BETA
Home MEPs Dossiers Committees Subjects Blog About Dumps
download json


2016/0034(COD) Markets in financial instruments; market abuse; securities settlement in the EU and central securities depositories: certain dates

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON FERBER Markus (icon: PPE PPE) DODDS Anneliese (icon: S&D S&D), SWINBURNE Kay (icon: ECR ECR), VAN NIEUWENHUIZEN Cora (icon: ALDE ALDE), GIEGOLD Sven (icon: Verts/ALE Verts/ALE), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion DEVE
Committee Opinion JURI
Committee Opinion ITRE
Lead committee dossier:
Legal Basis:
TFEU 114

Events

2016/07/14
   EC - Commission response to text adopted in plenary
Documents
SP(2016)487
2016/06/30
   Final act published in Official Journal
Details

PURPOSE: to put back by one year the time limit for transposition and application of rules on markets in financial instruments (MIFID II package).

LEGISLATIVE ACT: Regulation (EU) 2016/1033 of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories

CONTENT: this Regulation amends Regulation (EU) No 600/2014 (‘MiFIR’) on markets in financial instruments in order to put back the date of entry into application of the Regulation, following difficulties encountered by the European Securities and Markets Authority (‘ESMA’) and national competent authorities, and stakeholders in technical implementation.

The MiFIR Regulation, like Directive 2014/65/EU (MiFID II), ought to be applicable 30 months after entry into force, i.e., 3 January 2017. However, ESMA has informed the Commission that neither it nor the national competent authorities will be in a position to ensure the application of the MiFID II from 3 January 2017. This situation is due to the severe difficulties encountered in completing the data collection infrastructures necessary for Miffed II.

In order to ensure legal certainty and avoid potential market disruption, the amending Regulation defers by 12 months the date by which the Member States need to apply MiFIR to 3 January 2018 . The dates for reports and review are set back accordingly.

The new Regulation also includes amendments regarding executions on own account, package transactions, and alignment with the EU Regulation on securities financing transactions, and the date of application of certain provisions in the Regulation on market abuse.

ENTRY INTO FORCE: 1.7.2016.

Documents
Regulation 2016/1033
OJ L 175 30.06.2016, p. 0001
2016/06/23
   CSL - Final act signed
2016/06/22
   CSL - Draft final act
Documents
00024/2016/LEX
2016/06/22
   EP - End of procedure in Parliament
2016/06/17
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2016/06/17
   CSL - Council Meeting
2016/06/07
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/06/07
   EP - Debate in Parliament
Documents
Debate in Parliament
2016/06/07
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 504 votes to 157, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates.

Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

Securities-financing operations : it is considered that securities financing transactions, as defined in Regulation (EU) 2015/2365 of the European Parliament and of the Council, do not contribute to the price discovery process and that it would be appropriate that Title II (Transparency for trading venues) and Title III (Transparency for systematic internalisers and investment firms trading over-the-counter) of Regulation (EU) No 600/2014 not apply to those transactions.

Pre-trade transparency requirements for trading venues : Parliament introduced a new amendment stipulating that market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for bonds, and structured finance products, emission allowances, derivatives traded on a trading venue and package orders.

Package transactions : with the amendments, Members stipulated that it is therefore appropriate to specify for the purpose of Regulation (EU) No 600/2014 the specific circumstances in which pre-trade transparency requirements should not apply to orders relating to such package transactions, nor to any individual component of such orders.

In order to support these amendments, it is proposed to include a new recital stating that investment firms often execute, on their own account or on behalf of clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades.

The text stated that such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime.

Role of the European Securities and Markets Authority : ESMA shall develop draft regulatory technical standards to establish a methodology for determining those package orders for which there is a liquid market. ESMA shall submit those draft regulatory technical standards to the Commission by 28 February 2017. Power is delegated to the Commission to adopt the regulatory technical standards.

Documents
T8-0244/2016
2016/05/25
   ESC - Economic and Social Committee: opinion, report
Documents
CES1921/2016
2016/05/23
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
PE604.829
2016/05/18
   EP - Text agreed during interinstitutional negotiations
Documents
PE604.829
2016/05/03
   IT_SENATE - Contribution
Documents
COM(2016)0057
2016/04/29
   ECB - European Central Bank: opinion, guideline, report
Documents
CON/2016/0027
OJ C 223 21.06.2016, p. 0003
2016/04/21
   PT_PARLIAMENT - Contribution
Documents
COM(2016)0057
2016/04/11
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates.

The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

Through their amendments, Members sought to specify that, for the purpose of Regulation (EU) No 600/2014, the specific circumstances in which pre-trade transparency should not apply to package transactions, nor to any individual component of such transactions.

Supporting these amendments, Members proposed to add a recital stipulating that investment firms often execute, on their own account or on behalf of their clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades.

Such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime.

Documents
A8-0125/2016
2016/04/07
   EP - Vote in committee, 1st reading
2016/04/07
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2016/03/02
   EP - Amendments tabled in committee
Documents
PE578.559
2016/02/25
   EP - Committee referral announced in Parliament, 1st reading
2016/02/16
   EP - Committee draft report
Documents
PE576.963
2016/02/10
   EC - Legislative proposal published
Details

PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II , covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework ( Directive 2004/39/EC ).

Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017 .

During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months.

Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules.

The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules.

In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II

Changing the date of applicability of MiFID II does however have consequences for the applicability of other legislation, in particular Regulation (EU) 596/2014 ('MAR' – market abuse) and Regulation (EU) 909/2014 ('CSDR' - central securities depositories regulation).

CONTENT: the purpose of the draft proposal amending Regulation (EU) No 600/2014 on markets in financial instruments is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders.

In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date of application of Regulation (EU) No 600/2014 by 12 months until 3 January 2018 . Reports and reviews should be deferred accordingly.

The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations.

In order to ensure that references in Regulation (EU) 596/2014 to organised trading facilities, small and medium-sized enterprises’ ('SME') growth markets, emission allowances or auctioned products based thereon do not apply until the date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU, Article 39(4) of Regulation (EU) 596/2014 stating that references to them are read as references to Directive 2004/39/EC should be adjusted taking into account the extension of the date of application of those acts.

In order to ensure that Directive 2004/39/EC is referenced in Regulation (EU) 909/2014 until the extended date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU and that the transitional provisions for MTFs applying for registration as SME growth markets under Regulation (EU) 909/2014 are maintained so as to provide sufficient time for MTFs to apply for such registration under Directive 2014/65/EU, it is proposed that Regulation (EU) 909/2014 should be amended.

Documents
COM(2016)0057
EUR-Lex
2016/02/04
   EP - FERBER Markus (PPE) appointed as rapporteur in ECON

Documents

Activities

Votes

A8-0125/2016 - Markus Ferber - Résolution législative #

2016/06/07 Outcome: +: 504, -: 157, 0: 9
DE PL RO IT BG ES GB CZ BE HU PT AT FR SK NL HR DK LT FI SI LV MT SE LU EE IE CY EL
Total
90
46
27
65
17
45
52
20
20
17
20
18
71
11
25
11
13
9
11
8
6
6
18
6
6
9
5
18
icon: PPE PPE
195

Germany PPE

33

Poland PPE

21

Romania PPE

11

Italy PPE

13

Bulgaria PPE

7

Spain PPE

12

Czechia PPE

7

Belgium PPE

4

Hungary PPE

9

Portugal PPE

6

Austria PPE

5

France PPE

19

Slovakia PPE

5

Netherlands PPE

5

Croatia PPE

5

Denmark PPE

For (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Finland PPE

2

Slovenia PPE

5

Latvia PPE

4

Malta PPE

3

Sweden PPE

4

Luxembourg PPE

3

Estonia PPE

For (1)

Tunne KELAM
1

Ireland PPE

4

Cyprus PPE

1

Greece PPE

3
icon: S&D S&D
172

Germany S&D

24

Poland S&D

5

Romania S&D

12

Italy S&D

27

Bulgaria S&D

4

Spain S&D

11

United Kingdom S&D

19

Czechia S&D

4

Belgium S&D

4

Hungary S&D

4

Portugal S&D

8

Austria S&D

5

France S&D

13

Slovakia S&D

4

Netherlands S&D

3

Croatia S&D

2

Denmark S&D

3

Lithuania S&D

2

Finland S&D

1

Slovenia S&D

For (1)

Tanja FAJON
1

Latvia S&D

1

Malta S&D

3

Sweden S&D

4

Luxembourg S&D

For (1)

Mady DELVAUX
1

Estonia S&D

For (1)

Marju LAURISTIN
1

Ireland S&D

For (1)

Nessa CHILDERS
1

Cyprus S&D

2

Greece S&D

3
icon: ALDE ALDE
66

Germany ALDE

4

Romania ALDE

2

Bulgaria ALDE

4

Spain ALDE

8

United Kingdom ALDE

1

Czechia ALDE

4

Belgium ALDE

5

Portugal ALDE

2

Austria ALDE

For (1)

Angelika MLINAR
1

France ALDE

7

Netherlands ALDE

7

Croatia ALDE

2

Denmark ALDE

3

Lithuania ALDE

3

Finland ALDE

4

Slovenia ALDE

For (1)

Ivo VAJGL
1

Sweden ALDE

3

Luxembourg ALDE

For (1)

Charles GOERENS
1

Estonia ALDE

3

Ireland ALDE

For (1)

Marian HARKIN
1
icon: ECR ECR
58

Germany ECR

5

Poland ECR

16

Romania ECR

For (1)

Monica MACOVEI
1

Italy ECR

2

Bulgaria ECR

2

United Kingdom ECR

13

Czechia ECR

2

Belgium ECR

4

Slovakia ECR

2

Netherlands ECR

2

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1

Denmark ECR

4

Finland ECR

2

Latvia ECR

For (1)

Roberts ZĪLE
1

Greece ECR

Against (1)

Notis MARIAS
1
icon: NI NI
14

Germany NI

Against (1)

Udo VOIGT
2

Poland NI

Abstain (1)

Janusz KORWIN-MIKKE
1

United Kingdom NI

For (1)

Diane DODDS
1

Hungary NI

2

France NI

3

Greece NI

5
icon: ENF ENF
38

Germany ENF

Abstain (1)

Marcus PRETZELL
1

Poland ENF

For (1)

Michał MARUSIK

Abstain (1)

Stanisław ŻÓŁTEK
2

Romania ENF

1

Italy ENF

4

United Kingdom ENF

Against (1)

Janice ATKINSON
1

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Austria ENF

4

France ENF

20

Netherlands ENF

4
icon: EFDD EFDD
34

Germany EFDD

Abstain (1)

Beatrix von STORCH
1

Poland EFDD

1

Italy EFDD

16

United Kingdom EFDD

11

Czechia EFDD

For (1)

Petr MACH
1

France EFDD

1

Lithuania EFDD

For (1)

Rolandas PAKSAS
1

Sweden EFDD

2
icon: Verts/ALE Verts/ALE
45

Germany Verts/ALE

12

Spain Verts/ALE

4

United Kingdom Verts/ALE

5

Belgium Verts/ALE

2

Hungary Verts/ALE

2

Austria Verts/ALE

3

France Verts/ALE

4

Netherlands Verts/ALE

2

Croatia Verts/ALE

Against (1)

Davor ŠKRLEC
1

Denmark Verts/ALE

Against (1)

Margrete AUKEN
1

Lithuania Verts/ALE

Against (1)

Bronis ROPĖ
1

Finland Verts/ALE

Against (1)

Heidi HAUTALA
1

Slovenia Verts/ALE

Against (1)

Igor ŠOLTES
1

Sweden Verts/ALE

4

Luxembourg Verts/ALE

Against (1)

Claude TURMES
1

Estonia Verts/ALE

Against (1)

Indrek TARAND
1
icon: GUE/NGL GUE/NGL
48

Germany GUE/NGL

8

Italy GUE/NGL

3

Spain GUE/NGL

10

United Kingdom GUE/NGL

Against (1)

Martina ANDERSON
1

Czechia GUE/NGL

2

Portugal GUE/NGL

4

France GUE/NGL

4

Netherlands GUE/NGL

2

Denmark GUE/NGL

Against (1)

Rina Ronja KARI
1

Finland GUE/NGL

Against (1)

Merja KYLLÖNEN
1

Sweden GUE/NGL

Against (1)

Malin BJÖRK
1

Ireland GUE/NGL

3

Cyprus GUE/NGL

2

Greece GUE/NGL

6
AmendmentsDossier
3 2016/0034(COD)
2016/03/02 ECON 3 amendments...
source: 578.559

History

(these mark the time of scraping, not the official date of the change)

2023-08-03Show (9) Changes | Timetravel
docs/3
date
2016-05-18T00:00:00
docs
url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2016/05-18/ECON_AG(2016)604829_EN.pdf title: PE604.829
type
Text agreed during interinstitutional negotiations
body
EP
docs/5
date
2016-07-14T00:00:00
docs
title: SP(2016)487
type
Commission response to text adopted in plenary
body
EC
docs/6
date
2016-07-14T00:00:00
docs
title: SP(2016)487
type
Commission response to text adopted in plenary
body
EC
docs/6
date
2016-05-04T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057
type
Contribution
body
IT_SENATE
docs/6/docs/0/url
/oeil/spdoc.do?i=27047&j=0&l=en
docs/7
date
2016-05-03T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057
type
Contribution
body
IT_SENATE
docs/7
date
2016-04-22T00:00:00
docs
url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057
type
Contribution
body
PT_PARLIAMENT
docs/8
date
2016-04-21T00:00:00
docs
url: https://connectfolx.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057
type
Contribution
body
PT_PARLIAMENT
events/5/date
Old
2016-05-24T00:00:00
New
2016-05-23T00:00:00
2021-12-18Show (14) Changes | Timetravel
committees/0/shadows/3
name
DE MASI Fabio
group
European United Left - Nordic Green Left
abbr
GUE/NGL
docs/0/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE576.963
New
https://www.europarl.europa.eu/doceo/document/ECON-PR-576963_EN.html
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE578.559
New
https://www.europarl.europa.eu/doceo/document/ECON-AM-578559_EN.html
docs/3/docs/0/url
Old
https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1921)(documentyear:2016)(documentlanguage:EN)
New
https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:1921)(documentyear:2016)(documentlanguage:EN)
docs/5/docs/0/url
/oeil/spdoc.do?i=27047&j=0&l=en
events/1/type
Old
Committee referral announced in Parliament, 1st reading/single reading
New
Committee referral announced in Parliament, 1st reading
events/2/type
Old
Vote in committee, 1st reading/single reading
New
Vote in committee, 1st reading
events/4
date
2016-04-11T00:00:00
type
Committee report tabled for plenary, 1st reading
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/A-8-2016-0125_EN.html title: A8-0125/2016
summary
events/4
date
2016-04-11T00:00:00
type
Committee report tabled for plenary, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/A-8-2016-0125_EN.html title: A8-0125/2016
summary
events/7/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE
New
https://www.europarl.europa.eu/doceo/document/CRE-8-2016-06-07-TOC_EN.html
events/8
date
2016-06-07T00:00:00
type
Decision by Parliament, 1st reading
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-8-2016-0244_EN.html title: T8-0244/2016
summary
events/8
date
2016-06-07T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/TA-8-2016-0244_EN.html title: T8-0244/2016
summary
procedure/Modified legal basis
Rules of Procedure EP 159
procedure/Other legal basis
Rules of Procedure EP 159
2020-01-19Show (5) Changes | Timetravel
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
name: FERBER Markus date: 2016-02-04T00:00:00 group: European People's Party (Christian Democrats) abbr: PPE
shadows
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2016-02-04T00:00:00
rapporteur
name: FERBER Markus group: European People's Party (Christian Democrats) abbr: PPE
shadows
docs/5/body
EC
events/4/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0125&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-8-2016-0125_EN.html
events/8/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0244
New
http://www.europarl.europa.eu/doceo/document/TA-8-2016-0244_EN.html
2019-07-06Show (25) Changes | Timetravel
activities
  • date: 2016-02-10T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0057/COM_COM(2016)0057_EN.pdf title: COM(2016)0057 type: Legislative proposal published celexid: CELEX:52016PC0057:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services Commissioner: HILL Jonathan type: Legislative proposal published
  • date: 2016-02-25T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee_full: Development committee: DEVE body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2016-04-07T00:00:00 body: unknown type: Committee decision to open interinstitutional negotiations with report adopted in committee
  • date: 2016-04-07T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee_full: Development committee: DEVE body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0125&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0125/2016 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP responsible: False committee_full: Development committee: DEVE body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE body: EP responsible: False committee_full: Legal Affairs committee: JURI date: 2016-04-11T00:00:00
  • date: 2016-06-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE type: Debate in Parliament title: Debate in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0244 type: Decision by Parliament, 1st reading/single reading title: T8-0244/2016 body: EP type: Debate in Parliament
  • date: 2016-06-17T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3475
  • date: 2016-06-17T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2016-06-22T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2016-06-23T00:00:00 body: CSL type: Final act signed
  • date: 2016-06-30T00:00:00 type: Final act published in Official Journal
commission
  • body: EC dg: Financial Stability, Financial Services and Capital Markets Union commissioner: HILL Jonathan
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2016-02-04T00:00:00
rapporteur
name: FERBER Markus group: European People's Party (Christian Democrats) abbr: PPE
shadows
committees/0
body
EP
responsible
False
committee_full
Development
committee
DEVE
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Development
committee
DEVE
opinion
False
committees/1
body
EP
shadows
responsible
True
committee
ECON
date
2016-02-04T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: EPP name: FERBER Markus
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Industry, Research and Energy
committee
ITRE
opinion
False
committees/2
body
EP
responsible
False
committee_full
Industry, Research and Energy
committee
ITRE
committees/3
type
Committee Opinion
body
EP
associated
False
committee_full
Legal Affairs
committee
JURI
opinion
False
committees/3
body
EP
responsible
False
committee_full
Legal Affairs
committee
JURI
council
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3475 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3475*&MEET_DATE=17/06/2016 date: 2016-06-17T00:00:00
docs
  • date: 2016-02-16T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE576.963 title: PE576.963 type: Committee draft report body: EP
  • date: 2016-03-02T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE578.559 title: PE578.559 type: Amendments tabled in committee body: EP
  • date: 2016-04-29T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:52016AB0027:EN:NOT title: CON/2016/0027 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C:2016:223:TOC title: OJ C 223 21.06.2016, p. 0003 type: European Central Bank: opinion, guideline, report body: ECB
  • date: 2016-05-25T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1921)(documentyear:2016)(documentlanguage:EN) title: CES1921/2016 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2016-06-22T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F16&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00024/2016/LEX type: Draft final act body: CSL
  • date: 2016-07-14T00:00:00 docs: url: /oeil/spdoc.do?i=27047&j=0&l=en title: SP(2016)487 type: Commission response to text adopted in plenary
  • date: 2016-05-04T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057 type: Contribution body: IT_SENATE
  • date: 2016-04-22T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0057 title: COM(2016)0057 type: Contribution body: PT_PARLIAMENT
events
  • date: 2016-02-10T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0057/COM_COM(2016)0057_EN.pdf title: COM(2016)0057 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0057 title: EUR-Lex summary: PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II , covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework ( Directive 2004/39/EC ). Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017 . During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months. Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules. The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules. In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II Changing the date of applicability of MiFID II does however have consequences for the applicability of other legislation, in particular Regulation (EU) 596/2014 ('MAR' – market abuse) and Regulation (EU) 909/2014 ('CSDR' - central securities depositories regulation). CONTENT: the purpose of the draft proposal amending Regulation (EU) No 600/2014 on markets in financial instruments is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders. In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date of application of Regulation (EU) No 600/2014 by 12 months until 3 January 2018 . Reports and reviews should be deferred accordingly. The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations. In order to ensure that references in Regulation (EU) 596/2014 to organised trading facilities, small and medium-sized enterprises’ ('SME') growth markets, emission allowances or auctioned products based thereon do not apply until the date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU, Article 39(4) of Regulation (EU) 596/2014 stating that references to them are read as references to Directive 2004/39/EC should be adjusted taking into account the extension of the date of application of those acts. In order to ensure that Directive 2004/39/EC is referenced in Regulation (EU) 909/2014 until the extended date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU and that the transitional provisions for MTFs applying for registration as SME growth markets under Regulation (EU) 909/2014 are maintained so as to provide sufficient time for MTFs to apply for such registration under Directive 2014/65/EU, it is proposed that Regulation (EU) 909/2014 should be amended.
  • date: 2016-02-25T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-04-07T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-04-07T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2016-04-11T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0125&language=EN title: A8-0125/2016 summary: The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates. The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows: Through their amendments, Members sought to specify that, for the purpose of Regulation (EU) No 600/2014, the specific circumstances in which pre-trade transparency should not apply to package transactions, nor to any individual component of such transactions. Supporting these amendments, Members proposed to add a recital stipulating that investment firms often execute, on their own account or on behalf of their clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades. Such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime.
  • date: 2016-05-24T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP docs: url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2016/05-18/ECON_AG(2016)604829_EN.pdf title: PE604.829
  • date: 2016-06-07T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27047&l=en title: Results of vote in Parliament
  • date: 2016-06-07T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE title: Debate in Parliament
  • date: 2016-06-07T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0244 title: T8-0244/2016 summary: The European Parliament adopted by 504 votes to 157, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates. Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows: Securities-financing operations : it is considered that securities financing transactions, as defined in Regulation (EU) 2015/2365 of the European Parliament and of the Council, do not contribute to the price discovery process and that it would be appropriate that Title II (Transparency for trading venues) and Title III (Transparency for systematic internalisers and investment firms trading over-the-counter) of Regulation (EU) No 600/2014 not apply to those transactions. Pre-trade transparency requirements for trading venues : Parliament introduced a new amendment stipulating that market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for bonds, and structured finance products, emission allowances, derivatives traded on a trading venue and package orders. Package transactions : with the amendments, Members stipulated that it is therefore appropriate to specify for the purpose of Regulation (EU) No 600/2014 the specific circumstances in which pre-trade transparency requirements should not apply to orders relating to such package transactions, nor to any individual component of such orders. In order to support these amendments, it is proposed to include a new recital stating that investment firms often execute, on their own account or on behalf of clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades. The text stated that such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime. Role of the European Securities and Markets Authority : ESMA shall develop draft regulatory technical standards to establish a methodology for determining those package orders for which there is a liquid market. ESMA shall submit those draft regulatory technical standards to the Commission by 28 February 2017. Power is delegated to the Commission to adopt the regulatory technical standards.
  • date: 2016-06-17T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2016-06-22T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-06-23T00:00:00 type: Final act signed body: CSL
  • date: 2016-06-30T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to put back by one year the time limit for transposition and application of rules on markets in financial instruments (MIFID II package). LEGISLATIVE ACT: Regulation (EU) 2016/1033 of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories CONTENT: this Regulation amends Regulation (EU) No 600/2014 (‘MiFIR’) on markets in financial instruments in order to put back the date of entry into application of the Regulation, following difficulties encountered by the European Securities and Markets Authority (‘ESMA’) and national competent authorities, and stakeholders in technical implementation. The MiFIR Regulation, like Directive 2014/65/EU (MiFID II), ought to be applicable 30 months after entry into force, i.e., 3 January 2017. However, ESMA has informed the Commission that neither it nor the national competent authorities will be in a position to ensure the application of the MiFID II from 3 January 2017. This situation is due to the severe difficulties encountered in completing the data collection infrastructures necessary for Miffed II. In order to ensure legal certainty and avoid potential market disruption, the amending Regulation defers by 12 months the date by which the Member States need to apply MiFIR to 3 January 2018 . The dates for reports and review are set back accordingly. The new Regulation also includes amendments regarding executions on own account, package transactions, and alignment with the EU Regulation on securities financing transactions, and the date of application of certain provisions in the Regulation on market abuse. ENTRY INTO FORCE: 1.7.2016. docs: title: Regulation 2016/1033 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016R1033 title: OJ L 175 30.06.2016, p. 0001 url: https://eur-lex.europa.eu/legal-content/FR/TXT/?uri=OJ:L:2016:175:TOC
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/internal_market/ title: Internal Market and Services commissioner: HILL Jonathan
otherinst
  • name: European Economic and Social Committee
procedure/Mandatory consultation of other institutions
Economic and Social Committee
procedure/Modified legal basis
Old
Rules of Procedure of the European Parliament EP 150
New
Rules of Procedure EP 159
procedure/dossier_of_the_committee
Old
ECON/8/05722
New
  • ECON/8/05722
procedure/final/title
Old
OJ L 175 30.06.2016, p. 0001
New
Regulation 2016/1033
procedure/final/url
Old
http://eur-lex.europa.eu/legal-content/FR/TXT/?uri=OJ:L:2016:175:TOC
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016R1033
procedure/instrument
Old
Regulation
New
  • Regulation
  • Amending Regulation (EU) No 596/2014 2011/0295(COD) Amending Regulation (EU) No 600/2014 2011/0296(COD) Amending Regulation (EU) No 909/2014 2012/0029(COD)
procedure/other_consulted_institutions
European Economic and Social Committee
procedure/subject
Old
  • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
  • 2.50.08 Financial services, financial reporting and auditing
  • 2.50.10 Financial supervision
New
2.50.03
Securities and financial markets, stock exchange, CIUTS, investments
2.50.08
Financial services, financial reporting and auditing
2.50.10
Financial supervision
procedure/summary
  • Amending Regulation (EU) No 596/2014
  • Amending Regulation (EU) No 600/2014
  • Amending Regulation (EU) No 909/2014
2016-07-02Show (3) Changes | Timetravel
activities/10
date
2016-06-30T00:00:00
type
Final act published in Official Journal
procedure/final
url
http://eur-lex.europa.eu/legal-content/FR/TXT/?uri=OJ:L:2016:175:TOC
title
OJ L 175 30.06.2016, p. 0001
procedure/stage_reached
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
2016-06-24Show (3) Changes | Timetravel
activities/8
date
2016-06-22T00:00:00
body
EP
type
End of procedure in Parliament
activities/9
date
2016-06-23T00:00:00
body
CSL
type
Final act signed
procedure/stage_reached
Old
Awaiting signature of act
New
Procedure completed, awaiting publication in Official Journal
2016-06-21Show (3) Changes | Timetravel
activities/6
date
2016-06-17T00:00:00
body
CSL
type
Council Meeting
council
Economic and Financial Affairs ECOFIN
meeting_id
3475
activities/7
date
2016-06-17T00:00:00
body
EP/CSL
type
Act adopted by Council after Parliament's 1st reading
procedure/stage_reached
Old
Provisional agreement between Parliament and Council on final act
New
Awaiting signature of act
2016-06-17Show (1) Changes | Timetravel
activities/5/docs/1/text

  • The European Parliament adopted by 504 votes to 157, with 9 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates.

    Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

    Securities-financing operations: it is considered that securities financing transactions, as defined in Regulation (EU) 2015/2365 of the European Parliament and of the Council, do not contribute to the price discovery process and that it would be appropriate that Title II (Transparency for trading venues) and Title III (Transparency for systematic internalisers and investment firms trading over-the-counter) of Regulation (EU) No 600/2014 not apply to those transactions.

    Pre-trade transparency requirements for trading venues: Parliament introduced a new amendment stipulating that market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for bonds, and structured finance products, emission allowances, derivatives traded on a trading venue and package orders.

    Package transactions: with the amendments, Members stipulated that it is therefore appropriate to specify for the purpose of Regulation (EU) No 600/2014 the specific circumstances in which pre-trade transparency requirements should not apply to orders relating to such package transactions, nor to any individual component of such orders. 

    In order to support these amendments, it is proposed to include a new recital stating that investment firms often execute, on their own account or on behalf of clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades.

    The text stated that such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime.

    Role of the European Securities and Markets Authority: ESMA shall develop draft regulatory technical standards to establish a methodology for determining those package orders for which there is a liquid market. ESMA shall submit those draft regulatory technical standards to the Commission by 28 February 2017. Power is delegated to the Commission to adopt the regulatory technical standards.
2016-06-14Show (1) Changes | Timetravel
procedure/stage_reached
Old
Awaiting Council 1st reading position / budgetary conciliation convocation
New
Provisional agreement between Parliament and Council on final act
2016-06-10Show (1) Changes | Timetravel
activities/5/docs/0
url
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160607&type=CRE
type
Debate in Parliament
title
Debate in Parliament
2016-06-09Show (3) Changes | Timetravel
activities/5/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0244 type: Decision by Parliament, 1st reading/single reading title: T8-0244/2016
activities/5/type
Old
Debate in plenary scheduled
New
Debate in Parliament
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting Council 1st reading position / budgetary conciliation convocation
2016-05-28Show (1) Changes | Timetravel
activities/5/type
Old
Indicative plenary sitting date, 1st reading/single reading
New
Debate in plenary scheduled
2016-05-22Show (1) Changes | Timetravel
activities/4/docs/0/text

  • The Committee on Economic and Monetary Affairs adopted the report by Markus FERBER (EPP, DE) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories as regards certain dates.

    The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

    Through their amendments, Members sought to specify that, for the purpose of Regulation (EU) No 600/2014, the specific circumstances in which pre-trade transparency should not apply to package transactions, nor to any individual component of such transactions.

    Supporting these amendments, Members proposed to add a recital stipulating that investment firms often execute, on their own account or on behalf of their clients, transactions in derivatives and other financial instruments or assets that comprise a number of interlinked, contingent trades.

    Such package transactions enable investment firms and their clients to better manage their risks, with the price of each component of the package transaction reflecting the overall risk profile of the package rather than the prevailing market price of each component. Package transactions can take various forms, such as exchange for physicals, trading strategies executed on trading venues, or bespoke package transactions, and it is important to take those specificities into account when calibrating the applicable transparency regime.
2016-05-04Show (5) Changes | Timetravel
activities/1/committees/1/shadows/5
group
ENF
name
KAPPEL Barbara
activities/3/committees/1/shadows/5
group
ENF
name
KAPPEL Barbara
activities/4/committees/1/shadows/5
group
ENF
name
KAPPEL Barbara
activities/5
date
2016-06-07T00:00:00
body
EP
type
Indicative plenary sitting date, 1st reading/single reading
committees/1/shadows/5
group
ENF
name
KAPPEL Barbara
2016-04-26Show (1) Changes | Timetravel
activities/4/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0125&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0125/2016
2016-04-12Show (2) Changes | Timetravel
activities/4
date
2016-04-11T00:00:00
body
EP
type
Committee report tabled for plenary, 1st reading/single reading
committees
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
2016-04-09Show (1) Changes | Timetravel
activities/2
date
2016-04-07T00:00:00
body
unknown
type
Committee decision to open interinstitutional negotiations with report adopted in committee
2016-04-08Show (2) Changes | Timetravel
activities/2
date
2016-04-07T00:00:00
body
EP
type
Vote in committee, 1st reading/single reading
committees
procedure/Modified legal basis
Rules of Procedure of the European Parliament EP 150
2016-03-18Show (2) Changes | Timetravel
activities/0/docs/0/text

  • PURPOSE: to extend the date of entry into application of both instruments that are comprised in MIFID II on markets in financial instruments.

    PROPOSED ACT: Regulation of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: Directive 2014/65/EU (‘MiFID’) together with Regulation (EU) No 600/2014 (‘MiFIR’) was adopted in the wake of the financial crisis. MiFID and MiFIR, collectively referred to as MiFID II, covers securities markets, investment intermediaries and trading venues. The new framework reinforces and replaces the current MiFID framework (Directive 2004/39/EC).

    Member States need to transpose the Directive by 3 July 2016. Both MiFID and MiFIR are scheduled to apply as of 3 January 2017.

    During the legislative process, the very high level of complexity of the MiFID II package and the need for a significant number of implementing measures were recognised. To this end, a period of 30 months was foreseen between the adoption and the entry into application, instead of the usual 18-24 months.

    Despite this unusually long period, ESMA has made clear to the Commission that the technical implementing challenges are of such magnitude that essential data infrastructures will not be in place in time for 3 January 2017. This is a result of significant challenges in collecting the data that is necessary for the operation of the MiFID II rules.

    The absence of data has ramifications across multiple areas of MIFID II. As regards market regulation, it is clear that without the foundation of reference data (instrument ID) and the additional data infrastructures for transparency calculations and position reporting in place, it will not be possible to apply the majority of the market rules.

    In order to ensure legal certainty and avoid potential market disruption, urgent action is therefore needed to adjust the date of entry into application for MiFID II

    Changing the date of applicability of MiFID II does however have consequences for the applicability of other legislation, in particular Regulation (EU) 596/2014 ('MAR' – market abuse) and Regulation (EU) 909/2014 ('CSDR' - central securities depositories regulation).

    CONTENT: the purpose of the draft proposal amending Regulation (EU) No 600/2014 on markets in financial instruments is to extend the entry into application of both instruments that are comprised in the MIFID II package as a result of the technical implementation challenges met by the European Securities and Markets Authority ('ESMA'), national competent authorities ('NCAs') and stakeholders.

    In order to enable ESMA, NCAs and stakeholders to complete the operational implementation, the Commission considered it appropriate to defer the date of application of Regulation (EU) No 600/2014 by 12 months until 3 January 2018. Reports and reviews should be deferred accordingly.

    The Commission stated that an extension of one year should provide sufficient and reasonable time for ESMA, NCAs and operators to put in place the infrastructure for data collection, reporting and the transparency threshold calculations.

    In order to ensure that references in Regulation (EU) 596/2014 to organised trading facilities, small and medium-sized enterprises’ ('SME') growth markets, emission allowances or auctioned products based thereon do not apply until the date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU, Article 39(4) of Regulation (EU) 596/2014 stating that references to them are read as references to Directive 2004/39/EC should be adjusted taking into account the extension of the date of application of those acts.

    In order to ensure that Directive 2004/39/EC is referenced in Regulation (EU) 909/2014 until the extended date of application of Regulation (EU) No 600/2014 and Directive 2014/65/EU and that the transitional provisions for MTFs applying for registration as SME growth markets under Regulation (EU) 909/2014 are maintained so as to provide sufficient time for MTFs to apply for such registration under Directive 2014/65/EU, it is proposed that Regulation (EU) 909/2014 should be amended.
activities/2
date
2016-03-16T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
2016-03-17Show (1) Changes | Timetravel
activities/2/date
Old
2016-04-07T00:00:00
New
2016-03-16T00:00:00
2016-03-11Show (1) Changes | Timetravel
activities/2/date
Old
2016-03-16T00:00:00
New
2016-04-07T00:00:00
2016-02-27Show (3) Changes | Timetravel
activities/1
date
2016-02-25T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/05722
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
2016-02-24Show (2) Changes | Timetravel
activities/0/commission/0
DG
Commissioner
HILL Jonathan
other/0
body
EC
dg
commissioner
HILL Jonathan
2016-02-20Show (5) Changes
activities
  • date: 2016-02-10T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0057/COM_COM(2016)0057_EN.pdf celexid: CELEX:52016PC0057:EN type: Legislative proposal published title: COM(2016)0057 type: Legislative proposal published body: EC commission:
  • date: 2016-03-16T00:00:00 body: EP type: Vote scheduled in committee, 1st reading/single reading
committees
  • body: EP responsible: False committee_full: Development committee: DEVE
  • body: EP shadows: group: S&D name: DODDS Anneliese group: ECR name: SWINBURNE Kay group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: DE MASI Fabio group: Verts/ALE name: GIEGOLD Sven responsible: True committee: ECON date: 2016-02-04T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: FERBER Markus
  • body: EP responsible: False committee_full: Industry, Research and Energy committee: ITRE
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
links
other
    procedure
    Mandatory consultation of other institutions
    Economic and Social Committee
    reference
    2016/0034(COD)
    instrument
    Regulation
    legal_basis
    Treaty on the Functioning of the EU TFEU 114
    stage_reached
    Preparatory phase in Parliament
    summary
    subtype
    Legislation
    title
    Markets in financial instruments; market abuse; securities settlement in the EU and central securities depositories: certain dates
    type
    COD - Ordinary legislative procedure (ex-codecision procedure)
    subject
    @parltrack
    @parltrack@eupolicy.social
    [javascript protected email address]
    code AGPLv3.0+
    data ODBLv1.0
    site content CC-By-Sa-3.0

    ParlTrack - 2011-2024

    © European Union, 2011 – Source: European Parliament
    Hosted by AS250.net Foundation