Financial reform: list of actions

Since the outbreak of the financial crisis, the European Commission has proposed more than 50 legislative and non-legislative measures to create new rules for the global financial system, establish a safe, responsible and growth-enhancing financial sector in Europe, and create a banking union to strengthen the euro.

The Commission also adopted an action plan to build an EU capital markets union to improve access to capital for businesses, and thereby promote growth and job creation.

Actions completed

First proposed by the Commission inAction

July 2007

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

Nov 2008

June 2010

Nov 2011

Credit Rating Agencies

Apr 2009

Hedge Funds & Private Equity ('AIFMD')

July 2009

Remuneration & prudential requirements for banks ('CRD III')

Sep 2009

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

July 2010

Deposit Guarantee Schemes

Aug 2010

Strengthened supervision of financial conglomerates

Sep 2010

Derivatives ('EMIR')

Sep 2010

Short-selling & Credit Default Swaps

Dec 2010

Creation of the Single Euro Payments Area (‘SEPA’)

Jan 2011

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

Feb 2011

Interconnection of business registers

Mar 2011

Responsible lending (mortgage credit)

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')

Oct 2011

Simplification of accounting

Oct 2011

Enhanced transparency rules

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 Depositories

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’)

June 2012

Prevention, management & resolution of bank crises ('BRRD')

Sep 2012

Single Supervisory Mechanism

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

Single Resolution Mechanism

July 2013

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

Sep 2013

Regulation of Financial Benchmarks (such as LIBOR & EURIBOR)

Sep 2013

Shadow banking, including Money Market Funds

Jan 2014

Shadow banking: increasing the transparency of securities financing transactions

Mar 2014

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

Nov 2015

New rules on prospectuses

Sep 2015

New rules on securitisation

July 2016

Amended rules on European Venture Capital Funds and European Social Entrepreneurship Funds

Proposals presented by the Commission but not yet adopted

First proposed by the Commission inAction

Jan 2014

Structural reform of banks

Nov 2015

Completing the banking union: proposal for a European deposit insurance scheme (EDIS)

Nov 2016

Proposals to amend rules on capital requirements

Nov 2016

Proposals to amend rules on bank recovery and resolution (BRRD)

Nov 2016

Proposal to amend rules on the Single resolution mechanism (SRM)

Nov 2016

Recovery and resolution of central counterparties (CCPs)

May 2017

Proposal to amend rules on derivatives (EMIR)

June 2017

2nd proposal to amend rules on derivatives (EMIR)

June 2017

Proposal on a pan-European Personal Pension Product (PEPP)

Sep 2017

Proposals to amend rules on financial supervision

Dec 2017

Proposals to review prudential rules for investment firms

March 2018

Proposal on European crowdfunding service providers

March 2018

Proposal for a EU framework on covered bonds

March 2018

Proposal on facilitating cross-border distribution of investment funds

March 2018

Proposal on the law applicable to the third-party effects of assignments of claims

March 2018

Proposals to address the risks related to NPLs

March 2018

Proposal on cheaper cross-border payments in euro and fairer currency conversions across the entire EU

May 2018

Proposal to amend the motor insurance directive

May 2018

Proposal on sovereign bond-backed securities

May 2018

Legislative package on sustainable finance

May 2018

Proposal on SME Growth Markets

Action plan on capital markets union: progress achieved

The action plan on capital markets union sets out a programme of 33 actions which aim to establish the building blocks of an integrated capital market in the EU by 2019. A specific table outlines the progress of the actions.