Council agrees stance on PSD2: The Permanent Representatives Committee has agreed, on behalf of the Council, its negotiating stance on the revised Payment Services Directive (PSD2), which will incorporate and repeal the existing Payment Services Directive, and will bring the current law up to date with technology and expressly cover payment initiation and account information services. The Council's agreement enables negotiations with the European Parliament (EP) to start immediately, with a view to adopting the directive at first reading. Jonathan Hill, on behalf of the Commission, welcomed the progress and said it is now important to find a compromise with EP. (Source: Council agrees stance on PSD2)

Council approves ELTIFs text: The Permanent Representatives Committee has approved the EP's position on the Regulation on European Long-Term Investment Funds (ELTIFs). The Regulation permits the authorised managers of alternative investment funds meeting certain conditions to be marketed as ELTIFs. The Council will now adopt the Regulation once all official translations are available. (Source:Council Approves ELTIFs Text

Council publishes benchmarks compromise: The Council has published the Presidency compromise text containing amendments to the proposed regulation on indices used as benchmarks in financial instruments and financial contracts. It indicated these would be discussed in a meeting taking place on 12 December. Several provisions relating to the Commission's discretion to create related delegated acts have been removed, with ESMA getting a wider remit to develop draft technical standards to adjust or amend the regulation in future. (Source: Council Publishes Benchmarks Compromise)