COUNCIL OF THE EUROPEAN UNION,update

 

Press material Monday, 24 March 2025

● Council of the EU   24/03/2025 12:36 | Press release | Council adopts financial benchmarks regulation to ease burden on SMEs   The Council adopted today a regulation on financial benchmarks with the aim of reducing red tape for EU companies, particularly SMEs. Benchmarks are widely used by companies and investors in the EU as references in their financial instruments or contracts. This legislation amends a regulation from 2016 regarding the scope of the rules for benchmarks, the use of benchmarks provided by administrators located in third countries, and certain reporting requirements. Main elements of the amended benchmarks regulation Reduced regulatory burden on administrators of benchmarks defined as non-significant in the EU by removing them from the scope of the legislation. Only critical or significant benchmarks remain within the scope of the new regulation. Administrators outside the scope of the rules will be able to request the voluntary application of the rules (opt-in), under certain conditions. Extended competence for the European Securities and Markets Authority (ESMA). Administrators of EU Climate Transition Benchmarks and EU Paris-Aligned Benchmarks must be registered, authorized, recognised, or endorsed to ensure regulatory oversight and prevent misleading ESG claims. A specific exemption regime for spot foreign exchange benchmarks. Next steps The final text will be published in the Official Journal of the EU, will enter into force, and apply from 1 January 2026. Background The Commission presented this proposal in 2023 as part of a package of measures to rationalise financial reporting requirements. In its Communication ‘Long-term competitiveness of the EU: looking beyond 2030’, the Commission stressed the importance of a regulatory system that ensures objectives are met at minimum cost. It has therefore committed to a renewed effort to simplify and rationalise reporting requirements, with the ultimate aim of reducing administrative burdens by 25%, without undermining the related policy objectives. Regulation on financial benchmarks Council mandate Benchmarks: Council agrees its negotiating mandate (press release, 20 December 2023) What the EU is doing to deepen its capital markets (background information)

● Council of the EU   24/03/2025 10:30 | Press release | Labour market statistics on businesses: Council adopts new regulation   The Council has adopted a new law to improve collection of labour market statistics on businesses at EU level. In particular, the new rules will ensure that these statistics are more up-to-date and comparable across countries. They also provide for better coverage of the economy, and ensure that data is collected on the gender pay gap. EU lawmakers need access to timely, reliable, and comparable labour market statistics on businesses (LMB statistics) in order to effectively design, implement, evaluate and coordinate a wide range of EU policies, for example in areas such as coordination of economic and employment policies, social policy, and equal pay for men and women. LMB statistics are used to monitor the Sustainable Development Goals, the European employment strategy, the European Pillar of Social Rights, and the European Semester. The new rules adopted today update the existing legislation to improve comparability of LMB statistics and increase coverage of the economy. The regulation also ensures that data will be collected on the annual unadjusted gender pay gap, in line with the new pay transparency rules. Next steps The text adopted today now needs to be adopted by the European Parliament. It will then be signed by representatives of the Parliament and the Council, and will enter into law upon publication in the EU’s Official Journal. Background The term “labour market statistics on businesses” (LMB) refers to official statistics on the functioning of businesses in relation to labour markets, particularly as regards labour costs, earnings (including the gender pay gap), and statistics on job vacancies. The Commission’s proposal for a regulation on EU labour market statistics on businesses was adopted on 28 July 2023. It covered statistics on earnings, labour costs, the gender pay gap and job vacancies in the EU, which the European Statistical System (Eurostat) publishes regularly. An agreement was reached between the Parliament and the Council on 12 December 2024. European Union labour market statistics on businesses (text of the regulation) Labour market statistics on businesses: Council and Parliament reach agreement (press release)

● Council of the EU

24/03/2025 14:32 | Press release | European Peace Facility: Council adopts third assistance measure in support of the Armed Forces of Mauritania   The Council today adopted a third assistance measure worth €20 million under the European Peace Facility to provide the Mauritanian armed forces with military equipment. This decision comes in addition to two other assistance measures worth €12 million and €15 million, adopted on 1 December 2022 and 22 July 2024 respectively. They support the efforts of the Mauritanian armed forces to promote stability in the Sahel, counter the risk of destabilisation and protect the territorial integrity and sovereignty of Mauritania and its civilian population against internal and external aggression. The EU's overall support for Mauritania under the European Peace Facility now totals €47 million. As part of this package, the EU is already providing the Mauritanian armed forces with capacities needed to carry out military activities on land and at sea, whether in terms of surveillance, deterrence or operations. The newly adopted assistance measure will complement the existing package and will equip the army with mobile land surveillance assets and the navy with a second patrol boat, identical to the one expected under the assistance measure adopted in 2024. This equipment will support the Mauritanian Armed Forces' efforts to increase situational awareness on national territory. They will also contribute to a permanent presence at sea, in support of maritime security and in cooperation with the existing Yaoundé architecture. Background: The European Peace Facility was established in March 2021 to finance EU external actions with military or defence implications, with the aim of preventing conflict, preserving peace and strengthening international security and stability. In particular, the EPF allows the EU to finance actions designed to strengthen the capacities of third states and regional and international organizations as regards military and defence matters. European Peace Facility (background information) EU cooperation on security and defence (background information) ● Council of the EU   24/03/2025 14:30 | Media advisory | Press briefing - Environment Council of 27 March 2025   The press briefing ahead of the Environment Council will take place on Tuesday, 25 March at 11.00. These press briefings will be "off the record" and will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either remotely or in person at the Europa building press room. To attend the event remotely, please use this link to register and have the possibility to ask questions. Those who already registered for previous press events of the Environment Council do not need to do it again. Deadline for registration: Tuesday, 25 March 2025 at 10.00 Further instructions will be sent to all registered participants shortly after the deadline.