The European Council have yesterday agreed their approach to REMIT II, as announced here. Since the publication of the original REMIT II proposal earlier this year (see here), approaches by the different constituent bodies of the Trilogue and others have been considered. The Council announcement states that their approach includes:
- Making the requirements for market participants in the EU that are resident in a third country clearer and stricter.
- Increasing the role of ACER for cross border investigations, counterbalanced with a proviso that such powers should not be used when local National Regulatory Authorities are already investigating.
- Flexibility on fining levels.
The text of the Council’s response has not yet been published.