IFD

Council of the EU Publishes Notes on Proposed Regulation and Directive for Supervision Investment Firms

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On January 4, the Council of the EU published the following notes from the Council Presidency to its Permanent Representatives Committee (“COREPER“) relating to the European Commission’s proposed Regulation and Directive establishing a new framework for prudential requirements for investment firms:

  • A note (5022/19) setting out the Presidency compromise proposal on the proposed Directive on the prudential supervision of investment firms and amending the CRD IV Directive (2013/36/EU) and the MiFID II Directive (2014/65/EU) (2017/0364 (COD)) (the proposed Investment Firms Directive (“IFD“)).
  • A note (5021/19) setting out the Presidency compromise proposal on the proposed Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation (Regulation 575/2013) (“CRR“), the Markets in Financial Instruments Regulation (Regulation 600/2014) (“MiFIR“) and the EBA Regulation (Regulation 1093/2010) (2017/0358 (COD)) (the proposed Investment Firms Regulation).

The previous compromise proposals were published in October 2018. The notes do not explain the changes that have been made in the latest revised versions. However, it appears that new text is marked in underlined bold and deletions are indicated in strikethrough.

ECON Drafts a Report on Proposed IFR

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The Economic and Monetary Affairs Committee (“ECON“) drafted a report dated April 11, 2018 on the proposal for a regulation on the supervision on investment firms. A link to the report is here.

In December 2017, the European Commission published proposals for the Investment Firms Regulation (“IFR“) and for a directive on the prudential requirements of investments firms, known as the Investment Firms Directive (“IFD“).