Financial Regulatory Developments (FReD) - July 24, 2015

European Union and International

Council of the European Union (Council)

Council publishes ECOFIN minutes: The Council has published the minutes of a meeting of the Economic and Finance Ministers (ECOFIN). Among other things, it formally decided not to object to:

• the Commission Regulation on the extension of the transitional periods related to pension scheme arrangements under the European Market Infrastructure Regulation (EMIR); and
• the Commission's equivalency determinations in respect of third-country regimes for the purposes of Solvency 2.

(Source: Council Publishes ECOFIN Minutes)

Contact: Tom Harkus or Juan Jose Manchado

Council confirms IDD agreement: The Council has confirmed the Committee of Permanent Representatives' approval of the Insurance Distribution Directive (IDD). The text must now be approved by EP, hopefully at first reading, and then formally adopted by the Council. (Source: Council Publishes Final IDD Text)