| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 68, Pages 14-28 |
| Publication Date | 26/02/2021 |
| Content Type | Blog & Commentary, Legislation, News, Policy-making |
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Summary: Directive (EU) 2021/338 - signed by the co-legislators on 16 February 2021 - introducing a number of amendments to Directive 2014/65/EU, Directive 2013/36/EU and Directive (EU) 2019/878. This is a text with EEA relevance. Further information: Directive 2014/65/EU introduced a legal framework aimed at better regulation of trading activities on financial markets as well as enhanced investor protection. That legal framework became known as MiFiD 2. Directive 2013/36/EU - also known as the Capital Requirements Directive (CRD IV) - governs access to deposit taking by banks and investment firms. Directive (EU) 2019/878 amends some articles within CRD IV and adds new ones concerning exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers, and capital conservation measures. The proposal for this Directive aimed at reducing some of the administrative burdens that investors face in their business-to-businesses (B2B) relationships, while maintaining the same level of protection. These changes became even more important in the context of the COVID-19 (coronavirus) pandemic as the businesses engage in recovery strategies. The Commission proposed to re-calibrate requirements to ensure that there is a high level of transparency towards the client, while also ensuring the highest standards of protection and acceptable compliance costs for European firms. The draft was adopted by the Commission on 24 July 2020 as part of the so-called EU Capital Markets Recovery Package. The Council of the European Union adopted its general approach on 16 October. The plenary of the European Parliament adopted a negotiating position on 25 November. An informal agreement between the co-legislators on a compromise text was reached on 9 December. Following its formal endorsement by the European Parliament and the Council of the European Union (15 February 2021), the Act was signed by the co-legislators on 16 February 2021. It was published in the Official Journal on 26 February 2021. |
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| Source Link | http://data.europa.eu/eli/dir/2021/338/oj |
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| Subject Categories | Business and Industry, Economic and Financial Affairs |
| Subject Tags | Capital Markets Union [CMU], Financial Services |
| International Organisations | European Union [EU] |
