The European Commission has published a communication outlining its work programme for 2016.  The communication presents a list of 23 key initiatives, 20 intended withdrawals or modifications of pending proposals and 40 actions to review the quality of existing EU legislation.

A number of initiatives in the work programme are of interest to financial services, including:

  • The proposed Directive on measures to ensure high common level of network and information security across the EU is in the list of priority pending proposals (known as the NIS Directive or the Cyber-security Directive).
  • The proposed Regulation laying down common rules on securitisation and creating a framework for simple, transparent and standardised securitisation is in the list of priority pending proposals (Securitisation Regulation).
  • The proposed Directive amending Directive 2006/112/EC on the common system of value added tax as regards the treatment of financial services, and the related Regulation laying down implementing measures, are being withdrawn.