Category: EU Parliament
EU Reporting: it’s not all about the money
In the avalanche of regulation passed by the EU Parliament on its election-boosted Turbo Tuesday, it might have been easy to miss their approval of a Directive intended to improve corporate social responsibility. Affected companies will have to disclose information on policies, risks and results with regard to: environmental matters, social and employee-related […]
It’s a mad, mad world
The EU Parliament has voted to adopt the Market Abuse Regulation, completing the MAD 2 legislative package. Consisting of the Market Abuse Regulation (MAR) and the Criminal Sanctions Market Abuse Directive (CSMAD), the legislation will come into force 24 months after its publication in the OJ, expected in June, at which time the original MAD […]
MiFiD II- the real work begins
The European Parliament yesterday approved the April draft of MiFid II, effectively ending the political phase of its gestation. ESMA will now (officially) begin the mammoth task of crafting the all-important detail, the following (to be done by) time line has now begun: · The Commission formally requests ESMA’s advice on Level 2 measures- delegated […]
EU Banking Reform: unity is strength?
At its last plenary session before electoral recess, the European Parliament has passed three laws cementing the foundations of an EU-wide banking union. The Single Resolution Mechanism, passed by 770 to 88 with 13 abstentions, limits the contentious role of national governments, resolutions will be triggered by an ECB-led decision, effective as of 1st January […]
SRM: Parliament Welcomes Progress but Much Work to be Done
On 12 March 2014, the EU Parliament issued a short press release regarding the ongoing trilogue negotiations with the EU Council over the Single Resolution Mechanism (SRM). The Parliament acknowledged that progress had been made, but warned that there was still much work to be done and that crucial issues remained outstanding. Detailed wording from […]
MiFIR is here- the long wait is over
The trilogue participants have finally handed over compromise text of MiFID II/MiFIR II for legislative drafting. A scant two years behind schedule, the negotiations have taken four years to reach this point. Though very few people have read the 464 page document in sufficient detail to be certain, it is clear that the compromise is […]
Parliament Offers Olive Branch Over Resolution Funding?
On 4 February 2014, the EU Parliament published a press release on the latest negotiations over bank resolution. As previously reported (see this blog post for more detail), negotiations over resolution funding seemed largely to have reached an impasse. However, yesterday’s tone seems somewhat more conciliatory in nature. The Parliament remained adamant that it would […]
FTT- Govts. realise possibility of bullet in foot
Documents received by Reuters late last week point to the possibility that some derivatives may be exempted from the controversial and consequential FTT, the 11 eurozone nation[1] “Tobin” tax.
SRM- Mexican standoff Euro-style
The Conference of Presidents Group have held intensive talks with their EP negotiators on the state of SRM play. The result is firmly-worded missive sent today from their own current President, Martin Schulz, to Commission President Manuel Barroso, summary translations in bold italic:
MiFiD II: out of the starting-gate
A surprising outbreak of harmony has seen the European trilogue partners reaching agreement on MifiD II. The EC, EU and the Parliament finally concluded over three years of negotiation late Tuesday evening, producing a definitive outline version of the fundamental reform legislation. The post-2008 sequel to MiFiD/MiFiR is intended to update regulations, dealing with recent […]