On 27 June 2013, the EU Council published a press release confirming an agreed position with respect to the Recovery and Resolution Directive (RRD) and calling on the EU Presidency to start trilogue negotiations with the EU Parliament with a view to adoption of the RRD at first reading before the end of 2013. The […]

The FT is reporting that EU Council finalised bail-in rules early this morning, agreeing that: as expected, insured deposits under EUR 100,000 will be exempt, and uninsured deposits of individuals and SMEs will be given preferential status; a minimum of 8% of total liabilities must be bailed-in before resolution funds can be used, whilst above […]

Introduction On 20 June 2013, the Presidency of the Council of the EU published a note on the current “state of play” with respect to the Recovery and Resolution Directive (RRD), together with a compromise RRD proposal.  It also invited the EU Council to agree the compromise and mandate the Presidency to undertake negotiations with […]

On 19 June 2013, the Presidency of the Council of the EU published a note confirming that, at a meeting of the Permanent Representatives Committee (COREPER) on 17 June 2013, agreement has been reached with respect to two proposed general approach documents, one for the MiFID II Directive and the other for MiFIR. The Council […]

On 17 June 2013, the EU Council published a press release confirming that the Permanent Representatives Committee (COREPER), on behalf of the Council, has agreed a position with respect to MiFID II.  The Council is expected to confirm this agreement, without discussion, at its meeting on 21 June 2013.  This will enable the trilogue process […]

On 11 June 2013, the EU Parliament’s Economic and Monetary Affairs Committee (ECON) published a motion for a resolution concerning the lack of progress in the EU Council and the European Commission in adopting certain financial services proposals.  The resolution calls on the Council and the Commission to take all necessary actions to resolve delays with […]

On 5 June 2013, the European Securities and Markets Authority (“ESMA”) published a report entitled “Guidelines and Recommendations regarding written agreements between members of CCP colleges”. Article 18 of EMIR states that: A National Competent Authority (“NCA”) must establish a CCP college within 30 days of receiving a complete application for authorisation as a CCP […]

New EU Presidency compromises on both MiFID and MiFIR (dated 4 June 2013) have been published in the Council Register.

Recovery and Resolution Directive On 29 May 2013, the Presidency of the EU Council published its latest Compromise Proposal with respect to the Recovery and Resolution Directive (RRD).  Additions to the original legislative proposal are underlined and additions to the most recent compromise proposal (dated 15 March 2013) are marked in bold. EU Banking Union On 30 […]