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The Markets in Financial Instruments Directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR) are the principal texts regulating investment services and financial markets activities in the EU. Following a European Commission proposal to amend the MiFID and the MiFIR. a provisional trilogue agreement was reached on 29 June 2023, and the final act was published in March 2024. The new rules establish an EU-wide consolidated tape for EU financial markets, as well as making changes ...

On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

On 24 May 2023, the European Commission put forward a package of two proposals to amend existing directives and a regulation with a view to fostering retail investor information transparency and ensuring that investment decisions are best for investors. The objective is to enhance trust and confidence, thereby increasing retail investor participation in financing the economy. The package is mostly concerned with clarity in communication and the prevention of misleading marketing. It also seeks to ...

In the aftermath of the 2008 financial crisis, which showed the need for more sophisticated and demanding capital requirements for banks, new regulations were agreed at international level – known as the Basel III Agreements. In the EU, they were implemented essentially by amending the Capital Requirements Directive (CRD) and adopting the Capital Requirements Regulation (CRR). On 27 October 2021, the Commission tabled two interconnected proposals to amend the CRR and the CRD, respectively. The objective ...

Two European Union (EU) directives regulate the EU collective investment funds industry: the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS Directive, which covers mutual funds, lays down uniform rules, allowing them to be offered cross-border, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers ...

This study analyses the need to adopt further EU financial regulation on decentralized finance after the implementation of the Markets in Crypto Asset Regulation and the revision of the Transfer of Funds Regulation, with a special view on crypto lending, crypto staking, crypto custody, the use of non-formal information, NFTs and sustainability. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and ...

Die Kommission hat am 24. September 2020 einen Vorschlag für eine Richtlinie zur Änderung einer Reihe bestehender Richtlinien zur Regulierung und Beaufsichtigung des Finanzsystems im Hinblick auf die Bewältigung von Risiken im Zusammenhang mit Informations- und Kommunikationstechnologien (IKT) vorgelegt. Der Vorschlag ist Teil des Pakets zur Digitalisierung des Finanzsektors, dessen übergeordnetes Ziel darin besteht, Innovation und Wettbewerb im digitalen Finanzwesen zu fördern und gleichzeitig die ...

The IA provides a convincing justification for revising the CSD Regulation. The analysis, both qualitative and quantitative, is based on the targeted evaluation of the existing CSD Regulation, targeted stakeholder consultation and various data sources (ESMA). However, the IA would have benefited from a more detailed description of the problems, the policy options, and the stakeholder consultation, including the consultation results. Moreover, views of stakeholder groups on the policy options and ...

The IA is based on solid internal and external sources, in particular several ESMA review reports, and stakeholder consultations. However, the definitions of both the problems and the objectives lack consistency and coherence, as the lines between problems, their drivers and consequences are blurred and objectives seem to overlap (and shift). This weakens the IA's intervention logic. The policy options presented to tackle the problems are assessed against two baseline scenarios, which is unusual. ...

Der schnell wachsende Markt grüner Anleihen in der EU ist noch nicht harmonisiert. Bislang gibt es lediglich private Standards. Im Juli 2021 veröffentlichte die Kommission einen Vorschlag für eine Verordnung über die europäischen grünen Anleihen (EuGBR-Vorschlag) . Der Vorschlag ist Teil einer umfassenderen EU-Gesetzgebung, die sich auf nachhaltige Finanzierung konzentriert und in der Annahme der Taxonomie-Verordnung und der Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten mündete. ...