On 25 March 2024, the European Securities and Markets Authority (ESMA) published two final reports on its first set of regulatory technical standards (RTS) and implementing technical standards in relation to the Markets in Crypto-Assets Regulation (MiCAR). ESMA has also issued a consultation paper regarding its third set of RTS and guidelines under MiCAR. Final … Continue Reading
Our podcast series Split the difference explores divergence between the EU and UK regulatory regimes in the markets space. In the latest episode, Hannah Meakin, Anna Carrier, Georgia Karamani, Floortje Nagelkerke and Simon Lovegrove explore EMIR 3.0 and how the proposed new rules compare with the UK regime.… Continue Reading
On 13 March 2024, the European Commission adopted: It is now for European Parliament and the Council of the EU to scrutinise and adopt the delegated acts. Our previous blog on the above delegated acts are here.… Continue Reading
On 13 March 2024, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS) to specify the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens (ARTs) under Article 31 of the Regulation on markets in crypto-assets (MiCAR). The draft RTS set out: The draft … Continue Reading
On 8 March 2024, the European Banking Authority (EBA) issued a consultation on draft guidelines on redemption plans under Articles 47 and 55 of the Markets in Crypto-Assets Regulation (MiCAR). By way of background, under MiCAR, a redemption plan must be developed by each issuer of an asset-referenced token (ART) or of an e-money token … Continue Reading
In our 2024 FinTech Outlook, our lawyers from across Europe, the Middle East, Asia and the US share their insights on what to expect across the regulatory landscape in relation to FinTech and cryptoassets in 2024.… Continue Reading
On 22 February 2024, the European Commission (Commission) adopted two Delegated Regulations supplementing the Regulation on digital operational resilience for the financial sector (DORA): Both Delegated Regulations enter into force on the twentieth day following their publication in the Official Journal of the EU. They shall be directly applicable in all Member States.… Continue Reading
On 22 February 2024, the European Commission (Commission) adopted the following Delegated Regulations under the EU Markets in Crypto-Assets Regulation (MiCAR): The Council of the EU and the European Parliament will scrutinise the Delegated Regulations. If neither the Council of the EU nor the European Parliament objects, the Delegated Regulations will be published in the … Continue Reading
On 14 February 2024, the Council of the EU published the final compromise text of the proposed Directive, amending Directives 2009/65/EU and (EU) 2019/2034, as regards the treatment of concentration risk on centrally cleared derivative transactions. An ‘I’ item note has also been published.… Continue Reading
The Central Securities Depositories Regulation (CSDR) is the EU regulation relating to securities settlement and central securities depositaries (CSDs). It applies to CSDs that are based in the EU and their participants. The CSDR entered into force in September 2014 and many of its requirements were staggered. It standardises the requirements for the settlement of … Continue Reading
On 29 January 2024, the European Securities and Markets Authority (ESMA) launched public consultations on two sets of guidelines it is mandated to develop for the purpose of the application of the Regulation on Markets in Crypto-Assets (MiCAR). The draft guidelines cover reverse solicitation and the qualification of crypto-assets as financial instruments. The following provides … Continue Reading
On 17 January 2024, the European Supervisory Authorities (ESAs) published the first part of their draft regulatory technical standards (RTS) and implementing technical standards (ITS) developed under the Digital Operational Resilience Act (DORA). The publication follows a public consultation on the draft measures that the ESAs conducted last year (see our note). The package of … Continue Reading
In this latest episode of our EMEA regulatory insights series colleagues from Brussels, Netherlands, Germany, France and Luxembourg provide their thoughts and insights on what 2024 holds from a financial services regulatory perspective. The podcast can be found here.… Continue Reading
On 20 December 2023 the Council of the EU (Council) reached a general approach on the proposed review of the European Benchmarks Regulation (EU BMR). By way of background, the European Commission (Commission) published a proposal for the EU BMR review in October 2023 (see our note). The main changes, in comparison to the Commission’s … Continue Reading
On 8 December 2023 the European Supervisory Authorities (ESAs) launched public consultation on a second package of technical standards under Digital Operational Resilience Act (DORA). This includes the following draft regulatory technical standards (RTS), implementing technical standards (ITS) and guidelines: RTS and ITS on content, timelines and templates on incident reporting By way of background, … Continue Reading
On 16 November 2023, the European Commission, the European Parliament and the Council reached a provisional political agreement on the review of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT). We discussed the scope of the review in our earlier blog. In accordance with an official statement, the co-legislators agreed on the following: … Continue Reading
On 9 November 2023, the European Securities and Markets Authority (ESMA) announced that it is changing its Union strategic supervisory priorities (USSPs) to focus on cyber risk and digital resilience alongside ESG disclosures. With this new priority, EU supervisors will put greater emphasis on reinforcing firms’ information communication technology risk management through close monitoring and … Continue Reading
On 8 November 2023, the European Banking Authority (EBA) published three consultations on draft regulatory technical standards (RTS) to specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens. The … Continue Reading
On 8 November 2023, the European Banking Authority (EBA) published two consultation papers on draft regulatory technical standards (RTS) on own funds requirements and stress testing issuers under Article 45(7)(c) of the Markets in Crypto-assets Regulation (MiCA). The draft RTS on the adjustment of own funds requirements and design of stress testing programmes for issuers … Continue Reading
On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens (ARTs) and of e-money tokens (EMTs) denominated in a non-EU currency for reporting transactions associated to uses of these tokens ‘as a means of exchange’. … Continue Reading
On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on supervisory colleges under Article 119(8) of the Markets in Crypto-assets Regulation (MiCA). The proposals set out in the draft RTS specify: (i) the criteria to be used for determining “the most relevant” custodians of the … Continue Reading
On 8 November 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines on recovery plans under Articles 46 and 55 of the Markets in Crypto-assets Regulation (MiCA). Through recovery planning, issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) should prepare in advance to face adverse scenarios that may impact their … Continue Reading
On 20 October 2023, the European Banking Authority (EBA) published for consultation two draft regulatory technical standards (RTS) that it is mandated to develop under the Regulation on markets in crypto-assets (MiCA): Draft RTS the minimum content of the governance arrangements on the remuneration policy By way of background, MiCA requires issuers of significant ARTs … Continue Reading