Official Journal of the EU

A Delegated Regulation Supplementing EuVECA Regulation Regarding Conflicts of Interest is Published in OJ

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On May 22, the Commission Delegated Regulation (EU) 2019/820 supplementing the European Venture Capital Funds (EuVECA) Regulation (345/2013) with regards to conflicts of interest EuVECAs was published in the Official Journal of the EU (OJ).

The Delegated Regulation, which was not objected to by the European Parliament on May 15, 2019 and presumably has not been rejected by the Council of the EU, sets out:

  • The types of conflict of interest for the purposes of Article 9(2) of the EuVECA Regulation.
  • Conflicts of interest policy requirements.
  • Procedures and measures to prevent, manage and monitor conflicts of interest.
  • Management of consequences of conflicts of interest.
  • Strategies for the exercise of voting rights to prevent conflicts of interest.
  • Disclosure of conflicts of interest.

The Delegated Regulation comes into force on June 11, 2019 and applies from December 11, 2019.

Commission Publishes Delegated Regulation Supplementing MLD4

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On May 14, a Delegated Regulation ((EU) 2019/758) supplementing the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) with regulatory technical standards (RTS) specifying the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries was published in the Official Journal of the EU (OJ). READ MORE →

Council of EU Adds Pakistan to List of High-Risk Third Countries Under MLD4

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The Council of EU published the minutes of a meeting held in its configuration as the General Affairs Council (12279/18) on September 18, 2018.

On page 13 of the minutes, the Council confirms that it will not object to the addition of Pakistan to the list of high-risk third countries set out in Commission Delegated Regulation (EU) 2016/1675, which supplements the Fourth Money Laundering Directive ((EU) 2015/849) (“MLD4“).

The European Parliament will now consider the Delegated Regulation and decide whether to raise an objection. If the Parliament does not object, the Delegated Regulation will be published in the Official Journal of the EU (the “OJ“). It will enter into force 20 days after its publication in the OJ and will apply from that date.

Notice of Entry into Force of EU-US Bilateral Agreement on Insurance and Reinsurance Prudential Measures Published in OJ

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A notice confirming the entry into force of the bilateral agreement between the EU and the US on insurance and reinsurance measures was published in the Official Journal of the EU (“OJ“) on April 9, 2018.

The notice states that the US and the EU have notified each other of the completion of the procedures necessary for the entry into force of the agreement. The agreement entered into force on 4 April 2018, under Article 8 of the agreement (which provides that the agreement will enter into full force seven days after the EU and the US exchange written notifications certifying that they have completed their respective internal requirements and procedures, or on such other date as they may agree).

The EU and the US announced the signing of the agreement in September 2017 and the final text of the agreement was published in the OJ in October 2017. A decision of the Council of the EU approving the agreement was published in the OJ on April 6, 2018.

Council of EU Approves Commission Delegated Regulation to Extend PSA Transition Periods under EMIR

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On February 23, 2017, the European Parliament updated its procedure file on the proposed Commission Delegated Regulation amending European Market Infrastructure Regulation (“EMIR“) (Regulation 648/2012) as regards the extension of the transitional periods related to pension scheme arrangements (PSAs).

The procedure file states that the Council has raised no objection to the Delegated Regulation.

The Commission adopted the Delegated Regulation in December 2016.

The proposed Commission Delegated Regulation will enter into force unless the European Parliament objects. If the Parliament does not object, the Delegated Regulation will enter into force the day after it is published in the Official Journal of the EU.

Implementation Regulation Specifying Main Indices and Recognized Exchanges under CRR Published in OJ

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On September 14, 2016, Commission Implementing Regulation (EU) 2016/1646 laying down implementing technical standards with regard to main indices and recognized exchanges in accordance with the Capital Requirements Regulation (Regulation 575/2013), was published in the Official Journal of the EU (OJ). The Implementing Regulation will enter into force on October 4, 2016.

Delegated Regulation on RTS Specifying Criteria for Setting MREL under BRRD published in OJ

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On September 3, 2016, the Commission Delegated Regulation ((EU) 2016/1450) supplementing the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD) with regulatory technical standards (RTS) highlighting the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities (MREL) has been published in the Official Journal of the EU (OJ).

Article 45(6) of the BRRD specifies certain criteria that a resolution authority must consider when determining the level of MREL for a BRRD institution. Article 45(2) of the BRRD gave the European Commission the power to adopt a Delegated Regulation containing RTS further specifying the Article 45(6) assessment criteria.

The RTS contain provisions relating to the interpretation of the six assessment criteria set out in Article 45(6). They also permit resolution authorities to provide a transitional period for reaching the final MREL for firms or entities to which resolution tools have been applied.

The Delegated Regulation was adopted by the Commission on May 23, 2016. It shall enter into force 20 days after its publication in the OJ (i.e. September 23, 2016).

European Commission Implementing Regulation Establishing a List of Critical Benchmarks Used in Financial Markets under Benchmarks Regulation in OJ

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On August 12, 2016, the European Commission Implementing Regulation (EU) 2016/1368 establishing a list of critical benchmarks used in financial markets pursuant to the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (2016/1011/EU) (Benchmarks Regulation), was published in the Official Journal of the EU (OJ).

The Regulation highlights that benchmarks play an important role in the determination of the price of many financial instruments and financial contracts and of the measurement of performance for many investment funds. In order to fulfill their economic role, benchmarks need to be representative of the underlying market or economic reality they reflect. Should a benchmark no longer be representative of an underlying market, such as interbank offered rates, there is a risk of negative effects on, inter alia, market integrity, the financing of households (loans and mortgages) and businesses in the Union.

The Implementing Regulation, which specifies the Euro Interbank Offered Rate (EURIBOR) as a critical benchmark, enters into force on the day following its publication in the OJ (that is, August 13, 2016). It will apply from January 1, 2018.