The Cyprus Presidency of the Council of the EU plans to continue efforts to advance legislative work on the Savings and Investment Union (SIU). In its six-month work programme, unveiled on Sunday 21 December (see EUROPE 13778/3), Nicosia intends to “advance measures that will increase the efficiency of capital markets by simplifying and improving EU rules, while at the same time, ensuring a high level of investor protection”. In the area of financial services, Cyprus is expected to prioritise six files.
The Presidency has announced that it will finalise the technical work on the Retail Investment Strategy (RIS), which was the subject of an interinstitutional agreement (trilogue) in mid-December (see EUROPE 13776/15).
Nicosia will also be responsible for relaunching the difficult trilogue negotiations for a new European Financial Data Access Regulation (‘FiDA’). No tangible progress had been made under the Danish Presidency, following the recommendations for simplifying the file prepared last summer by the European Commission (see EUROPE 13654/21).
With regard to the ‘Single Currency Package’ (see EUROPE 13777/12) - which includes the regulatory contours of a future digital euro - the Cyprus Presidency of the EU Council intends to launch trilogues as soon as the European Parliament is ready to do so. “The introduction of the digital euro constitutes a major step towards the digital age that will support the provision of secure and efficient payment services, while enhancing the EU’s autonomy and competitiveness in global financial markets”, noted the Presidency in its work programme.
Cyprus also aims to enter into trilogue negotiations on a renewed regulatory framework for the European securitisation market. The EU Member States adopted their negotiating mandates on 19 December (see EUROPE 13777/24), while at the European Parliament, Ralf Seekatz (EPP, German) is due to present his draft reports (see EUROPE 13774/32) to the parliamentary committee in January.
In addition, the Cyprus Presidency intends to make progress on the legislative proposals relating to the revision of the IORP II Directive and the regulation on the Pan-European Personal Pension Product (PEPP) Regulation, presented by the European Commission on Thursday 20 November (see EUROPE 13756/14).
Finally, Nicosia is committed to “advancing a constructive dialogue among Member States” on the overhaul of EU market infrastructure, particularly in terms of supervision, proposed by the Commission at the end of the year (see EUROPE 13772/2).
To see the work programme of the Cyprus Presidency of the Council of the EU: https://aeur.eu/f/k4d and draft agendas of ministerial meetings under the Cyprus Presidency : https://aeur.eu/f/k5o (Original version in French by Bernard Denuit)