ECON

European Parliament Publishes Erratum to ECON Report on Proposed Regulation on Facilitating Cross-Border Distribution of Collective Investment Funds

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On January 22, the European Parliament published an erratum (A8-0431/2018/err01) to a report of its Economic and Monetary Affairs Committee (“ECON“) on the proposal for a Regulation on facilitating cross-border distribution of collective investment funds (2018/0045(COD)).

It amends Recital 6 and Article 10, as well as inserting new Recitals 7a, 7b and 7c. It explains that these amendments were adopted by ECON but were missing from the text sent for translation. It should be noted that the changes affect all language versions of the report.

The erratum can be found here.

European Parliament to Consider Proposed Regulation and Directive on Cross-Border Distribution of Collective Investment Funds

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On January 24, the European Parliament updated the following procedure files:

  • The procedure file for the proposal for a Directive on the cross-border distribution of collective investment funds (2018/0041(COD)).
  • The procedure file for the proposal for a Regulation on facilitating cross-border distribution of collective investment funds (2018/0045(COD)).

The updated procedure files specify that the Parliament may consider the proposals at its plenary session between April 15-18.

The Parliament’s Economic and Monetary Affairs Committee (“ECON“) voted to adopt draft reports on the proposals on December 4, 2018. It subsequently published the reports on December 7, 2018.

The proposed Regulation envisages a harmonized framework regarding features of the cross-border distribution of funds, in respect of marketing communications and member states’ marketing requirements. The proposed Directive contains alterations to the UCITS Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD“) relating to pre-marketing and the discontinuation of marketing among other things.

The procedures files can be found here and here. The UCITS Directive can found here and the AIFMD can be found here.

ECON Reports on Proposed Omnibus Directive and Proposed Regulation Amending ESRB Regulation

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On January 14, the European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published the following reports relating to the European Commission’s legislative proposals to reform the European System of Financial Supervision (“ESFS“):

  • Report on the amended text of the proposed Regulation amending the Regulation that established the European Systemic Risk Board (“ESRB“) (1092/2010) (ESRB Regulation) (2017/0232 (COD)).
  • Report on the amended text of the proposed Omnibus Directive (2017/0231 (COD)).

ECON voted to adopt these reports on January 10, 2018. It has not yet published the text of the adopted report on the proposed Omnibus Regulation (2017/0230 (COD)).

New Rules on European Crowdfunding

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European Parliament’s Economic and Monetary Affairs Committee (“ECON“) published a press release announcing that it has voted to adopt a draft report on the European Commission’s legislative proposal for a Regulation on European crowdfunding service providers (“ECSPs“) (2018/0048 (COD)). READ MORE →

European Parliament Votes to Adopt Resolution on Regulatory and Supervisory Relationships between EU and Third Countries

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On September 11, the European Parliament voted in plenary to adopt a resolution on relationships between the EU and third countries concerning financial services regulation and supervision (2017/2253(INI)). It has published the minutes of the vote, found here, and a provisional edition of the resolution, found here.

The resolution was set out in a report prepared by rapporteur Brian Hayes that was adopted in July 2018 by the European Parliament’s Committee on Economic and Monetary Affairs (“ECON“).

The resolution contains recommendations relating to the equivalence framework in financial services legislation. In particular, it recommends that third countries should keep the European Supervisory Authorities (“ESAs“) (that is, ESMA, EIOPA and the EBA) informed of any national regulatory developments through the EU’s equivalence framework and that the Commission should introduce a standardised process for the determination of equivalence.

ECON Reports on Regulatory and Supervisory Relationships Between EU and Third Countries

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The European Parliament’s Committee on Economic and Monetary Affairs (“ECON“) published a report on August 29, (a draft of which it published in April) on relationships between the EU and third countries concerning financial services regulation and supervision. The report included recommendations for a European Parliament resolution, including:

  • Third countries must keep the ESAs (that is, ESMA, EIOPA and the EBA) informed of any national regulatory developments through the EU’s future equivalence framework and the equivalence decision should require good regulatory and supervisory co-operation.
  • The European Commission should provide a clear framework for the application of equivalence procedures that introduces a standardized process for the determination of equivalence.
  • The Commission should review the effectiveness of the current equivalence regime and publish its findings together with any proposals for improvement.
  • The Commission should report annually to the European Parliament on all decisions on equivalence and explain the rationale for those decisions.
  • The ESAs should have the capacity and powers to collect, collate and analyze data to enable them to monitor third country supervisory and regulatory frameworks.

We note the draft report included a call for a financial services chapter as part of any future EU-US trade agreement, but this was not included in the final version.