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Progress of financial reforms

Following the outbreak of the financial crisis in 2008, the stabilization of financial markets became a priority and financial sector reform a crucial instrument to achieve it.

Since then, the European Commission has proposed more than 40 legislative and non-legislative measures to build new rules for the global financial system; to establish a safe, responsible and growth enhancing financial sector in Europe; and to create a banking union to strengthen the euro.

You can find below a table listing the proposals already adopted by the European Union and those being discussed in the Parliament and the Council. For each measure, you will find links to legislative texts and other relevant information.

Financial reform: List of all actions

Actions completed
Proposals presented by the Commission but not yet adopted by the co-legislator

Building new rules for the global financial system

First proposed by the Commission in

Apr 2009

Hedge Funds & Private Equity (‘AIFMD’)

July 2009

Remuneration & prudential requirements for banks (‘CRD III’)

Sep 2010

Derivatives (‘EMIR’)

July 2010

July 2011

Single Rule Book of prudential requirements for banks capital, liquidity & leverage + stricter rules on remuneration and improved transparency (‘CRD IV / CRR’)

Oct 2011

Enhanced framework for securities markets (‘MIFID/R’)

Oct 2011

Enhanced framework to prevent market abuse (‘MAD/R’)

June 2012

Prevention, management & resolution of bank crises (‘BRRD’)

Sep 2013

Shadow banking, including Money Market Funds

Jan 2014

Shadow banking: increasing the transparency of securities financing transactions

Establishing a safe, responsible & growth-enhancing financial sector in Europe

First proposed by the Commission in

July 2007

Risk-based prudential and solvency rules for insurers (‘Solvency II’)

Sep 2009

Establishment of the European Supervisory Authorities (for banking, capital markets, insurance and pensions) & the European Systemic Risk Board regulations

Aug 2010

Strengthened supervision of financial conglomerates

Sep 2010

Short-selling & Credit Default Swaps

Dec 2010

Jan 2011

New European supervisory framework for insurers (‘Omnibus II’)

Feb 2011

Interconnection of business registers

Mar 2011

Responsible lending (mortgage credit)

Oct 2011

Oct 2011

Nov 2011

Enhanced framework for audit sector

Dec 2011

Creation of European Venture Capital Funds

Dec 2011

Creation of European Social Entrepreneurship Funds

Mar 2012

Central Securities Depositaries

July 2012

Improved investor information for complex financial products (‘PRIPS’)

July 2012

Strengthened rules on the sale of insurance products (‘IMD’)

July 2012

Safer rules for retail investment funds (‘UCITS’)

Feb 2013

Strengthened regime on anti-money laundering

Apr 2013

Non-financial reporting for companies

May 2013

Access to basic bank account / transparency of fees / switching of bank accounts

June 2013

Creation of European long-term investment funds

July 2013

Revised rules for innovative payment services (cards, internet & mobile payments)

Sep 2013

Regulation of Financial Benchmarks (such as LIBOR & EURIBOR)

Mar 2014

Long-term financing of the European economy / Revised rules for occupational pension funds (‘IORP’)

Completing the banking union to strengthen the euro

First proposed by the Commission in

July 2013

* Under 'Read more' you can find the text of the original proposal from the Commission.