October 2022, there was published in the Official Journal of the European Union, Corrigendum to Commission Delegated Regulation (EU) 2022/1299 of 24 March 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of position management controls by trading venues.… Continue Reading
On 31 March 2022, the European Parliament Economic and Monetary Affairs (ECON) Committee and the Committee on Civil Liberties (LIBE) adopted a draft report on the European Commission proposal for a Regulation on information accompanying transfers of funds and certain crypto-assets. Revision of the Regulation on Transfers of Funds The proposed Regulation will amend Regulation … Continue Reading
On 20 October 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/1833 of 14 July 2021 supplementing MiFID II by specifying the criteria for establishing when an activity is to be considered to be ancillary to the main business at group level. The Delegated Regulation enters into … Continue Reading
The European Banking Authority (EBA) published its peer review on the prudential assessment of qualifying holdings today. The EBA’s ad hoc Peer Review Committee’s conclusions included in this Report are based on competent authorities’ self-assessment of how they applied selected areas of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying … Continue Reading
On 23 July 2021, the European Commission published a consultation looking into the functioning of the EU securitisation framework. The intention to consult was stated in the Commission’s action plan on the Capital Markets Union published in September 2020. This in turn stems from Article 46 of the EU Securitisation Regulation, which requires the Commission … Continue Reading
On 23 July 2021, the European Commission published a letter (dated 8 July 2021) to the European Economic and Financial Affairs Council (ECOFIN) and the Council of the EU, confirming that the RTS application date, under the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR), has been delayed until 1 July 2022. This letter is the … Continue Reading
On 16 June 2021, the European Parliament Committee on Economic and Monetary Affairs (ECON) held a meeting in which it discussed the main legislative proposals under the European Commission (Commission) Digital Finance Strategy. During the discussion, ECON members considered the draft reports on the following legislative proposals: Proposal for a Regulation on Markets in Crypto-Assets … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the Interbank Offered Rates (IBOR) transitions. Across markets, IBOR is being replaced by risk-free rates. The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation (which came into force in 2018) which … Continue Reading
On 12 April 2021 the Portuguese Presidency of the Council held a meeting to continue Member States’ discussions on the proposed regulation on digital operational resilience for the financial sector (DORA). The agenda for the meeting included discussion on proportionality in DORA as well as scope and timeline of specific regulatory technical standards (RTS) and … Continue Reading
On 14 April 2021, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a committee meeting in which it discussed the main legislative proposals under the European Commission’s (Commission) Digital Finance Strategy. During the discussion, the committee members considered the draft reports on the following legislative proposals: Proposal for a Regulation on Markets … Continue Reading
The Portuguese Presidency of the Council (“the Presidency”) will host on 24 February 2021 a meeting of the Working Party on Tax Questions, the main agenda item of which includes a discussion on the current state of play and on the way forward in respect of the Proposal for a Council Directive implementing enhanced cooperation … Continue Reading
On 16 December 2020 the Council of EU Ministers (the Council) agreed package of amendments to European financial services legislation – Capital Markets Recovery Package – including targeted amendments to MiFID II (so called MiFID “quick fix”). The key changes to the MiFID II regime include: Investor protection and research: agreed amendments include simplification of … Continue Reading
On 3 and 4 December 2020, the European Parliament (Parliament), the Council and the European Commission (Commission) held the first round of the trilogue negotiations on the July 2020 Capital Markets Recovery Package proposal for targeted amendments to MiFID II (the so called MiFID “quick fix” proposal, overview of which is included in our blog … Continue Reading
On 26 October 2020, the European Commission (the Commission) launched a public consultation[1] on sustainable corporate governance (the Consultation), soliciting responses from stakeholders on a possible EU sustainable corporate governance initiative with the aim of ensuring “that environmental and social interests are embedded in business strategies”. The Consultation will, according to the Commission, complement the … Continue Reading
