This Week in Finance — Brussels (#23, 2026)
Green Bond reviewer technical standards adopted; Prospectus format streamlined; Council acts on cybercrime, sanctions; Derivative trading obligation partially suspended; Excessive deficit found in Austria.
June 14, 2026 to June 20, 2026
Green Bond reviewer technical standards adopted; Prospectus format streamlined; Council acts on cybercrime, sanctions; Derivative trading obligation partially suspended; Excessive deficit found in Austria.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• ⚖️ EU Legislation
• 🤝 EU Council
• ✒️ EP Committee Work
This Week's Calendar in Brussels
- Committee on Budgets (BUDG): On June 22, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Date of next meetings; Joint meeting of the Standing Networks on Budget and Discharge.
- Committee on Budgets (BUDG): On June 22, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Ukraine Support Loan Dialogue - Exchange of views with the Commission.
- Committee on Budgetary Control (CONT): On June 22, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: Date of next meetings; Joint meeting of the Standing Networks on Budget and Discharge.
- Committee on Economic and Monetary Affairs (ECON): On June 22, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules; Amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision; Amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR), Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) and repealing Commission Delegated Regulation (EU) 2022/1288.
- Committee on International Trade (INTA): On June 22, the European Parliament's Committee on International Trade (INTA) is scheduled to meet. Agenda includes: * * *; Amending Regulation (EU) 2023/956 as regards the extension of its scope to downstream goods and anti-circumvention measures; Chair’s announcements.
- Committee on International Trade (INTA): On June 22, the European Parliament's Committee on International Trade (INTA) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Ukraine Support Loan Dialogue - Exchange of views with the Commission.
- Committee on Legal Affairs (JURI): On June 22, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: * * *; Amending Regulation (EU) 2019/1753 as regards amendments adopted by the Assembly of the Lisbon Union on 14 July 2025 to the Common Regulations under the Lisbon Agreement on Appellations of Origin and Geographical Indications; Amending Regulations (EU) 2016/679, (EU) 2018/1724, (EU) 2018/1725, (EU) 2023/2854 and Directives 2002/58/EC, (EU) 2022/2555 and (EU) 2022/2557 as regards the simplification of the digital legislative framework, and repealing Regulations (EU) 2018/1807, (EU) 2019/1150, (EU) 2022/868, and Directive (EU) 2019/1024 (Digital Omnibus).
- Committee on Budgets (BUDG): On June 23, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: 2026 Budget: Other SectionsRapporteur: Matjaž Nemec (S&D)- EESC: INF 2/2026- CoR: INF 2/2026 , INF 3/2026- Any other transfer request received; 2026 Budget: Section III - Commission:Rapporteur: Andrzej Halicki (EPP)- DEC 10/2026- Any other transfer request received; 2026 Budget: Section III - Commission:Rapporteur: Andrzej Halicki (EPP)- DEC 8/2026, DEC 9/2026- Any other transfer request received.
- Committee on Economic and Monetary Affairs (ECON): On June 23, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules; Amending Directives (EU) 2016/2341 and 2016/97 as regards the strengthening of the framework for occupational retirement provision; Amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR), Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) and repealing Commission Delegated Regulation (EU) 2022/1288.
- Committee on Economic and Monetary Affairs (ECON): On June 23, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Chair’s announcements; Date of next meetings; Joint ECON-EMPL Economic Dialogue on the European Semester 2026.
European Commission
Commission adopts regulatory technical standards for Green Bond external reviewers
The European Commission adopted Commission Delegated Regulation (EU) 2026/544 on 12 March 2026, supplementing Regulation (EU) 2023/2631 on European Green Bonds. The regulation specifies regulatory technical standards for external reviewers, setting criteria for the effectiveness of systems, assessment methods, compliance functions, internal processes, and information quality for bond reviews. It also delineates the form and content of applications for recognition of third-country external reviewers. The standards aim to promote integrity and comparability in the external review process and introduce requirements for documentation, data management, and personal data retention. The Delegated Regulation is directly applicable in all Member States twenty days after its publication in the Official Journal.
Streamlined prospectus regime for EU Follow-on and Growth issuance prospectuses
On 4 March 2026, the Commission adopted Delegated Regulation (EU) 2026/773, amending Delegated Regulation (EU) 2019/980 regarding the reduced content and standardised format for EU Follow-on and Growth issuance prospectuses. The new rules implement Regulation (EU) 2024/2809, targeting capital market access and SME fundraising. The measures specify mandatory disclosures, risk factor presentation, and cross-reference listings, with lighter requirements for SME offerings. Issuers may benefit from lower administrative burdens for secondary and SME issuances. The Regulation sets out the required sequence and elements for various types of prospectuses and updates rules on information incorporation and Green Bond factsheet classification, effective from the third day after publication.
Implementing Regulation sets notification standards for external reviewer changes
The Commission adopted Implementing Regulation (EU) 2026/543 on 12 March 2026, establishing technical standards for the notification of material changes by external reviewers under Regulation (EU) 2023/2631. The regulation defines forms, templates, and notification requirements for informing the European Securities and Markets Authority (ESMA) of changes to registration details. It introduces data management obligations, accountability statements, and a five-year personal data retention period. The regulation enters into force twenty days after publication.
Revision to format of insider lists under Market Abuse Regulation
Commission Implementing Regulation (EU) 2026/1291, adopted 12 June 2026, sets out the precise format for insider lists under Regulation (EU) No 596/2014 (Market Abuse Regulation), replacing Implementing Regulation (EU) 2022/1210. The new rules expand the alleviated format to all insider lists, reducing administrative burdens for issuers, including those on SME growth markets. Event-based and permanent insider sections are introduced, and data transmission requirements to competent authorities are specified, in line with new legislative amendments introduced by Regulation (EU) 2024/2809. The Implementing Regulation applies twenty days after publication.
Technical update to greenhouse gas emission allowances auctioning
Delegated Regulation (EU) 2026/787, adopted 8 April 2026, amends Delegated Regulation (EU) 2023/2830, adjusting rules for timing, administration, and other aspects of auctioning of emission allowances. The amendments affect the schedule, volume allocation, and auctioneer appointment for the EU Emissions Trading System, particularly for allowances under Chapter IVa of Directive 2003/87/EC. The changes respond to the start of auctions for a separate trading system in buildings, road transport, and additional sectors from 2027.
EU Legislation (Official Journal)
Council Decision (EU) 2026/1347 adopts UN Convention against Cybercrime
Council Decision (EU) 2026/1347 of 4 June 2026 formalises the EU's conclusion of the United Nations Convention against Cybercrime. The Decision affirms EU participation following signature in 2025, includes declarations on competence, and incorporates reservations for compatibility with Union law. The Council cites legal bases in TFEU Articles 82, 83, and 87, as well as Article 218(6).
United Nations Convention against Cybercrime published in Official Journal
The full text of the United Nations Convention against Cybercrime is published in OJ L 2026/1348 on 19 June 2026. The Convention establishes international cooperation mechanisms, criminal justice measures, and procedural safeguards to combat cybercrime and facilitate cross-border evidence sharing. It introduces harmonised offences, defines jurisdiction, and lays out procedures for mutual assistance and extradition.
Council Decision on Austria: Excessive deficit procedure initiated
Council Decision (EU) 2026/1385, adopted 8 July 2025 and published 19 June 2026, finds that Austria is in excessive deficit due to non-compliance with the deficit criterion under Article 126 TFEU. Based on Eurostat and Commission Spring 2025 Forecasts, Austria's deficit remained above 3% of GDP in 2024 and is projected to do so through 2026. The Council frames the decision under the Stability and Growth Pact, following consultation procedures with Austria.
Commission Decision (EU) 2026/1312 clarifies free allocation of emission allowances
Commission Decision (EU) 2026/1312 of 15 June 2026 confirms the national implementation measures (NIMs) for free allocation of greenhouse gas emission allowances for 2026–2030 under Directive 2003/87/EC. The Decision approves NIMs for almost all Member States, excluding particular installations in Spain and Sweden. The Decision ensures harmonised allocation in line with Commission guidance and previous delegated regulations.
Commission suspends derivative trading obligation for select banks in the UK
Commission Implementing Regulation (EU) 2026/1288 of 12 June 2026 suspends the derivative trading obligation under Regulation (EU) No 600/2014 for BNP Paribas SA, Société Générale SA, Crédit Agricole CIB, and Deutsche Bank AG, as regards trading with certain non-EEA counterparties in the United Kingdom. The Regulation is adopted pursuant to Article 32a, following evidence and opinion from ESMA.
EU Council
General Affairs Council prepares for European Council and discusses financial framework
The General Affairs Council met on 16 June 2026 to continue preparations for the forthcoming June European Council. Ministers debated the next multiannual financial framework (MFF), consolidated their position on major pillars, endorsed the Council's 18-month programme, and received an update on the rule of law situation in Hungary.
EP Committee Work
Draft report on Pericles V anti-counterfeiting programme for 2028–2034
The Committee on Civil Liberties, Justice and Home Affairs (LIBE) published a draft report on 17 June 2026 concerning the proposal for a regulation establishing the Pericles V programme for 2028–2034. Michael McNamara serves as rapporteur. The programme will continue exchange, assistance, and training initiatives aimed at protecting the euro against counterfeiting and will repeal Regulation (EU) 2021/840.
BUDG Committee holds extraordinary meeting ahead of Council negotiations
The Committee on Budgets (BUDG) convened an extraordinary meeting on 15 June 2026 in Strasbourg. The agenda focused on budget and finance, with discussions expected to inform Parliament's engagement in forthcoming Council negotiations concerning the EU budget.
Draft report on EU amending budget 2/2026—update on own resources and expenditure
On 16 June 2026, the Committee on Budgets (BUDG) released a draft report on the Council position concerning draft amending budget No 2/2026. Rapporteur Andrzej Halicki reviews updates on revenue (own resources) and adjustments to expenditure for the ongoing financial year.
