EU developments in financial services: resources overview

This practice note provides an introduction to the EU legislative process and EU financial services developments. It contains links to practice notes and other Practical Law Financial Services materials relating to key developments in the EU financial services sector.

Contents

How should I use this practice note?

This practice note provides an introduction to the EU legislative process and EU financial services developments. It contains links to practice notes and other Practical Law materials relating to the following aspects of the EU financial services sector:

In addition to maintained content, Practical Law Financial Services also tracks relevant EU developments in its Legal updates.

Key future dates, including in relation to EU developments, that financial services practitioners may wish to be aware of can be found in Practice note, Horizon scanning for financial services practitioners ( www.practicallaw.com/4-504-8368) . This note is regularly updated, usually on a monthly basis.

Key European financial services legislative initiatives for the period 2007 to 2016 are tracked in Tracker: key European financial services legislative initiatives ( www.practicallaw.com/4-508-1490) .

For practitioner opinion on EU developments, see:

Key financial services decisions of the Court of Justice of the EU (ECJ) can be found in Financial services trackers: Case trackers ( www.practicallaw.com/9-384-7435) .

 

EU legislative process

For information about the EU legislative process, see:

 

EU financial services supervisory framework

The European System of Financial Supervision (ESFS) formally came into effect on 1 January 2011. The ESFS is the EU financial services supervisory framework, which consists of the:

  • European Systemic Risk Board (ESRB).

  • European Supervisory Authorities (ESAs), which are the EBA, ESMA, and EIOPA.

  • Joint Committee of the ESAs.

  • 28 EU member state national supervisors.

For more information about the ESFS and the ESAs, see:

 

Banking

Prudential regulation

CRD IV materials

For information on CRD IV-related rules on capital requirements for credit institutions and investment firms, and how these have been implemented in the UK, see:

Pre-CRD IV materials

For information on pre-CRD IV rules on capital requirements for credit institutions and investment firms, and how these have been implemented in the UK, see:

Banking union

For information on the European banking union, see:

Bank resolution

For information about the EU framework for resolving banks and other credit institutions, see:

Retail bank accounts

Passporting

For information on passporting requirements for credit institutions, see:

Remuneration

For information on EU remuneration developments relating to the financial services sector, see:

Shadow banking

For information on the EU regulatory focus on shadow banking, see:

Structural reforms

For information about the structural reforms proposed for the EU banking sector, see:

 

Securities

Investment services and regulated markets

For an overview of the Regulation on reporting and transparency of securities financing transactions ((EU) 2015/2365) (SFT Regulation), see Practice note, Hot topics: SFTR ( www.practicallaw.com/1-590-4125) .

For information on the Regulation on improving securities settlement and regulating central securities depositories (CSDs) (Regulation 909/2014) (CSDR), see Practice notes, Hot topics: CSDR ( www.practicallaw.com/3-539-7490) and CSDR: overview ( www.practicallaw.com/3-532-9868) .

MiFID and MiFID II

For links to all of our materials on the Markets in Financial Instruments Directive ( www.practicallaw.com/3-506-8149) (2004/39/EC) (MiFID), see Practice note, A guide to Practical Law Financial Services MiFID materials ( www.practicallaw.com/4-508-2098) .

Key resources linked to from this guide includes Practice note, MiFID: overview ( www.practicallaw.com/6-509-0196) .

Our key resources on the MiFID II Directive ( www.practicallaw.com/6-573-0849) (2014/65/EU) and Markets in Financial Instruments Regulation ( www.practicallaw.com/2-509-5313) (MiFIR) (Regulation 1287/2006) include:

EMIR

Our resources on EMIR ( www.practicallaw.com/7-520-8440) (Regulation 648/2012) include:

Short selling

For information on the Short Selling Regulation ( www.practicallaw.com/3-518-7312) (Regulation 236/2012), see:

Market abuse

For an overview of the Market Abuse Regulation ( www.practicallaw.com/8-573-0848) (Regulation 596/2014) (MAR), see Practice note, Market Abuse Regulation (MAR): overview ( www.practicallaw.com/3-583-3047) .

For the full range of Practical Law content on MAR, see Practice note, MAR: Practical Law resources ( www.practicallaw.com/6-630-2277) .

Credit rating agencies

For information about the Commission's work on credit rating agencies (CRAs), see:

Benchmarks regulation and reform

For an overview of the Benchmarks Regulation (Regulation (EU) 2016/1011), see Practice note, Hot topics: Benchmarks Regulation ( www.practicallaw.com/2-548-1045) .

For information about EU regulatory initiatives relating to the reform of benchmarks and benchmark-related activities, see Practice note, Hot topics: Benchmark reform: EU and international regulatory initiatives ( www.practicallaw.com/2-535-6602) .

Listing, prospectus, disclosure and transparency rules

For information about the Prospectus Directive ( www.practicallaw.com/7-506-2621) (2003/71/EC) and the Transparency Directive ( www.practicallaw.com/0-506-2506) (2004/109/EC), see:

Passporting

For information on the passporting regime for investment firms, see:

Resolution

For information on the resolution of systemically important investment firms, see Bank resolution above.

For information on the resolution of central counterparties (CCPs), see Practice note, Hot topics: EU CCP resolution framework ( www.practicallaw.com/4-617-4916) .

 

Investment funds

UCITS

For information about the UCITS regime, see:

Alternative investment funds

For information about the Alternative Investment Fund Managers Directive ( www.practicallaw.com/5-507-0882) (2011/61/EU) (AIFM Directive or AIFMD), see Practice note, A guide to the AIFMD: index ( www.practicallaw.com/2-503-9765)

Key resources linked to from this guide include:

Venture capital

For information about the European Venture Capital Funds Regulation (Regulation 345/2013), see Practice note, European Venture Capital Funds (EuVECA) Regulation  ( www.practicallaw.com/6-507-2022) .

Social entrepreneurship funds

For information about the European Joint Entrepreneurship Funds Regulation (Regulation 346/2013), see Practice note, European Social Entrepreneurship Funds (EuSEF) Regulation  ( www.practicallaw.com/4-517-2697) .

Money market funds

For information about the proposed Money Markets Fund Regulation (MMF Regulation), see Practice note, Hot topics: Money Market Funds Regulation (MMF Regulation) ( www.practicallaw.com/9-553-5865) .

European long-term investment funds

For information about the Regulation on European Long-Term Investment Funds ( www.practicallaw.com/3-614-7805) ((EU) 2015/760) (ELTIF Regulation), see:

 

Insurance

Solvency II

For information about the Solvency II Directive ( www.practicallaw.com/9-509-4292) (2009/138/EC) (Solvency II or Solvency 2), see:

Insurance mediation and distribution

For information about the Commission's review of the Insurance Mediation Directive ( www.practicallaw.com/1-507-3076) (2002/92/EC) (IMD) and the Insurance Distribution Directive ((EU) 2016/97) (IDD), which will repeal and replace the IMD, see:

Passporting

For information on the regime for insurers passporting within the European Economic Area (EEA), see Practice note, Passporting by Insurance Undertakings in the European Economic Area ( www.practicallaw.com/3-202-1546) .

 

Capital markets union (CMU)

For information about the Commission's CMU-related initiatives, see Practice note, Capital markets union (CMU): overview ( www.practicallaw.com/2-619-3497) .

 

Retail financial services

Packaged retail and insurance-based investment products (PRIIPs)

For information about PRIIPs, see:

Consumer credit and mortgages

For information about consumer credit and mortgage credit, see:

 

Payment services and electronic money

For information about the Payment Services Directive ( www.practicallaw.com/8-509-4730) (2007/64/EC) (PSD) and the second Electronic Money Directive ( www.practicallaw.com/1-509-4700) (2009/110/EC) (2EMD), see:

 

Financial crime

Money laundering and terrorist financing

For information about the Third Money Laundering Directive ( www.practicallaw.com/0-506-8589) (2005/60/EC) (MLD3), its UK implementation, the Commission's review of MLD3, and the Fourth Money Laundering Directive ( www.practicallaw.com/2-617-0330) ((EU) 2015/849) (MLD4), which will repeal and replace MLD3, see:

Wire transfers

For information on Regulation (EC) 1781/2006 ( www.practicallaw.com/0-509-4871) on information on the payer accompanying transfers of funds (Wire Transfer Regulation (WTR), Payments Regulation or Fund Transfers Regulation (FTR)), how bit has been applied in the UK, the Commission's review of the WTR, and on Regulation (EU) 2015/847 ( www.practicallaw.com/1-617-0335) on information accompanying transfers of funds (revised Wire Transfer Regulation), which will repeal and replace the WTR, see:

Cyber-security

For information on the Directive concerning measures to ensure a high common level of network and information security across the EU ((EU) 2016/1148) (Cyber-security Directive, Network and Information Security Directive or NIS Directive) see Cyber-security: legislation tracker ( www.practicallaw.com/7-572-8308) .

 

Financial conglomerates

For information about the Financial Conglomerates Directive ( www.practicallaw.com/6-509-4745) (2002/87/EC) (FICOD), see Practice note, Financial Conglomerates Directive (FICOD) ( www.practicallaw.com/3-201-7196) .

 

Compensation

For information about EU legislation on compensation, see:

 

Qualifying holdings and changes of control

For information about the EU qualifying holdings regime introduced by the Acquisitions Directive ( www.practicallaw.com/5-509-4289) (2007/44/EC) and its UK implementation, see:

 
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