Tag: EU policy

ESAs publish first set of draft RTS/ITS for DORA

On 17 January 2024, the European Supervisory Authorities (ESAs) published the first part of their draft regulatory technical standards (RTS) and implementing technical standards (ITS) developed under the Digital Operational Resilience Act (DORA). The publication follows a public consultation on the draft measures that the ESAs conducted last year (see our note). The package of … Continue Reading

European co-legislators reach agreement on REMIT review

On 16 November 2023, the European Commission, the European Parliament and the Council reached a provisional political agreement on the review of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT). We discussed the scope of the review in our earlier blog. In accordance with an official statement, the co-legislators agreed on the following: … Continue Reading

Commission consults on DORA draft delegated act – CTPP criteria and fees

On 16 November 2023, the European Commission published a consultation on a draft delegated act under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). The draft delegated act concerns the amount of the oversight fees to be charged to critical ICT third-party service providers (CTPPs) and the way in which those … Continue Reading

European Parliament ECON Committee debate on Retail Investment package draft report

On 24 October 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held a debate on the draft report on the Retail Investment package. The draft report was published by rapporteur Stephanie Yon-Courtin (Renew, FR)on 5 October 2023 and contains her proposed amendments to the European Commission’s (Commission) proposals. The publication of the draft … Continue Reading

Proposed Regulation on ESG Ratings: overview and legislative process

On 13 June 2023, the European Commission (Commission) published a proposal for a Regulation on Environmental, Social and Governance (ESG) ratings. The legislative proposal lays out a regulatory framework for the provision of ESG ratings in the EU. The main aim of the proposal is to improve the transparency of ESG ratings characteristics and methodologies … Continue Reading

EBA consults on draft RTS under MiCA

On 20 October 2023, the European Banking Authority (EBA) published for consultation two draft regulatory technical standards (RTS) that it is mandated to develop under the Regulation on markets in crypto-assets (MiCA): Draft RTS the minimum content of the governance arrangements on the remuneration policy By way of background, MiCA requires issuers of significant ARTs … Continue Reading

European Commission publishes 2024 Work Programme

On 17 October 2023, the European Commission (Commission)published its Work Programme for 2024. The Work Programme, titled ‘Delivering today and preparing for tomorrow’, will be the last Work Programme to be issued by the current Von Der Leyen Commission. The 2024 Work Programme is therefore relatively short compared to previous years. According to the Commission, … Continue Reading

European Commission publishes proposal for EU BMR review

On 17 October 2023, the European Commission (Commission) published a proposal for a review of the European Benchmarks Regulation (BMR). The proposal is part of the Commission’s broader package of measures that seeks to rationalise reporting requirements for companies across various pieces of European financial services legislation. The Commission acknowledged that the current scope of … Continue Reading

ESMA reports on DeFi market developments and smart contracts

On 11 October 2023, the European Securities and Markets Authority (ESMA) published two articles on decentralised finance (DeFi), one on developments and risks in the EU market and another on a methodology for the categorisation of smart contracts. In these articles, ESMA highlighted risks to consumers, new forms of market abuse, and possible vulnerabilities to financial stability.  DeFi: … Continue Reading

European Parliament publishes draft report on Retail Investment Strategy

On 5 October 2023, European Parliament rapporteur Stéphanie Yon-Courtin (Renew, FR) published her two draft reports concerning the Retail Investment Strategy (RIS) package. The first draft report  contains the rapporteur’s proposed amendments to the European Commission’s proposal, which contained proposed amendments to the following pieces of EU legislation: The rapporteur also published her draft report … Continue Reading

European Commission prepares BMR review

On 21 September 2023, the European Commission (Commission) hosted a meeting of the Expert Group of the European Securities Committee (EGESC) where it discussed the upcoming review of the European Benchmarks Regulation (BMR). By way of background, the Commission issued earlier this year a Call for Evidence, consulting stakeholders whether the scope of the EU … Continue Reading

Council commences discussions on digital euro proposal

On 25 September 2023, the Council of the European Union (Council) Working Group on Financial Services held a discussion on the European Commission (Commission) proposal on the establishment of a digital euro. Since 2021, the Commission and the European Central Bank (ECB) have been preparing the establishment of the digital euro. Considerate of the fact … Continue Reading

ESAs consult on first part of DORA RTS & ITS

On 19 June 2023 the European Supervisory Authorities (ESAs) launched a public consultation on a first batch of regulatory and implementing technical standards (RTS and ITS) under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA). This covers the draft RTS and ITS that the ESAs are expected to submit to the … Continue Reading

ESAs consult on DORA criticality criteria

On 26 May 2023, the European Supervisory Authorities (ESAs) published a joint Discussion Paper on criteria for critical ICT third-party service providers and oversight fees. This Discussion Paper follows the request for technical advice that was sent by the European Commission (Commission) to the ESAs in late December 2022. The ESAs have published the Discussion … Continue Reading

ECON amendments to the revised EU AML/CFT legislation: stricter rules for crypto-asset service providers

On Tuesday, 28 March 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the proposed anti-money laundering and counter-terrorism financing legislative package that was published by the European Commission (Commission) in July 2021. In our earlier blog post, we provided a general overview of the measures adopted where we flagged … Continue Reading

European Commission proposes amendments to REMIT

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

European Parliament adopts negotiating position on MiFIR review

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

European Parliament adopts negotiating position on CRR III and CRD VI proposals

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

European Commission consults with Member States’ experts prospective implementation of Basel rules on crypto-asset exposures

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

ESAs hold public hearing on DORA, announce upcoming consultations

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

Commission publishes envisaged initiatives for H1 2023

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

New briefing note – Digital Operational Resilience for the Financial Sector (DORA): 10 things to know

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

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
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