The Council has adopted:

  • CRD3, which amends existing capital resources directives on capital requirements for the trading book and resecuritisations, and supervisory review of remuneration policies; and
  • a Directive amending the Prospectus Directive, which will reduce disclosure requirements, exempt employee share schemes from the need to publish a prospectus and make other changes, such as increasing the number of investors to whom an offer can be made in any one Member State to 150 and aligning the definition of “qualified investor” with the MiFID definition of “professional client”.

Member States must implement the CRD3 changes on remuneration (and some others) by 1 January 2011 and the rest by 31 December 2011. The PD changes must be implemented 18 months after the 20th day after its publication in the Official Journal.