Council set to agree MLD 4 general approach: The Presidency of the Council has published a new version of the proposals for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (MLD 4) and for a Regulation on information accompanying transfer of funds. It says a qualified majority of Member States agree with these texts and asks the Committee of Permanent Representatives (COREPER) to adopt the texts as general approach, so that trilogue negotiations with the Commission and the European Parliament can begin. The general approach allows Member States flexibility on how to ensure access to the national registers of beneficial ownership information. Member States can also decide to exempt gambling services from AML obligations, with the exception of casinos and online gambling. Non-reloadable e-money instruments are exempted from customer due diligence measures. As shown in a letter by the UK's Commercial Secretary to the Treasury to the UK Parliament's European Scrutiny Committee, the UK is concerned about the push of other Member States to require registration of trusts and to eliminate the threshold under which funds transfer information is included but not verified. (Source: Note to COREPERGeneral Approach MLD 4General Approach Transfer Regulation and Page 31 Fiftieth Report of Session 2013–14)  

Council discusses new ELTIF Regulation compromise text: The Presidency of the Council has tabled a new compromise text for the Regulation on European Long Term Investment Funds (ELTIF Regulation). The new text requires that, for an ELTIF marketed to retail investors, the depositary must be an eligible depositary under the future UCITS V Directive. The assets held in custody by the depositary of a retail ELTIF would only be reusable following the instructions of the ELTIF manager and for the ELTIF's account and benefit, provided that the re-use is covered by high quality collateral. (Source: ELTIF Regulation Compromise Text)