It’s an important week from an EU financial services perspective, with the last European Parliament plenary session before the European elections in June 2024.

Key legislative packages are due for final endorsement by the European Parliament this week, following which they will need final endorsement from the EU Council prior to publication in the Official Journal.

• The new AML / CFT package (the AMLA Regulation, the ‘Single Rulebook’ Regulation and the related Directive). Read our insights here: AML Update: Political agreement on new Regulation and Directive.
• The proposed Directive relating to access by competent authorities to centralised bank account registries through the single access point, following political agreement in June 2023.
• The Corporate Sustainability Due Diligence Directive. Read our ESG Group’s insights here: CSDDD Receives Council Endorsement.
• The ‘EU Banking Package’ (CRD VI and the CRR III Regulation) following political agreement in June 2023 (read our insights here: Basel III reforms: Political agreement reached) and publication of the agreed texts in December 2023 (here and here). The EBA has already launched its EBA Roadmap on strengthening the prudential framework given the volume of Level 2 mandates required under this package.
• The Regulation on ESG Ratings, following political agreement in February 2024.
• EMIR 3.0 (the proposed ‘active account’ Regulation and the Directive that will amend the UCITS Directive, CRD and the Investment Firms Directive to enhance supervisory tools to address concentration risk from exposures to CCPs) following political agreement in February 2024. Read our insights here: EMIR 3.0: Agreement reached in trilogue
• The Listing Act-related elements of the European Commission’s December 2022 Capital Markets Union: Clearing, Insolvency and Listing Package: a Regulation amending the Prospectus Regulation, the Market Abuse Regulation and the Markets in Financial Instruments Regulation; a Directive amending the Markets in Financial Instruments Directive and repealing the Listing Directive; and a Directive on multiple-vote share structures. This follows political agreement in February 2024.
• Amendments to the Solvency II Directive. Read our insights here: Key changes arising from agreed amendments to Solvency II.
• The Insurance Recovery and Resolution Directive. Read our insights here: European Council and Parliament agree amendments to Solvency II and IRRD.

Votes on Committee reports on other key proposals are also due to take place this week.  Discussions and trilogue negotiations with the EU Council on these proposals will post-date the European elections:

• The proposed Bank Crisis Management and Deposit Insurance Package. Read our insights here: Bank Resolution: Commission CMDI proposal published.
• The proposed Retail Investment Package. Read our insights here: Retail Investors and the EU Capital Markets: Commission publishes retail investment package.
• Proposed changes to the EU Benchmarks Regulation. The proposal involves limiting registration and authorisation requirements, and most of the Regulation’s substantive requirements, to critical benchmarks, significant benchmarks, EU climate transition benchmarks, EU Paris-aligned benchmarks and certain commodity benchmarks.
• The proposed new Payment Services Regulation and related Directive, which focus on mitigating payment fraud (reflecting a growing focus on authorised push payment fraud), further levelling the playing field between banks and non-banks, and improving the functioning of open banking.