FinDatEx

At the end of April, the FinDatEx Steering Group met to confirm its first work streams and their respective mandate, taking into consideration the advice of the affected sectors:

• The banking and product manufacturers sectors confirmed that work would commence immediately on a version 3 of the MiFID II template (EMT), with a view to completing it by summer 2019. A possible integration of the ESG criteria into the target market concept will also be discussed. A first meeting of the TWG took place on 4 June.

• The banking, insurance and product manufacturers sectors confirmed their commitment to the PRIIPs Regulation template (EPT/CPT). However, it was agreed that it was too early to start working actively on revised templates since a detailed technical review (Level 2 Regulation) is currently ongoing until the end of 2019. Work on template revisions will most likely start in 2020. Further consideration to this work stream will be given in the next meeting of the Steering Group.

• The insurance & fund industry confirmed work would commence on a possible revision of the reporting templates under Solvency II (TPT). A first meeting is scheduled for 25 June.

• The insurance sector confirmed that, for the time being, it was not necessary to set up a dedicated work stream on IDD, since it is a minimum harmonization directive and has therefore been implemented differently in the different member states.

• The banking and product manufacturers sectors needed more time to assess whether a dedicated work stream on a MiFID feedback template (EFT) was necessary for the time being. Its need will be discussed in the EMT TWG. A decision is therefore deferred to the next meeting of the FinDatEx Steering Group. Further information will follow in due course.

•  All sectors represented in FinDatEx agreed that work on a dedicated ESG template (beside the inclusion of ESG criteria into the MiFID II target market) is premature due to the absence of EU-level provisions. However, as soon as further clarity exists on an EU-level, FinDatEx will take this up as a dedicated work stream. In the meantime, a dedicated email address has been set up ([email protected]) to allow stakeholders to provide any relevant information on ESG standardization work to FinDatEx.