Reform tracker

Take a quick overview of the major changes planned in financial services regulation with the Reform Tracker. Entries are colour-coded to reflect their current status: from blue-sky consultations to imminent implementation. Use the search bar and filters below to narrow your focus by country and sector. Alternatively, use the Regulatory Timeline tool for more information on timetables and deadlines.
  • Blue: No legislative proposal as of yet
  • Green: Legislative proposals published but not yet adopted/finalised
  • Yellow: Legislation in force but main substantial provisions not yet effective
  • Red: Legislation in force and main, substantial provisions now effective
  • Grey: Not proceeding
  • Magenta: No longer updated

Showing 11 - 20 of 30 matches filtered by 'Banking and finance'

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  • Subject:
    Capital Requirements Directive (CRD) and Capital Requirements Regulation (CRR)
    Status:
    CRD IV rules in force; new capital requirements to be phased in 2014-19. Commission Delegated Regulation (EU) 2015/1555 (supplementing CRR with regards to regulatory technical standards for the disclosure of information in relation to the compliance of institutions with the requirement for a countercyclical capital buffer in accordance with Article 440 of the CRR) became effective on 1 January 2016.
    Last updated:
    12/09/2019
    Overview/summary:

    The fourth revision of the Capital Requirements Directive (2013/36/EU) (CRD IV) and the new Capital Requirements Regulation (575/2013) (CRR) together implement the Basel III international agreement on bank capital requirements into EU law, requiring banks to hold more, and better quality, regulatory capital. (As a Directive, CRD IV also requires further, national legislation in individual Member States.) In addition to prudential requirements, CRD IV and CRR also include: changes to the remuneration framework; more stringent governance and transparency requirements; new board diversity requirements; and a single EU rulebook of harmonised prudential rules.

     

    Publications by date:

    December 2010

    Basel III liquidity rules published.

    December 2010

    Basel III capital rules published.

    Early 2012

    Final rules expected for implementation by 1 January 2013 but this has been delayed due to amendments made to the Liquidity Coverage Ratio.

    1 January 2013

    Basel III implemented in phases onwards.


    January 2013

    BCBS publishes paper setting out revisions to the liquidity reforms agreed in Dec-2012.

    28 August 2014

    EU Commission Implementing Regulation (EU) No 926/2014 laying down implementing technical standards published in the Official Journal.

    1 September 2014

    EC: Commission Delegated Regulation (EU) No …of 4.6.2014 supplementing CRD published in Official Journal.

    5 September 2014

    Commission Implementing Regulation (EU) 945/2014 laying down implementing technical standards with regard to relevant appropriately diversified indices according to CRR published in Official Journal.

    2 October 2014

    EC delegated regulation supplementing CRR 'as regards regulatory technical standards for determining the overall exposure to a client or a group of connected clients in respect of transactions with underlying assets' published in Official Journal.

    20 November 2014

    ECJ published opinion regarding CRD IV and remuneration, rejecting the UK's argument that measures were adopted using an incorrect legal basis.

    1 January 2015

    Regulation Articles 8(3), 21, and 451(1) entered into force.

    12 January 2015

    European Commission adopted two items: Commission Implementing Regulation amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to CRR as regards asset encumbrance, single data point model and validation rules; and Commission Implementing Regulation amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to CRR.

    14 January 2015

    EBA has published responses to the European Supervisory Authorities (ESAs) Joint Consultation of February 2014 on draft implementing technical standards on mapping of credit assessments to risk weights of External Credit Assessment Institutions (ECAIs) under the CRR.

    15 January 2015

    EBA published its second report on impact assessment for liquidity measures under Article 509(1) of the CRR.

    17 January 2015

    Commission Delegated Regulation (EU) 2015/61 with regards to liquidity coverage requirement and Commission Delegated Regulation (EU) 2015/62 amending the CRR with regard to the leverage ratio were published in the OJ.

    21 January 2015

    Commission Implementing Regulation (EU) 2015/79was published in the OJ.

    23 January 2015

    EBA published amendments concerning EBA/RTS/2014/06/rev1: final draft RTS on prudent valuation.

    30 January 2015

    European Commission published a Delegated Regulation for approval.

    4 February 2015

    ECB published-Decision (EU) [2015/XX] of the European Central Bank of 4 February 2015 on the conditions under which credit institutions are permitted to include interim or year-end profits in Common Equity Tier 1 capital in accordance with Article 26(2) of Regulation (EU) No 575/2013.

    10 February 2015

    EBA published are port concerning the overview of the potential implications of regulatory measures for banks’ business models.

    14 February 2015

    Commission Implementing Regulation (EU) 2015/233 was published in the OJ.

    17 February 2015

    EBA published an Opinion -EBA/Op/2015/01: on the review of the appropriateness of the definition of ‘eligible capital’ pursuant to Article 517 of CRR.

    20 February 2015

    Commission Implementing Regulation (EU) 2015/227 was published in the OJ.

    25 February 2015

    EBA published an Opinion on CVA risk.

    2 March 2015

    EBA published the Final draft RTS on benchmarking portfolio assessment standards and assessment sharing procedures under Article 78 of CRD IV.

    EBA published an Opinion - EBA/Op/2015/04: Technical Advice For the purposes of the report pursuant to Article 78(9) of CRD IV.

    3 March 2015

    EBA published a new XBRL taxonomy to be used by competent authorities for remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting.

    4 March 2015

    EBA launched a consultation - EBA/CP/2015/03: Consultation on Guidelines on sound remuneration policies.

    EBA published a discussion paper - EBA/CP/2015/01: Discussion paper: Future of the IRB Approach.

    European Commission published - Commission Delegated Regulation amending Delegated Regulation (EU) No 529/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards regulatory technical standards for assessing the materiality of extensions and changes of internal approaches when calculating own funds requirements for market risk.

    10 March 2015

    EBA published -Responses to Consultation (EBA/CP/2014/44).

    12 March 2015

    European Commission published -Commission Delegated Regulation amending Delegated Regulation (EU) No 241/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for Own Funds requirements for institutions.

    18 March 2015

    EBA published final draft ITS amending the Commission's Implementing Regulation (EU) No 680/2014 on supervisory reporting.

    19 March 2015

    EBA launched a consultation - EBA/CP/2015/06: Draft EBA Guidelines on limits on exposures to shadow banking entities which carry out banking activities outside a regulated framework under CRR.

    24 March 2015

    Commission Delegated Regulation (EU) 2015/488 amending Delegated Regulation (EU) No 241/2014 as regards own funds requirements for firms based on fixed overheads was published in the OJ.

    1 April 2015

    EBA published - EBA/REC/2015/01: Recommendation on the equivalence of confidentiality regimes.

    9 April 2015

    EBA published its annual Supervisory convergence report.

    15 April 2015

    Commission Delegated Regulation ((EU) 2015/585 supplementing CRR with regard to RTS for the specification of margin periods of risk was published in the OJ.

    25 April 2015

    ECB Decision (EU) 2015/656 on the conditions under which credit institutions are permitted to include interim or year-end profits in CET 1 capital in accordance with Article 26(2) of CRR was published in the OJ.

    4 May 2015

    EBA published an update of the first report on the monitoring of Additional Tier 1 (AT1) capital instruments issued by EU institutions and released on 7 October 2014 .

    7 May 2015

    EBA launched a consultation - EBA/CP/2015/08: Consultation on draft ITS on the mapping of ECAIs’ credit assessments for securitisation positions under Article 270 of CRR.

    8 May 2015

    EBA published an update regarding the XBRL taxonomy for Competent Authorities use for the remittance of data under the EBA ITS on supervisory reporting.

    11 May 2015

    EBA launched a consultation - EBA/CP/2015/09: Consultation on draft RTS on Assigning Risk Weights to Specialised Lending Exposures under Article 153(9) of CRR.

    13 May 2015

    EBA published EBA: list of closely correlated currencies ITS Annex 1 (updated).

    22 May 2015

    EBA published an update regarding Final Report: Guidelines on the management of interest rate risk arising from non-trading activities - EBA/GL/2015/08.

    29 May 2015

    EBA published an update of its first report regarding the monitoring of Additional Tier 1 (AT1) capital instruments issued by EU institutions and released on 7th October 2014 as required under Article 80 of CRR.

    2 June 2015

    European Commission published Commission Delegated Regulation with regard to RTS for the disclosure of information in relation to the compliance of institutions with the requirement of a countercyclical capital buffer.

    Commission Delegated Regulation (2015/850/EU) of 30 January 2015 amending Delegated Regulation (241/2014/EU) which supplements the CRR with regard to regulatory technical standards (RTS) for Own Funds requirements for institutions was published in the Official Journal.

    4 June 2015

    European Commission adopted an implementing act to extend the transitional period for capital requirements for banks’ central counterparty (CCP) exposures under CRR from 15 June 2015 to 15 December 2015.

    5 June 2015

    EBA published EBA/RTS/2015/02: Final Draft RTS on the specification of the assessment methodology under which competent authorities permit institutions to use AMA for operational risk in accordance with Article 312 of CRR.

    12 June 2015

    EBA issued Opinion - EBA/Op/2015/12: Opinion on COM Amendments to ITS.

    15 June 2015

    EBA published updated ITS on disclosure and supervisory reporting of leverage ratio for EU institutions.

    16 June 2015

    European Commission adopted Commission Delegated Regulation supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the transitional treatment of equity exposures under the IRB approach.

    17 June 2015

    Commission Delegated Regulation (EU) 2015/923 of 11 March 2015 amending Delegated Regulation (EU) No 241/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for own funds requirements for institutions was published in OJ.

    19 June 2015

    Commission Delegated Regulation (EU) 2015/942 of 4 March 2015 amending Delegated Regulation (EU) No 529/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council as regards regulatory technical standards for assessing the materiality of extensions and changes of internal approaches when calculating own funds requirements for market risk (Text with EEA relevance) was published in the OJ.

    24 July 2015

    EBA published EBA/ITS/2015/04: Final draft ITS amending ITS on LCR Reporting.

    3 July 2015

    EBA issued Opinion - EBA/Op/2015/13: Opinion of the EBA on the Commission intention to amend draft RTS specifying the derogations for currencies with constraints on the availability of liquid assets.

    6 July 2015

    EBA launched a consultation - EBA/CP/2015/12: CP on draft RTS on the conditions that competent authorities shall take into account when determining higher risk-weights.

    15 July 2015

    European Commission launched a consultation on how the revised bank capital requirements have affected lending to small businesses and financing of infrastructure projects.

    16 July 2015

    EBA published Final draft RTS correcting Delegated Regulation (EU) 604/2014.

    EBA published Final draft RTS correcting Delegated Regulation (EU) 528/2014.

    17 July 2015

    EBA issued an update on the application date of its final draft Implementing Technical Standards (ITS) on additional liquidity monitoring metrics.

    21 July 2015

    EBA published a report on macro-prudential policy measures across the EU.

    31 July 2015

    Commission Implementing Regulation (EU) No 2014/1278 amending Implementing Regulation (EU) No 680/2014 was published in the OJ.

    5 August 2015

    EBA launched a consultation -EBA/CP/2015/14: On the procedures for excluding transactions with non-financial counterparties (NFC) established in a third country from the own funds requirement for Credit Valuation Adjustment (CVA) risk under Article 382(5) of CRR.

    5 August 2015

    European Commission Report to the European Parliament and the Council on the rules governing the levels of application of banking prudential requirement was published.

    11 August 2015

    EBA published the responses the consultation paper on draft implementing technical standards (ITS) on the mapping of External Credit Assessment Institutions’ (ECAIs) credit assessments for securitisation positions.

    13 August 2015

    EBA published responses to CP on specialised lending exposures.

    19 August 2015

    EBA announced that it would incorporate additional analysis into its calibration reports on Net Stable Funding Requirements (NSFR) and Leverage Ratio (LR).

    7 September 2015

    EBA published are port on Benchmarking of Remuneration and on High Earners 2013.

    9 September 2015

    EBA published new DPM and XBRL taxonomy for remittance of supervisory reporting.

    15 September 2015

    EBA published its eighth report of the Basel III monitoring exercise.

    19 September 2015

    Commission Delegated Regulation (EU) 2015/1556 and Commission Delegated Regulation (EU) 2015/1555 were published in the OJ.

    Corrigendum to Commission Implementing Regulation (EU) 2015/880 was published in the Official Journal of the EU.

    22 September 2015

    EBA launched a consultation on draft guidelines under the CRR specifying the application of the definition of default.

    25 September 2015

    EBA published an Opinion concerning the European Commission's intention to remove the maturity ladder from the EBA final draft Implementing Technical Standard (ITS) on additional liquidity monitoring metrics.

    30 September 2015

    EBA published its first analysis of asset encumbrance among EU banking institutions.

    5 October 2015

    EBA published an Opinion on mortgage lending value (MLV) asking the EU Commission to clarify the scope of the mandate laid down in the Capital Requirements Regulation (CRR).

    8 October 2015

    Commission Delegated Regulation (EU) 2015/1798 of 2 July 2015, correcting Delegated Regulation (EU) 625/2014 supplementing the CRR containing regulatory technical standards (RTS) specifying the requirements for investor, sponsor, original lenders, and originator institutions relating to exposures to transferred credit risk, was published in the OJ.

    20 October 2015

    European Commission has published the responses it has received to its consultation paper on the possible impact of the CRD IV legislative package on bank financing of the economy.

    21 October 2015

    EBA published an updated list of capital instruments that Competent Supervisory Authorities (CAs) across the EU have classified as Common Equity Tier 1 (CET1).

    22 October 2015

    European Commission launched a consultation on impacts of maximum remuneration ratio under Capital Requirements Directive 2013/36/EU (CRD IV), and overall efficiency of CRD IV remuneration rules.

    European Commission published the Delegated Regulation on regulatory technical standards (RTS) for specifying the general conditions for the functioning of colleges of supervisors under CRDIV.

    26 October 2015

    European Commission adopted its Delegated Regulation on regulatory technical standards for prudent valuation under Article 105(14) of the CRR.

    30 October 2015

    The EBA updated its single rulebook Q&As with 6 items relating to CRDIV/CRR.

    11 November 2015

    Joint Committee of ESAs published two draft Implementing Technical Standards (ITS) on credit assessments by External Credit Assessment Institutions (ECAIs).

    12 November 2015

    EBA launched a consultation on draft guidelines on the treatment of credit value adjustment (CVA) risk under the supervisory review and evaluation process (SREP) and launching a data collection exercise for the quantitative impact study (QIS).

    EBA published a follow-up report on the actions taken by Member State competent authorities following the publication of its Opinion (October 2014) on the use of allowances.

    EBA published a report on benchmarking and institutions' remuneration practices concerning the use of the possibility to increase the maximum ratio between variable and fixed remuneration up to 200%.

    18 November 2015

    Council of the EU has published its first presidency compromise proposal on the proposed Regulation amending the CRR on prudential requirements for credit institutions and investment firms in line with the draft Securitisation Regulation.

    24 November 2015

    Council of the EU has published a second presidency compromise proposal on the proposed Regulation amending the CRR on prudential requirements for credit institutions and investment firms in line with the draft Securitisation Regulation.

    3 December 2015

    EBA launched a webpage with links to national competent authorities’ publication of administrative penalties for breaches of the CRR or the provisions implementing CRD IV pursuant to Article 68 of the Capital Requirements Directive (2013/36/EU) (CRD IV). EBA is required maintain a website with links to each competent authority's publication in accordance with Article 69(4) of CRD IV.

    8 December 2015

    EBA has published a Consultation Paper on draft Implementing Technical Standards (ITS) amending Commission Implementing Regulation 680/2014/EU on reporting of financial information for institutions using IFRS (FINREP IFRS).

    12 December 2015

    Commission Implementing Regulation (EU) 2015/2326 of 11 December 2015 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in the Capital Requirements Regulation (575/2013/EU) (CRR) and the European Market Infrastructure Regulation (648/2012/EU) (EMIR) was published in the OJ.

    14 December 2015

    EBA launched a consultation on Draft Regulatory Technical Standards on the specification of the assessment methodology for competent authorities regarding compliance of an institution with the requirements to use internal models for market risk and assessment of significant share under Article 363(4)(b) and (c) of CRR.

    15 December 2015

    EBA published final Guidelines on the limits on exposures to shadow banking entities which carry out banking activities outside a regulated framework under Article 395(2) of CRR.

    17 December 2015

    EBA published a report recommending to the Commission the introduction of the Net Stable Funding Ratio (NSFR) in the EU.

    18 December 2015

    EBA launched a consultation on its draft Guidelines on stress testing.

    EBA published an Opinion on the interaction of Pillar 1, Pillar 2 and combined buffer requirements and restrictions on distributions.

    21 December 2015

    EBA published its guidance on the governance process for sound remuneration policies.

    22 December 2015

    EBA published a Consultation Paper on draft Guidelines on the remuneration policies and practices applicable to retail sales staff of financial institutions (including credit institutions, creditors, credit intermediaries, payment institutions, and electronic money institutions).

    30 December 2015

    Recommendation of the European Central Bank of 17 December 2015 on dividend distribution policies (ECB/2015/49) published in the OJ.

    6 January 2016

    European Commission published are port on the effect of the revised International Accounting Standard (IAS) 19 on the volatility of own funds of credit institutions and investment firms.

    7 January 2016

    ESRB published a response to the consultation on the Net Stable Funding Ration (NSFR) as mandated by Article 510 CRR.

    26 January 2016

    European Commission adopted: Commission Delegated Regulation (EU) No …/.. of 26.1.2016 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for the application of the derogations concerning currencies with constraints on the availability of liquid assets.

    European Commission published: Report on the review of the appropriateness of the definition of "eligible capital" pursuant to Article 517 of Regulation (EU) No 575/2013.

    29 January 2016

    ESMA published an Opinion: draft implementing technical standards on main indices and recognised exchanges under the CRR.

    Commission Delegated Regulation (EU) 2016/101 of 26 October 2015 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for prudent valuation under Article 105(14) published in the OJ.

    5 February 2016

    Corrigendum to Commission Delegated Regulation (EU) 2016/101 of 26 October 2015 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for prudent valuation under Article 105(14) published in the OJ.

    EBA published its Opinion on the implementation of the regulatory review of the IRB approach, along with a report setting out its conclusions from the March 2015 consultation paper on the future of the IRB approach. The Opinion sets out an overall timeline for implementation, which requires all changes related to the regulatory review to be finalised by the end of 2020, at the latest.

    15 February 2016

    EBA published Draft implementing technical standards on the mapping of external credit assessment institutions' credit assessments for securitisation positions under CRR.

    17 February 2016

    Commission Implementing Regulation (EU) 2016/200 of 15 February 2016 laying down implementing technical standards with regard to disclosure of the leverage ratio for institutions, according to Regulation (EU) No 575/2013 of the European Parliament and of the Council published in the OJ.

    18 February 2016

    Commission Implementing Directive which amends Implementing Decision 2014/908/EU as regards the lists of third countries and territories whose supervisory and regulatory requirements are considered equivalent for the purposes of the treatment of exposures according to Regulation (EU) No 575/2013 of the European Parliament and of the Council has been published in the Official Journal.

    Delegated Regulation, dated 18 February 2016, corrects Delegated Regulation (EU) No 528/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for non-delta risk of options in the standardised market risk approach and correcting Delegated Regulation (EU) No 604/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution's risk profile.

    22 February 2016

    EBA published a consultation document: The approach for the recognition of institutional protection schemes for prudential purposes.

    2 March 2016

    EBA published its report: CRD IV-CRR/Basel III monitoring exercise on the European banking system.

    4 March 2016

    EBA launched a consultation: Draft Implementing Technical Standards amending Commission Implementing Regulation (EU) 680/2014 on supervisory reporting of institution.

    BIS published Standardised measurement approach for operational risk.

    7 March 2016

    Commission Implementing Regulation (EU) 2016/313 of 1 March 2016 amending Implementing Regulation (EU) No 680/2014 with regard to additional monitoring metrics for liquidity reporting has now been published in the Official Journal.

    ECB published an Opinion of 3 March 2016 on a proposal for a regulation amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

    8 March 2016

    EBA published Final draft implementing technical standards amending the EC’s implementing regulation (EU) No 680/2014 on supervisory reporting.

    EBA amended DPM and XBRL taxonomy 2.4 for remittance of supervisory reporting and published new DPM and XBRL taxonomy 2.5.

    10 March 2016

    Implementing Regulation amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions of... the liquidity coverage requirement ((EU) 2016/322) has now been published in the Official Journal.

    11 March 2016

    EBA issued a revised list of validation rules in standards on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems.

    23 March 2016

    European Commission confirmed that the Permanent Representatives Committee has agreed, on behalf of the Council, to extend an exemption for commodity dealers under CRR by which dealers are exempt from large exposure requirements and from own funds requirements until 31 December 2017. The exemption has been extended to 31 December 2020.

    EBA published a report on SMEs - specifically looking at EU SMEs over a full economic cycle and the consistency of own funds requirements laid down in CRR for credit risk on exposures to SMEs.

    EBA launched a consultation: Guidelines on corrections to modified duration for debt instruments under Article 340(3) of Regulation (EU) 575/2013.

    31 March 2016

    Commission Implementing Regulation (EU) 2016/428 of 23 March 2016 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions as regards the reporting of the Leverage Ratio has now been published in the Official Journal.

    6 April 2016

    European Parliament published a report regarding Articles 493(1) and 498(1) of CRR which exempt certain commodity dealers from large exposures requirements and from own funds requirements. These exemptions are due to expire in 31 December 2017 and it is proposed that these existing exemptions be extended.

    EBA launched a consultation: Draft regulatory technical standards for determining proxy spread and limited smaller portfolios for credit valuation adjustment under Article 383(7) of CRR.

    12 April 2016

    Corrigendum to Commission Implementing Regulation (EU) 2016/322 of 10 February 2016 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions of the liquidity coverage requirement has been published in the Official Journal.

    25 April 2016

    EBA launched a consultation: Draft regulatory technical standards on disclosure of encumbered and unencumbered assets under Article 443 of the CRR.

    3May 2016

    EBA published an Opinion on the EC’s intention not to endorse the draft regulatory technical standards on additional collateral outflows according to Article 423(3) CRR.

    12 May 2016

    The ESA's published their Opinion on the EC’s intention to amend the draft implementing technical standards on the mapping of external credit assessment institutions’ credit assessments under CRR and Solvency II.

    EBA issued an Opinion to the Commission which expresses agreement with its proposed amendments to the EBA implementing technical standards on benchmarking of internal approaches.

    EBA launched a consultation: Draft guidelines on LCR disclosure to complement the disclosure of liquidity risk management under Article 435 of CRR.

    13 May 2016

    Commission Delegated Regulation (EU) 2016/709 of 26 January 2016 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for the application of the derogations concerning currencies with constraints on the availability of liquid assets has been published in the Official Journal.

    15 May 2016

    European Parliament published a report noting the adoption at first reading on 11 May 2016 with regard to the proposed regulation on exemptions for commodity dealers.

    25 May 2016

    Commission Implementing Regulation (EU) 2016/818 of 17 May 2016 amending Implementing Regulation (EU) No 1030/2014 laying down implementing technical standards. With regard to the uniform formats and date for the disclosure of the values used to identify global systemically important institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council was published in the Official Journal.

    31 May 2016

    Council of the EU adopted an amending Regulation which extends an exemption for commodity dealers under EU bank capital requirements.

    1 June 2016

    European Commission Delegated Regulation has been published in the Official Journal:

    Commission Delegated Regulation (EU) 2016/861 of 18 February 2016 correcting Commission Delegated Regulation (EU) No 528/2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for non-delta risk of options in the standardised market risk approach and correcting Commission Delegated Regulation (EU) No 604/2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution's risk profile.

    8 June 2016

    European Commission Implementing Regulation ((EU) 2016/892) on the extension of the transitional periods related to own funds requirements for exposures to CCPs, under CRR and EMIR was published in the Official Journal of the EU.

    14 June 2016

    EBA: published Final draft regulatory technical standards on assigning risk weights to specialised lending exposures under Article 153(9) of CRR.

    29 June 2016

    Regulation (EU) 2016/1014 Of The European Parliament and of the Council of 8 June 2016 amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers was published in the Official Journal.

    5 July 2016

    EBA published a report on asset encumbrance across EU banking institutions.

    21 July 2016

    EBA published the final draft regulatory technical standards specifying the assessment methodology competent authorities shall follow in assessing the compliance of an institution with the requirements for the use of the IRB approach.

    26 July 2016

    EBA launched a consultation regarding Guidelines on connected clients under Article 4 (1) (39) of CRR.

    27 July 2016

    EBA published final draft regulatory technical standards on the specification of the additional objective criteria referred to in Articles 29(2) and 34(2) of Commission Delegated Regulation (EU) No 2015/61 (the delegated act specifying the liquidity coverage ratio for credit institutions) under Articles 422(10) and 425(6) of CRR.

    29 July 2016

    European Commission published feedback regarding its earlier consultation on CRD IV remuneration rules.

    3 August 2016

    EBA published a report regarding the leverage ratio requirements under Article 511 of the CRR.

    8 August 2016

    European Commission launched a consultation ahead of the review of the EU macro-prudential framework.

    11 August 2016

    ECB published Addendum to the ECB Guide on options and discretions available in Union law. This document sets out ECB's approach to the exercise of some options and discretions provided for CRD/CRR and is intended to provide coherence, effectiveness and transparency regarding the supervisory policy that will be applied in the supervisory assessment of applications from significant supervised entities within the SSM.

    8 September 2016

    EBA published an updated list of capital instruments classified as Common Equity Tier 1 (CET1) - this was last updated in October 2015.

    EBA published a report analysing the core funding ratio across the EU. The report considers the possibilities of the core stable funding ratio as a potential alternative metrics for the assessment of EU banks' funding risk, but the report concludes that it would be misleading to rely only on the CFR to assess banks' funding needs.

    9 September 2016

    Commission Delegated Regulation (EU) 2016/1608 of 17 May 2016 amending Delegated Regulation (EU) No 1222/2014 with regard to regulatory technical standards for the specification of the methodology for the identification of global systemically important institutions and for the definition of subcategories of global systemically important institutions has been published in the Official Journal.

    13 September 2016

    EBA published the results of the CRDIV-CRR/Basel III monitoring exercise.

    17 April 2018

    On the EBA published a final report (EBA/ITS/2018/01) on revised draft implementing technical standards (ITS) on supervisory reporting of institutions with regard to prudent valuation under the Capital Requirements Regulation (Regulation 575/2013) (CRR). It has also separately published ten annexes to the report which are linked to from an EBA webpage on the ITS.

    18 May 2018

    Commission Implementing Regulation (EU) 2018/688 amending Regulation (EU) 2016/2070 as regards to benchmarking portfolios reporting templates and reporting instructions under CRD IV Directive (2013/36/EU) was published in the Official Journal of the EU (OJ) (the Amending Regulation).

    25 May 2018

    The council of the EU published a press release announcing that, in its configuration as the ECOFIN, it has agreed its general approach on the package of banking reforms adopted by the European Commission in November 2016.

    22 May 2018

    Presidency compromise proposal (9055/18) (dated 22 May 2018) on the Commission's proposal to amend the CRR (2016/0360 (COD)) (proposed CRR II Regulation), plus corrigendum relating to reference to the institutional file. This was published by the EU.

    23 May 2018

    Presidency compromise proposal (9056/18) (dated 23 May 2018) on the Commission's proposal to amend the CRD IV Directive 2016/0364 (COD)) (proposed CRD V Directive). This was published by the EU.

    19 June 2018

    ECON voted to adopt draft reports on CRR II Regulation and CRD V Directive.

    29 June 2018

    On 29 June 2018, the European Parliament's Committee on Economic and Monetary Affairs (ECON) published its report on the proposed CRR II Regulation and its report on the proposed CRD V Directive.

    10 July 2018

    EBA published a report of its peer review on the regulatory technical standards (RTS) on passport notifications under the CRD IV Directive

    21 August 2018

    HM Treasury published a webpage setting out a draft version of the Capital Requirements (Amendment)(EU Exit) Regulations 2018, together with explanatory information.

    24 August 2018

    The European Central Bank (ECB) published an opinion (dated 22 August 2018) (CON/2018/36) on the European Commission’s legislative proposals for a new framework for the prudential regulation of investment firms.

    28 August 2018

    The European Central Bank (ECB) published a consultation paper on amendments to the Commission Implementing Regulation containing implementing technical standards (ITS) on the supervisory reporting (Regulation 680/2014) relating to the liquidity coverage requirement (LCR) (EBA/CP/2018/12)

    13 September 2018

    Ruling on whether information covered by professional secrecy under MiFID and CRD IV Directive can be disclosed by supervisory authorities (ECJ)

    The Court of Justice of the EU (ECJ) has ruled that national financial supervisory authorities may be obliged to disclose information covered by professional secrecy so as to safeguard the rights of the defence of the applicant or so that the information may be used in civil or commercial proceedings.

    9 November 2018

    Implementing Regulation on ITS amending CRR supervisory reporting ITS concerning prudent valuation published in OJ.

    4 December 2018

    Provisional political agreement reached on CRR II Regulation and CRD V Directive.

    The European Commission’s proposals for the CRR II Regulation (2016/0360(COD)) and the CRD V Directive (2016/0364(COD)) contain revisions to the Capital Requirements Regulation (575/2013) (CRR) and the CRD IV Directive (2013/36/EU) respectively.

    16 January 2019

    European Parliament to consider proposed Regulation amending CRR on statutory prudential backstop for NPLs at 11 to 14 March 2019 plenary.

    4 February 2019

    European Commission adopts proposal for Council of EU decision on incorporating CRD IV Directive and CRR into EEA Agreement.

    14 February 2019

    Financial Conglomerates and Other Financial Groups (amendment et.) (EU Exit) Regulations 2019 have been made and published. The Regulations make consequential amendments to the Capital Requirements Regulations 2013 (SI 2013/3115) and the retained version of the Capital Requirements Regulation (575/2013).

    15 February 2019

    – COREPER endorses texts of amendments to CRR II, CRD V, BRRD II and SRM II.

    6 March 2019

    European Banking Authority published a final report (EBA/GL/2019/03) containing final guidelines specifying how institutions should quantify the estimation of loss given default (LGD) appropriate for an economic downturn (downturn LGD estimation).

    14 March 2019

    European Parliament published the provisional edition of the text of the legislative resolution adopted by it at first reading on the proposed Regulation containing amendments to the Capital Requirements Regulation (575/2013) (CRR) on the minimum loss coverage for non-performing loans.

    19 March 2019

    Council of EU has invited its Permanent Representatives Committee to approve the final compromise texts of the proposed Investment Firms Regulation and the proposed Investment Firms Directive.

    20 March 2019

    Council of EU published the text of the proposed Regulation containing amendments to the Capital Requirements Regulation (575/2013) on the minimum loss coverage for non-performing loans.

    29 March 2019

    the Commission Implementing Regulation (EU) 2019/439 amending implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions under the CRD IV Directive (2013/36/EU) has been published in the Official Journal and will enter into force on 18 April 2018. Regulation 2019/439 contains implementing technical standards specifying what firms should report to the European Banking Authority and competent authorities to enable assessments of internal approaches for calculating own funds requirements.

    25 April 2019

    Regulation (EU) 2019/630 amending the Capital Requirements Regulation ((EU) 575/2013) as regards minimum loss coverage for non-performing loans was published in the Official Journal of the EU.

    11 April 2019

    The EBA has published a draft Commission Implementing Regulation that updates the list of diversified indices originally published in December 2013 as part of the implementing technical standards set out in Implementing Regulation (EU) 945/2014, which were required under the Capital Requirements Regulation (575/2013).

    9 April 2019

    The Council of the EU has published a press release announcing that it has adopted the proposed Regulation containing amendments to the Capital Requirements Regulation (575/2013) on the minimum loss coverage for non-performing loans.

    8 April 2019

    The EBA has published a report (EBA/RTS/2019/01) containing final draft regulatory technical standards on the conditions to allow institutions to calculate KIRB in accordance with the purchased receivables approach under Article 255 of the Capital Requirements Regulation (575/2013).

    1 April 2019

    European Commission Implementing Decision (EU) 2019/536 on the lists of third countries considered equivalent for the purposes of the treatment of exposures under the Capital Requirements Regulation (575/2013) has been published in the Official Journal of the EU. It amends Commission Implementing Decision 2014/908/EU to add Argentina to the list of equivalent third countries.

    7 May 2019

    Council of the EU has published four item notes from its General Secretariat to its Permanent Representatives Committee inviting such committee to confirm its agreement to the European Parliament's first reading position on the banking reform package. I/A Item note (8667/19) proposed to amend the Capital Requirements Regulation (575/2013) (2016/0360A (COD)).

    20 May 2019

    The Joint Committee of the European Supervisory Authorities (ESA) (i.e. EBA, EIOPA and ESMA) has published a final report containing draft implementing technical standards amending Implementing Regulation (EU) 2016/1799 on the mapping of external credit assessment institutions’ credit assessments under Article 136(1) and (3) of the Capital Requirements Regulation (575/2013).

    28 May 2019

    The EBA has published its final report on draft implementing technical standards amending Implementing Regulation (EU) 680/2014 with regard to the common reporting framework under the Capital Requirements Regulation (Regulation 575/2013).

    7 June 2019

    The following acts were published in the Official Journal of the EU (OJ):

    Regulation (EU) 2019/876 amending the Capital Requirements Regulation (575/2013) (CRR) as regards the leverage ratio, the net stable funding ratio (NSFR), requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties (CCPs), exposures to collective investment undertakings, large exposures, reporting and disclosure requirements (CRR II Regulation).

    Directive (EU) 2019/878 amending the CRD IV Directive (2013/36/EU) as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (CRD V Directive).

    The CRR II Regulation and the CRD V Directive will enter into force on 27 June 2019.

    8 July 2019

    The European Central Bank (ECB) published the final risk-type-specific chapters of its guide to internal models under the single supervisory mechanism (SSM).

    Under the Capital Requirements Regulation (575/2013) (CRR), credit institutions are permitted to use internal models for credit risk, counterparty credit risk and market risk where the requirements set out in the corresponding chapters of the CRR are met by the credit institutions.

    12 July 2019

    The EBA published its first report on monitoring the implementation of the liquidity coverage ratio (LCR) in the EU.

    The LCR was introduced by the Capital Requirements Regulation (575/2013) (CRR), with detailed requirements for the LCR set out in Commission Delegated Regulation (EU) 2015/61 (LCR Delegated Regulation). The LCR fully applied in the EU from January 2018.

    31 July 2019

    The EBA published a consultation paper on draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitisation transaction (EBA/CP/2019/08). 

    The revised CRR framework for securitisation introduced the maturity of the tranche as an additional risk factor to consider when calculating the capital requirement of securitisation exposures. 

    The main areas covered by the draft guidelines are:

    • The meaning of contractual payments due under the tranche.
    • Data and information requirements.
    • Methods for determining contractual payments.
    • Implementation and use of the WAM approach.

    2 August 2019

    The EBA updated its single rulebook Q&A tool to reflect the CRD V Directive, the CRR II Regulation and the BRRD II Directive, allowing stakeholders to submit questions on the legislation. The interactive rulebook will be updated in due course.

    Further past dates are accessible via the news feed on the RegZone CRD topic page 

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  • Subject:
    Securities Financing Transactions Regulation
    Status:
    Securities Financing Transactions Regulation was published in the Official Journal on 4 January 2016 and entered into force on 12 January 2016 (with the exception of Art. 33 provisions).
    Last updated:
    19/12/2016
    Overview/summary:

    The Securities Financing Transactions (SFT) Regulation is part of the European Union’s measures to address shadow banking and is in line with the Financial Stability Board’s recommendations. The European Commission’s Communication on Shadow Banking identified SFTs as a source of systemic risk for the stability of the financial system and therefore would need to be better monitored. The proposal on the SFT Regulation was adopted alongside the proposal for the structural reform of the EU banking sector that seeks to address interrelated issues.

     

    Securities financing transactions allow market participants to use their assets to secure financing for their activities. This involves the temporary exchange of assets as a guarantee for a funding transaction.

     

    The SFT Regulation reforms apply to all counterparties in SFT markets, UCITS management companies and UCITS investment companies, alternative investment fund managers (AIFMs), and counterparties engaging in rehypothecation.

     

    There are three proposed measures to improve the transparency of SFTs. All SFTs—except those concluded with central banks—will be reported to trade repositories. Information on the use of SFTs by investment funds will be disclosed to investors in the regular reports and pre-investment documents of funds. Minimum transparency conditions will need to be met on the reuse of collateral, such as disclosure of the risks and the need to grant prior consent.

     

    This reform tracker item is no longer updated.

    Publications by date:
     

    29 January 2014

     

    The European Commission published a legislative proposal for the SFT Regulation

     

    25 February 2014

     

    Committee referral announced in Parliament, 1st reading/single reading

     

    20 October 2014

     

    Committee referral announced in Parliament, 1st reading/single reading

     

    24 March 2015

     

    Vote in committee, 1st reading/single reading

     

    9 April 2015

     

    Committee report tabled for plenary session, 1st reading/single reading

     16 November 2015 Council of the EU adopted Securities Financing Transactions Regulation; the Regulation will enter into force 20 days after it is published in the OJ. 
     4 January 2016 The Regulation was published in the OJ.
     12 January 2016 The Regulation entered into force on this day.

    20 January 2016

    UK: FMLC published the text of a letter it has sent to European Commission's DG in which it welcomes changes made to Article 15 which have been introduced in order to reflect the nature of title transfer collateral arrangements.
    11 March 2016  ESMA published a discussion paper on the SFTR - setting out proposals for implementing the reporting framework, including tables of the fields with the proposed data to be reported, and the registration requirements for those trade repositories that want to accept reports on security financing transactions.
    3 May 2016 ESMA published responses to its March 2016 discussion paper on the Regulation.
    19 May 2016 (UK) FCA launched  CP16/14 regarding UCITS V Level 2 Regulation, SFTR and consequential changes to the Handbook.
    2 June 2016 ESMA published a discussion paper on the possible use of distributed ledger technology in securities markets and its potential risks and benefits. ESMA also considered how legislation (EMIR, SFTR, CSDR) would fit in relation to the technology.
    8 July 2016 (UK) The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016/715 implement in part the SFT Regulation and amend FSMA, the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013/419 and other secondary legislation to allow certain requirements imposed by or under the SFT Regulation to be enforced. These Regulations also confer power on FCA to enforce those requirements in respect of counterparties not regulated under FSMA and to provide powers to FCA and BoE supplementing those in FSMA where necessary (Date in force: 13 July 2016).
    30 September 2016 ESMA launched a consultation paper on draft technical standards under the Securities Financing Transactions Regulation. In addition to the SFTR, ESMA proposes certain amendments to the existing standards implementing EMIR.
    5 October 2016 The ESRB published its Opinion sent to ESMA regarding securities financing transactions and leverage under Art. 29 SFTR.
    7 November 2016 ESMA notes errata in earlier consultation paper published in September 2016 on draft technical standards.

    Further past dates are accessible via the RegZone SFTR newsfeed here.

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  • Subject:
    Directive on Consumer Rights
    Status:
    The Directive on Consumer Rights (2011/83/EU) (the “Directive") came into force on 12 December 2011. Member States were required to adopt and publish implementing legislation by 13 December 2013, and such domestic legislation was required to enter into force by the final implementation deadline of 13 June 2014. In April 2016, the European Commission published an evaluation of the Consumer Rights Directive.
    Last updated:
    29/11/2016
    Overview/summary:

    The Directive consolidated and superseded four previous EU directives on unfair terms and consumer protection. The Directive amended Directive 93/13/EEC (on unfair terms in consumer contracts) and Directive 1999/44/EC (on certain aspects of the sale of consumer goods and associated guarantees) and repealed Directive 85/577/EEC (to protect the consumer in respect of contracts negotiated away from business premises) and Directive 97/7/EC (on the protection of consumers in respect of distance contracts).

     

    The Directive covers information to be provided in relation to distance selling, off-premises and other business to consumer contracts and regulates consumers’ rights of withdrawal from such contracts. It seeks to harmonise the law in this area across the European Union.

     

    Although the Directive affects contracts for a wide range of goods and services, it expressly excludes contracts for financial services (defined as “any service of a banking, credit, insurance, personal pension, investment or payment nature”). However, it is possible that the Directive may still have an impact on certain areas, e.g. consumer hire contracts; the recitals also expressly “encourage” Member States “to draw inspiration from existing Union legislation in that area when legislating in areas not regulated at Union level, in such a way that a level playing field for all consumers and all contracts relating to financial services is ensured”.

    This reform tracker item is no longer updated.

    Publications by date:

     

    22 November 2011 The Directive was published in the Official Journal of the European Union.

    19 December 2012

    (UK) The Consumer Rights (Payment Surcharges) Regulations 2012 (SI 2012/3110) were laid before Parliament.

    6 April 2013

    (UK) The Consumer Rights (Payment Surcharges) Regulations 2012 (SI 2012/3110) came into force, implementing the Directive in part in the UK.

    13 December 2013

    (UK) The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (SI 2013/3134) were laid before Parliament.

    June 2014

    The Directorate-General for Justice of the European Commission issued a Guidance Document on the Directive.

    13 June 2014

    (UK) The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (SI 2013/3134) came into force, implementing the Directive in part in the UK.

     1 October 2015 (UK) The main provisions of the Consumer Right Act 2015 came into force. The new definition of consumer in UK law is broader than that in the EU Directive and much of EU consumer law.
    29 April 2016 European Commission published an evaluation of the Consumer Rights Directive.

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  • Subject:
    Payment Services Directive (PSD 2)
    Status:
    The Interchange Fees Regulation is in force; PSD 2 in force and in effect as of 13 January 2018.
    Last updated:
    15/01/2018
    Overview/summary:

    The Payment Services Directive 2 (PSD 2) forms part of a legislative package which includes a Regulation on interchange fees for card-based payment transactions. PSD 2 will replace PSD (2007/64/EC); PSD 2 also amends the Second Electronic Money Directive (2009/110/EC), Capital Requirements Directive (2013/36/EU) and Distance Marketing of Consumer Financial Services Directive (2002/65/EC). PSD 2 aims to make the European payments market more integrated and efficient; ensure there is a level playing field for all payment service providers; encourage lower prices for payments; and protect consumers by making payments safer and more secure.

    PSD 2 extends the scope of the PSD by including new services and extending the scope of existing services; this enables their access to payment accounts. PSD 2 alters the exemptions: the telecom exemption is mainly limited to micro-payments for digital services and includes transactions with third countries when only one of the payment service providers is located in the EU. Under PSD 2 the European Banking Authority (EBA) will develop a central register of authorised and registered payment institutions. Additionally, the EBA will develop security standards in accordance with the Directive’s aim to introduce security measures to be implemented by all payment services providers (including banks).

    There are transitional arrangements in place for payment institutions that are already authorised to provide services under PSD. There are also transitional arrangements provided for existing providers of payment initiation and account information services.

    Publications by date:

     

     January 2012 EC published Green Paper 'Towards an integrated European market for card, internet and mobile payments.'
     24 July 2013  EC adopted a legislative package consisting of PSD 2 and a Regulation on interchange fees for card-based payment transactions.
     3 November 2014  Council of EU published a compromise proposal on PSD 2.
     December 2014  House of Commons European Scrutiny Committee clears proposed EU payments legislative package from scrutiny.
     June 2015  Council of the EU published its final compromise proposal on PSD 2.
     9 June 2015  the Interchange Fee Regulation 2015/751 (part of the legislative package alongside PSD 2) entered into force on this date.
     July 2015  HM Treasury published a consultation on implementing the Regulation in the UK.
     October 2015  HM Treasury published the response to its earlier consultation on implementation of the Regulation in the UK.
     8 October 2015  European Parliament adopted PSD 2; the Directive will be formally adopted by the Council in due course ahead of its publication in the Official Journal.
     16 November 2015 Council of the EU adopts PSD 2.
     23 December 2015  PSD2 (2015/2366/EU)  published in the Official Journal.
     12 January 2016 PSD 2 enters into force; Member States have two years to transpose in domestic law.

     

    Further past dates are accessible via the RegZone payment services news feed here.

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  • Subject:
    Money Market Fund Regulation
    Status:
    The Money Market Funds Regulation entered into force on 2 July 2017 and will apply from 21 July 2018.
    Last updated:
    07/08/2019
    Overview/summary:

    Money market funds (MMFs) are an important source of short-term finance for corporations, governments and financial institutions. MMFs are viewed as systemically interconnected to the banking sector and the money market. In Europe, around 22% of short-term debt securities issued either by governments or by the corporate sector are held by MMFs. MMFs hold 38% of short-term debt issued by the banking sector.

     

    The European Union’s Economic and Monetary Affairs Committee stated in February 2015 that MMFs need to be more resilient to financial crises. The proposed Regulation aims to make MMFs safer, ensure more transparency, and increase investor information and investor protection. The proposed Regulation fits with a broader European Commission aim of addressing the risks posed by the shadow banking system.

     

    There are two kinds of MMFs: those that offer a constant net asset value (CNAV) per unit or share when they distribute income to investors and those that offer a variable net asset value (VNAV). Under the proposed Regulation, it is proposed to limit CNAV MMFs to two types (Retail CNAV and Public Debt CNAV). There would also be a new type of MMF, the Low Volatility Net Asset Value (LVNAV) MMF.

     

    The proposed Regulation would tighten MMFs’ transparency rules. MMFs would be required to report the following information on a weekly basis to their investors: liquidity profile; credit profile and portfolio composition; weighted average maturity of the portfolio; weighted average life of the portfolio; and concentration of the top five investors in the MMF. 

     

    The European Commission intends the Regulation to apply to all MMFs that invest in money market instruments, regardless of whether the MMF is governed by UCITS or whether the MMF operates as an alternative investment fund (AIF) as per the definition in the AIFMD.

     

    In February 2016, ESMA published Follow-up Peer Review Money Market Fund Guidelines. In April 2016 the Council of the EU published a marked-up Presidency compromise document. Further to the text published in April, in May 2016 the Council published another marked-up Presidency compromise text. In June 2016 COREPER agreed its approach regarding the proposed Regulation. In November 2016 an agreement was reached between the European Parliament and the Presidency of the Council of the EU regarding the proposed regulation. In December 2016 the Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on money market funds. It is expected that the regulation will be approved by the Parliament at first reading and thereafter adopted by the Council. The Regulation was adopted by the Parliament on 5 April 2017; it was adopted by the Council on 16 May 2017.

    Publications by date:

    September 2013

    European Commission published a legislative proposal for an MMF Regulation (2013/0306(COD))

    December 2014

    The Council of the European Union published a compromise proposal

    26 February 2015

    Vote in committee, 1st reading/single reading

    4 March 2015

    Committee report tabled for plenary session, 1st reading/single reading

    28 April 2015

    Debate in European Parliament

    29 April 2015

    European Parliament approved the published provisional version of amendments to the MMF Regulation at its plenary session

    September 2015

    IOSCO publishes report setting out the findings of the review of the MMF Regulation. The review constituted a Level 1 or ‘Adoption Monitoring Review’.

    16 February 2016

    ESMA published ESMA/2016/297: Follow-up Peer Review Money Market Fund Guidelines.

    14 April 2016

    Council of the EUpublished a marked-up Presidency compromise document (dated 12 April).

    10 April 2018

    The European Commission adopted a Delegated Regulation (C(2018) 2080 final) on simple, transparent and standardised securitisations and asset-backed commercial papers, requirements for assets received as part of reverse repurchase agreements and credit quality assessment methodologies under the Regulation on money market funds ((EU) 2017/1131) (MMF Regulation).

    13 November 2018

    ESMA consults on draft guidelines on reporting to NCAs under MMF Regulation.

    19 July 2019

    ESMA published a final report on its guidelines on stress test scenarios produced under Article 28 of the Regulation on money market funds (MMFs).

    The guidelines establish common reference parameters of the stress test scenarios that MMFs or MMF managers should include in their stress scenarios. MMFs and MMF managers are expected to measure the impact of the common reference stress test scenarios specified in the guidelines, and send results using the reporting template to the relevant national competent authorities with their first quarterly reports, scheduled for the first quarter of 2020.

    19 July 2019

    ESMA published a final report on guidelines on reporting to national competent authorities (NCAs) produced under Article 37 of the Regulation on money market funds (MMFs).

    The final text of the new guidelines is set out in Annex III to the final report. They provide guidance on how to fill in the reporting template on MMFs that MMF managers are required to submit to relevant NCAs. The guidelines are designed to complement the information in Commission Implementing Regulation (EU) 2018/708, so that managers have all the necessary information to fill in the reporting template

    Further past dates are accessible via the RegZone money market funds newsfeed here.

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  • Subject:
    Market Abuse Directive (MAD II)
    Status:
    The Market Abuse Regulation (596/2014) (MAR) and Directive on criminal sanctions for insider dealing and market manipulation (2014/57/EU) (CSMAD), were adopted in July 2014. In June 2016, the legislative package giving effect to MiFID II postponement (including amendments to MiFIR, MAR, and CSDR) was published in the OJ. On 3 July 2016 MAD II entered into force. Provisions in MAR that refer to organised trading facilities (OTFs), small and medium-sized enterprises (SME) growth markets, emission allowances or auctioned products based on those allowances, do not apply until 3 January 2018
    Last updated:
    29/11/2016
    Overview/summary:

    The Market Abuse Regulation (596/2014) (MAR) and Directive on criminal sanctions for insider dealing and market manipulation (2014/57/EU) (CSMAD), collectively replace the previous Market Abuse Directive (and therefore are known together as ‘MAD II’). MAR and CSMAD update the EU framework for the detection and prevention of financial market abuse. They are closely connected with the broader reforms of the recast Markets in Financial Instruments Directive (MiFID II).

     

    MAR extends the market abuse regime to commodity derivatives markets and the manipulation of benchmarks; it also contains provisions on High-Frequency Trading (HFT). Regulators are granted greater investigative powers.

     

    CSMAD introduces minimum, cross-EU sanctions (including fines and imprisonment) for market abuse, although some countries (such as the UK and Denmark) have made use of an opt-out on justice issues. The UK announced in June 2014 that it had decided not to opt in to CSMAD at present, although it may do so in the future.

    In February 2016, ECON published a draft report (following MiFID II delays) on MiFID II, MAR and CSDR. Click here to read the draft report. In June 2016 the legislative package giving effect to MiFID II delay (including a regulation that amends key dates in MiFIR, MAR, and CSDR) was published in the OJ. The provisions in MAR that refer to organised trading facilities (OTFs), small and medium-sized enterprises (SME) growth markets, emission allowances or auctioned products based on those allowances, do not apply until 3 January 2018.

    Publications by date:

     

    18 October 2011 2011: European Commission publishes MAD II proposal to replace existing regime including a proposed MAR and CSMAD.
    25 July 2012 European Commission publishes proposals to amend its MAD II legislative proposals to ensure that they cover the manipulation of benchmarks
    24 January 2013 Trialogue discussions started.
    26 June 2013 Council of the EU announced that its Permanent Committee of Representatives (COREPER) had approved a compromise agreed by the Presidency of the Council with the European Parliament on the proposed MAR.
    5 July 2013 Consolidated version of the agreed MAR text published by the Council of the EU.
    10 September 2013 European Parliament adopted MAR in plenary session.
    20 December 2013 Trialogue agreement reached on CSMAD.
    4 February 2014 European Parliament adopted CSMAD in plenary session.
    4 April 2014 Council of the EU announced that it had adopted without debate both MAR and CSMAD
    12 June 2014 MAR and CSMAD published in OJ.
    12 June 2014 Chancellor of the Exchequer announced in his Mansion House speech that the UK will not opt into CSMAD and will instead introduce tough new domestic criminal offences for market abuse.
    2 July 2014 CSMAD and MAR legally (technically) enter into force.
    15 July 2014 ESMA publishes consultations on draft technical standards and draft technical advice.
    17 October 2014 ESMA publishes responses on its consultation paper on MAR
    20 November 2014 (UK) Financial Services and Markets Act 2000 (Market Abuse) Regulation 2014/3081 published - it extends the prohibition on market manipulation set out in s118(8) FSMA until the new civil regime on market abuse under MAR takes effect on 3 July 2016.
    3 February 2015  Further to its July 2014 consultation, ESMA  published technical advice to the Commission on possible delegated acts under the Market Abuse Regulation (MAR).
    12 May 2015  ESMA notified the Commission that owing to additional steps introduced by the early legal review process, submission of final draft technical standards under MAR and MiFID II/MiFIR are likely to be delayed from July 2015 to September 2015.
    30 June 2015 ESMA published its Final Guidelines on Alternative Performance Measures (APMs) for listed issuers.
    28 September 2015 ESMA has sent  final technical standards on the implementation of MAR to the European Commission for approval. ESMA is required to develop draft technical standards (TS) on a number of prospectus related matters under MAR.
    9 November 2015  ESMA has published a Q&A document regarding the implementation of MAR. 
     16 December 2015 A report from the European Commission to the European Parliament and  Council was published. The report states that  it is appropriate to grant an exemption from MAR requirements to central banks and debt management offices of Australia, Brazil, Canada, Hong Kong SAR, India, Japan, Mexico, Singapore, South Korea, Switzerland, Turkey and the United States, and to the central bank of China.  
     17 December 2015 European Commission published a Delegated Regulation supplementing MAR. It will apply from 3 July 2016.
     18 December 2015 The Commission Implementing Directive (setting out policies and procedures for the reporting of infringements under MAR) was published in the Official Journal.
     7 January 2016 The Commission Implementing Directive entered into force. Member States have until the 3 July 2016 to implement the directive.
    28 January 2016 ESMA launched a consultation on draft guidelines on the Market Abuse Regulation.
    12 February 2016 Further to its earlier consultation paper in January 2016, ESMA announced that it will hold a hearing regarding guidelines to be issued pursuant to MAR.
    16 February 2016 ECON published two draft reports: one on MiFID II and the other on MiFIR, MAR and CSDR.
    8 March 2016 European Commission adopted Delegated Regulation concerning regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures.
    9 March 2016

    European Commission has adopted two Delegated Regulations under MAR:

    Delegated Regulation regarding regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interest or indications of conflicts of interest;

    Delegated Regulation regarding regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions.

    11 March 2016 Commission Implementing Regulation (EU) 2016/347 concerning insider lists - published in the Official Journal of the EU.
    14 March 2016

    European Parliament extended initial period for examining two pieces of Commission delegated legislation on the Market Abuse Regulation (MAR) by one month:

    Annex to Commission Delegated Regulation supplementing MAR setting out RTS on the criteria, procedure and requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it, or modifying the conditions for its acceptance (C(2016) 1087);

    Annex to Commission Delegated Regulation supplementing MAR regarding regulatory technical standards (RTS) on the content of notifications to be submitted to competent authorities and compilation, publication, and maintenance of the list of notifications (C(2016) 1224).

    17 March 2016 Commission Implementing Regulation (EU) 2016/378  implementing technical standards with regard to the timing, format and template of the submission of notifications to competent authorities - published in the Official Journal of the EU.
    30 March 2016  ESMA launched a consultation regarding Guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under MAR.
    4 April 2016 ESMA published latest version of MAD II Q&A document.
    5 April 2016 Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards an exemption for certain third countries public bodies and central banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of delays, the permission for trading during closed periods and types of notifiable managers' transactions has now been published in the Official Journal.
    27 April 2016 ESMA published responses to the January 2016 consultation on draft guidelines on the Market Abuse Regulation.
    3 May 2016 European Commission published the text of ECB Opinions on  MiFID, MAR and CSRD.
    19 May 2016 Council of the EU adopted Commission Delegated Regulation (EU) …/... of 17.5.2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings.
    25 May 2016 ESMA issued a communication clarifying the reference data submission under Article 4(1) MAR.
    31 May 2016 ESMA published a MAR Q&A document.
    1 June 2016 ESMA published the responses to its earlier consultation on future MAR list of information regarding commodity and spot markets.
    10 June 2016

    Council of the EU published a proposed legislative package which would give effect to MiFID II delay (including a proposed regulation that would amend key dates in MAR, MiFIR, and CSDR).

    European Commission Delegated Regulations in relation to MAR were published in the OJ:

    European Commission Delegated Regulation ((EU) 2016/908) supplementing the Market Abuse Regulation (Regulation 596/2014) (MAR) laying down regulatory technical standards (RTS) on the criteria, procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance;

    Commission Delegated Regulation ((EU) 2016/909), of 1 March 2016, supplementing MAR with regard to RTS for the content of notifications to be submitted to competent authorities and the compilation, publication and maintenance of the list of notifications.

    The European Commission published the text of a letter by Olivier Guersent, Director-General, DG FISMA, to Steven Maijoor, ESMA Chair, relating to the draft implementing technical standard on the technical means for appropriate public disclosure of inside information, and for delaying the public disclosure of inside information, under Article 17(10) of the Market Abuse Regulation.

    17 June 2016

    European Commission Delegated Regulations in relation to MAR were published in the OJ:

    Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest;

    Commission Delegated Regulation (EU) 2016/960 of 17 May 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures for disclosing market participants conducting market soundings;

    Commission Delegated Regulation (EU) 2016/957 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the appropriate arrangements, systems and procedures as well as notification templates to be used for preventing, detecting and reporting abusive practices or suspicious orders or transactions

    European Commission Implementing Regulation in relation to MAR was published in the OJ:

    Commission Implementing Regulation (EU) 2016/959 of 17 May 2016 laying down implementing technical standards for market soundings with regard to the systems and notification templates to be used by disclosing market participants and the format of the records in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council.

    ESMA published an Opinion on draft implementing technical standards on the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information.

    30 June 2016 The legislative package re: MiFID II delay was published in the OJ.
    3 July 2016 MAD II entered into force.
    19 August 2016 Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates(COM(2016) 57 final — 2016/0034 (COD)) was published in the Official Journal of the EU.

    Further past dates are accessible via the news feed on the Market Abuse page.

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  • Subject:
    Fourth Money Laundering Directive (MLD4)
    Status:
    The Fourth Money Laundering Directive (on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing) came into force on 25 June 2015. It entered into force and effect as of 26 June 2017.
    Last updated:
    03/07/2017
    Overview/summary:

    The Fourth Money Laundering Directive (MLD4) is a minimum harmonisation directive designed to reinforce the supranational approach to combating money laundering and terrorist financing. The Directive brings the EU’s framework into alignment with the Financial Action Task Force’s (FATF) international anti-money laundering (AML) and counter-terrorist financing (CTF) recommendations. MLD4 goes beyond the FATF’s recommendations in relation to scope, beneficial ownership information and sanctions).

     

    Falling within the scope of the Directive are: financial services institutions; auditors, external accountants and tax advisers; notaries and legal professionals; trust or company service providers; estate agents; natural/legal persons trading in goods where (single or linked) payment made/received is in excess of EUR10,000; and providers of gambling services.

     

    The Directive sets out a three-tier risk assessment: the supranational risk assessments carried out by the Commission; the national risk assessments carried out by member states; and the specific risk assessments that firms must carry out themselves.

     

    MLD4 was published alongside the revised Wire Transfer Regulation ((EU) 2015/847) (WTR) which amends and replaces the original Wire Transfer Regulation ((EC) 1781/2006). WTR came into force on the same day as MLD4, and it shares the same implementation date (26 June 2017). The WTR regulates what information must accompany transfers of funds.

     

    The European Commission intends to amend and reinforce MLD4 - rushing these amendments through by Summer 2016. These changes are to take into account new technologies and developments such as virtual currencies, anonymous pre-paid cards, etc. 

     

    Proposed MLD5 amends the implementation date of MLD4 - the new date by which Member States must transpose MLD4 is 1 January 2017. The UK HM Treasury submitted a memo to the EU expressing concerns about this new timetable. The memo noted that a large number of Member States expressed concerns about the new timeframe and that it may be liable to change. The Maltese Presidency of the Council is seeking to reach political agreement on MLD5 by 30 June 2017.

    Publications by date:

     

    5 February 2013

    European Commission published provisional version of a legislative proposal for the Fourth Money Laundering Directive (the finalised version of this proposal was published on 8 February 2013) for the EP and Council to consider.

    15 November 2013 Economic and Financial Affairs Council debated the proposal.
    11 March 2014 European Parliament adopted its first reading position on the proposal.
    17 December 2014

    Council announced that political agreement with the Parliament had been reached at trialogue meeting of 16 December 2014.

    27 January 2015

    The Council, ECON (Committee on Economic and Monetary Affairs) and LIBE (Council of Civil Liberties, Justice and Home Affairs) endorse the MLD4 text.

     

    10 February 2015

    Press release announced that Committee of Permanent Representatives (COREPER) approved the informal trialogue agreement on the proposal (on 21 January 2015).

     

    20 April 2015

    Council of the European Union sets out the position of the Council at first reading as having adopted the MLD4 text by a unanimous vote.

     

    27 April 2015

    Commission announced its acceptance of the Council’s position at first reading.

    5 June 2015

    MLD4 published in Official Journal (OJ).

     

    25 June 2015

    MLD4 entered into force.

     

    25 June 2015 Revised Wire Transfer entered into force.
    2 February 2016 The European Commission issued a press release in which it noted amendments would be made to MLD4 so as to cover new technology/developments (virtual currencies, pre-paid cards) and to reinforce due diligence measures.
    7 April 2016 European Commission published a Money Laundering Directive inception impact statement.
    27 April 2016 European Parliament published an Opinion on virtual currencies asks the European Commission to evaluate and consider extending the scope of MLD to include virtual currency exchange platforms.
    5 July 2016 The European Commission adopted a text setting out amendments to address terrorist financing and transparency issues
    14 July 2016 The European Commission adopted a Delegated Regulation with regard to identifying high-risk third countries with strategic deficiencies (includes annex).
    12 August 2016 The EBA welcomed the European Commission's proposal re: bringing virtual currencies within the scope of MLD4. However, the EBA noted that clarification is required and outlined the proposals in the Opinion. 
    7 September 2016 (UK) HM Treasury has published the text of its response to the Commission's July 2016 proposals to amend MLD 4. It raises concerns in relation to proposals on beneficial ownership, PEPs and identification of persons holding or controlling payment or bank accounts.
    28 November 2016 Council of the EU published the text of a Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 by identifying high-risk third countries with strategic deficiencies.

     Further past dates are accessible via the money laundering newsfeed here.

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  • Subject:
    Payment Systems Regulator
    Status:
    Payment Systems Regulator fully operational since April 2015.
    Last updated:
    22/12/2016
    Overview/summary:

    The Financial Services (Banking Reform) Bill established a new Payment Systems Regulator (PSR), modelled on existing utilities regulators.

     

    The PSR has three objectives: to promote effective competition in the interests of users; to promote innovation with a view to improving quality, efficiency and economy; and to ensure that payment systems are operated and developed in order to take account of users. In order to minimise the burden of regulation, the Treasury will 'designate' payment systems which it considers deficient in design, or where the disruption of the system would be likely to have serious consequences; once a system is designated, the payment scheme company and system participants (e.g. members, card issuers and merchant acquirers and the system infrastructure providers) will be brought within the scope of the PSR's powers. This includes the power to issue fines for compliance failures, and the power to require owners to dispose of interests where there is likely to be a restriction or distortion of competition.

     

    The PSR has been granted concurrent competition law powers allowing it to take enforcement action for breaches of the Competition Act 1998, in relation to payment systems. It launched a consultation paper, CP15/1, on procedural guidance relating to its competition powers at the beginning of 2015.

     

    This reform tracker item is no longer updated.

    Publications by date:

     

     March 2014 FCA publishes ‘call for inputs’ (i.e. an informal consultation).
     1 April 2014 PSR (technically) came into force.
     March 2014 FCA publishes ‘call for inputs’ (i.e. an informal consultation).
     1 April 2015 PSR fully operational.
     1 January 2015 PSR publishes consultation paper CP15/1 on procedural guidance relating to its competition powers.
     
    30 April 2015
    PSR required Interbank Operators (except Northern Ireland Cheque Clearing) to publish minutes of their governing body, including votes, from this date.
    17 November 2015 UK Parliament publish two statutory instruments The Payments Accounts Regulations 2015 and The Payment Card Interchange Fee Regulations 2015.
    19 November 2015 PSR granted new powers re: Information requests from the PSR in relation to the EU Interchange Fee Regulation.
    December 2015 PSR Forum moved from set-up to implementation. It will continue to work to identify, prioritise and develop strategic, collaborative initiatives to promote innovation in the interest of service-users.
    2 December 2015 PSR published consultation CP15/3 on the application of the Interchange Fee Regulation in the UK.
    16 December 2016

    PSR published a report: Access and governance.

    (UK) The Payment Accounts Regulations 2015/2038. This instrument implements the Payment Accounts Directive. The provision in this instrument will come into force on or after 18 September 2016. Before then (and once the instrument has been made), PSR may exercise its power to designate an alternative arrangement and HMT may exercise its power to designate credit institutions as credit institutions to which the duty to offer a payment account with basic features will apply before the date upon which the regulations come into force.

    17 December 2015 FCA/PSR launched joint consultation: CP15/44: PSR regulatory fees 2016/17.
    8 January 2016 PSR published financial crime working group forum report.
    29 January 2016 PSR published The Payments Strategy Forum – roundtables.
    23 February 2016 The Financial Services (Banking Reform) Act 2013 (Designated Representative Bodies) Order 2016/202. Section 68 of the Financial Services (Banking Reform) Act 2013 (c. 33) enables representative bodies to make a complaint to PSR. Only representative bodies which have been designated by HMT may make such a complaint. This SI lists those bodies. (Date in force: 1 April 2016).
    25 February 2016 PSR: published interim findings regarding: MR15/2.2 - Interim report: market review into the ownership and competitiveness of infrastructure provision.
    10 March 2016 PSR published: MR15/1.2 - Interim report: market review into the supply of indirect access to payment systems.
    15 March 2016 PSR launched -  CP 16/1: The application of the Payment Accounts Regulations in the UK.
    17 March 2016 PSR published MR15/2.2 factsheet.
    22 March 2016 PSR published: Final super-complaints guidance.
    24 March 2016 PSR published a policy statement: Guidance on the PSR’s approach as a competent authority for the EU Interchange Fee Regulation.
    31 March 2016 PSR published: Annual Plan and Budget 2016/17.
    8 April 2016 PSR published: Statement on indirect access and governance requirements for card payment systems.
    12 April 2016 PSR published statement: The approval of voluntary redress schemes for infringements of competition law.
    14 April 2016 PSR launched a consultation: Proposed changes to the reporting requirements for General Directions 2, 3 and 4.
    15 April 2016 FCA/PSR: launch a joint consultation paper: CP16/11: PSR regulatory fees 2016/17.
    22 April 2016 PSR published the text of the speech by Carole Begent: Competition in the payments sector – a year in review of the PSR.
    28 April 2016 CMA published its annual concurrency report -  assessing the operation of the concurrency arrangements (including in relation to FCA and PSR), as required by the Enterprise and Regulatory Reform Act 2013 during the preceding year.
    3 May 2016 PSR published a document setting out information on its complaints scheme along with a complaints form.
    17 May 2016  PSR published a policy statement (PS 16/2) on the application of the Payment Accounts Regulations 2015 in respect of alternative arrangements for switching accounts.
    19 May 2016 PSR launched CP 16/3: The application of the IFR - Phase 2 draft guidance.
    26 May 2016 PSR announced that it will change the submission dates in its General Directions for operators to report on their compliance with their regulatory obligations concerning access and governance.
    13 June 2016 PSR published 'Interim report on the ownership and competitiveness of infrastructure provision in payment systems – responses'.
    21 June 2016 PSR reported that the deadline for operators of alternative switching schemes wishing to be designated under the Payment Accounts Regulations 2016 before 18 September 2016 has passed and that it only received one such application designation from Bacs Payments Scheme Ltd, the operator of the Current Account Switch Service.
    27 June 2016 PSR issued a short press release noting that current payments regulation deriving from the EU will remain applicable “until any changes are made, which will be a matter for Government and Parliament”.
    30 June 2016 FCA and PSR publish a joint policy statement -  PS16/17: PSR regulatory fees 2016.

    Further past dates are accessible via the RegZone Payment Systems Regulator news feed here.

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  • Subject:
    Fifth Money Laundering Directive (2016/0208(COD)) (MLD5)
    Status:
    Proposed Directive to amend the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4). The proposed Directive is known as the Fifth Money Laundering Directive (MLD5). The legislative proposal takes the form of a minimum harmonising Directive, which means that member states can adopt or retain measures that are more stringent than those in the proposed Directive.
    Last updated:
    16/07/2018
    Overview/summary:
    MLD5 amends MLD4 as part of the Commission's action plan to strengthen the fight against terrorist financing. The amendments proposed are limited to what is necessary to achieve the objectives of tackling terrorist financing and increasing the transparency of financial transactions and legal entities, and build on rules already in force (in line with the principle of proportionality).
    Publications by date:

    19 April 2018

    The European Parliament published a press release announcing that it has voted in plenary to adopt the proposed Fifth Money Laundering Directive (2016/0208(COD)) (MLD5).

    14 May 2018

    Council of the EU published a press release announcing that it has adopted the proposed MLD5.

    19 June 2018

    The text of MLD5 was published in the Official Journal of the EU.

    Further past dates are accessible via the RegZone newsfeed here.

     

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  • Subject:
    Banking Standards Board
    Status:
    The BSRC was renamed the Banking Standards Board (BSB) and began work in April 2015. The objectives of the BSB are to improve behaviour and capability in the banking sector in the UK. In March 2016, the BSB published its first annual review of the banking sector.
    Last updated:
    21/12/2016
    Overview/summary:

    The Parliamentary Commission on Banking Standards had recommended that banks set up and fund an independent professional standards body.

     

    In September 2013, the chairmen of seven major banks requested Sir Richard Lambert to begin work on this; in his final report of May 2014 Sir Richard proposed an independent Banking Standards Review Council (BSRC). This body would not lobby for banks (like the BBA), handle complaints (like the FOS) or accredit internal bank training programmes; and it would not of course replace the regulators. Instead the role would be akin to a professional association: setting standards and codes of good practice; requiring participants to commit to ‘a programme of continuous improvement’; meeting with boards; and publishing progress reports on banks.

     

    The BSRC has now been renamed the Banking Standards Board (BSB). The BSB began work in April 2015.
    The objectives of the BSB are to improve behaviour and capability in the banking sector in the UK.

     

    This reform tracker item is no longer updated.

    Publications by date:

    19 June 2013: PCBS final report 

     September 2013: Sir Richard Lambert requested to begin work on professional standards body. 

    19 May 2014: Sir Richard’s final report proposing the BSRC.

    April 2015: BSRC renamed BSB and begins work.

    March 2016: BSB published first annual review.

    8 June 2016: BSB launched a Consultation Paper - Certification Regime: Fitness and Propriety.

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