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View All Comment Letters and Position Papers

Pending Comment Letters

Your comments are extremely important to us to provide the best response by WOCCU to these regulatory proposals.

Listed below are all pending regulatory actions for which WOCCU intends to submit a Comment Letter. The listed date is the date by which Comments are due to the respective agency.  All Comment Letters filed by WOCCU can be viewed on the Comments & Position Papers tab. Comments filed by the European Network of Credit Unions can be found here.

Please be sure to provide us with your comments in advance of the Due Date so that we may include them in our Comment Letter.


Agency Pending Comment Letters Due Date
European Commission Sustainable Finance - Environment, Social and Governance Ratings and Sustainability Risks In Credit Ratings June 6, 2022
European Commission Open Finance Framework - Enabling Data Sharing and Third Party Access in the Financial Sector June 7, 2022
European Commission Distance Marketing of Consumer Financial Services - Review of EU Rules June 25, 2022
Financial Stability Board Supervisory and Regulatory Approaches to Climate-Related Risks: Interim Report June 30, 2022
IFRS General Requirements for Disclosure of Sustainability-related Financial Information July 29, 2022
IFRS Climate-related Disclosures July 29, 2022
European Commission Payment Services - Review of EU Rules August 2, 2022
 

Recent News on our Competent Authorities

 

2022-05-17

European Council Approves New Law to Promote the Availability of Data

On May 16, 2022, the European Council approved the Data Governance Act, “to promote the availability of data and build a trustworthy environment to facilitate their use for research and the creation of innovative new services and products.” The Act aims to create a system where the reuse of specific public-sector data categories (trade secrets, personal data and data protected by intellectual property rights), are protected to safeguard privacy and confidentiality. This act accompanies the 2019 Open Data Directive, which covers other data categories including but not limited to material held by ministries, state agencies, municipalities, and organizations largely funded by or under the control of public authorities, i.e., meteorological institutes. A single access point consisting of a searchable electronic register of public-sector data will be made available by the European Commission. The Act further intends to implement a framework for data intermediation services via a digital services platform to provide a secure data sharing network for individuals and companies; simplify voluntary data availability for the common good or “objectives of general interest” (i.e. medical research projects), through a national register; and create safeguards for personal data.

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Council of the European Union
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European Council Approves New Law to Promote the Availability of Data

2022-05-17

European Council Takes Position on 2030 Policy Program ‘Path to the Digital Decade’

On May 11, 2022, the European Council adopted its position on the 2030 Policy Programme “Path to the Digital Decade’, which is designed to “strengthen the EU’s digital leadership” through inclusive and sustainable digital policies. Once the European Parliament has confirmed its position, negotiations between Parliament and Council presidency can take place.

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Council of the European Union
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European Council Takes Position on 2030 Policy Program ‘Path to the Digital Decade’

2022-04-13

European Council’s Position on European Green Bonds Proposal is Greenlighted

The European Council’s position on a proposal to create regulation supporting European Green Bonds was given the go ahead by EU permanent representatives as part of the EU’s objective to “implement its strategy on financing sustainable growth and the transition to a climate-neutral, resource-efficient economy.” The next steps involve negotiations with Parliament to establish a final version of the text. Issuers of the European Green Bond (EuGB), which are environmentally sustainable bonds, will be subject to uniform requirements when issuing these bonds to investors within the European Union. The regulation will further establishes a registration system and supervisory framework for EU green bonds that are reviewed outside of the Union.

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Council of the European Union
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European Council’s Position on European Green Bonds Proposal is Greenlighted

2022-02-28

European Council Agrees to Position on Corporate Sustainability Reporting Directive

On February 24, 2022, the European Council adopted its position on a corporate sustainability reporting directive (CSRD), a proposal drafted by the European Commission, that will correspond with the European sustainable finance strategy. The Commission’s proposal is revision of the non-financial reporting directive from 2014, and “will increase a company’s accountability, prevent divergent national standards and ease the transition to a sustainable economy.”

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Council of the European Union, European Commission
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European Council Agrees to Position on Corporate Sustainability Reporting Directive

2022-02-28

European Council Updates Non-Financial Reporting Directive

The European Council amended the scope of the non-financial reporting directive (NFRD), which was proposed by the European Commission, in order to alleviate overburdensome reporting requirements for listed SMEs, and also giving SMEs time to adapt to the new rules. The objective of Commission’s proposal is intended to focus on deficits within the existing rules related to disclosure of non-financial information which the Commission not only believes will prevent a necessary transition to a sustainable economy, but “…was of insufficient quality and comparability to allow it to be properly taken into account by investors.” The Commission will adopt, by delegated act, a definition of sustainability reporting standards, thereby harmonizing sustainability data. The directive will be adopted subsequent technical advice given by certain European agencies and the European Financial Reporting Advisory Group (EFRAG).

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Council of the European Union, European Commission
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European Council Updates Non-Financial Reporting Directive

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