What’s happening?
The European Parliament has reconvened after elections in May, and the Economic and Monetary Affairs Committee (ECON) responsible for financial regulation has been chosen, with a chair and vice-chairs elected by its members. Legislation on financial benchmarks and money-market funds was considered by the previous European Parliament but not passed. Legislation to reform the structure of banks and restrict their proprietary trading was proposed by Michel Barnier, the then European commissioner for the internal market and services, in January 2014, but not considered by European Parliament.
