Regulatory Change – A timeline

Since the 2008 financial crash there have been over 50 new individual pieces of regulation for investment firms to implement. (EC, Nov 18). 

Figure 2 – Regulatory change since 2008


Ref Regulation  First proposed by the Commission in
1 Risk-based prudential and solvency rules for insurers (‘Solvency II’) Jul-07
2,3,4 Credit Rating Agencies Regulations EC N°1060/2009, N°513/2011, °462/2013. Directive 2013/14/EU.  Nov-08, Jun-10, Nov-11
5 Hedge Funds & Private Equity (‘AIFMD’) Apr-09
6 Remuneration & prudential requirements for banks (‘CRD III’) Jul-09
7 Establishment of the European Supervisory Authorities Sep-09
8 Deposit Guarantee Schemes Jul-10
9 Strengthened supervision of financial conglomerates Aug-10
10 Derivatives (‘EMIR’) Sep-10
11 Short-selling & Credit Default Swaps Sep-10
12 Creation of the Single Euro Payments Area (‘SEPA’) Dec-10
13 New European supervisory framework for insurers (‘Omnibus II’) Jan-11
14 Interconnection of business registers Feb-11
15 Responsible lending (mortgage credit) Mar-11
16 Single Rule Book of prudential requirements for banks capital, liquidity & leverage + stricter rules on remuneration and improved transparency (‘CRD IV / CRR’) Jul-11
17 Enhanced framework for securities markets (‘MIFID/R’) Oct-11
18 Enhanced framework to prevent market abuse (‘MAD/R’) Oct-11
19 Simplification of accounting Oct-11
20 Enhanced transparency rules Oct-11
21 Enhanced framework for audit sector Nov-11
22 Creation of European Venture Capital Funds Dec-11
23 Creation of European Social Entrepreneurship Funds Dec-11
24 Central Securities Depositories Mar-12
25 Improved investor information for complex financial products (‘PRIPS’) Jul-12
26 Strengthened rules on the sale of insurance products (‘IMD’) Jul-12
27 Safer rules for retail investment funds (‘UCITS’) Jul-12
28 Prevention, management & resolution of bank crises (‘BRRD’) Jun-12
29 Single Supervisory Mechanism Sep-12
30 Strengthened regime on anti-money laundering Feb-13
31 Non-financial reporting for companies Apr-13
32 Access to basic bank account / transparency of fees / switching of bank accounts May-13
33 Creation of European long-term investment funds Jun-13
34 Single Resolution Mechanism Jul-13
35 Revised rules for innovative payment services (cards, internet & mobile payments) Jul-13
36 Regulation of Financial Benchmarks (such as LIBOR & EURIBOR) Sep-13
37 Shadow banking, including Money Market Funds Sep-13
38 Shadow banking: increasing the transparency of securities financing transactions Jan-14
39 Long-term financing of the European economy / Revised rules for occupational pension funds (‘IORP’) Mar-14
40 New rules on prospectuses Nov-15

Table 8 – Financial regulations since 2008