The European Commission has published its work programme for 2023. The work programme contains the key legislative priorities for the upcoming year and provides an overview and rough timeline of when the Commission is expected to publish each initiative.

With regard to financial services legislation, the following legislative initiatives are envisaged:

Q1 2023

  • Retail investment package: improving the retail investment framework (MiFID II review)

Q2 2023

  • Proposal for an open finance framework
  • Review of the Payments Services Directive II
  • Initiative on the principles for a digital euro

Q3 2023

  • Review of the EU internal electricity market rules

In addition to the above, the Commission is expected to publish two key legislative proposals on 7 December 2022:

  • A legislative proposal for a Listing Act; and
  • A review of the European Market Infrastructure Regulation (EMIR)