Official Journal of the European Union

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On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).
Continue Reading Council of the EU has Adopted CRR II Regulation and CRD V Directive at First Reading

On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted at first reading the proposed Regulation to amend the European Markets Infrastructure Regulation (EMIR), or the EMIR Refit Regulation. This follows the preliminary political agreement the Council of the EU and the European Parliament reached in February 2019 on proposed amendments to be made to EMIR (as reported in the February 8, 2019 edition of the Corporate & Financial Weekly Digest).
Continue Reading Council of the EU has Adopted EMIR Refit Regulation at First Reading

On April 4, two Commission Implementing Decisions (Amending Decisions) were published in the Official Journal of the European Union, amending the following December 20, 2018 equivalence decisions (Equivalence Decisions):

  • Implementing Decision (EU) 2018/2031, on the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs); and
  • Implementing Decision (EU) 2018/2030, on the temporary equivalence of the UK’s regulatory framework for central securities depositories (CSDs).

Continue Reading Equivalence for UK CCPs and CSDs Extended

On October 31, the decision by the European Securities and Markets Authority (ESMA) to renew and amend the temporary restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients was published in the Official Journal of the European Union (OJ).
Continue Reading Renewed Restriction on CFDs Published in the OJ

On June 12, the European Parliament (EP) issued a press release announcing its adoption in plenary of the proposed regulation to amend the European Market Infrastructure Regulation (EMIR) in respect of, among others, clearing, reporting and risk-mitigation techniques for over-the-counter derivatives contracts not cleared by a central counterparty (CCP).
Continue Reading European Parliament Adopts EMIR 2.1 Proposal

On May 14, the Council of the EU published a press release announcing that it has adopted the proposed Fifth Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial Weekly Digest edition of February 12, 2016).
Continue Reading Council of EU Adopts MLD5

On April 23, the European Commission (EC) adopted a package of measures, including a draft Directive and an Impact Assessment, to protect whistleblowers who report breaches of EU law.

The definition of a “whistleblower” under the proposed new Directive would encompass any person who has “privileged access to information about breaches that can cause serious harm to the public interest and who may suffer retaliation if they report” (i.e., not just employees, but also self-employed people, contractors, unpaid trainees and even job applicants).
Continue Reading European Commission Proposes New Directive to Protect EU Whistleblowers

On April 19, the European Parliament (EP) published a press release announcing its adoption of a proposal for a fifth Anti-Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission’s action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial Weekly Digest edition of February 12, 2016).
Continue Reading European Parliament Adopts Fifth Money Laundering Directive

On December 14, the following decisions (Implementing Decisions) on the equivalence of the legal and supervisory frameworks of certain third countries, in accordance with Article 25(4)(a) of the revised Markets in Financial Instruments Directive (MiFID II), were published in the Official Journal of the EU (OJ):

Continue Reading European Commission Implementing Decisions Recognizing Certain Third-Country Equities Markets Under MiFID II Published in OJ