EU Council Presidency revised compromise texts on MISP

The Council of the EU has published an 'A' item note from the Presidency to the Permanent Representatives Committee (COREPER) on the proposed Market Integration and Supervision Package (MISP), together with separate Presidency notes setting out the general approach on each of the three legislative proposals forming part of the package, specifically:

• the text of the proposed Regulation on settlement finality, which would repeal the Settlement Finality Directive (Directive 98/26/EC) and amend the Financial Collateral Directive (Directive 2002/47/EC)
• the text of the proposed Directive amending the Undertakings for Collective Investment in Transferable Securities Directive (UCITS), Alternative Investment Fund Managers Directive (AIFMD) and Markets in Financial Instruments Directive II (MiFID II) frameworks on the further development of capital market integration and supervision within the EU (MISP Directive)
• the text of the proposed Regulation amending a range of existing EU financial services legislation to support the further development of EU capital market integration and supervision within the EU (MISP Regulation).

The texts are revised versions of the compromise texts published by the Council in October. In the 'A' item note, the Presidency invites the COREPER to confirm agreement on these texts and recommend that the Council adopt them as its general approach on the MISP legislative proposals at the Economic and Financial Affairs Council meeting on 9 November. This will enable the Presidency to begin interinstitutional negotiations as soon as the European Parliament establishes its own negotiating position.

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