Council of the EU has Adopted CRR II Regulation and CRD V Directive at First Reading

On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).

The legislation will be published in the Official Journal of the European Union in June 2019, going into effect 20 days thereafter. Most of the provisions in CRR II will start to apply from mid-2021. Member States will have to apply the majority of provisions implementing CRD V 18 months and one day after it goes into effect.

The Council of the EU’s press release is available here, in which links to the text of CRR II and CRD V can be found.

Council of the EU has Adopted EMIR Refit Regulation at First Reading

On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted at first reading the proposed Regulation to amend the European Markets Infrastructure Regulation (EMIR), or the EMIR Refit Regulation. This follows the preliminary political agreement the Council of the EU and the European Parliament reached in February 2019 on proposed amendments to be made to EMIR (as reported in the February 8, 2019 edition of the Corporate & Financial Weekly Digest).

The EMIR Refit Regulation will go into effect 20 days after it is published in the Official Journal of the European Union. The majority of provisions will apply from the date it goes into effect, which is expected to be by June 21.

The Council of the EU’s press release is available here.

For more information, see Katten’s advisory, “EMIR REFIT: What Non-EU Asset Managers Should be Doing Now.”