Category: EU Parliament
Libor lies still
The FT reports that the EC has abandoned plans to move LIBOR supervision to the French-based ESMA. The EC legislative proposals regarding benchmark rates are set to be unveiled next week. In their latest incarnation, London will remain the primary authority for LIBOR, although under supervision from a college of member states, itself subject to […]
RRD Pushed Back Again
On 3 July 2013, the EU Parliament updated its procedure file on the Recovery and Resolution Directive (RRD). It seems that the RRD proposal will not now be considered until the Parliament’s plenary session scheduled for 18 to 21 November 2013, rather than the session scheduled for 21 to 24 October 2013, as was previously […]
EU Council Agrees Approach to RRD
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 […]
EU Parliament: We Don’t Actually Expect Liikanen to Work…
…we just want smaller banks. On 25 June 2013, the EU Parliament’s Economic and Monetary Affairs Committee (ECON) published a report containing a motion for a resolution on reforming the structure of the EU banking sector that it adopted on 18 June 2013. The report is notable less for the actual wording of the resolution […]
MiFID II General Approaches Published
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 […]
Agreement Reached Over MiFID II
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 […]
EU Parliament Seeks to Light Fire Under Council and Commission
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 […]
Bail-in and the Central Clearing of Derivatives
Pursuant to Article 38(3) of the original EU Commission proposal for a EU Directive establishing a framework for the recovery and resolution of credit institutions and investment firms (the “RRD”), resolution authorities may exclude derivatives transactions from the scope of the Bail-in tool if that exclusion is “necessary or appropriate” to: ensure the continuity of […]
ESMA Publishes Guidelines for CCP Colleges
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 […]
Legislative Update
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 […]