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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
IFRS General Requirements for Disclosure of Sustainability-related Financial Information July 29, 2022
IFRS Climate-related Disclosures July 29, 2022
Financial Stability Board Enhancing Cross-Border Payments: Stage 3 Roadmaps July 31, 2022
Financial Action Task Force Call for advice to the European Banking Authority (EBA) regarding the review of Directive 2014/17/EU1 (Mortgage Credit Directive) August 1, 2022
European Commission Payment Services - Review of EU Rules August 2, 2022
European Commission Open finance framework – enabling data sharing and third party access in the financial sector August 2, 2022
Basel Committee on Banking Supervision Prudential Treatment of Banks' Cryptoasset Exposures September 30, 2022
 

Recent News on our Competent Authorities

 

European Parliament and Council Reach Provisional Agreement on MiCA

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Council of the European Union

On June 30, 2022, the European Parliament and the European Council Presidency reached a provisional agreement on the markets in crypto-assets (MiCA) proposal. The proposal encompasses unbacked crypto-assets issuers, stablecoins, trading venues and crypto-asset wallets. Although national-level regulators have already begun to implement crypto-asset legislation, it is the first time that crypto-assets, crypto-assets issuers and crypto-asset service providers are all under a regulatory framework at the EU level.

The goal of MiCA is to protect consumers from investment risks such as fraud, market manipulation, and insider dealing, as well as hold crypto-asset service providers liable for loss. MiCA also requires relevant crypto-asset players to “declare information on their environmental and climate footprint”, and as a follow up, in two years “the European Commission will have to provide a report on the environmental impact of crypto-assets and the introduction of mandatory minimum sustainability standards for consensus mechanisms, including the proof-of-work.” MiCA further requires a public register of non-compliant crypto-asset service providers to be maintained by the European Banking Authority (EBA). Listed providers with parent companies in high-risk areas for money laundering, as well non-cooperative jurisdictions for tax purposes, are subject to additional checks within the EU AML framework. MiCA also has additional requirements related to stablecoins, non-fungible tokens (NFTs), and crypto-asset service providers (CASPs) authorizations.

The Council and Parliament will need to approve the provisional agreement before in enters a formal adoption procedure. More information on the provisional agreement on MiCA is available here.



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