The European Commission priorities for 2014 include implementing financial markets reforms, data transparency and promoting international compliance.
The European Commission’s Internal Market and Services Directorate has published its management plan for 2014. The priorities for work on financial services in 2014 include:
- ensuring the full establishment of the banking union;
- delivering G20 commitments relating to the regulatory framework for the financial sector with measures to address the urgent need for transparency and data in the shadow banking sector;
- working on structural reform of the banking sector;
- a review of the European system of financial supervision, including performing an evaluation of regulatory reforms since the crisis; and
- promoting compliance of third-country and/or international provisions that apply to financial services.
The European Commission has also published a table containing details of legislative proposals and estimated dates for the publication of a number of pieces of legislation for the period 1 January 2014 to 31 December 2014. This includes:
- the framework for crisis management and resolution of financial institutions other than banks, due Q4 2014;
- a communication/report on the review of the European System of Financial Supervision, due Q1 2014;
- Solvency II Level 2 implementing measures, due Q2 2014; and
- a Commission delegated regulation supplementing with regard to procedure rules for imposing fines or periodic penalty payments to trade repositories, due Q1 2014.