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Floortje Nagelkerke (NL)

On 19 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report setting out draft regulatory technical standards (RTS) on the conditions of the Active Account Requirement (AAR).

Background

Regulation (EU) 2024/2987 seeks to address financial stability risks caused by EU clearing members and clients being

On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on the technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies.

Background

Directive (EU) 2024/790 which amended the Markets in Financial Instruments Directive II (MiFID II ) was published

On 10 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on systematic internaliser (SI) notification, the volume cap and transparency calculations and circuit breakers.

Background

Directive (EU) 2024/790 and Regulation (EU) 2024/791 amended both the Markets in Financial Instruments Directive II (MiFID II) and

On 9 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report on a Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR).

The CSA was launched in December 2023 and sought to assess how benchmark administrators supervised in the EU comply with

In the latest episode of our podcast series, Split the Difference, Hannah Meakin, Floortje Nagelkerke, Anna Carrier, Lucy Dodson and Anita Edwards discuss upcoming and potential reforms to the commodity derivatives regulatory framework in the UK and EU.

Listen to the episode here.

On 3 April 2025, the European Securities and Markets Authority (ESMA) published MiFIR Review Consultation Package 4; On transparency for derivatives, package orders and input/output data for the derivatives consolidated tape.

Background

The MiFIR review (Regulation (EU) 2024/7913) introduces two new articles, Article 8a for pre-trade transparency and Article 11a for post-trade

On 28 March 2025, the EU Platform on Sustainable Finance (Platform) published an updated version of its handbook on Climate Transition Benchmarks and Paris Aligned Benchmarks.

The first version of the Handbook was published in 2019 and was in response to frequently asked questions (FAQs), which the TEG benchmarks subgroup members

On 24 March 2025, the European Commission adopted a draft Delegated Regulation supplementing the Regulation on digital operational resilience for the financial sector (DORA) with regard to regulatory technical standards specifying the elements that a financial entity has to determine and assess when subcontracting ICT services supporting critical or important functions.

The draft

On 24 March 2025, the Council of the EU issued a press release stating that it had adopted the proposed Regulation amending the Benchmarks Regulation as regards the scope of the rules for benchmarks, the use in the Union of benchmarks provided by an administrator located in a third country, and certain reporting requirements.

Next

On 24 March 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/420 of 16 December 2024 supplementing the Regulation on digital operational resilience for the financial sector (DORA) with regard to regulatory technical standards to specify the criteria for determining the composition of the joint