In a working document examined on Wednesday 8 July by the ambassadors of the Member States to the EU (Coreper), the Irish Presidency of the Council of the EU invites the European Finance Ministers to take a more concrete position on the outstanding disagreements concerning the ‘MISP’ package, proposed to reform the architecture of financial markets and their supervision. “Do you commit to securing a Council [of the EU] mandate in October?” Dublin simply asks the EU27, while the European Council is awaiting progress on this legislative work before the end of the year.
“Do you commit (...) to mandate your officials to advance the necessary technical and policy solutions?” the Presidency asks ahead of the Economic and Financial Affairs Council, which will be held on Friday 10 July for a final meeting before autumn. Referring to the “substantial” progress made under the Cyprus Presidency “across all aspects of the package”, Dublin sets out the points on which “decisive action” is still needed.
Negotiation. The Irish Presidency is asking Ministers to settle the status of the future Pan-European Market Operator (PEMO), which could benefit from a single authorisation in the EU, as well as the level of ambition of the future European system centralising market data (‘Consolidated Tape’).
Post-trade. Dublin wants decisions on better interconnection of the infrastructures responsible for the settlement of securities transactions and is opening the debate on the creation of a European crisis management framework for these players.
Asset management. Ministers are invited to take a position on the possibility for investment funds to choose their depositary more freely in the EU, on an easing of the rules applicable to asset management groups and on a greater role for ESMA in their supervision.
DLT pilot regime. The Presidency asks whether the experimental regime for infrastructures using distributed ledger technology (‘DLT’ or blockchain) should become permanent and be opened up to a much larger volume of activity.
ESMA. Lastly, Dublin is asking for concrete decisions on the future tasks of the European Securities and Markets Authority (ESMA), in line with the discussions held so far (see EUROPE 13901/15).
See the working document: https://aeur.eu/f/mrs (Original version in French by Bernard Denuit)