More EU financial services legislation published on 28 August 2014

28 August 2014

Several important EU legislative acts, adopted by the European Parliament and the Council, were published simultaneously in the Official Journal (OJ L 257, 28.8.2014) on 28 August 2014.

These include.
1. In the area of market infrastructures:
- Regulation No 909/2014 on improving securities settlement in the European Union and on central securities depositories. This regulation shall enter into force on 17 September 2014, however, the application of many of its provisions will be deferred until the adoption by the European Commission of relevant regulatory technical standards and implementing technical standards.

2. Concerning collective investment schemes:
- Directive 2014/91/EU amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions. This directive must be transposed into Bulgarian law by 18 March 2016.

3. Concerning payment services:
- Directive 2014/92/EU on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. This directive must be transposed into Bulgarian law by 18 September 2016.

Again on 28 August 2014, the European Commission's Implementing Regulation (EU) No 926/2014 was published in the Official Journal (OJ L 254, 28.8.2014, p. 2) This regulation forms lays down the implementing technical standards with regard to standard forms, templates and procedures for notifications relating to the exercise of the right of establishment and the freedom to provide services by credit institutions. This regulation shall enter into force on 17 September 2014.

We will provide analyses of the new rules separately.