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  • Magenta: No longer updated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:
    Benchmarks (EU)
    Status:
    Amendments on benchmark manipulation added to MAD II. On 29 June 2016 the Regulation was published in the Official Journal of the EU, and the majority of provisions were in force and in effect from 1 January 2018.
    Last updated:
    20/11/2019
    Overview/summary:

    The proposed Regulation on indices used as benchmarks in financial instruments and financial contracts is part of the EU-level response to revelations of LIBOR and EURIBOR manipulation in 2012. The Regulation would require improved governance and controls for benchmark-setting processes; detailed provisions concerning the data and methodologies to be used; and external regulatory supervision of benchmarks. Amendments to the recast Market Abuse Directive proposal (MAD II) were also adopted, making the manipulation of benchmarks a criminal offence.

    The proposed Regulation was adopted by the European Commission and the European Parliament on 28 April 2016. On 17 May 2016 the Council formally adopted the Regulation. On 29 June 2016 the Regulation was published in the Official Journal of the EU.

    To see our Reform Tracker item on Benchmarks specific to the UK please click here.

    Publications by date:

    25 July 2012

    EC adopts amendments to MAD II criminalising the manipulation of benchmarks.

    September 2012

    EC consultation on benchmarks and indices.

    18 September 2013

    Original draft proposal for a Regulation on indices used as benchmarks.

    October 2013

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

    January 2014

    European Central Bank publishes opinion/report.

    January 2014

    Economic and Social Committee publishes opinion/report.

    February 2015

    EU Council issues press release backing European Commission proposal to fight against the manipulation of financial benchmarks.

    March 2015

    Vote in Committee, 1st reading/single reading.

    April 2015

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

    19 May 2015

    European Parliament agrees negotiating mandate for regulation of financial benchmarks.

    25 November 2015

    Council of theEU, European Parliament, and the Commission reached an agreement on theon the proposed Regulation on financial benchmarks. A compromise was reached on the third country regime.

    9 December 2015

    The Permanent Representatives Committee approved, on behalf of the Council, a compromise agreed with the European Parliament. The regulation will now be submitted to the European Parliament for a vote at first reading, and to the Council for final adoption.

    15 February 2016

    ESMA published a discussion paper on implementation of the forthcoming Benchmarks Regulation.

    23 March 2016

    EBA published Decision regarding the formula to be used by creditors when calculating thebenchmark rate under the Mortgage Credit Directive.

    1 April 2016

    FMLCpublished its response to ESMA's consultation paper of February 2016. The report highlights areas of legal uncertainty.

    8 April 2016

    ESMA published responses receivedregarding the Discussion Paper on Benchmarks Regulation.

    28 April 2016

    European Parliament adopted the proposed Regulation.

    12 May 2016

    Council published an 'I' note in respect of the proposed Benchmarks Regulation.

    17 May 2016

    Council formally adopted the proposed Regulation.

    27 May 2016

    ESMA launched a consultation on draft technical advice under the Benchmarks Regulation.

    10 June 2016

    Council of EU published revised text of the Regulation.

    29 June 2016

    Regulation was published in the OJ.

    19 July 2016

    FSB publisheda progress report on implementation of its July 2014 recommendations to reform major interest rate benchmarks.

    12 August 2016

    Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council has been published in the Official Journal.

    29 September 2016

    ESMA launched a consultation on draft technical standards under the Benchmarks Regulation.

    3 October 2016

    ESMA has developed model written arrangements that may be used by administrators of critical benchmarks according to Article 46(6) of the Benchmarks Regulation.

    10 November 2016

    ESMA published finalised technical advice regarding rules for financial benchmarks.

    21 November 2016

    Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks has now been published in the Official Journal.

    11 October 2019

    European Commission published a consultation on a review of the Benchmarks Regulation ((EU) 2016/1011) (BMR).

    The consultation covers:

    - Critical benchmarks

    -  Authorisation/registration of an administrator

    -  The scope of BMR

    -  ESMA’s register of administrators and benchmarks

    -  Benchmark statements

    -  Supervision of climate-related benchmarks

    Further past dates are accessible via the Benchmarks newsfeed here

    Reform Tracker - sector future dates:
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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.

    Reform Tracker - sector future dates:
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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.

    Reform Tracker - sector future dates:
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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:
    20/11/2019
    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.

    25 October 2019

    the FCA published a policy statement (PS19/26) on regulatory technical standards (RTS) for strong customer authentication (SCA) and common and secure open standards of communication in the event of a no-deal exit by the UK from the EU.

    The EU-RTS for SCA came fully into force on 14 September 2019 as part of the UK implementation of PSD2.

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

    Reform Tracker - sector future dates:
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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:
    20/11/2019
    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

    2 October 2019

    IOSCO published two reports on its peer reviews:

    -The money market funds (MMFs) report (FR14/2019) provides an update on the regulation of MMFs. This covers valuation, liquidity management and MMFs that offer a stable net asset value; and

    -The securitisation report (FR15/2019) provides an update on the implementation of incentive alignment recommendations for securitisation, which were published in September 2015. This covers incentive alignment arrangements and disclosure requirements.

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

    Reform Tracker - sector future dates:
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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:
    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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  • Subject:
    Capital Markets Union (CMU)
    Status:
    A detailed Action Plan was published at the end of September 2015 outlining more concrete steps to achieve Capital Markets Union by 2019. New rules regarding securitisation, prospectuses, Solvency II treatment of infrastructure projects, and amendments to EuSEF and EuVECA regulations have been issued. In July 2017, the Council adopted conclusions on the Commission's review of the CMU Action Plan - it noted good progress made on the plan so far, but sets out priority actions to strengthen the plan, including with regard to sustainable finance and fintech.
    Last updated:
    03/05/2019
    Overview/summary:

    The Capital Markets Union (CMU) is a flagship initiative of the European Commission; it is a key part of the Investment Plan announced by Jean-Claude Juncker, the President of the Commission, in November 2014. Completing CMU has been billed as a priority by the Slovak Presidency of the Council of the EU in July 2016.

     

    The aim is to put in place the building blocks of a well regulated and fully functioning CMU in the EU by 2019 – creating a single market for capital for all 28 Member States by removing barriers to cross-border investment and to lower costs of funding within the EU.

     

    In essence, CMU is an overarching label for a number of EU-wide initiatives. A detailed Action Plan was published at the end of September 2015. This document provides more concrete details on the steps to be taken to achieve CMU by 2019. The initiatives include:

     

    - New rules  on securitisation – the Commission has issued proposals including a Securitisation Regulation and an amendment to the Capital Requirements Regulation.

     

    - Reviewing the Prospectus Directive –the focus will be to harmonise requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market situated or operating within a Member State. The aim is to streamline the information required and reduce the burdens on issuers and make it easier and more affordable for EU companies to raise funds.

     

    - New rules on Solvency II treatment of infrastructure projects – the Commission aims to remove unnecessary prudential obstacles so that insurers play an important role in European infrastructure projects. A new Regulation amending the Solvency II Delegated Act creates a distinct infrastructure asset class and reduces the amount of capital which insurers must hold against the debt and equity of qualifying infrastructure projects.

     

    - Changes to rules regarding on venture capital – this involved amendments to the EuVECA and EUSEF Regulations to boost investment in unlisted SMEs.

     

    - Changes to rules on covered bonds – this involved the European Parliament adopting a Resolution (July 2017) Towards a pan-European covered bonds framework.

     

    - SMEs credit scoring and accounting – the Commission is concerned about the lack of finance available to SMEs. The Commission aims to develop more standardised credit information and seeks to establish whether a new ‘simplified’ accounting standard might be developed for companies listed on junior trading venues (such as SME Growth Markets which will be facilitated by MiFID II from 2018).

     

    In September 2016, the European Commission called on the European Parliament and the Council to finalise the first wave of measures. The European Commission also published an action plan with a timetable of specific  proposed initiatives.

    At the end of May 2017, the Commission announced an agreement was reached regarding venture capital rules.

    A mid-term review of CMU was published in June 2017. In July 2017, the Council adopted conclusions from the Commission's review of the CMU Action Plan - it noted good progress made on the plan so far, but sets out priority actions to strengthen the plan, including with regard to sustainable finance and FinTech.

    In November 2017, the Commission's expert group on corporate bond markets has published its findings and recommendations, alongside a separate external study on the drivers of corporate bond market liquidity. The Council of the EU adopted new rules aimed at facilitating the development of a securitisation market in Europe.

    In December 2017, the Commission issued further proposals with a view to "deepening Europe's economic and monetary union", along with a roadmap.

    Publications by date:

    15 July 2014

    The Commission President (Juncker) presented his Political Guidelines; he stated that new EU rules for banks should be complemented with a Capital Markets Union

    26 November 2014

    The Commission adopted a Communication on an Investment Plan for Europe.

    16 December 2014

    The Commission adopted its Work Programme for 2015, including plans to adopt a legislative or non-legislative initiative relating to the Capital Markets Union.

    18 February 2015

    The Commission published a Green Paper on building a Capital Markets Union and invited feedback; the Commission also launched related consultations on the review of the Prospectus Directive and securitisation.

    20 March 2015

    The UK House of Lords' EU Sub-Committee on Economic and Financial Affairs published its 11th report of the 2014-15 season in which it expressed support for the proposals for a Capital Markets Union.

    5 May 2015

    The ECON Committee adopted amendments to its draft Motion for a Resolution on the Capital Markets Union.

    16 June 2015

    The ECON Committee voted on and adopted its draft Motion for a Resolution on the Capital Markets Union

    19 June 2015

    The new Luxembourg Council Presidency adopted its Work Programme, in which it states it will focus on the Commission’s proposals regarding the Capital Markets Union.

    1 July 2015

    The ECON Committee published its Motion for a Resolution on the CMU.

    6 July 2015

    The ECON Committee adopted amendments to its Motion for a Resolution on the Capital Markets Union.

    9 July 2015

    The European Parliament adopted a non-legislative Resolution on the Capital Markets Union.

    26 August 2015

    The ECON Committee adopted a draft Report on the Capital Markets Union.

    30 September 2015

    CMU Action Plan released.

    30 September 2015

    The Commission launched a consultation on the review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) regulations.

    The Commission launched a public consultation on covered bonds in the European Union.

    The Commission launched a call for evidence on the EU regulatory framework for financial services in the European Union.

    The Commission adopted anamendment to Solvency II Delegated Act, concerning infrastructure investments, European Long-Term Investment Funds, the equity transitional measure, and Multilateral Trading Platforms.

    30 November 2015

    The EuropeanCommission adopted the Prospectus Regulation to overhaul prospectus rules in order to improve access to finance for companies and simplify information for investors.

    2 December 2015

    The European Commission welcomedthe agreement at the Council on a legislative proposal to relaunch EU securitisation markets.

    7 January 2016

    The Netherlands Presidency of the Council of the EU published its 2016 Work Programme. The Programme notes working on securitisation regulationand other elements of CMUare apriority.

    19 January 2016

    European Council published aReport by President Donald Tusk to the European Parliament on the outcome of the December European Council. Ministers reiterated their commitment to completing EMUbased on theFive Presidents' Report andCMU and delivering asingle digital market were billed as'top priorities'.

    26 April 2016

    European Commission published a first status report on the actions adopted since theadoption of the CMU Action Plan in September 2015.

    3 May 2016

    European Commission published a report on crowdfunding in the EU.

    12 May 2016

    (UK) House of Lords' EU Financial Affairs Sub-Committee published 'Whatever it takes': The Five Presidents' Report on completing economic and monetary union.

    2 June 2016

    European Commission published a working paper'CMU Action on cross-border distribution of funds (UCITS, AIF, ELTIF, EuVECA and EuSEF) across the EU'.

    7 June 2016

    European Parliamentpublished a draft report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms. This forms part of the work on the securitisation market under CMU.

    European Commission published "Follow up to the European Parliament resolution on stocktaking and challenges of the EU Financial Services Regulation: impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union, adopted by the Commission on 6 April 2016".

    8 June 2016

    Council of EU issued a press release announcing its negotiating stance regarding the prospectus rules (part of the wider CMU initiative). The press release states that "the Council will confirm COREPER's agreement at a meeting on 17 June 2016, and will ask the presidency to start talks with the European Parliament. The aim is to adopt the regulation at first reading."

    5 July 2016

    Slovak Presidency of the Council of the EU listed CMU as a priority.

    27 July 2016

    European Commission launched a consultation paper - 'CMU: action on a potential EU personal pension framework.'

    19 September 2016

    The European Commission called on the European Parliament and the Council to finalise the first wave of measures. The Commission published an action plan with a timetable of specificproposed initiatives.

    24 May 2018

    The European Commission published a proposed regulation to amend both the Market Abuse Regulation and the new Prospectus Regulation in relation to the promotion of the use of SME growth markets. The initiative forms part of the Commission's 2015 Capital Markets Union action plan and stems from the objective of broadening SME access to sources of financing other than from banks.

    14 June 2018

    On 14 June 2018, the Council of the EU published a report (dated 12 June 2018) on the progress of the European Commission's initiatives to strengthen the banking union, including the proposed Regulation establishing the European deposit insurance scheme.

    28 November 2018

    European Commission calls on European Parliament and Council of the EU to accelerate work on completing CMU.

    4 April 2019

    The European Parliament published a press release announcing that it has adopted its position at first reading on the proposed Regulation on a pan-European personal pension product (PEPP) (2017/0143 (COD)) (PEPP Regulation). The European Commission has also published a factsheet on the PEPP Regulation.

     

    12 April 2019

    The Council Recommendation of 9 April 2019 on the economic policy of the euro area was published in the Official Journal. This annual Recommendation is a key part of the European Semester cycle. Publication in the Official Journal follows the formal adoption of this Recommendation by the General Affairs Council on 9 April 2019. Amongst others, the Council Recommends, in the period 2019-2020, euro-area member states take action, individually and collectively within the Eurogroup, to make ambitious progress on the Capital Markets Union.

     

    Further past dates are accessible via the RegZone newsfeed here.

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