Commission urges Member States to adopt BRRD: The Commission has requested that Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland, Romania and Sweden fully implement the Bank Recovery and Resolution Directive (BRRD) as the deadline for transposition into national law was 31 December 2014. The request is in the form of a reasoned opinion, the second stage in the EU infringement procedures. Failure to comply within two months could result in the Commission referring the guilty party to the EU Court of Justice. (Source: Commission urges Member States to adopt BRRD)
Commission publishes capital buffers standards update: The Commission has published a supplementing regulation with regard to regulatory technical standards for disclosure of information on compliance with the countercyclical capital buffer requirement under the Capital Requirements Regulation (CRR). (Source: Supplementing Regulation with Regard to Regulatory Technical Standards for the Disclosure of Information in Relation to the Compliance of Institutions with the Requirement for a Countercyclical Capital Buffer in Accordance with Article 440)
- why EMIR was originally needed and its development;
- progress on trade reporting;
- the current status of EMIR: all 17 EU central counterparties (CCPs) are authorised or in the process of getting authorisation, while 10 non-EU CCPs have been authorised with a further 31 awaiting authorisation;
- progress on clearing obligations and introducing the first clearing rules, which will cover certain interest rate products. The Commission hopes these might be in place for some market users by April 2016;
- the need for the-two year extension of transitional relief from central clearing for EU pension funds;
- planned delivery of requirements on margin for non-cleared trades in the next few months, with a view to staggered implementation, starting late next year; and
- whether or not the review will result in an "EMIR II".
He concluded by urging any affected stakeholders to respond to the public consultation on the review of EMIR which closes on 13 August. (Source: First Steps in the Review of EMIR, the European Derivatives Regulation)
Commission announces CMU public hearing: The Commission will host a public hearing on the next steps to build a Capital Markets Union (CMU) in Brussels on 8 June. The themes will include:
- diversifying the sources of investment funding: challenges and opportunities;
- how to make CMU work for retail and institutional investors; and
- conditions for an efficient cross-border investment environment.