On 18 December 2025, the European Securities and Markets Authority (ESMA) issued a report which makes certain targeted amendments to its guidelines on liquidity management tools (LMTs) of UCITS and open-ended alternative investment funds.
The amendments focus on redemption gates and transition costs for anti-dilution LMTs and are intended to align
On 17 December 2025, the European Securities and Markets Authority and the New Zealand Financial Markets Authority entered into a Memorandum of Understanding establishing cooperation arrangements under Article 30 of the Benchmarks Regulation.
On 18 December 2025, the European Parliament and the Council of the EU issued press releases stating that they have come to an informal agreement regarding the Retail Investment Strategy package.
The package covers a number of areas and are designed to empower and protect consumers when they invest and help foster trust and increase
On December 18, 2025, the German regulator, the Federal Financial Supervisory Authority (BaFin), issued Guidance on managing information and communication technology (ICT) risks when using artificial intelligence (AI) by entities operating in the financial sector.
The Guidance is intended to help financial entities implement the regulatory requirements under the Digital Operational Resilience Act (DORA) and
ESG may have been overtaken on the board agenda in recent times by other threats perhaps perceived to be more pressing and against a wider economic and political backdrop in which many have been placing greater emphasis on growth and opportunity. This may have the effect of understating the level of risk posed to businesses
On 17 December 2025, HM Treasury (HMT) issued a consultation paper on the future regulatory regime for benchmarks and benchmark administrators.
In the consultation paper HMT is consulting on the proposal to introduce an entirely new benchmarks regime, which only regulates those benchmarks or benchmark administrators that may pose systemic risks to UK
On 16 December 2025, HM Treasury published the Final Report of the Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021. The Final Report considers the efficacy of the Payment and Electronic Money Special Administration Regime (PESAR), with particular focus on whether the PESAR achieves its core statutory objectives. It
On 17 December 2025, the European Commission published for consultation a draft Delegated Regulation together with an Annex which amends Delegated Regulation (EU) 2016/522 in order to establish a list of designated trading venues for the purpose of implementing the mechanism to exchange order data referred to in Article 25a of the Market Abuse Regulation
On 17 December 2025, the Joint Committee of the European Supervisory Authorities (ESAs) issued a report setting out its response to the European Commission’s request under Article 58(3) of Regulation (EU) 2022/2554 (DORA) to assess whether statutory auditors and audit firms should be subject to strengthened digital operational resilience requirements by
On 17 December 2025, the European Securities and Markets Authority (ESMA) issued its latest TRV Risk Analysis covering the impact of its guidelines on the use of ESG or sustainability related terms in fund names.
Based on nearly 1,000 shareholder notifications from the 25 largest EU managers with assets under management of EUR