The deadline for Economics and Monetary Affairs (Econ) MEPs to submit their own changes to rapporteur Jean-Pual Gauzes’ report passed on Thursday. “It would be safe to say that leverage and third-countries are the top two [areas],” one Brussels source, who had spoken with a number of Econ MEPs, told HFMWeek.

“Generally there is support on the right side of the spectrum for the preservation of national private placement regimes. There is not much appetite to go against the rapporteur at the moment,” they added.

Remuneration is also a key focus, the source said, but it is too early to know the full details of the amendments – believed to total over 1,000.    

According to British MEP Peter Skinner, one Econ MEP submitted 113 amendments. Skinner, whose 17 amendments focused on depositories and scope, agreed that third-country marketing and leverage are important topics, but that the biggest change is likely to be in the Directive’s tone.

“I expect there to be a big change in tone, if not some in substance,” he said. “The Directive could end up being heavily amended.”