EP votes on IMD2: EP has voted in plenary on IMD2. Its key concerns, reflected in the results of its vote, are:

  • aligning IMD2 with MiFID 2;
  • allowing national discretions on remuneration and commission;
  • banning product tying by requiring products to be sold separately; and
  • introducing disclosure requirements for elements of variable remuneration.

IMD2 must now move to the trilogue process, which it is not expected to do during the term of the current Parliament. Insurance Europe was critical of some of EP's recommendations, specifically the ban on product tying. The Council also published an information note on the amendments, including a call from Michel Barnier to agree the text by the end of the calendar year. (Source: EP Votes on IMD2)

EP publishes MLD4 reports: EP has published its reports on MLD4 and the Funds Transfer Regulation. Previous editions of FReD have highlighted its key recommendations. (Source: EP Publishes MLD4 Report and EP Publishes Funds Transfer Regulation Report)

ECON adopts motion for ESFS resolution: The Economic and Monetary Affairs Committee (ECON) at EP has adopted its report on an own-initiative procedure for a resolution on recommendations in relation to the current review of the European System of Financial Supervision (ESFS). (Source: Report on Recommendations to the Commission on ESFS Review

ECON to vote on SRM Regulation in April: ECON regrets the lack of flexibility shown by the Council of Finance Ministers (ECOFIN) regarding the SRM Regulation proposals. It says that the negotiating mandate of the Presidency of the Council did not allow for compromises over the essential issues of the decision-making process and the single resolution fund. ECON will now prepare a text, which it will vote in plenary session in April, incorporating some of the Council's concerns but restating its demands as to the independence of resolution decisions and the speed of the funds' mutualisation process. (Source: MEPs Lay Out Final Offer on Bank SRM)