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European Commission publishes its 2020 Work Programme

On 29 January 2020, the European Commission published its 2020 Work Programme . In the introductory note, the Commission acknowledges “unprecedented challenges” that lay ahead for this year and beyond, including negotiation of a new partnership agreement with the UK – “a country that will remain a partner, ally and friend outside our Union”. As … Continue Reading

The finalisation of the Basel III reforms in a post-Brexit environment: single or dual-track approach?

On 22 January 2020, Norton Rose Fulbright’s corporate financial services and government relations practices, in cooperation with the City of London Corporation, organised a panel debate on “The finalisation of the Basel III reforms in a post-Brexit environment: single or dual-track approach?”. Hosted in Norton Rose Fulbright’s Brussels office, the event gathered over 75 participants, … Continue Reading

The 2020 European Financial Services Outlook

For all financial services practitioners, 2020 will be a year of dynamic developments. The first full working year of the 2019-2024 College of Commissioners, under the leadership of Ursula von der Leyen, is expected to set the scene for the legislative, regulatory and policy agenda for the duration of its mandate. From the MiFID II … Continue Reading

ESMA strategic orientation for 2020-2022

On 9 January 2020, the European Securities and Markets Authority (ESMA) published its strategic orientation 2020-22. The strategic orientation sets out ESMA’s longer-term focus and objectives and is translated into concrete actions through the annual programming document and work programme. ESMA developed its first strategic orientation (for the period 2016-2020) in 2015 and regularly assessed … Continue Reading

Council note comparing trilogue positions on proposed Regulation on recovery and resolution of CCPs

On 19 December 2019, the Council of the EU (Council) published a note from the General Secretariat of the Council to the Delegations attaching the following addenda: a three-column table setting out the negotiating positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect of the proposed amendments to the … Continue Reading

Commission implementing decisions on CRR regulatory equivalence – Serbia and South Korea

On 18 December 2019, there was published in the Official Journal of the EU (OJ), European Commission Implementing Decision (EU) 2019/2166 relating to the equivalence of third country jurisdictions’ supervisory and regulatory arrangements in accordance with the Capital Requirements Regulation (CRR). Implementing Decision (EU) 2019/2166 amends Implementing Decision 2014/908/EU to add Serbia and South Korea … Continue Reading

Covered bond reform – legislation published in the OJ

On 18 December 2019, there was published in the Official Journal of the EU (OJ): Regulation (EU) 2019/2160 amending Regulation (EU) No 575/2013 as regards exposures in the form of covered bonds; and Directive (EU) 2019/2162 amending Directives 2009/65/EC and 2014/59/EU on the issue of covered bonds and covered bond public supervision. The legislation comes … Continue Reading

ESMA consults on draft guidelines on internal controls for CRAs

On 5 December 2019, the European Securities and Markets Authority (ESMA) published a consultation paper setting out proposals for internal controls for credit rating agencies (CRAs). The draft guidelines set out the criteria that CRAs should have in place to meet the requirements of the CRA Regulation with a particular focus on their internal controls … Continue Reading

Council adopts position on proposed regulation on recovery and resolution of CCPs

On 4 December 2019, the Council of the EU published a press release announcing that the Council of the European Union (the Council) has adopted its position on the proposed regulation on recovery and resolution of central counterparties (CCPs) (the Regulation). The Council has also published the text of the negotiating mandate. While the press … Continue Reading

EBA recommends removal of CVA exemptions in updated Basel III impact assessment

On 4 December 2019, the European Banking Authority (EBA) published the second part of its advice on the implementation of the final Basel III standard in the European Union, complementing its report published on 05 August 2019. The most recent EBA publication focuses on an assessment of the impact of the revisions to the credit … Continue Reading

Council of EU to approve European Parliament’s position on European System of Financial Supervision

On 20 November 2019, the Council of the EU published the following three notes from the General Secretariat of the Council to the Permanent Representatives : an information note on the proposed Omnibus Regulation relating to the powers, governance and funding of the European Supervisory Authorities; an information note on the proposed Omnibus Directive amending … Continue Reading

Commission announces details of CMU high-level forum

On 18 November 2019, the European Commission published a press release announcing the composition of a high-level forum on the Capital Markets Union (CMU). The forum is made up of a group of 28 experts from the civil society, the business and finance community and other non-public sector institutions who will provide insight and support … Continue Reading

European Commission hosts conference on Basel III implementation

On Tuesday, 12 November 2019, the European Commission hosted a conference titled Implementing Basel III: Challenges and impact. The event was held in the context of the ongoing Commission consultation on Basel III implementation (see our earlier post here). The opening remarks were delivered by Valdis Dombrovskis, the Commission’s Vice-President for the Euro and Social … Continue Reading

EU co-legislators hold second round of trilogue negotiations on Sustainable Finance Taxonomy

On Wednesday 6 November 2019 the EU legislators held their second trilogue negotiation round on the proposal for a Regulation on the establishment of a framework to facilitate sustainable investment (hereinafter: the ‘Taxonomy proposal’). The proposed regulation will establish the conditions and the framework to create a unified classification system on what economy activities can … Continue Reading

Council of EU adopts legislative reforms to progress the Capital Markets Union

On 8 November 2019, the Council of the EU announced that it had adopted a set of legislative reforms which are part of the progress towards forming the Capital Markets Union, including: the creation of a new category of benchmarks contributing to sustainable finance; transparency obligations for sustainable investments; a new prudential framework for investment … Continue Reading

ESMA consultation on MiFID II position limits

On Tuesday, 05 November 2019, ESMA launched public consultation on position limits and position management controls in commodity derivatives. The consultation paper is divided into two parts and covers – (1) MiFID II review report on the application of position limits and position management controls and (2) technical advice on position reporting thresholds. Following on … Continue Reading

Council note on financial services legislative files

On 31 October 2019, the Council of the EU published a note from the General Secretariat of the Council relating to progress on financial services legislative files. The note sets out, among other things, the dates on which the Council intends to adopt the following legislation governing: investment firms on 8 November 2019; sustainable finance … Continue Reading

Council of EU adopts IFR and IFD at first reading

On 23 October 2019, the Council of the EU published the texts it adopted at first reading for the: the Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European Banking Authority Regulation (the Investment Firms Regulation (IFR)); and the Directive on … Continue Reading

Council note on progress of investment firms legislation

On 18 October 2019, the Council of the EU (Council) published two notes from the General Secretariat of the Council to the Permanent Representatives Committee (COREPER): an information note on the proposed Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European … Continue Reading

CMU: Council adopts new clearing house rules

On 15 October 2019, the Council of the EU issued a press statement concerning its adoption of revised rules for clearing houses in the single market (the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties otherwise known as EMIR 2.2). The press release states that the draft Regulation is scheduled … Continue Reading

FSB annual progress report on implementation of OTC derivative reforms

On 15 October 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of the G20 reforms to over-the-counter (OTC) derivatives markets. The headlines in the report include: trade reporting: 23 out of 24 member jurisdictions have comprehensive requirements in force, an increase of one during the reporting period; central clearing: … Continue Reading

Commission consults on review of the EU Benchmarks Regulation

On 11 October 2019, the European Commission (Commission) launched consultation on a review of the EU Benchmarks Regulation (BMR). The Commission is mandated by Article 54 BMR to conduct a review of certain provisions of the BMR and to submit a report to the European Parliament and to the Council by 1 January 2020. In … Continue Reading

European Commission launches public consultation on the implementation of the final Basel III reform in the EU

On 11 October 2019, the European Commission launched a public consultation on the implementation in the European Union of the December 2017 Basel Committee on Banking Supervision (BCBS) standard (Basel III: Finalising post-crisis reforms). The consultation document addresses the key elements of the BCBS standard, including revisions to the Basel III standards on credit risk, … Continue Reading
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