Shearman & Sterling LLP | Financial Regulatory Developments Focus | European Commission Announces Work Plan for 2019
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  • European Commission Announces Work Plan for 2019
    10/23/2018
    The European Commission has published a Communication, outlining its work plan for 2019. The Communication is addressed to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. The Communication discusses the ongoing challenges for the EU in the run-up to the European Parliamentary elections and the post-Brexit Summit in Sibiu at which a new multi-annual framework for the EU27 will be finalized.

    Separately published Annexes to the Communication relating to: (i) new initiatives; (ii) REFIT initiatives; (iii) priority pending proposals; (iv) legislative initiatives that have been withdrawn; and (v) a list of envisaged repeals. Priority pending proposals of particular relevance to financial institutions include legislative proposals relating to the forthcoming sustainable finance package, cross-border distribution of collective investment schemes, crowdfunding, amendments to the European Market Infrastructure Regulation, prudential regulation and supervision of investment firms and a proposed amending regulation relating to minimum loss coverage for non-performing exposures.
    In the context of Brexit, pending proposals relating to the tasks, governance and financing of the European Supervisory Authorities are likely to be particularly relevant. In the Communication, the Commission confirms that, in addition to the six legislative acts that have been tabled in relation to Brexit, two further acts (relating to visa status of U.K. nationals and to energy efficiency) will be tabled in November 2018 and that, by the end of 2018, a number of further delegated and implementing acts will also be presented.

    View the Communication.

    View the Work Programme Key Documents webpage.

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