Commission welcomes progress as European Parliament approves CMU package including reform to covered bonds, SME growth markets, sustainability disclosures and EMIR

The European Commission has welcomed the European Parliament's final votes on legislation putting in place the building blocks of a capital markets union, including the adoption of the Commission's proposal for a regulation to amend the Market Abuse Regulation and the Prospectus Regulation on the promotion of the use of SME growth markets.

For further information, see: LNB News 18/04/2019 36.

Directive requiring online company registration passes through parliament

Directive 2017/1132/EU—first proposed by the European Commission back in April 2018 (see: LNB News 27/04/2018 1)—has passed through the European Parliament on its first reading on 18 April 2019. The Directive requires all Member States to have a fully online process of registration for companies in an effort to lessen inefficiencies and unnecessary costs and delays. Member States will need to ensure that it is possible to upload every company document online and to identify company founders by the use of digital means such as e-ID, digital signatures or video-conference.

For further information, see: LNB News 24/04/2019 62.

FCA publishes its approach to enforcement

The Financial Conduct Authority (FCA) has published its &