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Financial Stability, Financial Services & Capital Markets Union 2022

2022 Annual Report on monitoring the application of EU law - Infringement cases by policy

Infringement cases open at year-end 2018 - 2022

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By clicking on the multi-level chart, you can consult, for 2022, the number of infringement cases open at the year-end per policy sector and per type of infringement.

Compliance promotion activities in 2022

Guidelines on how to implement EU law

In 2022, the Commission issued the following guidelines and FAQs on how to implement and apply EU law in the field of financial services:

  • FAQs on the Disclosures Delegated Act: Eligibility reporting (part 2, February 2022) / Taxonomy-Eligibility reporting (part 2). Commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy Regulation on the reporting of Taxonomy eligible and Taxonomy-aligned economic activities and assets – adopted on 19 December 2022.
  • FAQs on the Climate Delegated Act (December 2022): Draft Commission Notice on the interpretation and implementation of certain legal provisions of the EU Taxonomy Climate Delegated Act establishing technical screening criteria for economic activities that contribute substantially to climate change mitigation or climate change adaptation and do no significant harm to other environmental objective.
  • FAQs on the Disclosures Delegated Act: Alignment Reporting (December 2022) / Taxonomy-Alignment Reporting: Draft Commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy Regulation on the reporting of Taxonomy eligible and Taxonomy-aligned economic activities and assets (second Commission Notice).
  • FAQs on sanctions adopted following Russia’s military aggression against Ukraine and Belarus’ involvement in it (ongoing since February 2022 with continuous updates): guidance and over 500 FAQs covering a broad range of topics, from asset freeze and deposits to insurance, issued to assist stakeholders on how to apply the sanctions against Russia and Belarus.

Meetings with Member States

The Commission supported Member States through meetings as regards the transposition of the following two directives:

Follow-up given to petitions

The Commission handled two petitions related to alleged breaches of EU law in 2022 in the field of Financial Services and Capital Markets Union:

  • A petition concerning a complaint that only bank accounts with a Portuguese IBAN can be used on the Portuguese Direct Social Security website (Petition 1121/2021). The Commission considered such practice as a breach of the Single Euro Payments Area (SEPA) Regulation (Regulation (EU) 260/2012). To seek a remedy for the individual situation brought forward in the petition, the Commission advised the petitioner to contact the relevant National Competent Authority responsible for the correct application of the SEPA Regulation in Portugal.
  • A petition concerning allegedly wrongfully reduced salary for a public internal auditor in 2019 by the Romanian local authority Petition 1140/2021. The Commission concluded that EU law, namely the Audit Directive (Directive (EU) 2014/56/UE), did not apply to this case because the EU audit legal framework only applies to statutory auditors carrying out statutory audits of annual accounts and consolidated accounts, and not to public internal auditors.

Important preliminary rulings

Outlook for 2023

In 2023, the Commission will continue important enforcement work in the area of Financial Stability, Financial Services and Capital Markets Union. In particular, the Commission plans to: