Presidency publishes MMF compromise: The Presidency has published its compromise response to the proposal for a Regulation on money market funds (MMFs). It has proposed significant change in relation to:

  • Article 10 - eligible securitisations; 
  • Article 14 - diversification;
  • Article 12a and 13a - new articles on eligible repurchase agreements;
  • Article 29 - specific requirements for small professional Constant Net Asset Value (CNAV) MMFs.

(Source: Presidency Publishes MMF Compromise)

Presidency publishes PSD 2 compromise: The Presidency has published a compromise text on the Council proposal for a revised payment services directive (PSD 2). The Presidency has also contacted the Permanent Representatives Committee of the Commission granting approval for, and setting out the terms of, a negotiating mandate. The document contains a statement from Austria setting out a number of concerns on the proposals. (Source: Presidency Publishes Negotiating Mandate and Presidency Publishes PSD 2 Compromise)

Council agrees Solvency 2 delegated legislation: The Council has decided not to object to the adoption by the Commission of a regulation supplementing Solvency 2. The regulation specifies more detailed requirements for insurance and reinsurance companies, for both individual undertakings and for groups. The legislation can now be published and enter into force, unless the European Parliament objects. (Source: Council Agrees Solvency 2 Delegated Legislation

Council encourages movement on MLD 4: In an effort to progress the proposal for the fourth Money Laundering Directive (MLD 4), the Presidency has suggested a new mandate on the open issues of:

  • storage of beneficial ownership information: the new mandate proposes a tighter requirement than that set out in the Financial Action Task Force recommendations, but giving Member States more flexibility around public access;
  • data protection: the Council would like to avoid any risk of "tipping off" customers by revealing information contained in suspicious transaction reports, as this would disrupt the functioning of the anti-money laundering system. As regards the retention period for personal data, it notes the need to ensure that ongoing legal proceedings are not undermined.

It invites agreement on the mandate so a final proposal can be drafted and agreed. (Source: Council Encourages Movement on MLD 4)