Council of European Union

Council of EU Presidency Compromise on Regulation on ECB’s Powers to Impose Sanctions

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On December 11, the Council of the EU published a note (dated December 10) that amends the ECB’s powers to impose sanctions.

The ECB published its recommendation for a Council Regulation in April 2014. The recommendation aims to establish a coherent regime for the imposition by the ECB for sanctions relating to the performance of its supervisory tasks under the Regulation establishing the single supervisory mechanism, by adapting the framework already set out for the purposes of monetary policy conduct.

Council of EU Publishes Compromise Proposal on ELTIF Regulation

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On May 27, the Council of the EU published a compromise proposal (10215/14), dated May 23, 2014, in respect of the European Commission’s proposed Regulation on European Long-Term Investment Funds (ELTIF Regulation).

The ELTIF Regulation seeks to create a new type of investment fund available for retail and professional investors (an ELTIF).  ELTIFS will be used as long term collective investment vehicles to invest in infrastructure projects and un-listed companies that issue equity or debt securities for which there is no readily identifiable buyer.  ELTIFS will be subject to various investment constraints, such as a prohibition on short selling of assets and a prohibition on taking exposure to commodities.  The ELTIF Regulation (2013/0214(COD)).  Compromise Proposal.  ELTIF Regulation.