A Council note published on 3 July 2026 provides a state-of-play overview of 17 legislative proposals in the financial services field, ahead of the Economic and Financial Affairs Council meeting scheduled for 10 July 2026. The document, prepared by the Presidency, tracks each proposal from Commission submission through Council working party reviews, trilogues, and finalisation stages, aiming to inform delegations of progress.
Among the proposals, several have reached provisional agreement: the Retail Investment Directive and Regulation, Payment Services Directive (PSD3) and Regulation, and the Legal Tender of Euro Banknotes and Coins Regulation. Negotiating mandates have been agreed for the Open Finance Regulation, Digital Euro Regulation and its Services Regulation, IORP II Review, PEPP Review, and SFDR Review. Trilogues are ongoing for the Securitisation Package amendments to the Capital Requirements Regulation and the Securitisation Regulation. The European Deposit Insurance Scheme (EDIS) and the Market Integration and Supervision Package (MISP) — comprising a Regulation, a Directive, and a Settlement Finality Regulation — remain under review.
The note highlights that the retail investment reforms aim to empower and protect retail investors, while the payment services package seeks to harmonise licensing and supervision, strengthen user protection, and foster competition. The digital euro framework would provide a legal basis for a central bank digital currency, with separate rules for non-euro area Member States. The securitisation package introduces risk sensitivity for banks and reduces compliance costs. The IORP II and PEPP reviews enhance transparency and flexibility for occupational and personal pensions. The SFDR review simplifies sustainability disclosures, and the MISP package targets deeper capital market integration through direct supervision and uniform rules.
Stakeholder impacts are varied. Retail investors stand to benefit from improved disclosure and protection under the retail investment and payment services reforms. Financial institutions face new compliance requirements, particularly for open finance data access and digital euro distribution, but may gain from streamlined securitisation rules and reduced cross-border barriers. EU consumers could see more innovative payment services and personalised financial products, while national deposit guarantee schemes would be complemented by EDIS, potentially affecting bank resolution frameworks. The digital euro could alter monetary policy transmission and cash usage patterns.
Institutional follow-up is expected after the 10 July ECOFIN meeting, where ministers may adopt positions on pending files or provide guidance for ongoing trilogues. The note serves as a preparatory tool, with no decisions taken in the document itself.