On 24 April 2024, the European Parliament adopted the following draft legislative texts. These draft texts still need to be formally adopted by the Council of the EU. Following this they will be published in the Official Journal of the EU (OJ). The draft texts are: Regulation amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises. The draft Regulation enters into force on the twentieth day following its publication in the OJ ..read more

On 25 April 2024, the Financial Stability Board (FSB) issued a report on financial resources and tools for central counterparty (CCP) resolution. In the report, which incorporates feedback from a public consultation, the FSB identifies a toolbox approach as an effective means for resolution authorities to support CCP resolution. In the toolbox approach, resolution authorities should have ready access to a combination of resources and tools from the toolbox as options to use in resolution. The resolution toolbox comprises a set of resolution-specific resources and tools available for resolution ..read more

On 25 April 2024, the European Banking Authority (EBA) published its report on high earners for 2022. In 2022, the number of high earners receiving remuneration of more than EUR 1 million increased by 19.7% from 1,957 in 2021 to 2,342 in 2022. The EBA’s analysis also highlights a persistent gender imbalance within the financial sector, and particularly the highest paid positions. The report has been prepared in accordance with Article 75(3) of the Capital Requirements Directive IV and Article 34(4) of the Investment Firms Directive. These provisions mandate the EBA to collect information on th ..read more

On 25 April 2024, the European Parliament issued a press release stating that it had adopted a first reading position on the proposed legislative package relating to the review of the EU bank crisis management and deposit insurance framework. The legislative package consists of a proposed: Regulation amending Regulation (EU) No 806/2014 as regards early intervention measures, conditions for resolution and funding of resolution action. Directive amending Directive 2014/59/EU as regards early intervention measures, conditions for resolution and financing of resolution action. Directive amending ..read more

On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of the proposed Regulation on the transparency and integrity of environmental, social and governance rating activities. The legislative measures still need to be formally adopted by the Council of the EU. Following this they will be published in the Official Journal of the EU (OJ). In terms of timing, the draft Regulation enters into force on the twentieth day following its publication in the OJ. It applies 18 months from its entry into force ..read more

On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of the proposed Regulation amending the Capital Requirements Regulation as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (CRR III) and the proposed Directive amending the Capital Requirements Directive IV as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks (CRD VI). The legislative measures still need to be formally adopted by the Council of the EU. Followin ..read more

On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of a proposed Regulation amending the European Market Infrastructure Regulation as regards measures to mitigate excessive exposures to third country central counterparties (CCPs) and improve the efficiency of EU clearing markets (EMIR 3). It has also adopted the text of a proposed Directive on the treatment of concentration risk towards CCPs and of the counterparty risk in centrally cleared derivatives. The legislative measures still need to be formally adopted by the Council of the EU. Follow ..read more

On 25 April 2024, the European Parliament issued a press release stating that it had adopted a first reading position on the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country and certain reporting requirements. The press release adds that MEPs of the next Economic and Monetary Affairs Committee remain free to choose whether to open negotiations based on the negotiating mandate as adopted by the April plenary or whether to draw up a new negotiating ma ..read more

On 24 April 2024, the European Parliament issued a press release stating that it had adopted the proposed: Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation). Regulation establishing the Anti-Money Laundering Authority (AMLA Regulation). Directive on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849 (Sixth Money Laundering Directive). The legislativ ..read more

On 24 April 2024, the Bank of England (BoE) published its response to its consultation on codes of practice (CoPs) for wholesale cash distribution (WCD) market oversight.   The consultation, published in November 2023, set out: The BoE’s proposed draft CoPs for market oversight. Draft guidance to the CoPs. A draft WCD data catalogue, setting out proposed reporting requirements of recognised persons. It also included background on the UK cash landscape, industry work and recent legislative reforms, as well as the scope of the new WCD legislative framework and the BoE’s powers and obligat ..read more