EU Commission publishes 2017 work programme

The Commission intends to publish a White Paper on the Future of Europe in Q1 2017, setting out steps on how to reform an EU of 27 Member States 60 years after the Treaties of Rome, which will include the future of the Economic and Monetary Union (EMU). This initiative will also include a review of the European System of Financial Supervision (ESFS) to strengthen the effectiveness and efficiency of oversight at both macro- and micro- prudential levels.

As part of the implementation of its Capital Markets Union (CMU) Action Plan, the Commission intends to conduct a mid-term review (Q2 2017) to take stock of progress on the implementation of the CMU and identify potential additional measures required to improve the financing of the economy. New measures will include:

• a revision of the European Market Infrastructure Regulation (EMIR) (Q1 2017);
• a framework for an EU personal pension product (Q2 2017);
• an Action Plan on retail financial services (Q1 2017); and
• additional delegated legislation to facilitate funding of infrastructure corporates by institutional investors (Q4 2016).

The Commission will continue to implement the EU Action Plan on tackling terrorism financing, with proposals scheduled for Q4 2016 on harmonised sanctions to deter money laundering, illicit cash movements, illicit trade in cultural goods and the freezing and confiscation of criminals' assets.

The Commission intends to launch a Data Protection Package in Q1 2017, which will include an alignment of rules on the protection of personal data when processed by EU institutions to the new general data protection rules, a revision of the ePrivacy Directive, as well as a framework for adequacy decisions on exchange of personal data with third countries.

The Commission also intends to propose legislation in Q1 2017 to align existing acts with the Treaty provisions on delegated and implementing acts, thus phasing out the regulatory procedure with scrutiny. It will also carry out an assessment of the democratic legitimacy of existing procedures for the adoption of delegated and implementing acts and consider options for changing existing procedures for the adoption of certain secondary acts.