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European Commission proposes gas market correction mechanism

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

EBA publishes 2023 European Resolution Examination Programme for resolution authorities

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

EBA publishes 2023 European Supervisory Examination Programme for Prudential Supervisors

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

Corrigendum to Commission Delegated Regulation (EU) 2022/1299 supplementing Directive 2014/65/EU with regard to regulatory technical standards specifying the content of position management controls by trading venues

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

European Parliament LIBE and ECON Committees adopt draft report on Regulation on information accompanying transfers of funds and certain crypto-assets

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

Commission Delegated Regulation (EU) 2021/1833 of 14 July 2021 supplementing Directive 2014/65/EU of the European Parliament and of the Council by specifying the criteria for establishing when an activity is to be considered to be ancillary to the main business at group level

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

EBA publishes peer review on the prudential assessment of qualifying holdings

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

Commission publishes consultation on the functioning of the EU securitisation framework

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

Commission confirms delay to the application of the SFDR RTS

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

ECON discusses amendments on MiCA, DORA and DLTR

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

EIOPA publishes consultation on IBOR transition

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

Member States discuss proportionality in DORA

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

European Parliament ECON Committee discusses draft reports on MiCA, DORA and DLT pilot regime

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

Council Presidency seeks relaunch of the EU FTT debate

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

Council confirms MiFID “quick fix” amendments

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

European legislators start MiFID “quick fix” trilogue negotiations

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

First steps taken towards a mandatory human rights due diligence law

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

ESMA issues statement on Brexit impact on MiFID II/MiFIR

On 27 October 2020, the European Securities and Markets Agency (ESMA) issued a public statement on the impact of Brexit on the continued application of MiFID II and MiFIR. The statement provided clarifications in respect of three aspects of MiFID II, namely: The ESMA opinions on third-country trading venues for the purpose of post trade … Continue Reading

European Commission Work Programme 2021: focus on financial services

On 19 October 2020 the European Commission published its Work Programme for 2021. The Work Programme, titled ‘A Union of vitality in a world of fragility’, is the second one published by the Von der Leyen Commission. The Work Programme provides an overview of the legislative priorities of the Commission for the upcoming year, as … Continue Reading

EIOPA launches consultation on the supervision and use of climate change risk scenarios in the Solvency II ORSA

The European Insurance and Occupational Pensions Authority (EIOPA) has published for consultation a draft Opinion on the supervision of the use of climate-change risk scenarios in the ORSA. The ORSA is an internal risk management assessment of all the various risks that might impact an insurer’s balance sheet and is a requirement under Solvency II. … Continue Reading

European Commission publishes new Capital Markets Union Action Plan

On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is to … Continue Reading

Capital Markets Recovery Package progresses in Council and Parliament

The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing. Following an initial Council Working Group meeting on 3 September, EU Member States’ representatives reconvened on 17 September … Continue Reading

MiFID review: ESMA consults on the functioning of OTF regime, transactions reporting

On 24 September 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on the functioning of the MiFIR obligation to report transactions and reference data. The following day, on 25 September 2020, ESMA launched another public consultation from the MiFID II / MiFIR review series, this time focussing on the functioning of … Continue Reading

European Commission plans legislation on markets in crypto-assets

The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading
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