On 15 December 2025, the European Securities and Markets Authority (ESMA) published its MiFIR Review Final Report proposing amendments to MiFIR’s Level 2 provisions specifying the transparency requirements for derivatives, package orders, and input/output data for the over-the-counter (OTC) derivatives consolidated tape.
Background
The Final Report follows ESMA’s earlier consultation, the
On 3 December 2025, the Dutch Ministry of Finance published the draft implementation decree on financial services contracts concluded at a distance (the Draft Decree) for consultation and amends the rules on the provision of information to consumers by financial service providers, investment firms, fund managers, crypto-asset service providers and crowdfunding service providers.
The
On 4 December 2025, the European Commission (Commission) issued a consultation on a draft Delegated Directive amending Delegated Directive (EU) 2017/593 as regards the conditions for the provision of third-party execution and research services to investment firms that provide portfolio management or other investment or ancillary services.
Background
Directive (EU) 2021/338 amended the
On 3 December 2025, the European Banking Authority (EBA) issued a consultation paper containing draft regulatory technical standards (RTS) amending Delegated Regulation 2017/390 as regards certain prudential requirements for central securities depositories (CSDs) and designated credit institutions offering banking-type ancillary services.
Background
In March 2022, the European Commission proposed
On 21 November 2025, the European Central Bank (ECB) issued a guide that sets out how it adopts and implements the TIBER-EU framework for the threat-led penetration testing (TLPT) of significant institutions as identified for TLPT according to the Digital Operational Resilience Act (DORA).
Background
Under Articles 26 and 27
On 10 November 2025, the Presidency of the Council of the EU issued an ‘I’ item note regarding the Crisis Management and Deposit Insurance reform package together with Annexes 1, 2 and 3. The ‘I’ item note states that Coreper is invited to reach a political agreement, on the basis of the texts
In February 2024 we published a briefing note, MiFIR and MiFID II review: ten key things that EU financial institutions should know, which summarized the key features of the draft legislation that was generally known as the ‘MiFID II / MiFIR review’ and was designed to update both the Markets in Financial Instruments Directive