The European Commission (the Commission) has published a communication outlining its work programme for 2016, which reaffirms its commitment to the ten political priorities of its Political Guidelines published in October 2014 and set out 23 key initiatives, 20 intended withdrawals or modifications of pending proposals and 40 REFIT actions (i.e. the Commission programme for ensuring that EU legislation remains fit for purpose and delivers the results intended) to review the quality of existing EU legislation.
The communication also includes the following six annexes:
- Annex 1: Key initiatives. No financial services related measures are mentioned;
- Annex 2: New REFIT actions. An evaluation of the Financial Conglomerates Directive and whether it can be considered to be ‘fit for purpose’ is mentioned as is a review of the European Venture Capital and European Social Entrepreneurship Fund regulations;
- Annex 3: Priorities for the co-legislators. This includes the proposed Directive implementing enhanced cooperation in the area of financial transaction tax;
- Annex 4: Intended withdrawals or modifications;
- Annex 5: List of repeals. No financial services measure is referred to; and
- Annex 6: Legislation that becomes applicable in 2016. This includes the Market Abuse Regulation.