Company law & Corporate Governance
EU regulatory milestones in 2017 – indicative timeline
Financial Services
This indicative timeline shows when to expect the adoption of key EU rules, the publication of new EU proposals, relevant dates in the lifecycle of a legislative act or fundamental
decisions that will have an impact at EU level. It reflects the work programme of the European Commission for 2017, as well as the current intelligence on the ongoing legislative
work. The timeline is indicative and subject to change, depending on political discussions or the internal decision-making process of the EU institutions. The adoption of the
legislative files follows informal negotiations between the co-legislators (trilogues), which typically take place 3 to 6 months before the adoption of the file.
Energy and environment
Taxation
TMT/IP
Competition
Brexit
For further information, please contact: Bernd Meyring, Bernard van de Walle de Ghelcke, Stefaan Loosveld, Etienne Dessy or Tanguy Van Overstraeten.
Q1
> Transparency of securities financing transactions
Regulation (Article 13): Applies as of 13 January 2017
> Action Plan for retail financial services: Publication
> STS securitisation Regulation: Beginning of trilogues
> CRR review Regulation: Beginning of trilogues
> Money market funds Regulation: Adoption
> Report on national barriers to the free movement of
capital: Publication
> Institutions for occupational retirement provisions
Directive (recast): Entry into force
> Review of EMIR: Publication of the proposal
> Review of the IGAs Decision: Adoption
> Review of the security of gas supply Regulation:
Beginning of trilogues
> Review of EU ETS Directive: Beginning of trilogues
> Mandatory country-by-country reporting Directive:
Beginning of trilogues
> Decision on use of the 470-790 MHz spectrum band:
Adoption
> Final Report on the e-commerce sector inquiry:
Publication
> Brexit: Article 50 notice to be served
Q2
> Shareholders’ Rights Directive: Adoption
> Prospectus Regulation: Adoption
> Anti-money laundering Directive IV: To be transposed
by 26 June 2017
> Capital Markets Union mid-term review: Publication
> A framework for an EU personal pension product:
Publication
> EuVECA and EuSEF: Beginning of trilogues
> Covered bonds: Publication of the results of the
outcome of ongoing study
> Wire transfer Regulation: Applies as of 26 June 2017
> Review of the non-EU ETS sectors ‘Effort Sharing
Regulation Proposal’: Beginning of trilogues
> Outcome of consultation on disincentives for
aggressive tax planning schemes: Publication
> Hybrid mismatches between EU Member States and
third countries Directive: Adoption
> Unitary Patent Regulation and UPC Agreement: Entry
into force
> Geo-blocking Regulation: Beginning of trilogues
> Wholesale roaming Review: Adoption
> Cross-border portability Regulation: Political
Agreement
> Review of the Directive on enforcement of
intellectual property rights: Publication of the proposal
Q3
> Transparency of securities financing transactions
Regulation (Article 14): Applies as of 13 July 2017
> MiFID II: To be transposed by 3 July 2017
> Anti-money laundering Directive V: Adoption
> Review of the energy efficiency Directive: Beginning
of trilogues
> Review of the energy performance of buildings
Directive: Beginning of trilogues
> Financial transaction tax Directive: Adoption
> REFIT proposals for a definitive VAT system and on
VAT rates: Publication
> EU list of non-cooperative jurisdictions: Publication
> Consultation on disincentives for advisors and
intermediaries for potentially aggressive tax
planning schemes (BEPS Action 12): Publication of
outcomes
Q4
> Package to facilitate the use of digital technologies
throughout a company's lifecycle and cross-border
mergers and divisions: Publication
> Anti-money-laundering information by tax authorities
Directive: To be transposed by 31 December 2017
> Mandatory automatic exchange of information in the
field of taxation Directive: To be transposed by 31
December 2017
> Package to facilitate better administrative
cooperation and a simplification to reduce burden
for businesses and tax administrations: Publication
> EU Trade Mark Regulation: several points of Article 1 to
become applicable as of 1 October 2017
> Evaluation of procedural and jurisdictional aspects
notably thresholds of EU merger control: Publication
of the results
> Directive on empowering the national competition
authorities to be more effective: Publication of the
proposal
Ongoing discussions through-out the year: Review of the capital requirements Regulation | Review of the capital requirements Directive V | Review of the bank recovery and resolution Directive (credit hierarchy) | Review of the bank
recovery and resolution Directive (loss absorption and recapitalisation capacity of credit institutions and investment firms) | Review of the single resolution mechanism Regulation (loss-absorbing and recapitalisation capacity for
credit institutions and investment firms) | European deposit insurance scheme Regulation | Business insolvency II Directive
Ongoing discussions through-out the year: Electricity market Regulation | Electricity market Directive | Risk preparedness in the electricity sector Regulation | ACER Regulation | Governance of the energy union Regulation | Renewable
energy Directive
Ongoing discussions through-out the year: Common Corporate Tax Base Directive | Common Consolidated Corporate Tax Base Directive
Ongoing discussions through-out the year: e-Privacy Regulation | Review of the European electronics communication code Directive | Copyright in the digital single market Directive | Review of the audiovisual media services Directive
European Commission decisions regarding the state aid investigations into the tax rulings of Amazon and McDonald’s: Publication
Company Law and corporate governance
• Shareholders’ rights Directive (SHRD II): Proposal for a Directive of the European Parliament and of the Council amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement and Directive 2013/34/EU as regards certain elements of the
corporate governance statement
Competition
• Antitrust damages Directive: Directive of the European Parliament and of the Council on certain rules governing actions for damages under national law for infringements of the competition law provisions of the Member States and of the European Union
Energy
• ACER Regulation: Proposal for a Regulation of the European Parliament and of the Council establishing a European Union Agency for the Cooperation of Energy Regulators (recast)
• Electricity market Directive: Proposal for a Directive of the European Parliament and of the Council on common rules for the internal market in electricity (recast)
• Electricity market Regulation: Proposal for a Regulation of the European Parliament and of the Council on the internal market for electricity (recast)
• Governance of the energy union Regulation: Proposal for a Regulation of the European Parliament and of the Council on the Governance of the Energy Union, amending Directive 94/22/EC, Directive 98/70/EC, Directive 2009/31/EC, Regulation (EC) No 663/2009, Regulation (EC) No
715/2009, Directive 2009/73/EC, Council Directive 2009/119/EC, Directive 2010/31/EU, Directive 2012/27/EU, Directive 2013/30/EU and Council Directive (EU) 2015/652 and repealing Regulation (EU) No 525/2013
• Renewable energy Directive: Proposal for a Directive of the European Parliament and of the Council on the promotion of the use of energy from renewable sources (recast)
• Review of the energy efficiency Directive: Proposal for a Directive of the European Parliament and of the Council amending Directive 2012/27/EU on energy efficiency
• Review of the energy performance of buildings Directive: Proposal for a Directive of the European Parliament and of the Council amending Directive 2010/31/EU on the energy performance of buildings
• Review of the IGAs Decision: Proposal for a Decision of the European Parliament and of the Council on establishing an information exchange mechanism with regard to intergovernmental agreements and non-binding instruments between Member States and third countries in the field
of energy and repealing Decision No 994/2012/EU
• Review of EU ETS Directive: Proposal for a Directive of the European Parliament and of the Council amending Directive 2003/87/EC to enhance cost-effective emission reductions and low-carbon investments
• Review of the non-EU ETS sectors ‘Effort Sharing Regulation’: Proposal for a Regulation of the European Parliament and of the Council on binding annual greenhouse gas emission reductions by Member States from 2021 to 2030 for a resilient Energy Union and to meet
commitments under the Paris Agreement and amending Regulation No 525/2013 of the European Parliament and the Council on a mechanism for monitoring and reporting greenhouse gas emissions and other information relevant to climate change
• Review of the security of gas supply Regulation: Proposal for a Regulation of the European Parliament and of the Council concerning measures to safeguard the security of gas supply and repealing Regulation (EU) No 994/2010
• Risk preparedness in the electricity sector Regulation: Proposal for a Regulation of the European Parliament and of the Council on risk-preparedness in the electricity sector and repealing Directive 2005/89/EC
Financial Services
• Anti-money laundering Directive IV: Directive 2015/849 of the European Parliament and the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and
of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC
• Anti-money laundering Directive V: Proposal to amend Directive 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the
European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC
• Business insolvency II Directive: Proposal for a Directive on preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU
• CRR review Regulation: Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms
• EMIR: Regulation No 648/2012 on OTC derivatives, central counterparties and trade repositories
• European deposit insurance scheme: Proposal for a Regulation of the European Parliament and of the Council on European Parliament amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme
• EuSEF and EuVECA: Proposal for a Regulation amending Regulation (EU) No 345/2013 on European venture capital funds (EuVECA) and Regulation (EU) No 346/2013 on European social entrepreneurship funds (EuSEF)
• Institutions for occupational retirement provision proposal (recast) Directive (IORP II): Proposal for a Directive of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision (recast)
• Money market funds Regulation: Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds
• Prospectus Regulation: Proposal for a Regulation of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading
• Review of the bank recovery and resolution Directive (credit hierarchy): Proposal for a Directive of the European Parliament and of the Council on amending Directive 2014/59/EU of the European Parliament and of the Council as regards the ranking of unsecured debt instruments
in insolvency hierarchy
• Review of the bank recovery and resolution Directive (loss absorption and recapitalisation capacity of credit institutions and investment firms): Proposal for a Directive of the European Parliament and of the Council amending Directive 2014/59/EU on loss-absorbing and
recapitalisation capacity of credit institutions and investment firms and amending Directive 98/26/EC, Directive 2002/47/EC, Directive 2012/30/EU, Directive 2011/35/EU, Directive 2005/56/EC, Directive 2004/25/EC and Directive 2007/36/EC
• Review of the capital requirements Directive V: Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory
measures and powers and capital conservation measures
• Review of the capital requirements Regulation: Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty
credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements and amending Regulation (EU) No 648/2012
• Review of the single resolution mechanism Regulation (loss-absorbing and recapitalisation capacity for credit institutions and investment firms): Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 as regards lossabsorbing and Recapitalisation Capacity for credit institutions and investment firms
• STS securitisation Regulation: Proposal for a Regulation of the European Parliament and of the Council on European Parliament laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation and amending
Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012
• Transparency of securities financing transactions Regulation: Regulation 2015/2365 of the European Parliament and of the Council on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012
Intellectual Property (IP)
• Cross-border portability Regulation: Proposal for a Regulation of the European Parliament and of the Council on ensuring the cross-border portability of online content services in the internal market
• Copyright in the digital single market Directive: Proposal for a Directive of the European Parliament and of the Council on copyright in the Digital Single Market
• Directive on enforcement of intellectual property rights: Directive 2004/48/EC of the European Parliament and of the Council on the enforcement of intellectual property rights
• EU Trade Mark Regulation: Regulation 2015/2424 of the European Parliament and of the Council amending Council Regulation (EC) No 207/2009 on the Community trade mark and Commission Regulation (EC) No 2868/95 implementing Council Regulation (EC) No 40/94 on the
Community trade mark, and repealing Commission Regulation (EC) No 2869/95 on the fees payable to the Office for Harmonization in the Internal Market (Trade Marks and Designs)
• Geo-blocking Regulation: Proposal for a Regulation of the European Parliament and of the Council on addressing geo-blocking and other forms of discrimination based on customers‘ nationality, place of residence or place of establishment within the internal market and amending
Regulation (EC) No 2006/2004 and Directive 2009/22/EC
• Review of the audiovisual media services Directive: Proposal for a Directive of the European Parliament and of the Council amending Directive 2010/13/EU on the coordination of certain provisions laid down by law, regulation or administrative action in Member States concerning the
provision of audiovisual media services in view of changing market realities
• Unitary Patent Regulation: Regulation 1257/2012 of the European Parliament and of the Council implementing enhanced cooperation in the area of the creation of unitary patent protection
Taxation
• Anti-money laundering information by tax authorities Directive: Directive 2016/2258 amending Directive 2011/16/EU as regards access to anti-money-laundering information by tax authorities
• Common Corporate Tax Base Directive: Proposal for a Council Directive on a Common Corporate Tax Base
• Common Consolidated Corporate Tax Base Directive: Proposal for a Council Directive on a Common Consolidated Corporate Tax Base
• Financial transaction tax Directive (FTT): Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax
• Hybrid mismatches between EU Member States and third countries Directive (ATAD II): Proposal for a Council Directive amending Directive 2016/1164 as regards hybrid mismatches with third countries
• Mandatory automatic exchange of information in the field of taxation Directive: Council Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation
• Mandatory public country-by-country reporting: Proposal for a Directive amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches
Telecoms, Media, Technology (TMT)
• Decision on the use of the 470-790 MHz frequency band in the Union: Proposal for a decision of the European Parliament and of the Council on the use of the 470-790 MHz frequency band in the Union
• E-Privacy Regulation: Proposal for a Regulation of the European Parliament and of the Council concerning the respect for private life and the protection of personal data in electronic communications and repealing Directive 2002/58/EC
• European electronics communication code Directive: Proposal for a Directive of the European Parliament and of the Council establishing the European Electronic Communications Code (Recast)
• Review of the wholesale roaming markets : Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 531/2012 as regards rules for wholesale roaming markets