The Council of the European Union has reached an agreement on a proposal to simplify certain reporting requirements in the field of financial services and investment support. The proposal updates existing rules on data sharing between the European Supervisory Authorities (ESAs) and other financial sector authorities with the aim to reduce administrative burden for authorities in the financial sector.

The Council of the EU has agreed its position on part of the ‘omnibus X’ legislative package under the EU’s simplification agenda, covering rules on the sustainable use of pesticides, record-keeping requirements for farming animals and the use of plastics in the food industry. The package seeks to simplify procedures across EU legislation relating to plant protection products, biocidal products, feed, official controls and animal health and welfare, while maintaining existing standards for food and feed safety, human and animal health, and environmental protection.

The Council of the European Union, following approval by Member States’ representatives, has agreed its position on a European Commission proposal to extend certain data protection periods under Regulation (EU) No 528/2012 (the Biocidal Products Regulation (BPR)). The measure forms part of the Commission’s ‘Omnibus X’ legislative package under the EU simplification agenda, which seeks to reduce administrative costs and burdens while maintaining the EU’s standards on food and feed safety, health and environmental protection.

The Council of the EU has authorised the EU to enter into negotiations with Switzerland regarding a broad package of bilateral measures, alongside the corresponding negotiating directives. The negotiations aim to modernise and deepen bilateral relations between the EU and Switzerland and will also ensure fair competition between respective companies operating within the internal market. It will also ensure the protection of the rights of EU citizens in Switzerland and non-discrimination between citizens of different EU Member States. The first formal negotiating round will take place in March 2024. Negotiations on the key elements of the package will be held, alongside.

The Council of the EU and the European Parliament have announced a provisional agreement on a proposal to streamline benchmark authorisation and registration requirements, and to alleviate the burden on EU companies, particularly smaller benchmark administrators and benchmark users. The provisional agreement needs to be confirmed by both institutions before being prepared for formal adoption.

The Council of the EU and European Parliament have reached a provisional political agreement on Directive 2004/107/EC and Directive 2008/50/EC (revised Ambient Air Quality Directive), aligning the 2030 EU air quality standards with the World Health Organisation (WHO) global air quality guidelines to eliminate air pollution by 2050.

The Council of the EU and European Parliament have reached a provisional agreement on the Net-Zero Industry Act  to establish a framework to strengthen Europe’s net-zero technology products manufacturing ecosystem. The aim of the Regulation is to boost EU production in net-zero technologies required for decarbonisation and to achieve 15% of the global market value for these technologies. Under the agreement, there will be a single list of net-zero technologies that can be supported through strategic projects including solar photovoltaic and batteries with selection criteria and measures to speed up the permitting process. This agreement would also increase CO2 storage and captures within the EU, support the skills and innovation development in ‘Net-Zero Industry Academies’, and facilitate market access for net-zero products.

The Council of the European Union and the European Parliament have reached an agreement on new rules for the Schengen Borders Code, which will strengthen free movement within the Schengen area and improve EU coordination in handling challenges at EU external borders, cross-border health, and security threats. The new rules will also enhance the toolbox used to address challenges at the EU’s borders arise. The agreement will be submitted to EU Member States' representatives in the Council for confirmation and will have to be formally adopted by the Council and Parliament .

The Council of the European Union and the European Parliament have reached a provisional agreement on a proposal for a regulation on environmental, social and governance (ESG) rating activities. The new rules will regulate the ecosystem of ESG rating activities and enhance investor confidence in sustainable products. ESG rating providers will be required to be authorised and supervised by the European Securities and Markets Authority and ensure compliance with transparency requirements under the new rules. The proposed rules will also promote the ‘double materiality’ approach and will boost competition.

The Council of the EU and European Parliament have reached a provisional agreement for new rules to reduce, reuse and recycle packaging, increase safety, and boost the circular economy. The aims are to make packaging used in the EU safer and more sustainable, subsequently minimising the presence of harmful substances. The agreement sets packaging reduction targets for 5% by 2030, 10% by 2035 and 15% by 2040. During the negotiations, the Parliament has introduced a ban on the use of forever chemicals (per- and polyfluorinated alkyl substances or PFASs) in food contact packaging to prevent adverse health effects.

The Council of the EU and European Parliament have announced a provisional agreement on the amendment to the market stability reserve (MSR) for the EU’s emissions trading system for the buildings, road transport and additional sectors (ETS2). The amendment is intended to address supply and demand imbalances, strengthen market predictability and reduce price volatility before the system becomes fully operational in 2028.

The Council of the EU and European Parliament have reached a provisional agreement on the listing act, a package which will encourage small and medium-sized enterprises (SMEs) to get listed and remain listed on the EU public markets. It will also allow companies to better diversify and complement available sources of funding. In addition to balancing the alleviation of ongoing disclosure requirements with maintaining market integrity and efficiency, the provisional agreement also alleviates the investment research rules to increase the level of research on SMEs in the EU. The agreement also allows the re-bundling of payments for research and execution of orders. The Council and Parliament will formally adopt the texts once they are approved by the EU Member States and the Parliament.