Commission Summary of Contributions on EU Regulatory Framework
The European Commission has published a summary of contributions received to the 'Call for Evidence' on an EU regulatory framework for financial services. The consultation closed on January 31, 2016.
The summary reports who responded and gives an overview of the responses. Overall, the Commission claims that stakeholders did not dispute the reforms of recent years and many responses expressed support of the new rules. Many replies also related to unnecessary regulatory constraints on financing, proportionality, excessive compliance costs and complexity, reporting and disclosure obligations, and overlaps, duplications, and inconsistencies.
Permanent Representatives Committee Approves Delay to New Securities Market Rules
On May 18, 2016, the Permanent Representatives Committee approved, on behalf of the Council of the EU, an agreement with the European Parliament for a one-year delay to the dates of transposition and application of the MIFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) ("MIFIR"). This was announced in a press release of the Council of Europe.
Under the new approach the deadline for member states to transpose MIFID II into national legislation will be July 3, 2017, and the date of application of both MIFID II and MIFIR will be January 3, 2018.
EBA Publishes Decision on Unsolicited Credit Assessments
On May 17, 2016, the European Banking Authority published a decision confirming that the unsolicited credit assessments of certain external credit assessment institutions ("ECIAs") do not differ in quality from their solicited credit assessments with regard to the Capital Requirements Regulation (Regulation 575/2013).
The published decision annexes 22 ECIAs and confirms that in respect of those listed, the quality of the unsolicited credit assessments does not differ from the solicited credit assessments.
The decision will enter into force 20 days after publication in the Official Journal of the EU.
ECB Publishes Public Consultation
The European Central Bank ("ECB") has published a Public Consultation on a draft Addendum to the ECB Guide on options and discretions available in Union law.
The consultation document sets out the ECB's approach to the exercise of options and discretions provided for in Regulation 575/2013 (on prudential requirements for credit institutions and investment firms) and Directive 2013/36/EU (on access to the activity of credit institutions and the prudential supervision of credit institutions and investments firms).
This publication is the second phase of the ECB's project on options and discretions.
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