European Union directives

EBA publishes its final Guidelines on the monitoring of the threshold for establishing an intermediate EU parent undertaking

Retrieved on: 
Thursday, July 29, 2021
European Union, European Union directives, Agencies of the European Union, Financial services, European Banking Authority, Eurozone, La Défense, Capital Requirements Directives, Banking

28 July 2021

Key Points: 
  • 28 July 2021

    The European Banking Authority (EBA) published today its final Guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings (IPU) as laid down in the Capital Requirements Directive (CRD).

  • In addition, these Guidelines specify certain procedural aspects related to the monitoring of the threshold by competent authorities and the establishment of the IPU where necessary.
  • In particular, clarification is provided on the notifications, to be provided to the EBA on an annual basis.
  • During the consultation period, the EBA received feedback from stakeholders, which led to amendments being introduced to clarify some specific provisions.

2 Day Virtual REACH and RoHS Compliance Seminar: Gain a Deeper Understanding (August 12-13, 2021) - ResearchAndMarkets.com

Retrieved on: 
Wednesday, July 28, 2021
Training, Education, Natural environment, Environment, European Union directives, European Union, Mercury, Restriction of Hazardous Substances Directive, Nature, Articles

The "REACH and RoHS Compliance: Gain a Deeper Understanding" training has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "REACH and RoHS Compliance: Gain a Deeper Understanding" training has been added to ResearchAndMarkets.com's offering.
  • This 2-day virtual seminar will go into the specifics of the REACH and RoHS regulations, provide case studies and share lessons learned so your organization can benefit from the mistakes of others.
  • REACH and RoHS have been referred to as ".one of the most complex regulations in the history of the EU."
  • After completing this seminar, you will gain a better understanding of:
    Understanding your organization's liability under RoHS and REACH.

Guidelines on certain aspects of the MiFID II remuneration requirements

Retrieved on: 
Tuesday, July 20, 2021
Finance, Money, European Union directives, Economy, Investment, European Union law, Undertakings for Collective Investment in Transferable Securities Directive, Directive 2014/65/EU, Investment fund, Investment banking, Cyprus Securities and Exchange Commission

This paper is primarily of interest to competent authorities and investment firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II).

Key Points: 
  • This paper is primarily of interest to competent authorities and investment firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II).
  • In particular, this paper is addressed to investment firms and credit institutions providing investment services and activities, investment firms and credit institutions when selling structured deposits, UCITS management companies and external Alternative Investment Fund Managers (AIFMs) when providing investment services and activities in accordance with the UCITS Directive1 and the AIFMD2.
  • This paper is also important for consumer groups, investors and trade associations, because the guidelines seek to implement enhanced provisions to ensure investor protection, with potential impacts for anyone engaged in the dealing with or processing of financial instruments.

ESMA consults on remuneration requirements under MiFID II

Retrieved on: 
Tuesday, July 20, 2021
Money, Finance, Economy, Financial regulation, Systemic risk, European Union directives, European Union, Directive 2014/65/EU, European Securities and Markets Authority, Esma, Investor

19 July 2021

Key Points: 
  • 19 July 2021

    MiFID - Investor Protection

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on draft ESMA guidelines on certain aspects of the MiFID II remuneration requirements.

  • The remuneration of staff involved in the provision of investment and ancillary services and activities, or in selling or advising on structured deposits to clients is a crucial investor protection issue.
  • Therefore, ESMA has developed draft guidelines that aim to clarify and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing the existing ESMA guidelines on the same topic, issued in 2013.
  • This Consultation Paper builds on the text of the 2013 guidelines, which have been substantially confirmed, while those parts now incorporated into the MiFID II framework have been removed.

ESMA finds NCAs imposed sanctions of €8.4 million for MiFID II breaches in 2020

Retrieved on: 
Tuesday, July 20, 2021
European Union directives, Directive 2014/65/EU, European Union, Financial regulation, Systemic risk, Economy, Articles, Market economics)

Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about 8.4 million, compared to 371 sanctions and measures and about 1.8 million, issued by NCAs of 15 EU/EEA member states, in 2019.

Key Points: 
  • Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about 8.4 million, compared to 371 sanctions and measures and about 1.8 million, issued by NCAs of 15 EU/EEA member states, in 2019.
  • As a result, the figures in this Report on the number of imposed sanctions and measures imposed should be read carefully.
  • The MiFID II sanctions report published today contains an overview of the applicable legal framework and information on the sanctions and measures imposed by NCAs in accordance with Article 71(4) of the MiFID II Directive from 1 January 2020 to 31 December 2020.
  • NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual aggregated report.

Guidelines on certain aspects of the MiFID II remuneration requirements

Retrieved on: 
Monday, July 19, 2021
Finance, Money, European Union directives, Economy, Investment, European Union law, Undertakings for Collective Investment in Transferable Securities Directive, Directive 2014/65/EU, Investment fund, Investment banking, Cyprus Securities and Exchange Commission

This paper is primarily of interest to competent authorities and investment firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II).

Key Points: 
  • This paper is primarily of interest to competent authorities and investment firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II).
  • In particular, this paper is addressed to investment firms and credit institutions providing investment services and activities, investment firms and credit institutions when selling structured deposits, UCITS management companies and external Alternative Investment Fund Managers (AIFMs) when providing investment services and activities in accordance with the UCITS Directive1 and the AIFMD2.
  • This paper is also important for consumer groups, investors and trade associations, because the guidelines seek to implement enhanced provisions to ensure investor protection, with potential impacts for anyone engaged in the dealing with or processing of financial instruments.

ESMA consults on remuneration requirements under MiFID II

Retrieved on: 
Monday, July 19, 2021
Money, Finance, Economy, Financial regulation, Systemic risk, European Union directives, European Union, Directive 2014/65/EU, European Securities and Markets Authority, Esma, Investor

19 July 2021

Key Points: 
  • 19 July 2021

    MiFID - Investor Protection

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, today launches a consultation on draft ESMA guidelines on certain aspects of the MiFID II remuneration requirements.

  • The remuneration of staff involved in the provision of investment and ancillary services and activities, or in selling or advising on structured deposits to clients is a crucial investor protection issue.
  • Therefore, ESMA has developed draft guidelines that aim to clarify and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing the existing ESMA guidelines on the same topic, issued in 2013.
  • This Consultation Paper builds on the text of the 2013 guidelines, which have been substantially confirmed, while those parts now incorporated into the MiFID II framework have been removed.

ESMA finds NCAs imposed sanctions of €8.4 million for MiFID II breaches in 2020

Retrieved on: 
Monday, July 19, 2021
European Union directives, Directive 2014/65/EU, European Union, Financial regulation, Systemic risk, Economy, Articles, Market economics)

Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about 8.4 million, compared to 371 sanctions and measures and about 1.8 million, issued by NCAs of 15 EU/EEA member states, in 2019.

Key Points: 
  • Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about 8.4 million, compared to 371 sanctions and measures and about 1.8 million, issued by NCAs of 15 EU/EEA member states, in 2019.
  • As a result, the figures in this Report on the number of imposed sanctions and measures imposed should be read carefully.
  • The MiFID II sanctions report published today contains an overview of the applicable legal framework and information on the sanctions and measures imposed by NCAs in accordance with Article 71(4) of the MiFID II Directive from 1 January 2020 to 31 December 2020.
  • NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual aggregated report.

Esri Commends European Union's Open Data Directive

Retrieved on: 
Thursday, July 15, 2021
Data management, Satellite, Technology, Other Science, Software, Science, Internet, Data management, Data, Copyright law of the European Union, European Union directives, Data Catalog Vocabulary, Resource Description Framework, Computing, Directive on the re-use of public sector information, DCAT, Open data, EU Open Data Portal

Esri , the global leader in location intelligence, today commended the European Union (EU) for its leadership in implementing Directive (EU) 2019/1024 (Open Data Directive), which aims to encourage cross-border use of reusable data in Europe.

Key Points: 
  • Esri , the global leader in location intelligence, today commended the European Union (EU) for its leadership in implementing Directive (EU) 2019/1024 (Open Data Directive), which aims to encourage cross-border use of reusable data in Europe.
  • At the unprecedented pace in which data is growing everywhere, the new model enables a European single market for open data that will benefit all members.
  • As EU members finalize implementation of the Open Data Directive, geospatial tools must support data catalog interoperability requirements for open data portals across Europe.
  • Using international open standards such as Data Catalog Vocabulary Application profile (DCAT-AP), European customers can share data that conforms to the new Open Data Directive and more easily expose their open data catalog and web services for reuse.

Highlights - Insurance against civil liability - Committee on the Internal Market and Consumer Protection

Retrieved on: 
Thursday, July 8, 2021
European Union directives, Directive (EU) 2021/555, Insurance, Types of insurance

Insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to ensure against such liability (Motor Insurance Directive)

Key Points: 
  • Insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to ensure against such liability (Motor Insurance Directive)
    On 12 July 2021, IMCO will vote the provisional agreement resulting from the interinstitutional negotiations on the proposal to amend the Motor Insurance Directive.
  • The amended rules will better protect injured people when accidents occur in any EU Member State, including domestic victims of an accident caused by a driver from another EU country.
  • The new rules harmonise minimum amounts of cover across the EU and introduce more clarity for pricing and claims history.
  • The agreement introduces mandatory use of a Single Claims History Statement and obligations to inform citizens how they can apply for compensation.