Progress on financial services legislative files

The Economic and Financial Affairs Council (ECOFIN) has published an updated version of its document containing „information from the Presidency concerning the state of play of legislative proposals in the field of financial services“. The overview table is dated 14 February 2023 and distinguishes different colour-coded stages of each file.
The changes are as follows:
1. The trilogues on the new „AML Rulebook“ have started, comprising a new regulation whose detailed and directly applicable provisions will replace the minimum rules of the EU AML Directives, currently in force;
2. The interinstitutional negotiations on the Insurance Recovery and Resolution Directive (IRRD) have begun, that is part of the EU’s review package of Solvency II provisions;
3. As regards to the „MiFID II/MiFIR Review“, which modifies the current framework to, amongst others, provide the basis for a new European consolidated tape and harmonise the transparency requirements of the different market participants, the trilogues have also started;
4. The „interinstitutional negotiations„ on the Central Securities Depositories Regulation (CSDR) „Refit“ have begun; and
5. The Council’s review is still ongoing concerning:
a) the „EMIR/CCP review“; and
b) the „Listing Act“.