The Global and EU Public
Policy Agenda
Sean Donovan-Smith, Partner, London
C. Todd Gibson, Partner, Boston and Pittsburgh
Dr Ignasi Guardans, Partner, Brussels
Philip Morgan, Partner, London
© Copyright 2014 by K&L Gates LLP. All rights reserved.
Overview
 Current EU legislative initiatives
 Who will set the priorities?
 Key timings
 Open forum
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Legislative Initiatives
Current EU Initiatives
Source: Financial Conduct Authority Business Plan 2014 Annex 2
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Key Priority Setters
Who will set the priorities?
 International
 G20 / FSB
 IOSCO
 European Union
 The European Commission
 The Economic and Financial Affairs Committee
(ECON)
 Presidency of the European Council
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ECON Committee Responsibilities
Legislative procedures (at first reading)
 Activities and supervision of institutions for occupational retirement provision (recast)
[2014/0091(COD)]
 Structural measures improving the resilience of EU credit institutions [2014/0020(COD)]
 Reporting and transparency of securities financing transactions [2014/0017(COD)]
 Indices used as benchmarks in financial instruments and financial contracts
[2013/0314(COD)]
 Money market funds [2013/0306(COD)]
 Interchange fees for card-based payment transactions [2013/0265(COD)]
 Payment services in the internal market [2013/0264(COD)]
 European Long-term Investment Funds [2013/0214(COD)]
 Insurance mediation (recast) [2012/0175(COD)]
Delegated acts procedures
 Rules of procedure for penalties imposed on trade repositories by the ESMA
[2014/2682(DEA)]
 Regulatory technical standards determining types of alternative investment fund
managers [2013/3001(DEA)]
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ECON Committee to Provide Opinion
 Encouragement of long-term shareholder engagement and corporate
governance statement
 Amendment to Directive 2007/36/EC as regards the encouragement of
long-term shareholder engagement and to Directive 2013/34/EU as
regards certain elements of the corporate governance statement
 2014/0121(COD) Ordinary legislative procedure - first reading
 Single-member private limited liability companies
 2014/0120(COD) - first reading
 Own resource based on the financial transaction tax
 2011/0334(CNS) - Consultation procedure
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Key Timings
Key dates for 2014
2014
June/July
EP divides key positions and committee memberships
27 June
Nomination of Commission President
July
Italy takes over European Council Presidency
1 July
EP elects its new President
16 July
EP votes on Commission President
July/August
Selection of remaining Commissioners
September
EP hearings on Commissioners
October
New Commission expected to be confirmed by the EP
1 November
Target date for new Commission to take office
December
Turkey takes over presidency of the G20
December
New Commission outlines its work programme for 2015
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Open Forum
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