Finance sector

Promoting Nordic financial workers' interests in EU legislation

A financial sector that serves all stakeholders

The finance sector plays a vital role in society. It has undergone significant regulatory changes, impacting the Nordic finance sector and its employees.

NFU advocates for financial markets that serve employees and companies for the benefit of society. This requires financial regulation that ensures financial stability, trust, and sustainability.

EU Legislation

Policy priorities and legislative files

New measures during the 9th parliamentary term strengthened the EU's fight against money laundering, terrorist financing, and sanctions evasion, including an EU single rulebook and the establishment of the Anti-Money Laundering Authority (AMLA) in Frankfurt.

Anti-Money Laundering Regulation: This regulation requires banks and other entities to verify customer identities, monitor transactions, and report suspicious activities to Financial Intelligence Units (FIUs) using a risk-based approach.
Anti-Money Laundering Authority (AMLA): AMLA will oversee the new rulebook, supervise high-risk financial entities, and coordinate supervisors across Member States, supporting FIUs in detecting and analysing suspicious activities.
Anti-Money Laundering Directive 6 (AMLD 6): This directive harmonises supervisory powers, imposes stricter sanctions for breaches, and enhances FIUs' ability to analyse and detect cases, ensuring cooperation with AMLA and protecting citizen's rights

The legislative proposal seeks to remove barriers and reduce red tape to diversify funding sources for EU companies, particularly SMEs. The European Parliament and Member States agreed to harmonise national laws through a Directive on multiple-vote share structures, enabling listed companies to raise funds more effectively.

The Listing Act aims to streamline the listing process, balance regulatory costs, and ensure investor protection. The Retail Investment Strategy focuses on simplifying information for retail investors and enhancing protection, with ongoing efforts to improve financial literacy. The JURI committee continues to debate the Insolvency Directive for better harmonising of insolvency rules.

The European Parliament and Member States agreed on amendments to the Central Securities Depositories Regulation (CSDR). These rules require Central Securities Depositories (CSDs) to establish procedures to facilitate transaction settlements and monitor settlement fails for each securities settlement system they operate. Proportionate cash penalties will apply to address settlement fails, with mandatory buy-ins used as a last resort. The reform also aims to ensure a level playing field among CSDs, reduce cross-border obstacles and administrative burdens, and enhance supervisory cooperation by establishing a college of supervisors for CSDs of significant importance.

The European Parliament and Member States have agreed on changes to the Capital Requirements Regulation and Directive to incorporate the finalized Basel III standards into EU law. These changes include applying the new ‘output floor’ at an entity level for banks using internal models and requiring banks to disclose their crypto-asset exposures. Additionally, exposures to the EU Emissions Trading System will carry a lower risk weight, supporting climate action and the green transition by enhancing the role of banks in financing these initiatives.