Timing is everything
Those involved in the financial services industry face an unprecedented volume and breadth of regulatory change. In 2012, there are two key themes running through the regulatory landscape: UK domestic reform with the abolition of the FSA and the creation of new supervisory bodies and the ambitious European regulatory reform programme which includes revisions to existing Directives like the Markets in Financial Instruments Directive and the creation of new legislation like the European Market Infrastructure Regulation. Keeping track of developments and understanding when the changes occur and how they fit in with each other will be crucial.
Our master timeline is designed to assist clients and contacts keep track of the progress of the key regulatory developments, allowing them to develop a sense of how the European Commission’s and UK Government’s ambitious reform programmes are developing. View the master timeline.
For those clients and contacts working on MiFID review projects we have developed a stand alone timeline. View the standalone timeline.
European legislative process
In addition to timing understanding the European legislative process, which is commonly known as the co-decision procedure or ordinary legislative procedure is key.
This procedure places the European Parliament on an essentially equal footing with the Council of the European Union. These days, all financial services and relevant consumer protection legislation is made under this procedure.
The European Commission has produced useful guidance pages on the co-decision procedure.
The European Parliament decided not to vote on the draft MiFID review legislative proposals in plenary on 25 and 26 October 2012. Instead, the European Parliament has referred the draft MiFID review legislative proposals to its Committee on Economic and Monetary Affairs for reconsideration and the vote has been postponed until a subsequent plenary session.
According to the procedure files, the MiFID review legislative proposals are now awaiting the European Parliament's first reading.
View Legislative observatory - Financial supervision: Markets in financial instruments (recast)
View Legislative observatory - Financial supervision: Markets in financial instruments; OTC derivatives, central counterparties and trade repositories