MCD published in OJEU: The Mortgage Credit Directive (MCD) was published in the Official Journal of the EU (OJEU) on 28 February. Member States must transpose the Directive by 21 March 2016 and start applying it immediately, subject to certain transitional provisions. (Source: OJEU 28 February

Credit Risk Adjustments RTS published in OJEU: The Commission Delegated Regulation on Regulatory Technical Standards (RTS) for specifying the calculation of specific and general credit risk adjustments was published in OJEU. It will enter into force 20 days after the date of its publication, which was on 27 February. (Source: OJEU 27 February

Commission feeds back on DGSD political agreement: The Commission has written to EP in relation to the recent approval by the Council of the political agreement it reached with EP on the recast Directive on Deposit Guarantee Schemes (DGSD). The communication summarises the changes introduced during the legislative process, including the discretion to reduce the target level of funds, and suggests EP adopts it at its plenary session scheduled for April. (Source: Communication Concerning Council's Position on DGSD

Commission responds to Commons on subsidiarity: The Commission has responded to the House of Commons European Scrutiny Committee Reasoned Opinion concerning compliance with the principle of subsidiarity in the Commission's proposals for a Benchmarks Regulation. It says that, considering benchmarks are used for pricing cross-border transactions and a patchwork of national rules would impede the provision of cross-border benchmarks, the subsidiary test is met. It also says that the proposals are in line with the IOSCO Principles for Financial Benchmarks and existing industry good practice. (Source: Subsidiarity - Commission Responses

Commission endorses RTS on material risk takers: The Commission has adopted the RTS laying down criteria to identify the staff with a material impact on a bank's risk profile and who therefore will be subject to the rules in the fourth Capital Requirements Directive (CRD4) capping the amount of variable remuneration they can receive. (Source: Delegated Regulation on RTS on Criteria to Identify Material Risk Takers)