We thought appropriate to provide a general overview of the progress status (with very brief summary) of five significant regulations: MiFID II, AIFMD, RRD, UCITS V and Venture Capital Funds.
Council compromise proposals on MiFID II dated 21 March 2013
The MiFID II legislative proposals will replace and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).
On 22 May 2013, the Presidency of the Council of the EU published:
- A compromise proposal, dated 21 March 2013, on the proposed MiFID II Directive. - A compromise proposal, dated 21 March 2013, on the proposed Markets in Financial Instruments Regulation (MiFIR).
These proposals follow earlier Council compromise proposals.
AIFM Directive Delegated Regulation published in Official Journal
The European Commission adopted the Delegated Regulation (Regulation 231/2013), which creates a single rulebook for all alternative investment fund managers (AIFMs), on 19 December 2012. The Council of the European Union confirmed its intention not to object to the Delegated Regulation on 5 March 2013.
On 22 March 2013, the text of the Commission's Delegated Regulation supplementing the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive) with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision was published in the Official Journal of the European Union (OJ).
Article 117 of the Delegated Regulation states that it will come into force on the twentieth day following its publication in the OJ, and shall apply from 22 July 2013.
European Parliament to consider RRD at 1 to 4 July 2013 plenary session
The European Commission's legislative proposal for the Recovery and Resolution Directive (RRD), which it published in June 2012, introduces a recovery and resolution framework for credit institutions and investment firms.
On 20 March 2013, the European Parliament indicated that it will consider the proposal at its 1 to 4 July 2013 plenary session.
European Parliament to consider UCITS V at 20 to 23 May 2013 plenary session
UCITS V will make amendments to the UCITS IV Directive (2009/65/EC) relating to the depositary function, remuneration requirements and administrative sanctions.
On 22 March 2013, the European Parliament indicated that it will consider the legislative proposals in its plenary session to be held from 20 to 23 May 2013.
The Council of the European Union adopts at first reading proposed Regulations on European Venture Capital Funds and European Social Entrepreneurship Funds
On 21 March 2013, the Council of the European Union published a press release announcing that it has adopted the following proposed Regulations:
- Regulation on European Venture Capital Funds (EuVECAs).
- Regulation on European Social Entrepreneurship Funds (EuSEFs).
The Parliament adopted the Regulations on 12 March 2013.
The European Commission has previously advised that the Regulations will enter into force 20 days after publication in the Official Journal of the EU (OJ), which the Commission expects to be 'before the summer'.
