The Spanish Presidency of the Council of the EU has announced that it intends to make the dossiers relating to the completion of the Capital Markets Union (see EUROPE 13196/22) one of its top priorities during its term of office. By 31 December, it intends to finalise the inter-institutional negotiations (‘trilogues’) on certain texts and reach a general approach by the Council of the EU on several others.
During the second half of 2023, the Spanish Presidency hopes to reach an interinstitutional agreement on the proposal on instant payments, the Member States having adopted their positions on 22 May (see EUROPE 13185/26). The text requires instant transfers to be available outside working hours within the same country, but also between EU Member States, and specifies that the charges applied may not be higher than those applied to standard transfers.
In addition, the Spanish Presidency intends to conclude the inter-institutional negotiations on MiFIR and MiFID, which govern the EU’s financial instruments markets (see EUROPE 13212/14). A provisional political agreement was reached on 29 June on the key elements of the texts, but technical work is expected to continue.
Work will also be carried out on the alternative investment fund managers directive (AIFMD), in relation to the integration of sustainable development risks (see EUROPE 13217/30). The Spanish Presidency of the Council of the EU should also be keen to reach an agreement with the European Parliament.
In addition, the Presidency of the EU Council intends to begin trilogues on the Listing Act. The text is intended to simplify the procedures for companies, particularly SMEs, wishing to be listed on the stock exchange. The EU Council adopted its position on 14 June (see EUROPE 13203/6).
In addition, the Spanish Presidency of the EU Council is aiming to reach a common position among Member States on the retail investment strategy unveiled on 24 May (see EUROPE 13187/21). Among other things, the text aims to tighten the rules for advisers, encourage investment in sustainable finance and give retail investors better access to information.
A similar objective has been set for the ‘EMIR’ regulation on the infrastructure of European capital markets (see EUROPE 13079/2). (Original version in French by Thomas Mangin)