This Week in Finance — Brussels (#34, 2026)
New banking operational risk standards adopted; EU code of conduct for issuer-sponsored research enters into force; ESG rating authorisation rules take effect; Sweden receives final RRF payment.
August 30, 2026 to September 05, 2026
New banking operational risk standards adopted; EU code of conduct for issuer-sponsored research enters into force; ESG rating authorisation rules take effect; Sweden receives final RRF payment.
📋 In This Week's Newsletter
• 📅 This Week's Calendar in Brussels
• 🇪🇺 European Commission
• ⚖️ EU Legislation
• 🤝 EU Council
This Week's Calendar in Brussels
- Committee on Budgetary Control (CONT): On September 07, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: * * *; Chair’s announcements; Coordinators’ meeting.
- Committee on Budgetary Control (CONT): On September 07, the European Parliament's Committee on Budgetary Control (CONT) is scheduled to meet. Agenda includes: * * *; Chair’s announcements; Joint Public Hearing on Countering VAT and customs fraud for the protection of the Union’s financial interests – the Anti-Fraud Architecture revision.
- Subcommittee on Tax Matters (FISC): On September 07, the European Parliament's Subcommittee on Tax Matters (FISC) is scheduled to meet. Agenda includes: * * *; Chair’s announcements; Joint Public Hearing on Countering VAT and customs fraud for the protection of the Union’s financial interests – the Anti-Fraud Architecture revision.
- Subcommittee on Tax Matters (FISC): On September 07, the European Parliament's Subcommittee on Tax Matters (FISC) is scheduled to meet. Agenda includes: Chair’s announcements; Coordinators’ meeting; Date of next meetings.
- Committee on the Internal Market and Consumer Protection (IMCO): On September 07, the European Parliament's Committee on the Internal Market and Consumer Protection (IMCO) is scheduled to meet. Agenda includes: * * *; Chair’s announcements; Joint Public Hearing on Countering VAT and customs fraud for the protection of the Union’s financial interests – the Anti-Fraud Architecture revision.
- Committee on Legal Affairs (JURI): On September 07, the European Parliament's Committee on Legal Affairs (JURI) is scheduled to meet. Agenda includes: * * *; Amending Directives 2000/14/EC, 2011/65/EU, 2013/53/EU, 2014/29/EU, 2014/30/EU, 2014/31/EU, 2014/32/EU, 2014/33/EU, 2014/34/EU, 2014/35/EU, 2014/53/EU, 2014/68/EU and 2014/90/EU of the European Parliament and of the Council as regards digitalisation and common specifications; Amendments to the Decision of the European Parliament of 28 September 2005 adopting the Statute for Members of the European Parliament, regarding proxy voting.
- Committee on Budgets (BUDG): On September 10, the European Parliament's Committee on Budgets (BUDG) is scheduled to meet. Agenda includes: 2026 Budget: Other SectionsRapporteur: Matjaž Nemec (S&D)- EESC: INF 3/2026- Any other transfer request received; 2026 Budget: Section III - Commission:Rapporteur: Andrzej Halicki (EPP)- Any transfer request received; 2026 Budget: Section III - Commission:Rapporteur: Andrzej Halicki (EPP)- DEC 11/2026- Any other transfer request received.
- Committee on Economic and Monetary Affairs (ECON): On September 10, the European Parliament's Committee on Economic and Monetary Affairs (ECON) is scheduled to meet. Agenda includes: Amending Directives 2009/65/EC, 2011/61/EU and 2014/65/EU as regards the further development of capital market integration and supervision within the Union; 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; Amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union.
- Committee on the Internal Market and Consumer Protection (IMCO): On September 10, the European Parliament's Committee on the Internal Market and Consumer Protection (IMCO) is scheduled to meet. Agenda includes: * * *; 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); Amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards simplifying and reducing the burden of the rules on medical devices and in vitro diagnostic medical devices, and amending Regulation (EU) 2022/123 as regards the support of the European Medicines Agency for the expert panels on medical devices and Regulation (EU) 2024/1689 as regards the list of Union harmonisation legislation referred to in its Annex I.
European Commission
Commission greenlights Sweden's final payment request under NextGenerationEU
The European Commission on 30 August 2026 approved Sweden's third and final payment request for €332.8 million under the Recovery and Resilience Facility (RRF), the main instrument of NextGenerationEU. Sweden becomes the second Member State to reach full completion of reforms and investments tied to its national recovery and resilience plan, totaling €3.45 billion. The Commission found that Sweden satisfactorily met all six remaining targets outlined in the Council Implementing Decision. Included in this tranche are initiatives such as the 'Industry Leap' supporting clean transition technologies, energy efficiency renovations in multi-dwelling buildings, and funding for additional higher education places. The Economic and Financial Committee will review the Commission's assessment within four weeks. Once the EFC opinion is issued and the Commission adopts the payment decision, funds can be disbursed, marking 100% fulfilment of Sweden's allocation.
NextGenerationEU implementation deadline reached
On 30 August 2026, the Recovery and Resilience Facility reached its final implementation deadline, marking the conclusion of reforms and investments in Member States' national recovery plans. President Ursula von der Leyen noted NextGenerationEU has protected EU economies following the COVID-19 pandemic and geopolitical events, accelerating clean and digital transitions. Member States have until 30 September 2026 to submit their last payment requests; all payments will be executed by 31 December 2026. To date, €440 billion has been disbursed, with €133 billion yet to be released. The Commission highlighted that no further amendments to recovery plans may be assessed post-deadline, and only successfully completed milestones will be considered for final payments.
EU Legislation (Official Journal)
New EU standards for operational risk requirements in banking adopted
Commission Delegated Regulation (EU) 2026/1167 entered into force on 3 September 2026, supplementing Regulation (EU) No 575/2013 regarding operational risk requirements. The regulation defines business indicator components for operational risk, details calculation methods, and introduces a refined taxonomy based on Basel Committee standards. It sets the framework for mergers, acquisitions, disposals, and loss data classification, as well as requirements for adopting the prudential boundary approach. Regulatory technical standards developed by the European Banking Authority underpin the new requirements.
Technical standards for reporting business indicator components in banking
Commission Implementing Regulation (EU) 2026/1166, in force from 3 September 2026, provides implementing technical standards for mapping business indicator components to corresponding FINREP template cells for supervisory reporting. The regulation ensures alignment between financial statements and regulatory reporting in accordance with Regulation (EU) No 575/2013 Article 314(10). Institutions must adjust reported values to adhere to operational risk requirements set by Delegated Regulation (EU) 2026/1167.
EU code of conduct for issuer-sponsored research takes effect
Commission Delegated Regulation (EU) 2026/1092 entered into force on 4 September 2026, supplementing Directive 2014/65/EU (MiFID II) with regulatory technical standards for an EU-wide code of conduct for issuer-sponsored research. The regulation specifies quality, objectivity, and independence measures for research paid by issuers, mandates conflict-of-interest management, and defines assessment processes for compliance. Stakeholder consultations led by ESMA informed its development.
Regulatory technical standards for ESG rating provider authorisation
Commission Delegated Regulation (EU) 2026/1119 entered into force on 1 September 2026, specifying information to be included in applications for ESG rating provider authorisation and recognition under Regulation (EU) 2024/3005. Applicants must submit details on governance, staff, separation of activities, policies, and data protection. The rules apply from 2 July 2026; ESMA is responsible for processing and assessing applications.
Council Decision on excessive deficit in Bulgaria adopted
Council Decision (EU) 2026/1758, dated 10 July 2026, confirms the existence of an excessive deficit in Bulgaria in light of the deficit criterion exceeding 3% of GDP in 2025 and a projected 4.1% in 2026. The Council evaluated Eurostat data and Commission forecasts, noting the national escape clause for defence spending only explained the 2025 figure, not subsequent deficits. Debt remains below 60% of GDP.
EU and Switzerland agreement on emissions trading systems updated
Decision No 1/2026 of the Joint Committee established by the EU-Swiss emissions trading system agreement, adopted 9 June 2026, amends Annex I to ensure continued compatibility following revisions to Directive 2003/87/EC. Updates reflect new EU greenhouse gas targets, reinforced market integrity, and prevent competitive distortions.
Adoption of Amending budget No 1 for financial year 2026
Definitive Adoption (EU, Euratom) 2026/1855 of Amending budget No 1 for 2026 was completed on 3 September 2026. Following approval by the European Parliament and the Council, the procedure under Article 314 TFEU concluded, amending allocations for the 2026 financial year.
EU Council
Upcoming Eurogroup meeting announced
The Eurogroup will convene its upcoming meeting on 18 September 2026.
Upcoming ECOFIN informal meeting scheduled
Economic and Financial Affairs Council (ECOFIN) ministers will hold an informal meeting on 18 September 2026.
