Capital Markets Union: The Council adopts legislative reforms


On 8 November 2019, the European Council adopted a set of legislative reforms relating to the Capital Markets Union. The texts cover:

  • The creation of a new benchmark category aimed at providing more information about an investment portfolio’s carbon footprint

  • Disclosure obligations on how financial companies integrate environmental, social and governance factors in their investment decisions

  • A new prudential framework for investment firms; the largest firms that are considered systemic will be subject to the full banking prudential regime while smaller firms will enjoy a new bespoke regime with dedicated prudential requirements

  • A harmonised framework for covered bonds in order to ensure a high level of investor protection

  • Proportionality of the rules imposed on issuers in order to favour access to SME growth markets  

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