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Topic: EU policy, regulatory and legislative updates

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European Commission publishes new Capital Markets Union Action Plan

On 24 September 2020, the European Commission published its long-awaited Capital Markets Union (CMU) Action Plan. The CMU Action Plan serves as a list of policies the Commission would like to introduce over the upcoming years, together with a timeline for the adoption of concrete legislative proposals. The main objective of the CMU is to … Continue Reading

Capital Markets Recovery Package progresses in Council and Parliament

The discussions on the European Commission proposal on the so-called “MiFID Quick Fix”, which also includes proposed amendments to the Prospectus Regulation and the Securitisation Regulation and corresponding changes to the Capital Requirements Regulation (CRR) are progressing. Following an initial Council Working Group meeting on 3 September, EU Member States’ representatives reconvened on 17 September … Continue Reading

MiFID review: ESMA consults on the functioning of OTF regime, transactions reporting

On 24 September 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on the functioning of the MiFIR obligation to report transactions and reference data. The following day, on 25 September 2020, ESMA launched another public consultation from the MiFID II / MiFIR review series, this time focussing on the functioning of … Continue Reading

European Commission plans legislation on markets in crypto-assets

The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading

Council commences discussions on Capital Markets Recovery Package, including MiFID “quick fix”

On 3 September 2020, representatives of Member States met to discuss the Capital Markets Recovery Package. The package consists of amendments to the Markets in Financial Instruments Directive (MiFID II), the so called MiFID “quick fix”, amendments to the Prospectus Regulation,  amendments to the Securitisation Regulation and the corresponding changes to the Capital Requirements Regulation … Continue Reading

COVID-19: ESMA to update risk parameters in guidelines on stress test scenarios under the Money Market Funds Regulation

On 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis. ESMA has assessed whether … Continue Reading

Delegated Regulation postponing entry into force date of CSDR Delegated Regulation on settlement discipline published in OJ

Delegated Regulation (EU) 2018/1229 supplementing the Central Securities Depositories Regulation (909/2014) (CSDR) with regard to regulatory technical standards (RTS) on settlement discipline, was due to come into force on 13 September. However, on 24 August 2020, Commission Delegated Regulation (EU) 2020/1212 was published in the OJ, which amends Delegated Regulation 2018/1229 to postpone its entry … Continue Reading

EBA responds to EU action plan for a comprehensive EU policy on preventing money laundering and terrorist financing

On 19 August 2020 the European Banking Authority (EBA) published its response to the European Commission’s consultation on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing. The European Commission’s action plan includes 6 “pillars” to strengthen the EU’s anti-money laundering (AML) and counter terrorist financing (CTF) framework, and … Continue Reading

ESMA recommends priority topics in AIFMD review

On 19 August, the European Securities and Markets Authority (ESMA) published a letter (ESMA34-32-550) dated 18 August that it had sent to the European Commission, outlining areas it should consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD). ESMA’s letter includes recommendations for changes in 19 areas that ESMA and competent … Continue Reading

Commission digital operational resilience proposal becomes more concrete

It is understood that the European Commission is close to adopting its legislative proposal on Digital Operational Resilience for the Financial Sector. The legislative proposal, which follows a public consultation held by the Commission in Q1 2020, would establish a unified framework for the coherent application of all components of risk management for the information … Continue Reading

AFM publishes recommendations for the review of AIFMD

On 17 June 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published its recommendations for the review of the Alternative Investment Fund Managers Directive (AIFMD) in the form of a position paper: “Views on the review of the Alternative Investment Fund Directive (AIFMD)”. This follows on the European Commission’s AIFMD … Continue Reading

AFM publishes recommendations for the review of MiFID II

On 19 May 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published recommendations in connection with the current review of the (recast) Markets in Financial Instruments Directive (MiFID II). The AFM notes that these recommendations are part of its further efforts to ensure the orderly functioning of the European financial markets … Continue Reading

Member States discuss CRR “quick fix” legislative proposal

On 29 April 2020 we blogged that in the context of COVID-19 the European Commission published a legislative proposal for targeted amendments to the Capital Requirements Regulation (CRR).  A legislative process is currently underway, with both the Council (Member States) and the European Parliament conducting their respective reviews. On 13 May 2020, a meeting of … Continue Reading

European Commission considers MiFID “quick fix” in response to COVID-19

On 11 May 2020, the European Commission hosted a meeting of the Expert Group of European Securities Committee (EGESC), which is composed of Member States experts. One of the agenda items was initial considerations and exchange of views whether any urgent amendments to the Markets in Financial Instruments Directive (MiFID II) are required in the … Continue Reading

European Commission sets out sustainability criteria for benchmarks

On Wednesday, 8 April 2020, the European Commission published three draft delegated regulations setting out sustainability criteria for benchmarks provided in accordance with the Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (BMR). These measures follow amendments to the BMR introduced … Continue Reading

ESMA proposes amendments to MiFID II commodity derivatives regime

On 1 April 2020, the European Securities and Markets Authority (ESMA) released two publications concerning the commodity derivatives regime under MiFID II. This includes ESMA’s final review report on position limits and position management in commodity derivatives, and technical advice on weekly position reports published by trading venues on open positions per category of stakeholders. … Continue Reading

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 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
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