European Regulation Portal

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Anti-Money Laundering Directive IV
Directive Passed Directive in Effect National Laws in Place By
May 20th, 2015 TBA TBA
Proposal Date Passage Date Rules in Effect
March 30, 2009 November, 2010 December 19, 2012
Proposal Date Passed By EU In Effect
July 3rd, 2012 July 23rd, 2014 March 18th, 2016
Timeline, MiFID II
MiFID Effective MiFID II/MiFIR Proposal Entered into Force Rules Applicable
November 1, 2007 October 20, 2011 July 2, 2014 January 2017
Timeline - European Market Infrastructure Regulation
Proposal Date EC Approval Effective Date
September 15, 2010 December 19, 2012 March 15, 2013

Since 2008-2009's financial crisis, the European Union has been overhauling it financial regulation regime. This page is a portal to the major directives and regulations of the European Union


The European Market Infrastructure Regulation ("EMIR") is a set of standards for the regulation of OTC derivatives, central counterparties and trade repositories.[1]

On September 15, 2010, the European Commission published its final proposal for a Regulation of the European Council that sets out to increase stability within OTC derivatives market. The regulation, commonly known as European Market Infrastructure Regulation or "EMIR" introduces:

  • a reporting structure for OTC derivatives;
  • mandatory clearing requirement for eligible OTC derivatives;
  • measures to reduce counterparty credit risk and operational risk for bilaterally cleared OTC derivatives;
  • common rules for central counterparties (CCPs) and trade repositories; and
  • rules on the establishment of interoperability between CCPs.

After several consultations and comment requests, ESMA sent its final report on technical standards for EMIR to the European Commission on September 27, 2012. On December 19, 2012, the EC adopted nine regulatory and implementing technical standards, which finalize requirements for the mandatory clearing and reporting of transactions. The regulations entered the official journal on February 23, 2013 and became effective on March 15, 2013. Additional timelines can be found in the [ EMIR


he Markets in Financial Instruments Directive (MiFID) is a plan, created in 2004 and effective in 2007, to introduce changes to the regulatory framework in Europe.[2] Among its provisions were pre-and post-trade transparency through multi-lateral trading facilities and greater regulatory capital requirements. For more information on the original directive, click HERE.

On May 15, 2014, the European Parliament issued its recast directive on markets in financial instruments (MiFID II), as well as the the Markets in Financial Instruments Regulation (MiFIR). The documents entered the Official Journal of the European Union on June 12, 2014 and entered into force July 2, 2014.


UCITS V is the fifth installment of UCITS, which was first passed in 1985 by the EEC. UCITS V was passed in reaction to both the Madoff Scandal and the collapse of Lehman Brothers during the 2007-2008 Financial Crisis. Since it's original passing in 1985, the purpose of the directives have been to harmonize the regulatory regime. Updates to it have occurred since then in response to multiple factors. See UCITS Regulation for more information.

Capital Requirements Directive IV/ Capital Requirements Regulation

The Capital Requirements Directive IV (CRD-IV) is a set of rules proposed by the European Commission to implement the Basel III international capital standards recommendations. The legislation contains both the Capital Requirements Directive as well as the Capital Requirements Regulations. They passed in the European Parliament on April 16, 2013 and were implemented on January 1, 2014.


The European Commission's Directive on Alternative Investment Fund Managers (AIFMD) is a proposed regulatory and supervisory framework for alternative fund managers (AIFMs) in Europe. The proposal, which was originally published on March 30, 2009, provides more transparency to the investors and regulators associated with alternative investment funds. The funds being discussed in the proposal include hedge funds and private equity, that are not already regulated under (UCITS Regulation), the set of directives investment in mutual funds and other collective securities.

The final draft of AIFMD was approved by the European Parliament in November 2010. On December 19, 2012,the EC adopted the Delegated Regulation supplementing the AIFMD. After a three-month scrutiny period by the European Parliament and the Council it will enter into force, provided that neither co-legislator objects, at the end of this period and the day following publication in the Official Journal.[1]. The comment period on hedge funds ended on January 31, 2009.


AMLD IV is the fourth AMLD to be passed by both the European Commission and European Parliament. Seeking to address short comings in the current law, the new law takes new measures to prevent money laundering. It is the implantation of the Financial Action Task Force latest set of recommendations. They were published in 2012, with the key points being adoption of risk based approach, greater transparency, and greater international cooperation.

Market Abuse Directive II/Market Abuse Regulation

In response to the LIBOR and other scandals, the EU passed MAD II/MAR to impose new sanctions on individuals. It also criminalizes spoofing, layering, and order-stuffing.


  1. Financial Services regulations adopted. New Europe Online. Retrieved on December 19, 2012.
  2. Markets in Financial Instruments Directive (MiFID). FSA. Retrieved on August 12, 2011.

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