On 18 March 2024, the Council of the EU adopted a draft Regulation to protect the wholesale energy market against market manipulation. The draft Regulation will reinforce market surveillance in the European Union and ensure open and fair competition in the wholesale energy markets. This forms part of the EU’s wider electricity market design and … Continue Reading
On 18 March 2024, the Financial Stability Board (FSB) published a revised version of its 2016 guidance on arrangements to support operational continuity in resolution. The 2016 guidance assists supervisory and resolution authorities, and financial institutions to evaluate whether financial institutions that are subject to resolution planning requirements have appropriate arrangements to support operational continuity … Continue Reading
On 11 March 2024, the Eurogroup (in inclusive format, meaning that all EU finance ministers are included) published a statement on the future of the Capital Markets Union (CMU). The statement provides an overview of EU finance ministers’ common priorities for the future of the CMU. The introduction of the statement describes the current lack … Continue Reading
On 15 March 2024, the European Supervisory Authorities (ESAs) published an updated version of their consolidated Q&As on the Packaged Retail and Insurance-based Investment Products (PRIIPs) Key Information Document. The document combines responses given by the European Commission to questions regarding interpretation of EU law according to Article 16(5) of the ESA Regulations, which are … Continue Reading
On 15 March 2024, the Council of the EU published the updated text of the proposed Regulation amending the Single Euro Payments Area Regulation, the Cross-Border Payments Regulation, the Settlement Finality Directive and the Second Payment Services Directive as regards instant credit transfers in euro. On 26 February 2024, the Council of the EU issued … Continue Reading
On 15 March 2024, the Council of the EU published the updated text of the proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds. On 26 February 2024, the … Continue Reading
On 15 March 2024, the European Commission adopted an Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation 2021/451 as regards rules on the supervisory reporting of interest rate risk in the banking book. Commission Implementing Regulation 2021/451 specifies the uniform reporting formats and templates, the instructions and methodology on how to … Continue Reading
On 13 March 2024, the European Parliament issued a press release stating that it had adopted its first reading position on the alternative dispute resolution (ADR) proposal, which allows consumers to, submit complaints against traders to entities offering independent, fast and affordable consumer redress. Since they were established in 2013, the EU’s rules on out-of-court … Continue Reading
On 13 March 2024, the Council of the EU published the text of the draft Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’. … Continue Reading
On 13 March 2024, the European Union Agency for the Cooperation of Energy Regulators updated its Transaction Reporting User Manual. It also updated the following:… Continue Reading
On 13 March 2024, the European Commission adopted a Delegated Regulation supplementing the Investment Firms Regulation (IFR) with regards to regulatory technical standards (RTS) specifying the details of the scope and methods for prudential consolidation of an investment firm group. The draft technical standards specify the details of the scope of and methods for prudential … Continue Reading
On 13 March 2024, the European Commission adopted: It is now for European Parliament and the Council of the EU to scrutinise and adopt the delegated acts. Our previous blog on the above delegated acts are here.… Continue Reading
On 13 March 2024, the Single Resolution Board (SRB) issued a public consultation on the minimum bail-in data template (MBDT). The consultation is part of the SRB’s collaboration with the industry in order to fulfil the SRB mandate and implement the new strategy, SRM Vision 2028, which moves from the key elements of resolution planning … Continue Reading
On 12 March 2024, the European Commission (Commission) published a letter containing a provisional request for advice from the European Banking Authority (EBA), regarding regulatory technical standards and guidelines under the future anti-money laundering (AML) and counter terrorist financing (CFT) framework. The request for technical advice is provisional, considering the new AML/CFT framework is not … Continue Reading
On 13 March 2024, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) to specify the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens (ARTs) under Article 31 of the Regulation on markets in crypto-assets (MiCAR). The draft RTS set out: The draft … Continue Reading
On 7 February 2024, the European Parliament, the Council of the EU and the European Commission (“the Commission”) reached agreement on the final text of the proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”). This legislative proposal was published by the Commission in December 2022 as part of the wider … Continue Reading
On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements. The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: The European Securities and Markets Authority (ESMA) has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under … Continue Reading
On 11 March 2024, the European Commission (the Commission) published: ESMA has a complex fee funding system based on several legal bases in sectoral legislation. There are currently seven delegated acts laying down the calculation and payment modalities of the fees charged to the different types of entities under ESMA’s direct supervision. For example, ESMA … Continue Reading
On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions from the … Continue Reading
On 11 March 2024, the European Commission published a draft Delegated Regulation amending Delegated Regulation (EU) 2022/805 as regards harmonisation of certain aspects of fees charged by the European Securities and Markets Authority (ESMA) to certain benchmark administrators. The purpose of the draft Delegated Regulation is to bring the modalities of the calculation and collection … Continue Reading
On 7 March 2024, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its third update on the European Digital Operational Resilience Act (Regulation (EU) 2022/2554, DORA). This update focuses on the requirements concerning the ICT risk management framework. The update is available via this link. DORA is a European regulation … Continue Reading
On 8 March 2024, the following were published in the Official Journal of the EU: The Directive and Regulation amend the MiFID II / MiFIR regime to improve access to market data and transparency. In particular the Regulation introduces an EU-wide consolidated tape and new rules that prohibit payment for order flow (PFOF). Member States … Continue Reading