Massive EU financial services legislation published on 12 June 2014

18 June 2014

A number of very important EU legislative acts, adopted by the European Parliament and the Council, were published simultaneously in the Official Journal last Thursday. The new/amended measures shall start to apply between January 2015 and January 2017.

These include.
1. In the areas of banking, and concerning recovery and resolution of credit institutions and investment firms:
- Directive 2014/49/EU on deposit guarantee schemes, and
- Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms

2. In the area of market abuse in financial instruments:
- Directive 2014/57/EU on criminal sanctions for market abuse (market abuse directive), and
- Regulation (EU) No 596/2014 on market abuse (market abuse regulation)

3. In the areas of investment firms, trading venues and data reporting services providers (the new MiFID 2 and MiFIR):
- Directive 2014/65/EU on markets in financial instruments, and
- Regulation (EU) No 600/2014 on markets in financial instruments.

We will provide analyses of the new rules separately.