Reform of Banking Regulation: The trilogue negotiations on CRR II, CRD V, BRRD II and SRMR II are still in process and a final enactment is expected in 2019. These acts are also intended to implement the Basel III standards, which were finalised in December 2017.
IFD/IFR: The EU Commission proposed a new regulatory framework for investment firms based on recommendations of the European Banking Authority (EBA). The trilogue negotiations are supposed to start early in 2019 in order to reach an agreement by the end of the legislative term in April.
EDIS: The proposed European Deposit Insurance Scheme (EDIS) is still quite a controversial and highly political topic. Discussions were slow even with new alternative proposals from the Bulgarian (reinsurance model) and Austrian (hybrid model) presidency on the table.
European System of Financial Supervision
Omnibus 3: The drafts of the Omnibus 3 proposals, which include amendments to MiFIR and Mi-FID II, the Prospectus Regulation and the Benchmark Regulation, were revised in 2018 and now also include changes to the Anti-Money Laundering Directive. The EU Commission proposes to give EBA more competencies with regard to AML topics in the financial sector.
EMIR Review: The European Market Infrastructure Regulation (EMIR) is further subject to review and the trilogue meetings that have started regarding one part of the review will continue in 2019.
Resolution on CCPs: The EU Commission proposed new rules which require Central Counterparties (CCPs) to draw up recovery plans, including measures to overcome any form of financial distress which would exceed their default management resources and other requirements under EMIR. The trilogue negotiations have not yet started, but are expected to begin at the end of 2018, or the beginning of 2019.
STS securitisation and amendment on CRR: The regulations on securitisations are part of the Capital Markets Union Action Plan and came into force at the end of 2017. They will apply from the beginning of 2019 and introduce, inter alia, a new quality category of true sale securitisations (simple, transparent and standardised) that aims at making the securitisation market more transparent.