On Wednesday 4 March, experts from the Member States of the European Union continued their examination of the Market Infrastructure and Supervision Package (MISP) by analysing the rules governing transactions on financial markets and the operations that follow their execution, such as the clearing and settlement of securities. The review will continue on Thursday 5 March.
Since the presentation of the legislative proposal by the European Commission last December (see EUROPE 13766/17), this is the fourth working meeting of the Council of the EU. Two initial general discussions on all the proposals were held in mid-December and again in mid-January.
On Thursday 19 and Friday 20 February, the experts discussed asset management and changes to the Distributed Ledger Technology pilot scheme.
Nicosia sets to work at a steady pace. A political debate on the reform proposal is on the agenda for the meeting of European finance ministers on Tuesday 10 March. According to a working document prepared by the Cyprus Presidency of the Council of the EU in advance of this debate, the ministers will be invited to submit their requests for regulatory adjustments, and also to validate the work schedule drawn up by Nicosia.
“This planning is intended to support pragmatic and steady progress across all elements of the package. Over a three-month period, approximately ten Working Party meetings will have taken place, reflecting the Presidency’s commitment to maintaining momentum in a balanced and constructive manner, while ensuring sufficient time for thorough technical examination”, stated the Cyprus Presidency in its orientation document.
On Monday 30 and Tuesday 31 March, the experts will examine the amendments proposed by the Commission to the founding regulation of the European Securities and Markets Authority (ESMA). The Commission is proposing to transfer direct supervisory powers over major market infrastructures to ESMA.
On this point, the Italian, Swedish and Luxembourgish ministers expressed reservations during an initial public debate last December (see EUROPE 13772/2).
See the Cyprus Presidency’s working document: https://aeur.eu/f/l0g (Original version in French by Bernard Denuit)