On 18 January 2022, the Economic and Financial Affairs Council held a meeting where, among others, the following agenda items were discussed:
• Mr. Bruno Le Maire provided an update on current financial services legislative proposals. He mentioned that there is a negotiating mandate on the proposal for a Regulation on Markets in Crypto-assets (MiCA) and on the proposal for a Regulation on digital operational resilience for the financial sector (DORA). Crypto-assets are a very sensitive subject and markets should not be disrupted by them, which he said could be a real possibility so there might be implications for financial stability, which is what the work on crypto assets is about. He also mentioned green bonds which are a major aspect of the green transition and a compromise can be expected soon and he relies on the European Parliament for there to be a negotiating position so that the trilogue can start without delay. He also mentioned the fight against money laundering (AML) and fight against terrorism on which a trilogue with the European Parliament can be arranged very soon and he hoped for agreement soon. The Council will also continue to discuss the creation of a new authority for the fight against money laundering and financing of terrorism.
• Ms. Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union, said the following with regard to the legislative files under discussion:
1. As soon as the European Parliament has a negotiating position on the MiCA proposal, the Council will be able to start trilogues and she hopes for swift progress.
2. The Council wants to achieve significant progress on all legislative files, especially a General Approach on AMLA. With regard to the AML Regulation and the sixth AML Directive, the Commission appreciates the Presidency’s intention to advance work as much as possible.
3. The Council is ready for a trilogue on the Transfer of Funds Regulation following the negotiation mandate reached in December 2021. The Commission considers that it is important to start trialogues as soon as possible.
